00Enrolled SB 315                                                                                                         
01 Relating to the disposition of unredeemed property; and providing for an effective date.                                
02                           _______________                                                                               
03    * Section 1. AS 08.76.040(b) is amended to read:                                                                   
04            (b)  If a pawnbroker sells property bought or received in pledge and not                                     
05       redeemed within 30 days after the date of mailing notice under (a) of this section, the                           
06       pawnbroker shall pay the pledgor one-half of the amount that is [IN EXCESS OF                                 
07       $400] received for the property and that exceeds twice the maximum amount                                     
08       allowed under AS 06.20.330 for individual loans by pawnbrokers and loan shops                                 
09       to be exempt from AS 06.20.  At the time a pawnbroker buys or receives property                               
10       in pledge, the pawnbroker shall provide notice to the pledgor that, if the                                    
11       pawnbroker sells the property under this subsection, the pawnbroker will retain                               
12       from the sales proceeds the amount of money allowed by this subsection.                                       
13    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).