AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT

Summary

The Senate passed a bill that adds a new chapter to the state’s financial institutions code, creating the Uniform Special Deposits Act. It sets clear rules for how banks, depositors and beneficiaries handle special deposits such as escrow or security deposits, and lets the parties choose Rhode Island courts for any disputes. The goal is to provide consistent protection and procedures for these types of funds.

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