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HB 5740

AN ACT RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY

2025 Regular Session Introduced by Julie Casimiro and 7 co-sponsors

Expands Rhode Island unclaimed property to include miscellaneous intangible assets, empowering the General Treasurer's Division to accept, manage, and enforce claims on them.

06/24/2025 Signed by Governor
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Bill Summary · HB 5740

HB 5740 — AN ACT RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY

Overview

HB 5740 would expand Rhode Island’s unclaimed property framework to explicitly include miscellaneous intangible property and to clarify the definitions used by the state’s unclaimed property program, which is administered by the General Treasurer. The act would place unclaimed miscellaneous intangible property under the division within the General Treasurer’s Office responsible for auditing, assessing, and collecting unclaimed property. The act takes effect upon passage.

Purpose and Intent

  • To permit the Division of Unclaimed Property (within the General Treasurer’s Office) to accept and manage miscellaneous intangible property belonging to Rhode Island residents.
  • To provide clear statutory definitions for the categories and terms used in handling unclaimed property, ensuring consistent administration and enforcement.

Key Provisions and Changes

  • Amends Section 33-21.1-1 (Definitions and use of terms) to define and clarify a broad set of terms related to unclaimed property, including:
    • Administrator: the General Treasurer or designee (including hired agents for auditing, assessing, and collecting unclaimed property).
    • Apparent owner: the person whose name appears on the holder’s records as entitled to the property.
    • Holder: a person in possession of property belonging to another, a trustee, or someone indebted to another.
    • Intangible property: explicitly enumerated items such as money, checks, deposits, interest, dividends, credit balances, security deposits, unpaid wages, refunds, overpayments, credits, stocks, distributions, insurance amounts, and more; plus a provision that “all other intangible property” identified by the administrator is included.
    • Tangible property: all property not defined as intangible property.
    • Various organizational types and definitions (banking organization, financial organization, utility, hospital, insurance company, private nonprofit institutions of higher education, etc.).
    • Last known address: description sufficient for mail delivery.
    • Other domestic charitable corporation: criteria and exemptions, including a 501(c)(3) exemption with 100 or fewer employees.
    • Owner, person: clarified definitions for who may hold or claim property.
  • Section 2: The act takes effect upon passage.

Definitions of Note (selected highlights)

  • Intangible property items (i)–(vi) include: money-related assets, deposits, security-related funds, unpaid wages, refunds, and distributions; plus (vii) “all other intangible property” as identified by the administrator.
  • Last known address defined as a description sufficient for delivering mail.
  • Other domestic charitable corporations may be exempt from the provisions if they meet specified criteria (e.g., 501(c)(3) status with 100 or fewer employees).

Who is Affected

  • Apparent owners who may have intangible property claims.
  • Holders of property (banks, insurance companies, trusts, employers, etc.) required to report unclaimed property.
  • The General Treasurer and its agents who audit, assess, and collect unclaimed property.
  • Domestic charitable corporations meeting exemption criteria.
  • Private, nonprofit higher education institutions could be affected by related provisions through broader unclaimed property administration.

Procedural and Timeline Context

  • Introduced and referred to the House Finance Committee in early 2025.
  • Hearing scheduled for May 6, 2025; committee recommendations and subsequent legislative action followed.
  • The bill progressed through the General Assembly, with final actions in June 2025, culminating in signature by the Governor on June 24, 2025.

Legislative History (Summary)

  • Sponsors: Kazarian, Dawson, Noret, Diaz, Fogarty, Casimiro, Corvese, Read (primary sponsors).
  • Status updates indicate hearings in May 2025, committee action in June 2025, and final gubernatorial signing in June 2025.

Compiled from official sources — confirm details with the bill’s official record.

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