Property: lost and unclaimed.

Existing law authorizes the Regents of the University of California to provide by resolution or regulation for the care, restitution, sale, or destruction of unclaimed property in the possession of the regents or of the University of California Police Department. Existing law also authorizes the Trustees of the California State University to provide by resolution or regulation for the care, restitution, sale, or destruction of unclaimed, lost, or abandoned property in the possession of any state university. Existing law requires any resolution or regulation adopted by the trustees pursuant to those provisions to include that property shall be held for a period of at least 6 months. This bill would limit that requirement to property valued at or above $300. The bill would extend the authorization of the Regents of the University of California to also provide for the care, restitution, sale, or destruction of lost or abandoned property, as specified. The bill would also decrease the minimum holding period to 3 months for property held by the state university. The bill would make related technical, nonsubstantive changes.