SB 228: "An Act relating to unclaimed property; and providing for an effective date."
00SENATE BILL NO. 228 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 amended to read: 04 (e) This section applies [DOES NOT APPLY] to a stock or other intangible 05 ownership interest enrolled in a plan that provides for the automatic reinvestment of 06 dividends, distributions, or other money payable as a result of the interest if [, 07 UNLESS THE RECORDS AVAILABLE TO THE ADMINISTRATOR OF THE 08 PLAN SHOW, WITH RESPECT TO ANOTHER INTANGIBLE OWNERSHIP 09 INTEREST NOT ENROLLED IN THE REINVESTMENT PLAN, THAT] the owner 10 has not within seven years communicated in a manner described in (a) of this section 11 or seven years after the date of the second mailing of a statement of account or 12 other notification or communication that was returned as undeliverable or after 13 the holder discontinued mailings, notifications, or communications to the apparent 14 owner.
01 * Sec. 2. AS 34.45.280(b) is amended to read: 02 (b) The report must be verified and must include 03 (1) except with respect to traveler's checks and money orders, the 04 name, if known, and last known address, if any, of each person appearing from the 05 records of the holder to be the owner of property, the value of which is $100 [$25] or 06 more, presumed abandoned under AS 34.45.110 - 34.45.430 and other statutes 07 specifically made subject to this reporting requirement; 08 (2) in the case of unclaimed money amounting to $100 [$50] or more, 09 held or owing under a life or endowment insurance policy or annuity contract, the full 10 name and last known address of the insured or annuitant and of the beneficiary or 11 other person who is entitled to the proceeds according to the records of the insurance 12 company holding or owing the funds; 13 (3) in the case of the contents of a safe deposit box or other 14 safekeeping repository or of other tangible personal property, a description of the 15 property and the place where it is held and may be inspected by the department, and 16 any amounts owing to the holder; 17 (4) the nature and identifying number, if any, or description of the 18 property and the amount appearing from the records to be due; items of value under 19 $100 [$25] each may be reported in the aggregate; 20 (5) the date the property became payable, demandable, or returnable, 21 and the date of the last transaction with the apparent owner with respect to the 22 property; and 23 (6) other information that the department prescribes by regulation as 24 necessary for the administration of this chapter. 25 * Sec. 3. AS 34.45.280(d) is amended to read: 26 (d) The report required under (a) of this section shall be filed before 27 November 1 of each year for unclaimed property held as of June 30 of that year [, 28 BUT THE REPORT OF A LIFE INSURANCE COMPANY SHALL BE FILED 29 BEFORE MAY 1 OF EACH YEAR FOR UNCLAIMED PROPERTY HELD AS OF 30 DECEMBER 31 OF THE PRECEDING YEAR]. On written request by a person 31 required to file a report, the commissioner may postpone the reporting date.
01 * Sec. 4. AS 34.45.280(e) is amended to read: 02 (e) Not more than 120 days before filing the report required by this section, 03 the holder in possession of property presumed abandoned and subject to custody as 04 unclaimed property under AS 34.45.110 - 34.45.430 shall send written notice to the 05 apparent owner at the owner's last known address informing the owner that the holder 06 is in possession of property subject to this chapter if 07 (1) the holder has in its records an address for the apparent owner that 08 the holder believes to be accurate; 09 (2) the claim of the apparent owner is not barred by the statute of 10 limitations; and 11 (3) the property has a value of $100 [$50] or more. 12 * Sec. 5. AS 34.45.310(a) is amended to read: 13 (a) The department shall publish a notice not later than the June 30 [MARCH 14 1] following the submission of the report required by AS 34.45.280 [, OR IN THE 15 CASE OF PROPERTY REPORTED BY LIFE INSURANCE COMPANIES, NOT 16 LATER THAN THE SEPTEMBER 1 FOLLOWING THE SUBMISSION OF THE 17 REPORT]. The notice shall be published at least once a week for two consecutive 18 weeks in a newspaper of general circulation in the area of the state in which the last 19 known address of a person to be named in the notice is located. If no address is listed 20 or the address is outside the state, the notice shall be published in a newspaper of 21 general circulation in the area in which the holder of property has its principal place 22 of business in the state. 23 * Sec. 6. AS 34.45.310(b) is amended to read: 24 (b) The published notice must be entitled "Notice of Names of Persons 25 Appearing to be Owners of Abandoned Property" and must contain 26 (1) the names, in alphabetical order, [AND LAST KNOWN ADDRESS, 27 IF ANY,] of persons listed in the reports and entitled to notice within the area as 28 specified in (a) of this section; 29 (2) a statement that information concerning the property [AND THE 30 NAME AND LAST KNOWN ADDRESS OF THE HOLDER] may be obtained by 31 addressing an inquiry to the department [; AND
01 (3) A STATEMENT THAT IF PROOF OF CLAIM IS NOT 02 PRESENTED BY THE OWNER TO THE HOLDER, AND THE OWNER'S RIGHT 03 TO RECEIVE THE PROPERTY IS NOT ESTABLISHED TO THE HOLDER'S 04 SATISFACTION BEFORE APRIL 20 OF THE YEAR OF PUBLICATION, OR, IN 05 THE CASE OF PROPERTY REPORTED BY A LIFE INSURANCE COMPANY, 06 BEFORE OCTOBER 20, THE PROPERTY WILL BE PLACED NOT LATER THAN 07 MAY 1 OF THAT YEAR, OR IN THE CASE OF PROPERTY REPORTED BY A 08 LIFE INSURANCE COMPANY, NOT LATER THAN NOVEMBER 1, IN THE 09 CUSTODY OF THE DEPARTMENT AND ALL FURTHER CLAIMS SHALL BE 10 DIRECTED TO THE DEPARTMENT AFTER THAT PLACEMENT]. 11 * Sec. 7. AS 34.45.310(c) is amended to read: 12 (c) The department is not required to publish in the notice an item of less than 13 $100 [$50] in value unless the department considers the publication of the item to be 14 in the public interest. 15 * Sec. 8. AS 34.45.320(a) is amended to read: 16 (a) Except as otherwise provided in (b) [AND (c)] of this section, a person 17 who is required to file a report under AS 34.45.280, shall at the time of filing the 18 report under that section, pay or deliver to the administrator all of the property 19 shown on the report and remaining unclaimed by the apparent owner. Upon 20 written request showing good cause, the administrator may postpone the payment 21 or delivery upon such terms or conditions as the administrator considers 22 necessary and appropriate. The property paid or delivered to the administrator 23 shall include all interest, dividends, increments, and accretions due, payable, or 24 distributable on the property at the time of filing the report. If payment or 25 delivery is postponed, the property paid or delivered to the administrator shall 26 include all interest, dividends, increments, and accretions due, payable, or 27 distributable on the day that the property is paid or delivered to the 28 administrator [WITHIN SIX MONTHS AFTER THE FINAL DATE FOR FILING 29 THE REPORT UNDER THAT SECTION, PAY OR DELIVER TO THE 30 DEPARTMENT ALL ABANDONED PROPERTY REQUIRED TO BE REPORTED]. 31 * Sec. 9. AS 34.45.700 is repealed and reenacted to read:
01 Sec. 34.45.700. AGREEMENT TO LOCATE REPORTED PROPERTY. (a) 02 An agreement to pay compensation to locate, deliver, recover, or assist in the recovery 03 of property reported under AS 34.45.280 while in the possession of a holder is 04 unenforceable if made 05 (1) before the date payment or delivery is made under AS 34.45.320; 06 or 07 (2) within 24 months after the date payment or delivery is made under 08 AS 34.45.320. 09 (b) An agreement executed after the 24-month period is enforceable only if 10 (1) the fee or compensation is not more than 10 percent of the value 11 of the property; and 12 (2) the agreement is in writing, signed by the apparent owner, does not 13 exceed six months, and specifies the fees to be charged, nature and value of the 14 property, and the value of the apparent owner's share after the fee or compensation is 15 deducted. 16 (c) This section does not preclude an owner from asserting that an agreement 17 to locate property is otherwise invalid. 18 * Sec. 10. AS 34.45.760(3) is amended to read: 19 (3) "business association" means a nonpublic corporation, joint stock 20 company, investment company, business trust, mutual fund, joint venture, limited 21 liability company, partnership, or association for business purposes or other business 22 entity of one [TWO] or more individuals, whether or not for profit, including a 23 banking organization, financial organization, insurance company, or utility; 24 * Sec. 11. AS 34.45.310(d), 34.45.310(e), and 34.45.320(c) are repealed. 25 * Sec. 12. This Act takes effect July 1, 1996.