This page addresses key areas of interest regarding Rhode Island unclaimed property and escheatment laws and regulations.
Key Rhode Island Unclaimed Property Reporting Deadlines
Rhode Island has a fall deadline for annual reporting and remittance. All holders of unclaimed property must report and remit by October 31st. Early reporting is permitted in rare cases with prior approval from the administrator.
Negative reports are required using the UP1 Form, which must be notarized and submitted on company letterhead.
All holders have an obligation to report abandoned or unclaimed property to the state to maintain compliance with Rhode Island’s unclaimed property laws and regulations. Holders reporting to Rhode Island are required to submit their reports electronically for reports that contain 25 or more properties.
Rhode Island Due Diligence Requirements
Rhode Island requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address within 120 days of the reporting deadline.
The letter should inform the owner that the holder is in possession of property that has been deemed abandoned and will be turned over to the state unless the owner claims it from the holder before the report is filed.
Rhode Island Dormancy Periods
Dormancy periods in Rhode Island vary by property type. Generally, most property types have a 3 year dormancy period.
Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.
The dormancy periods for common property types include:
- Wages, Payroll or Salary: 1 year
- Money Orders: 5 years
- Traveler’s Checks: 15 years
Rhode Island Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Rhode Island and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Rhode Island and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance or visit our resource library for additional educational and operational resources.