(a)  If impact fees are not expended or encumbered within the period established in § 45-22.4-5, the governmental entity shall refund to the fee payer or his or her successors the amount of the fee paid and accrued interest. The governmental entity shall send the refund to the fee payer at the last known address by certified mail within one year of the date on which the right to claim refund arises. Should the mailing of the fee be returned, the municipality shall make every effort to obtain a new address for the fee payer, including a search of the public records, the secretary of state’s database, and the database for the contractors’ registration and licensing board. All refunds due and not claimed within one year shall be forwarded to the state treasurer’s office for inclusion in the unclaimed property fund.

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(b)  When a governmental entity seeks to terminate any or all impact fee requirements, all unexpended or unencumbered funds shall be refunded as provided above. Upon the finding that any or all fee requirements are to be terminated, the governmental entity shall place a notice of termination and availability of refunds in a newspaper of general circulation in the community at least two (2) times. All funds available for refund shall be retained for a period of one year. All refunds not claimed within one year shall be forwarded to the state treasurer’s office for inclusion in the unclaimed property fund.