txt

CSHB 434(L&C): "An Act relating to unclaimed property; and providing for an effective date."

00CS FOR HOUSE BILL NO. 434(L&C) 01 "An Act relating to unclaimed property; and providing for an effective date." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 34.45.200(e) is repealed and reenacted to read: 04  (e) Stock or other intangible ownership interest enrolled in a plan that provides 05 for the automatic reinvestment of dividends, distributions, or other money payable as a 06 result of the interest is presumed abandoned if the owner has not communicated 07  (1) in a manner described in (a) of this section; or 08  (2) within seven years after 09  (A) the date of the second mailing of a statement of account or 10 other notification or communication that was returned as undeliverable; or 11  (B) the holder discontinued mailings, notifications, or 12 communications to the apparent owner. 13 * Sec. 2. AS 34.45.280(b) is amended to read: 14  (b) The report must be verified and must include

01  (1) except with respect to traveler's checks and money orders, the name, 02 if known, and last known address, if any, of each person appearing from the records of 03 the holder to be the owner of property, the value of which is $100 [$25] or more, 04 presumed abandoned under AS 34.45.110 - 34.45.430 and other statutes specifically 05 made subject to this reporting requirement; 06  (2) in the case of unclaimed money amounting to $100 [$50] or more, 07 held or owing under a life or endowment insurance policy or annuity contract, the full 08 name and last known address of the insured or annuitant and of the beneficiary or other 09 person who is entitled to the proceeds according to the records of the insurance company 10 holding or owing the funds; 11  (3) in the case of the contents of a safe deposit box or other safekeeping 12 repository or of other tangible personal property, a description of the property and the 13 place where it is held and may be inspected by the department, and any amounts owing 14 to the holder; 15  (4) the nature and identifying number, if any, or description of the 16 property and the amount appearing from the records to be due; items of value under 17 $100 [$25] each may be reported in the aggregate; 18  (5) the date the property became payable, demandable, or returnable, and 19 the date of the last transaction with the apparent owner with respect to the property; and 20  (6) other information that the department prescribes by regulation as 21 necessary for the administration of this chapter. 22 * Sec. 3. AS 34.45.280(d) is amended to read: 23  (d) The report required under (a) of this section shall be filed before November 1 24 of each year for unclaimed property held as of June 30 of that year [, BUT THE 25 REPORT OF A LIFE INSURANCE COMPANY SHALL BE FILED BEFORE MAY 1 26 OF EACH YEAR FOR UNCLAIMED PROPERTY HELD AS OF DECEMBER 31 OF 27 THE PRECEDING YEAR]. On written request by a person required to file a report, the 28 commissioner may postpone the reporting date. 29 * Sec. 4. AS 34.45.280(e) is amended to read: 30  (e) Not more than 120 days before filing the report required by this section, the 31 holder in possession of property presumed abandoned and subject to custody as

01 unclaimed property under AS 34.45.110 - 34.45.430 shall send written notice to the 02 apparent owner at the owner's last known address informing the owner that the holder 03 is in possession of property subject to this chapter if 04  (1) the holder has in its records an address for the apparent owner that 05 the holder believes to be accurate; 06  (2) the claim of the apparent owner is not barred by the statute of 07 limitations; and 08  (3) the property has a value of $100 [$50] or more. 09 * Sec. 5. AS 34.45.310(a) is amended to read: 10  (a) The department shall publish a notice not later than the June 30 [MARCH 1] 11 following the submission of the report required by AS 34.45.280 [, OR IN THE CASE 12 OF PROPERTY REPORTED BY LIFE INSURANCE COMPANIES, NOT LATER 13 THAN THE SEPTEMBER 1 FOLLOWING THE SUBMISSION OF THE REPORT]. 14 The notice shall be published [AT LEAST ONCE A WEEK FOR TWO 15 CONSECUTIVE WEEKS] in a newspaper of general circulation in the area of the state 16 in which the last known address of a person to be named in the notice is located. If no 17 address is listed or the address is outside the state, the notice shall be published in a 18 newspaper of general circulation in the area in which the holder of property has its 19 principal place of business in the state. 20 * Sec. 6. AS 34.45.310(b) is amended to read: 21  (b) The published notice must be entitled "Notice of Names of Persons 22 Appearing to be Owners of Abandoned Property" and must contain 23  (1) the names, in alphabetical order, [AND LAST KNOWN ADDRESS, 24 IF ANY,] of persons listed in the reports and entitled to notice within the area as 25 specified in (a) of this section; and 26  (2) a statement that information concerning the property [AND THE 27 NAME AND LAST KNOWN ADDRESS OF THE HOLDER] may be obtained by 28 addressing an inquiry to the department [; AND 29  (3) A STATEMENT THAT IF PROOF OF CLAIM IS NOT 30 PRESENTED BY THE OWNER TO THE HOLDER, AND THE OWNER'S RIGHT 31 TO RECEIVE THE PROPERTY IS NOT ESTABLISHED TO THE HOLDER'S

01 SATISFACTION BEFORE APRIL 20 OF THE YEAR OF PUBLICATION, OR, IN 02 THE CASE OF PROPERTY REPORTED BY A LIFE INSURANCE COMPANY, 03 BEFORE OCTOBER 20, THE PROPERTY WILL BE PLACED NOT LATER THAN 04 MAY 1 OF THAT YEAR, OR IN THE CASE OF PROPERTY REPORTED BY A 05 LIFE INSURANCE COMPANY, NOT LATER THAN NOVEMBER 1, IN THE 06 CUSTODY OF THE DEPARTMENT AND ALL FURTHER CLAIMS SHALL BE 07 DIRECTED TO THE DEPARTMENT AFTER THAT PLACEMENT]. 08 * Sec. 7. AS 34.45.310(c) is amended to read: 09  (c) The department is not required to publish in the notice an item of less than 10 $100 [$50] in value unless the department considers the publication of the item to be in 11 the public interest. 12 * Sec. 8. AS 34.45.320(a) is amended to read: 13  (a) Except as otherwise provided in (b) [AND (c)] of this section, a person who 14 is required to file a report under AS 34.45.280, shall, at the time of [WITHIN SIX 15 MONTHS AFTER THE FINAL DATE FOR] filing the report under that section, pay 16 or deliver to the administrator all of the property shown on the report and 17 remaining unclaimed by the apparent owner. Upon written request showing good 18 cause, the administrator may postpone the payment or delivery upon the terms or 19 conditions the administrator considers necessary and appropriate. The property 20 paid or delivered to the administrator must include all interest, dividends, 21 increments, and accretions due, payable, or distributable on the property at the 22 time of filing the report. If payment or delivery is postponed, the property paid or 23 delivered to the administrator must include all interest, dividends, increments, and 24 accretions due, payable, or distributable on the day that the property is paid or 25 delivered to the administrator [DEPARTMENT ALL ABANDONED PROPERTY 26 REQUIRED TO BE REPORTED]. 27 * Sec. 9. AS 34.45.700 is repealed and reenacted to read: 28  Sec. 34.45.700. AGREEMENT TO LOCATE REPORTED PROPERTY. (a) 29 An agreement to pay compensation to locate, deliver, recover, or assist in the recovery 30 of property reported under AS 34.45.280 while in the possession of a holder is 31 unenforceable if made

01  (1) before the date payment or delivery is made under AS 34.45.320; 02 or 03  (2) within 24 months after the date payment or delivery is made under 04 AS 34.45.320. 05  (b) An agreement executed after the 24-month period is enforceable only if 06  (1) the fee or compensation is not more than 07  (A) 20 percent of the value of the property if the value of the 08 property is less than $500; and 09  (B) 10 percent of the value of the property if the value of the 10 property is $500 or more; 11  (2) the agreement is in writing, signed by the apparent owner, does not 12 exceed six months, and specifies the fees to be charged, nature and value of the property, 13 and the value of the apparent owner's share after the fee or compensation is deducted. 14  (c) This section does not preclude an owner from asserting that an agreement to 15 locate property is otherwise invalid. 16 * Sec. 10. AS 34.45.760(3) is amended to read: 17  (3) "business association" means a nonpublic corporation, joint stock 18 company, investment company, business trust, mutual fund, joint venture, limited 19 liability company, partnership, or association for business purposes or other business 20 entity of one [TWO] or more individuals, whether or not for profit, including a banking 21 organization, financial organization, insurance company, or utility; 22 * Sec. 11. AS 34.45.760(10) is amended to read: 23  (10) "intangible property" 24  (A) includes 25  (i) money, checks, drafts, warrants, deposits, interest, 26 dividends, and income; 27  (ii) credit balances, customer overpayments, gift 28 certificates, security deposits, refunds, credit memos, unpaid wages, and 29 unidentified remittances; 30  (iii) stocks and other intangible ownership interests in 31 business associations;

01  (iv) money deposited to redeem stocks, bonds, coupons, 02 and other securities, or to make distributions; 03  (v) amounts due and payable under the terms of insurance 04 policies; and 05  (vi) amounts distributable from a trust or custodial fund 06 established under a plan to provide health, welfare, pension, vacation, 07 severance, retirement, death, stock purchase, profit-sharing, employee 08 savings, supplemental unemployment insurance, or similar benefits; 09  (B) does not include 10  (i) unused airline tickets; 11  (ii) shares of stock issued by a corporation organized 12 under 43 U.S.C. 1601 - 1629a (Alaska Native Claims Settlement Act) or 13 unclaimed dividends payable on the shares of stock; or 14  (iii) overpaid contributions by employers to the 15 unemployment compensation fund under AS 23.20.130; 16 * Sec. 12. AS 34.45.310(d), 34.45.310(e), and 34.45.320(c) are repealed. 17 * Sec. 13. This Act takes effect July 1, 1996.