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

This bill modifies how unclaimed property funds are handled in Rhode Island to support the state's baby bonds trust program. Instead of depositing all unclaimed property proceeds into the general state fund, the legislation directs that $3,000 be allocated annually for each baby born in the previous year to fund the trust program. The remaining unclaimed property funds continue to go to the general fund, while administrative costs for managing and selling abandoned property can be deducted before transfers. The changes would take effect on July 1, 2027, and apply to the state's unclaimed property administrator who oversees these financial transactions.