The Commissioner of Correction shall establish a lost property board within the Department of Correction to hear and determine any claim by an inmate of a correctional facility who seeks compensation not exceeding three thousand five hundred dollars for lost or damaged personal property. The board shall hear and determine each such claim and may, if it determines the claim is one which in equity and justice the state should pay, award damages. If the board denies a claim in whole or in part, the inmate may, not later than sixty days after such decision, present the claim to the Office of the Claims Commissioner in accordance with § 4-147. The filing of a claim with the lost property board shall toll the time limit for presenting a claim to the Office of the Claims Commissioner pursuant to § 4-148. The Commissioner of Correction may adopt regulations, in accordance with chapter 54, to implement the provisions of this section.