Legislature(2003 - 2004)
2003-05-21 House JournalFull Journal pdf
2003-05-21 House Journal Page 2068 HB 330 HOUSE BILL NO. 330 by the House Rules Committee by request of the Governor, entitled: "An Act shortening the time periods after which certain unclaimed property is presumed to be abandoned; and providing for an effective date." 2003-05-21 House Journal Page 2069 was read the first time and referred to the Labor & Commerce and State Affairs Committees. The following fiscal note(s) apply: 1. Fiscal, Dept. of Revenue The Governor's transmittal letter dated May 20, 2003, follows: "Dear Speaker Kott: Under the authority of art. III, sec. 18, of the Alaska Constitution, I am transmitting a bill that would amend AS 34.45, the Uniform Unclaimed Property Act, to shorten the time periods after which certain unclaimed property is presumed to be abandoned and must be transferred to the custody of the state. Alaska's current unclaimed property statutes are based on the 1981 version of the Uniform Unclaimed Property Act adopted by the National Conference of Commissioners on Uniform State Laws. That Act, and Alaska's Act, are intended to prevent people from losing their right to property that is justifiably theirs by requiring that unclaimed property be transferred to the state to act as custodian once the property is presumed abandoned. In 1995, the uniform law commissioners revised their Act to streamline the process by which states deal with unclaimed property and to better protect property owners. One of the changes proposed in the 1995 revision is a general shortening of the time periods after which most unclaimed property is presumed to be abandoned and must be transferred to the custody of the state. Shortening the time period benefits both the state and the owner of the unclaimed property. As the custodian for the unclaimed property, the property is available to the state as a source of revenue, pending the rightful owner's claim. The rightful owner benefits by having the property transferred at an earlier date to a perpetual custodian with the stability to assure that the property will be there when the owner comes forward to claim it. 2003-05-21 House Journal Page 2070 I urge your early and favorable consideration of the bill. Sincerely, /s/ Frank H. Murkowski Governor"