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7/15/2024
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Governor signs Treasury bill to protect Rhode Islanders with unclaimed property from unfair contracts
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STATE HOUSE — Legislation (2024-H 7569, 2024-S 2896) sponsored by Rep. Alex S. Finkelman and Sen. Robert Britto that limits the amount a third-party vendor may charge to help Rhode Islanders find and recover unclaimed property, a process offered free of charge by Treasury, was signed into law by Gov. Daniel J. McKee.
Each year, the Treasurer’s office recovers unclaimed cash and assets from businesses, banks, landlords, safe deposit boxes, and utility companies. The property is kept safe until it can be returned to its rightful owner. The Unclaimed Property Program returned millions to thousands of Rhode Islanders last year. Aiming to regulate agreements between those who help to locate and recover unclaimed property and the owners entitled to reclaim that property, this legislation protects Rhode Islanders from exorbitant fees and outlines specific conditions that agreements must meet to recover property so that residents are informed of their rights.
“This new law protects Rhode Islanders from predatory companies looking to take advantage of our citizens. Every penny counts these days, and this legislation ensures our residents can recoup as much of their unclaimed property as possible,” said Representative Finkelman (D-Dist. 74, Jamestown, Middletown).
“Protecting consumers against unexpected and excessive costs is more critical than ever. I am proud to have sponsored this legislation, which builds on the important work of the Treasurer’s office to reunite Rhode Islanders with their rightful property, and grateful to all the partners who helped make it law,” said Senator Britto (D-Dist. 18, East Providence, Pawtucket).
“This bill is about protecting consumers. With this bill in effect, Rhode Island is taking a proactive step to protect Rhode Islanders with unclaimed property and ensure that they are not unfairly charged to recover money that is rightfully theirs,” said General Treasurer Diossa. “By building transparency and establishing clear procedures we are working to improve the process of recovering unclaimed property.”
"Strengthening protections and creating transparency for Rhode Island consumers is at the heart of this legislation," said Governor Dan McKee. "I commend General Treasurer Diossa and the bill sponsors for championing this law, which empowers Rhode Islanders looking to recover unclaimed property."
For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903
(401)222-1922
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