NAC: CHAPTER 120A - DISPOSITION OF UNCLAIMED PROPERTY

[Rev. 5/4/2013 1:47:48 PM]

This chapter of NAC has changes which have been adopted but have not been codified; you can see those changes by viewing the following regulation(s) on the Nevada Register of Administrative Regulations: R162-09

[NAC-120A Revised Date: 1-07]

CHAPTER 120A - DISPOSITION OF UNCLAIMED PROPERTY

120A.020 Reports of unclaimed property.

120A.040 Additions to or deletions from reports of unclaimed property.

120A.050 Attempts to locate owner of property.

120A.060 Claims for property presumed abandoned.

120A.070 Safety deposit boxes: Presumption of abandonment; sealing and opening.

120A.080 Safety deposit boxes: List of contents; remittance of contents.

120A.090 Owner’s indication of interest in deposit which is automatically renewable.

NAC 120A.020 Reports of unclaimed property. (NRS 120A.140, 120A.250)

1. A form UP-1, Report of Unclaimed Property, including a completed verification pursuant to NRS 120A.250, may be filed:

(a) Using form UP-1;

(b) Using a computer printout that contains the same information as requested on form UP-1; or

2. A form UP-2, Report of Unclaimed Property Details, must accompany each report filed pursuant to subsection 1 and may be filed:

(a) Using form UP-2;

(b) Using a computer printout that contains the same information as requested on form UP-2; or

3. In addition to the provisions of NRS 120A.250, the Administrator may require a person reporting 15 or more items of property to file the report electronically using the NAUPA standard electronic file format for holders.

4. As used in this section, “NAUPA” means the National Association of Unclaimed Property Administrators.

[Dep’t of Commerce, Unclaimed Property Reg. § 2, eff. 8-6-80]—(NAC A by Admin. of Unclaimed Property by R119-06, 6-28-2006)

NAC 120A.040 Additions to or deletions from reports of unclaimed property. (NRS 120A.140) A holder must report any additions or deletions since his filing of forms UP-1 and UP-2. Any such additions or deletions must be listed on form UP-4, Request for Holder Reimbursement, or be filed on a computer printout that contains the same information as requested on form UP-4.

[Dep’t of Commerce, Unclaimed Property Reg. § 6, eff. 8-6-80]—(NAC A by Admin. of Unclaimed Property by R119-06, 6-28-2006)

NAC 120A.050 Attempts to locate owner of property. (NRS 120A.140, 120A.260)

1. In exercising the due diligence required by NRS 120A.260 to locate owners and prevent abandonment of their property from being presumed, each holder shall mail a form to the owner’s last known address in the holder’s records. The form must include:

(a) Owner’s name;

(b) Owner’s last known address;

(d) If an account, the number;

(e) Amount; and

(f) A statement that the property will be turned over to the State for custody.

2. If the form is returned to the holder as undelivered, the holder shall then make an examination of the telephone directory in the city or area of the owner’s last known address to locate a current address. If such a current address is found, the holder shall communicate with the person at the new address, verify that he is the owner, and either make a memorandum in the holder’s record of the owner’s desire or send the form to the new address.

[Dep’t of Commerce, Unclaimed Property Reg. § 5, eff. 8-6-80]

NAC 120A.060 Claims for property presumed abandoned. (NRS 120A.140, 120A.380)

1. Any person claiming or interested in any property delivered to the State must file form UP-5, Claim for Property Presumed Abandoned. Specific documents and supporting information, as determined for each case by the Administrator, must be filed with form UP-5.

2. In addition to the provisions of NRS 120A.390, the Administrator may deny a claim that remains incomplete for 90 days after it is filed. A person may file a new claim at any time using form UP-5.

[Dep’t of Commerce, Unclaimed Property Reg. § 7, eff. 8-6-80]—(NAC A by Admin. of Unclaimed Property by R119-06, 6-28-2006)

NAC 120A.070 Safety deposit boxes: Presumption of abandonment; sealing and opening. (NRS 120A.140) A safety deposit box that has no lease or rental fee and is provided to the owner as a condition of a specific amount being deposited with the banking or financial organization shall be presumed abandoned at the same time as the account for which it was provided. The safety deposit box must be sealed at the time of filing forms UP-1 and UP-2 and be opened when remittance is due.

[Dep’t of Commerce, Unclaimed Property Reg. § 8, eff. 8-6-80]

NAC 120A.080 Safety deposit boxes: List of contents; remittance of contents. (NRS 120A.140)

1. The specific contents of safety deposit boxes must not be listed on form UP-2 unless the list of contents required by NRS 663.085 is incomplete or unreadable. A copy of the list of contents required by NRS 663.085 must be attached to form UP-2.

2. The contents of safety deposit boxes must be remitted at a time and place agreed upon by the holder and the Administrator.

3. Form UP-6, Safekeeping Inventory, must be completed at the time of the remittance.

[Dep’t of Commerce, Unclaimed Property Reg. § 4, eff. 8-6-80]—(NAC A by Admin. of Unclaimed Property by R119-06, 6-28-2006)

NAC 120A.090 Owner’s indication of interest in deposit which is automatically renewable. (NRS 120A.140, 120A.160)

1. If a demand, savings or matured time deposit or other certificate of deposit which is automatically renewable is held or owing by a banking or financial organization or by a business association, the owner thereof shall be deemed to have indicated an interest in the property or otherwise indicated his consent to the renewal of his account for the purposes of NRS 120A.160 if an employee of the organization or association:

(a) Prepares and sends or causes to be prepared and sent to the owner by first-class mail:

(1) A notice of maturity no later than 10 days before the date of renewal and the notice is not returned unclaimed or undelivered; or

(2) An annual statement of account which includes the amount of the deposit held or owing by the organization or association and the statement is not returned unclaimed or undelivered; and

(b) Files in the records of the organization or association an affidavit stating that the notice or statement was mailed pursuant to paragraph (a).

2. If such a notice of maturity or statement of account is returned unclaimed or undelivered, the banking or financial organization or business association shall, upon its return, exercise due diligence to locate the owner of the property. If the owner cannot be located, the property will then be presumed abandoned 5 years after the date of maturity or date of renewal as stated in the returned notice or statement.

(Added to NAC by Div. of Unclaimed Property, eff. 10-26-83)

NAC 120A.100 Inclusion of social security numbers in claims and reports. (NRS 120A.140, 120A.250, 120A.380)

1. A person filing a claim pursuant to NRS 120A.380 must include his social security number on the form prescribed by the Administrator for each claim.

2. In addition to the information required by NRS 120A.250, a holder shall include in a report to the Administrator the social security number, if known, of each person appearing from the records of the holder to be the owner of the money or other property described in the report.

(Added to NAC by Admin. of Unclaimed Property by R119-06, eff. 6-28-2006)

NAC 120A.110 Payment or delivery of abandoned property to Administrator. (NRS 120A.140, 120A.320)

1. Unless specifically authorized by the Administrator, a holder shall pay or deliver abandoned property to the Administrator in a form other than cash.

2. In lieu of a check, the Administrator may require a holder to pay or deliver abandoned property with a value of $10,000 or more to the Administrator electronically.

(Added to NAC by Admin. of Unclaimed Property by R119-06, eff. 6-28-2006)