Rhode Island Indian Claims Settlement Act

Rhode Island Indian Claims Settlement Act - Directs, upon findings by the Secretary of the Interior that the State of Rhode Island has enacted certain authorizing legislation, that any transfer of land or natural resources located within the United States from, by, or on behalf of the Rhode Island Indian Corporation, or any other entity known as the Narragansett Tribe of Indians, including but not limited to a transfer pursuant to any statute of any State, shall be deemed to have been made in accordance with the Constitution and all applicable laws of the United States.

Stipulates, upon such findings by the Secretary, that: (1) to the extent that any such transfer of land or natural resources may involve land or resources to which the Indian Corporation, or any other entity known as the Narragansett Tribe of Indians, had aboriginal title, such transfers shall be regarded as an extinguishment of such title as of the date of said transfer; and (2) by virtue of the approval of a transfer of land or resources effected by such transfers or an extinguishment of aboriginal title effected thereby, all claims against the United States, any State or subdivision thereof, or any other person or entity, by the Indian Corporation, or any other entity known as the Narragansett Tribe of Indians shall be extinguished.

Establishes in the United States Treasury the Rhode Island Indian Claims Settlement Fund into which $3,500,000 shall be deposited pursuant to this Act. Provides for the payment of an option fee equal to five percent of the fair market value to qualified private defendants with claims under this Act. Directs that upon creation of a State chartered corporation which satisfies specified criteria the Secretary shall exercise the options and assign lands purchased to the State Corporation.