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Senate committee holds 'Special Deposits' bill after Uniform Law Commission testimony
Summary
S 384, the proposed Rhode Island Special Deposits Act drawn from a Uniform Law Commission model, drew expert testimony and questions about consumer protections; the committee voted to hold the bill.
Senate Bill 384, a Uniform Law Commission model to create a statutory structure for "special deposits" (statutory, account-based protections for funds held by banks for specified beneficiaries), was discussed March 25 and held by the Senate Commerce Committee for additional consideration.
Sponsor Senator McKinney described the measure as a consumer- and market-friendly tool that would allow parties to create protected special accounts without the formalities of a trust. Patrick…
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