Rhode Island 2025 Regular Session

Rhode Island Senate Bill S0867 Compare Versions

Only one version of the bill is available at this time.

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5	5	2025 -- S 0867
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7	7	LC001715
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9	9	S T A T E O F R H O D E I S L A N D
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2025
12	12	____________
13	13
14	14	A N A C T
15	15	RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE
16	16	AND TANGIBLE PROPERT Y
17	17	Introduced By: Senators Vargas, LaMountain, Bissaillon, DiPalma, Lawson, Appollonio,
18	18	Britto, and Tikoian
19	19	Date Introduced: March 21, 2025
20	20	Referred To: Senate Finance
21	21	(General Treasurer)
22	22
23	23	It is enacted by the General Assembly as follows:
24	24	SECTION 1. Section 33-21.1-1 of the General Laws in Chapter 33-21.1 entitled 1
25	25	"Unclaimed Intangible and Tangible Property" is hereby amended to read as follows: 2
26	26	33-21.1-1. Definitions and use of terms. 3
27	27	As used in this chapter, unless the context otherwise requires: 4
28	28	(1) “Administrator” means the general treasurer or his or her designee, including agents 5
29	29	hired for the express purpose of auditing, assessing and collecting unclaimed property. 6
30	30	(2) “Apparent owner” means the person whose name appears on the records of the holder 7
31	31	as the person entitled to property held, issued, or owing by the holder. 8
32	32	(3) “Banking organization” means a bank, trust, company, savings bank (industrial bank, 9
33	33	land bank, safe deposit company), private banker, or any organization defined by any of the laws 10
34	34	of this or any other state as a bank or banking organization. 11
35	35	(4) “Business association” means a public corporation, a non-public corporation, joint 12
36	36	stock company, investment company, business trust, partnership, or association for business 13
37	37	purposes of two (2) or more individuals, whether or not for profit, including a banking organization, 14
38	38	financial organization, insurance company, or utility, but not including hospitals, private, nonprofit 15
39	39	institutions of higher education, and other domestic charitable corporations as those terms are 16
40	40	defined in this section. 17
41	41	(5) “Domicile” means the state of incorporation of a corporation and the state of the 18
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45	45	principal place of business of an unincorporated person. 1
46	46	(6) “Financial organization” means a savings and loan association, cooperative bank, 2
47	47	building and loan association, or credit union. 3
48	48	(7) “Hospital” means: 4
49	49	(i) Any nonprofit hospital incorporated under the laws of the state, including any nonprofit 5
50	50	subsidiary corporations formed by any hospital or formed by the parent corporation of a hospital, 6
51	51	or 7
52	52	(ii) Any nonprofit corporation the member or members of which consist solely of one or 8
53	53	more hospitals or parent corporations of hospitals, or 9
54	54	(iii) Any other hospital which is licensed as a general hospital or maternity hospital 10
55	55	pursuant to chapter 17 of title 23 which is exempt from taxation. 11
56	56	(8) “Holder” means a person, wherever organized or domiciled, who is: 12
57	57	(i) In possession of property belonging to another, 13
58	58	(ii) A trustee, or 14
59	59	(iii) Indebted to another on an obligation. 15
60	60	(9) “Insurance company” means an association, corporation, fraternal or mutual benefit 16
61	61	organization, whether or not for profit, which is engaged in providing insurance coverage, including 17
62	62	accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, 18
63	63	hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, 19
64	64	surety, and wage protection insurance; but not including a nonprofit corporation organized pursuant 20
65	65	to chapters 19, 20, 20.1, 20.2 and 20.3 of title 27. 21
66	66	(10) “Intangible property” includes: 22
67	67	(i) Money, checks, drafts, deposits, interest, dividends, income, and bonds; 23
68	68	(ii) Credit balances, customer overpayments, security deposits, refunds, credit memos, 24
69	69	unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances; 25
70	70	(iii) Stocks and other intangible ownership interests in business associations; 26
71	71	(iv) Money deposited to redeem stocks, bonds, coupons, and other securities, or to make 27
72	72	distributions; 28
73	73	(v) Amounts due and payable under the terms of insurance policies; and 29
74	74	(vi) Amounts distributable from a trust or custodial fund established under a plan to provide 30
75	75	health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, 31
76	76	employee savings, supplemental unemployment insurance, or similar benefits; and 32
77	77	(vii) All other intangible property as identified by the administrator. 33
78	78	(11) “Last known address” means a description of the location of the apparent owner 34
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82	82	sufficient for the purpose of the delivery of mail. 1
83	83	(12) “Other domestic charitable corporation” means a corporation, except a hospital or 2
84	84	private, nonprofit institution of higher education, as those terms are defined herein, organized and 3
85	85	existing under chapter 6 of title 7, chapter 19 of title 27, or created by general or special act of the 4
86	86	general assembly; provided however that domestic charitable corporations which qualify as 5
87	87	charitable corporations under 26 U.S.C. § 501(c)(3) and have one hundred (100) or fewer 6
88	88	employees shall be exempt from the provisions of this chapter. 7
89	89	(13) “Owner” means a depositor in the case of a deposit, a beneficiary in the case of a trust 8
90	90	other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, 9
91	91	or a person having a legal or equitable interest in property subject to this chapter or his or her legal 10
92	92	representative. 11
93	93	(14) “Person” means an individual, business association, state or other government, 12
94	94	governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or 13
95	95	more persons having a joint or common interest, or any other legal or commercial entity. 14
96	96	(15) “Private, nonprofit institution of higher education” means an educational institution 15
97	97	situated within this state which by virtue of law or charter is a private, nonprofit educational 16
98	98	institution empowered to provide a program of education beyond the high school level and which 17
99	99	is accredited by a nationally recognized educational accrediting agency or association and awards 18
100	100	a bachelor’s or advance degree or provides a program of not less than two (2) years’ duration which 19
101	101	is accepted for full credit toward a bachelor’s degree. 20
102	102	(16) “State” means any state, district, commonwealth, territory, insular possession, or any 21
103	103	other area subject to the legislative authority of the United States. 22
104	104	(17) “Tangible property” includes all other property not defined as intangible property and 23
105	105	which is not otherwise defined in this section. 24
106	106	(18) “Utility” means a person who owns or operates for public use any plan, equipment, 25
107	107	property, franchise, or license for the transmission of communications or the production, storage, 26
108	108	transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. 27
109	109	SECTION 2. This act shall take effect upon passage. 28
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116	116	EXPLANATION
117	117	BY THE LEGISLATIVE COUNCIL
118	118	OF
119	119	A N A C T
120	120	RELATING TO PROBATE PRACTICE AND PROCEDU RE -- UNCLAIMED INTANGIBLE
121	121	AND TANGIBLE PROPERTY
122	122	***
123	123	This act would permit the division of unclaimed property within the office of the general 1
124	124	treasurer to accept miscellaneous intangible property belonging to Rhode Island residents. 2
125	125	This act would take effect upon passage. 3
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