Rhode Island enacts law to protect residents from unfair unclaimed property practices

A new law signed by Rhode Island Gov. Dan McKee will protect state residents from unfair contracts with third-party vendors who help the government recover unclaimed property.

The law limits the amount the vendor can charge the state for helping locate and recover the property. The Treasury Office will recover unclaimed cash and assets from businesses, banks, landlords, safe deposit boxes, and utility companies each year, and then the property is held until the rightful owner can be found.

Under the new law, “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,” said state Rep. Alex Finkelman, who sponsored the legislation. “Every penny counts these days, and this legislation ensures our residents can recover as much of their unclaimed property as possible.”

“Protecting consumers against unexpected and excessive costs is more critical than ever,” said state Sen. Robert Britto. “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.”

For more information, go to: https://findrimoney.gov.

Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.