Rhode Island Escheat & Unclaimed Property Laws

Rhode Island has a fall deadline for annual reporting and remittance. All holders of unclaimed property must report and remit by October 31. Early reporting is permitted in rare cases with prior approval from the administrator.

Negative reports are required and must be filed on their website.

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 three-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: One year
• Money Orders: Five years
• Traveler’s Checks: 15 years

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