# Rhode Island H7265: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT . Rhode Island H7265, AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT ., is a 2026 Regular Session House bill sponsored by Jason Knight (Democratic); status signed, last action 2026-06-19 (Signed by Governor — Chapter 202) (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/RI-H7265-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Rhode Island H7265 - State: Rhode Island - Session: 2026 Regular Session - Title: AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT . - Status: signed - Chamber: House - Introduced: 2026-01-23 - Last action: 2026-06-19, Signed by Governor — Chapter 202 - Sponsor: Jason Knight (Democratic) - Cosponsors: 2 - Touches household money: no - Roll calls: 2 (105 yes, 0 no in all) - Economic provisions PRIA read: 4 ## Summary No summary available. ## Bill overview: provisions PRIA read - Five-year end date for deposits: mixed, medium. A special deposit ends five years after it is first funded, unless the agreement says otherwise. If the bank cannot identify or find an entitled beneficiary when it ends and money is left, the bank must pay the balance to the depositor or depositors. After that payment, the bank has no further duty… - New contract rules and bank liability: mixed, medium. Account contracts cannot remove the core protections in this law. If you are a party to the agreement, changes without your consent are allowed only if the agreement expressly allows it. If you are not a party but know the terms, changes cannot materially and adversely cut your payment right. If it… - When beneficiaries get paid and protected: mixed, medium. The bank must pay a beneficiary when there are sufficient finally collected funds, unless the agreement says otherwise. If funds are short, you may take what is available or a pro rata share when there are multiple beneficiaries. Creditors cannot enforce garnishments against the bank unless they se… - Rules for creating a special deposit: mixed, low. The law defines a special deposit and what it must include. It must name at least two beneficiaries, state a permissible purpose, and list a contingency. Permissible purposes include escrow, tenant security deposits, payouts to a defined group, contract assurance, settlement systems, and margin or… ## Sponsors and cosponsors - Sponsor: Jason Knight (Democratic), House - Cosponsor: Matthew S. Dawson (Democratic), House - Cosponsor: Carol Hagan McEntee (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-06-09 | Senate | FINANCIAL INSTITUTIONS -- RHODE ISLAND SPECIAL DEPOSITS ACT In Concurrence Passage | pass | 36 | 0 | | | 2026-03-19 | House | RI SPECIAL DEPOSITS ACT PASSAGE | pass | 69 | 0 | | ## Actions (14) - 2026-06-19: Signed by Governor — Chapter 202 (Governor) - 2026-06-16: Transmitted to Governor (Governor) - 2026-06-09: Senate passed in concurrence (Senate) - 2026-06-05: Placed on Senate Calendar (06/09/2026) (Senate) - 2026-05-05: Committee recommends passage in concurrence - 2026-05-01: Scheduled for consideration (05/05/2026) - 2026-03-27: Referred to Senate Commerce (Senate) - 2026-03-19: House read and passed (House) - 2026-03-13: Placed on House Calendar (03/19/2026) (House) - 2026-03-12: Committee recommends passage - 2026-03-06: Scheduled for consideration (03/12/2026) - 2026-01-27: Committee recommended measure be held for further study - 2026-01-23: Scheduled for hearing and/or consideration (01/27/2026) - 2026-01-23: Introduced, referred to House Corporations (House) ## Bill text - H7265 - As Introduced, 2026-01-23: [HTML](https://webserver.rilegislature.gov/BillText26/HouseText26/H7265.htm), [PDF](https://webserver.rilegislature.gov/BillText26/HouseText26/H7265.pdf) ## Related bills - S3363: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) - S3353: JOINT RESOLUTION MAKING AN APPROPRIATION TO PAY CERTAIN CLAIMS . (became law) - S3337: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) - S3315: AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES . (became law) - S3333: AN ACT RELATING TO THE NORTH TIVERTON FIRE DISTRICT . (became law) - S3293: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) ## Sources - [H7265 - As Introduced (HTML)](https://webserver.rilegislature.gov/BillText26/HouseText26/H7265.htm) - [H7265 - As Introduced (PDF)](https://webserver.rilegislature.gov/BillText26/HouseText26/H7265.pdf) ## Related - [S3363: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-S3363-2026) - [S3353: JOINT RESOLUTION MAKING AN APPROPRIATION TO PAY CERTAIN CLAIMS .](https://policyrisk.com/state-bill/RI-S3353-2026) - [S3337: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-S3337-2026) - [S3315: AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES .](https://policyrisk.com/state-bill/RI-S3315-2026) - [S3333: AN ACT RELATING TO THE NORTH TIVERTON FIRE DISTRICT .](https://policyrisk.com/state-bill/RI-S3333-2026) - [S3293: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-S3293-2026) - [Rhode Island bills](https://policyrisk.com/states/rhode-island/bills) - [Rhode Island state hub](https://policyrisk.com/states/rhode-island) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/RI-H7265-2026 (as of 2026-11-01).