Rules and Regulations Pertaining to the Unclaimed Property Program
120-RICR-00-00-3 INACTIVE RULE
3.1Introduction
3.2Purpose
3.3Process for Transfer
3.4Effective Date
| Title | 120 | Treasury Department |
| Chapter | 00 | N/A |
| Subchapter | 00 | N/A |
| Part | 3 | Rules and Regulations Pertaining to the Unclaimed Property Program |
| Type of Filing | Adoption |
| Regulation Status | Inactive |
| Effective | 03/03/2025 |
Regulation Authority:
R.I. Gen. Laws § 33-21.1-38
Purpose and Reason:
This Rule is established for the purpose of effectuating the provisions and overall purpose of the Uniform Unclaimed Property Act. This rule further seeks to establish guidelines for transferring payment or delivery of virtual currency to the Unclaimed Property Administrator. The rule requires that holders liquidate the virtual currency and remit the proceeds to the administrator within thirty (30) days prior to the filing of the report under general laws § 33-21.1-17. The owner shall not have recourse against the holder or the administrator to recover any gain in value that occurs after the liquidation of the virtual currency under this subsection.