3.1 Introduction

1. A. This Rule and Regulation pertaining to the Unclaimed Property Program is promulgated pursuant to R.I. Gen. Laws § 33-21.1-38.

3.2 Purpose

1. A. This Rule is established for the purpose of effectuating the provisions and overall purpose of the Uniform Unclaimed Property Act governed by R.I. Gen. Laws § 33-21.1, et. seq.

3.3 Process for Transfer

1. A. Payment or delivery of property to Administrator

   1. 1. If property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator.
   2. 2. The liquidation shall occur anytime within thirty (30) days prior to the filing of the report under R.I. Gen. Laws § 33-21.1-17.
   3. 3. 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.

3.4 Effective Date

1. A. This regulation shall be effective immediately upon passage of legislation granting statutory authority to accept other intangible property as identified by the Administrator.