Governor McKee Signs Treasury Bill To Protect Rhode Islanders With Unclaimed Property From Unfair Contracts

Governor McKee Signs Treasury Bill To Protect Rhode Islanders With Unclaimed Property From Unfair Contracts

Published on Monday, July 15, 2024

Providence, RI - Legislation championed by Rhode Island General Treasurer James A. Diossa 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 Governor Daniel J. McKee. The legislation (H-7569/S-2896) was sponsored by Representative Alex S. Finkelman and Senator Robert Britto.

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 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."

"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.

"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.

Check and see whether you have unclaimed property that can be recovered through a free and easy recovery process at https://findrimoney.gov.