Rhode Island S2843 funds the baby bonds trust program using unclaimed property remittances, avoiding taxpayer dollars.

Rhode Island S2843 amends the state's unclaimed property laws to fund the baby bonds trust program. It allocates unclaimed property remittances annually to provide a one-time $3,000 allocation for each designated beneficiary born in the preceding calendar year. The administrator must deposit all remaining funds into the state's general fund, except for a minimum of $100,000 retained for prompt payment of claims. This act takes effect on July 1, 2027.

Rhode Island S2843 funds the baby bonds trust program using unclaimed property remittances, avoiding taxpayer dollars.

Rhode Island S2843 amends the state's unclaimed property laws to fund the baby bonds trust program. It allocates unclaimed property remittances annually to provide a one-time $3,000 allocation for each designated beneficiary born in the preceding calendar year. The administrator must deposit all remaining funds into the state's general fund, except for a minimum of $100,000 retained for prompt payment of claims. This act takes effect on July 1, 2027.