00                     CS FOR SENATE BILL NO. 315(L&C)                                                                    
01 "An Act relating to the disposition of unredeemed property; and providing for an                                        
02 effective date."                                                                                                        
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 08.76.040(b) is amended to read:                                                                   
05            (b)  If a pawnbroker sells property bought or received in pledge and not                                     
06       redeemed within 30 days after the date of mailing notice under (a) of this section, the                           
07       pawnbroker shall pay the pledgor one-half of the amount that is [IN EXCESS OF                                 
08       $400] received for the property and that exceeds twice the maximum amount                                     
09       allowed under AS 06.20.330 for individual loans by pawnbrokers and loan shops                                 
10       to be exempt from AS 06.20.  At the time a pawnbroker buys or receives property                               
11       in pledge, the pawnbroker shall provide notice to the pledgor that, if the                                    
12       pawnbroker sells the property under this subsection, the pawnbroker will retain                               
13       from the sales proceeds the amount of money allowed by this subsection.                                       
14    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).