Rhode Island Senate Bill S0867

Rhode Island 2025 Regular Session

• Introduced: 3/21/25
• Refer: 3/21/25
• Report Pass: 6/5/25
• Engrossed: 6/10/25
• Enrolled: 6/18/25
• Passed: 6/24/25

Caption

Permits the division of unclaimed property within the office of the general treasurer to accept miscellaneous intangible property belonging to Rhode Island residents.

Impact

By permitting the Division to accept these miscellaneous intangible properties, S0867 could potentially alter how property laws are interpreted and enforced in Rhode Island. This bill is expected to have a positive impact on unclaimed property management as it includes a more comprehensive definition and application of what constitutes intangible property. This expansion may provide state residents with greater recourse to reclaim lost or unclaimed property that was previously difficult to categorize or reclaim under existing laws.

Summary

Bill S0867 is aimed at expanding the scope of the division of unclaimed property within the Office of the General Treasurer in Rhode Island. The bill allows for the acceptance of miscellaneous intangible property that belongs to residents within the state. This initiative seeks to enhance the state's ability to manage and allocate unclaimed property efficiently, thereby ensuring that unclaimed assets are available for rightful owners or potential use in public programs. The proposed legislation reflects a significant step towards updating and streamlining the existing legal framework regarding unclaimed assets in Rhode Island.

Contention

However, potential points of contention surrounding this bill could include concerns over the state’s handling of unclaimed property and transparency in how such properties are managed. There may be discussions regarding different stakeholders' perspectives, including financial institutions and private entities, on the definition of unclaimed assets and the administrative processes for reporting and claiming these properties. The effectiveness of the provisions and regulations set forth in the bill will likely draw scrutiny from various sectors, particularly as it pertains to consumer protections and the administrative burden on individuals to navigate the claims process for unclaimed properties.