2003-05-21                     Senate Journal                      Page 1720
SB 231                                                                                            
SENATE BILL NO. 231 BY THE SENATE 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                     Senate Journal                      Page 1721
was read the first time and referred to the State Affairs and Finance                               
Committees.                                                                                         
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, Department of Revenue                                                           
                                                                                                    
Governor's transmittal letter dated May 20:                                                         
                                                                                                    
Dear President Therriault:                                                                          
                                                                                                    
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.                                                           
                                                                                                    
I urge your early and favorable consideration of the bill.                                          
                                                                                                    
                                                                                                    

2003-05-21                     Senate Journal                      Page 1722
Sincerely,                                                                                          
/s/                                                                                                 
Frank H. Murkowski                                                                                  
Governor