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

This bill funds Rhode Island's Baby Bonds program by allocating $3,000 annually per eligible newborn (born in the prior calendar year) from unclaimed property funds, rather than using taxpayer dollars. It directs the state administrator to set aside this amount from unclaimed intangible/tangible property remittances before depositing remaining funds into the general fund. The program provides financial resources to newborns in Rhode Island through this dedicated funding stream. The law takes effect July 1, 2027.