§ 33-21.1-37 - Effect of new provisions – Clarification of application. - Rhode Island Statutes

SECTION 33-21.1-37

   § 33-21.1-37  Effect of new provisions– Clarification of application. – (a) This chapter does not relieve a holder of a duty that arose before July 1,1987 to report, pay, or deliver property. A holder who did not comply with thelaw in effect before July 1, 1987 is subject to the applicable enforcement andpenalty provisions that then existed and these provisions are continued ineffect for the purpose of this subsection, subject to § 33-21.1-29(b).

   (b) The initial report filed under this chapter for propertythat was not required to be reported before July 1, 1987 but which is subjectto this chapter, must include all items of property that would have beenpresumed abandoned during the ten (10) year period preceding July 1, 1987, asif this chapter had been in effect during that period.