[Rev. 12/21/2019 10:33:55 AM--2019]

CHAPTER 120A - UNCLAIMED PROPERTY (UNIFORM ACT)

NRS 120A.010        Short title.

NRS 120A.020        Definitions.

NRS 120A.025        “Administrator” defined.

NRS 120A.027        “Apparent owner” defined.

NRS 120A.040        “Business association” defined.

NRS 120A.051        “Domicile” defined.

NRS 120A.070        “Financial organization” defined.

NRS 120A.080        “Holder” defined.

NRS 120A.090        “Insurance company” defined.

NRS 120A.096        “Mineral” defined.

NRS 120A.097        “Mineral proceeds” defined.

NRS 120A.098        “Money order” defined.

NRS 120A.100        “Owner” defined.

NRS 120A.105        “Payroll card” defined.

NRS 120A.110        “Person” defined.

NRS 120A.113        “Property” defined.

NRS 120A.115        “Record” defined.

NRS 120A.118        “State” defined.

NRS 120A.119        “Stored-value card” defined.

NRS 120A.120        “Utility” defined.

NRS 120A.125        Inapplicability of chapter to tangible property held in safe-deposit box or other safekeeping depository not maintained by bank or other financial institution or safe-deposit company.

NRS 120A.135        Inapplicability of chapter to unredeemed gaming chips or tokens and intersection improvement project proceeds.

NRS 120A.140        Administration of chapter; regulations.

NRS 120A.145        Information to remain confidential.

NRS 120A.500        Presumption of abandonment.

NRS 120A.505        Certain items due or owing between business associations with ongoing business relationship not presumed abandoned.

NRS 120A.510        Contents of safe-deposit box or other safekeeping depository.

NRS 120A.520        Value remaining on gift certificate.

NRS 120A.525        United States savings bonds.

NRS 120A.530        Rules for taking custody.

NRS 120A.540        Dormancy charge.

NRS 120A.550        Burden of proof as to property evidenced by record of check or draft.

NRS 120A.560        Report of abandoned property.

NRS 120A.570        Payment or delivery of abandoned property.

NRS 120A.580        Notice and publication of lists of abandoned property; notice to holders of unclaimed property.

NRS 120A.590        Custody by State; recovery by holder; defense of holder.

NRS 120A.600        Crediting of dividends and increments to account of owner.

NRS 120A.610        Public sale, destruction, disposition or transfer of abandoned property.

NRS 120A.620        Abandoned Property Trust Account.

NRS 120A.630        Claim of another state to recover property.

NRS 120A.640        Filing claim with Administrator; handling of claims by Administrator.

NRS 120A.645        Donation to State for educational purposes. [Effective through June 30, 2021.]

NRS 120A.645        Donation to State for educational purposes. [Effective July 1, 2021.]

NRS 120A.650        Action to establish claim.

NRS 120A.660        Election to take payment or delivery.

NRS 120A.670        Destruction or disposition of property having no substantial commercial value; immunity from liability.

NRS 120A.680        Periods of limitation.

NRS 120A.690        Requests for reports and examination of records.

NRS 120A.700        Retention of records.

NRS 120A.710        Enforcement.

NRS 120A.715        Intrastate agreements and cooperation; regulations.

NRS 120A.720        Interstate agreements and cooperation; joint and reciprocal actions with other states.

NRS 120A.730        Interest and penalties.

NRS 120A.733        Fraudulent claims; penalty.

NRS 120A.737        False statements; penalty.

NRS 120A.740        Agreement to locate property.

NRS 120A.750        Uniformity of application and construction.

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      NRS 120A.010  Short title.  This chapter may be cited as the Uniform Unclaimed Property Act.

      (Added to NRS by 1979, 1750; A 1983, 1476; 2007, 767)

      NRS 120A.020  Definitions.  As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 120A.025 to 120A.120, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2908; 2007, 767; 2019, 3013)

      NRS 120A.025  “Administrator” defined.  “Administrator” means the State Treasurer in his or her capacity as the Administrator of Unclaimed Property.

      (Added to NRS by 1983, 1461; A 2001, 2908)

      NRS 120A.027  “Apparent owner” defined.  “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued or owing by the holder.

      (Added to NRS by 2001, 2908)

      NRS 120A.040  “Business association” defined.  “Business association” means a corporation, joint-stock company, investment company, partnership, unincorporated association, joint venture, limited-liability company, business trust, trust company, land bank, safe-deposit company or other safekeeping depository, financial organization, insurance company, mutual fund or utility, or another business entity consisting of one or more persons, whether or not for profit.

      (Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2908; 2007, 767)

      NRS 120A.051  “Domicile” defined.  “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation.

      (Added to NRS by 2007, 756)

      NRS 120A.070  “Financial organization” defined.  “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization or credit union.

      (Added to NRS by 1979, 1751; A 1983, 1462; 1985, 242; 2001, 2909; 2007, 768)

      NRS 120A.080  “Holder” defined.  “Holder” means a person or business obligated, or assumed to be obligated, to hold for the account of, or deliver or pay to, the owner property that is subject to this chapter.

      (Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909; 2019, 3013)

      NRS 120A.090  “Insurance company” defined.  “Insurance company” means an association, corporation or fraternal or mutual benefit organization, whether or not for profit, which is engaged in the business of providing life endowments, annuities or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection and workers’ compensation insurance.

      (Added to NRS by 1979, 1751; A 1983, 1462; 2001, 2909)

      NRS 120A.096  “Mineral” defined.  “Mineral” means gas, oil, coal and other gaseous, liquid and solid hydrocarbons, oil shale, cement material, sand, gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resource or any other substance defined as a mineral by the law of this State.

      (Added to NRS by 2007, 756)

      NRS 120A.097  “Mineral proceeds” defined.  “Mineral proceeds” means amounts payable for the extraction, production or sale of minerals or, upon the abandonment of those payments, all payments that become payable thereafter. The term includes, without limitation, amounts payable:

      1.  For the acquisition and retention of a mineral lease, including bonuses, royalties, compensatory royalties, shut-in royalties, minimum royalties and delay rentals;

      2.  For the extraction, production or sale of minerals, including net revenue interests, royalties, overriding royalties, extraction payments and production payments; and

      3.  Under an agreement or option, including a joint operating agreement, unit agreement, pooling agreement and farm-out agreement.

      (Added to NRS by 2007, 756)

      NRS 120A.098  “Money order” defined.  “Money order” means an order for payment of a specified amount of money. The term includes an express money order and a personal money order, on which the remitter is the purchaser. The term does not include a bank money order or any other instrument sold by a financial organization if the seller has obtained the name and address of the payee.

      (Added to NRS by 2001, 2908; A 2019, 3013)

      NRS 120A.100  “Owner” defined.  “Owner” means a person who has a legal or equitable interest in property subject to this chapter or the person’s legal representative. The term includes, without limitation, a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, and a creditor, claimant or payee in the case of other property.

      (Added to NRS by 1979, 1751; A 1983, 1463; 2007, 768)

      NRS 120A.105  “Payroll card” defined.  “Payroll card” means a record that evidences a payroll card account, as defined in Regulation E, 12 C.F.R. Part 1005, as amended, adopted pursuant to the federal Electronic Fund Transfer Act, as amended, 15 U.S.C. §§ 1693 et seq.

      (Added to NRS by 2019, 3011)

      NRS 120A.110  “Person” defined.  “Person” means a natural person, business association, financial organization, estate, trust, government or governmental subdivision, agency or instrumentality, or any other legal or commercial entity.

      (Added to NRS by 1979, 1751; A 1983, 1463; 1985, 508; 2001, 2909; 2007, 768)

      NRS 120A.113  “Property” defined.

      1.  “Property” means tangible property described in NRS 120A.510 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder’s business or by a government, governmental subdivision, agency or instrumentality.

      2.  The term includes, without limitation:

      (a) All income from or increments to the property.

      (b) Property that is referred to as or evidenced by:

             (1) Money, virtual currency or interest, or a payroll card, dividend, check, draft or deposit;

             (2) A credit balance, customer’s overpayment, stored-value card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds or unidentified remittance;

             (3) A security, except for a security that is subject to a lien, legal hold or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold or restriction restricts the holder’s or owner’s ability to receive, transfer, sell or otherwise negotiate the security;

             (4) A bond, debenture, note or other evidence of indebtedness;

             (5) Money deposited to redeem a security, make a distribution or pay a dividend;

             (6) An amount due and payable under the terms of an annuity or insurance policy; and

             (7) An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefits.

      3.  The term does not include:

      (a) Property held in an ABLE account described in section 529A of the Internal Revenue Code, 26 U.S.C. § 529A;

      (b) Game-related digital content; or

      (c) A loyalty card.

      (Added to NRS by 2007, 756; A 2019, 3013)

      NRS 120A.115  “Record” defined.  “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

      (Added to NRS by 2007, 756)

      NRS 120A.118  “State” defined.  “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.

      (Added to NRS by 2007, 757)

      NRS 120A.119  “Stored-value card” defined.

      1.  “Stored-value card” means a record evidencing a promise made for consideration by the seller or issuer of the record that goods, services or money will be provided to the owner of record to the value or amount shown in the record.

      2.  The term includes:

      (a) A record that contains or consists of a microprocessor chip, magnetic strip or other means for the storage of information which is prefunded and whose value or amount is decreased on each use and increased by payment of additional consideration; and

      (b) A payroll card.

      3.  The term does not include a loyalty card or game-related digital content.

      (Added to NRS by 2019, 3012)

      NRS 120A.120  “Utility” defined.  “Utility” means any person who owns or operates for public use any plant, equipment, real property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.

      (Added to NRS by 1979, 1751; A 1983, 1476; 2007, 768)

      NRS 120A.125  Inapplicability of chapter to tangible property held in safe-deposit box or other safekeeping depository not maintained by bank or other financial institution or safe-deposit company.  The provisions of this chapter do not apply to tangible property held in a safe-deposit box or other safekeeping depository which is not maintained by:

      1.  A bank or other financial institution; or

      2.  A safe-deposit company.

      (Added to NRS by 2015, 535)

      NRS 120A.135  Inapplicability of chapter to unredeemed gaming chips or tokens and intersection improvement project proceeds.

      1.  The provisions of this chapter do not apply to:

      (a) Gaming chips or tokens which are not redeemed at an establishment.

      (b) Intersection improvement project proceeds.

      2.  As used in this section:

      (a) “Establishment” has the meaning ascribed to it in NRS 463.0148.

      (b) “Gaming chip or token” means any object which may be redeemed at an establishment for cash or any other representative of value other than a slot machine wagering voucher as defined in NRS 463.369.

      (c) “Intersection improvement project” means construction or improvements relating to intersections, including, without limitation, the construction, installation or upgrade of traffic control devices, turn lanes and appurtenances.

      (d) “Intersection improvement project proceeds” means amounts held by this State or an agency or political subdivision of this State that were paid to the State or the agency or political subdivision for the purpose of providing security for, or to fund the construction of, an intersection improvement project.

      (Added to NRS by 1989, 418; A 2011, 2835; 2015, 2530)

      NRS 120A.140  Administration of chapter; regulations.  The Administrator shall carry out the provisions of this chapter and may adopt regulations appropriate for this purpose.

      (Added to NRS by 1979, 1751; A 1983, 1463)

      NRS 120A.145  Information to remain confidential.  The Administrator or any officer, agent or employee of the Office of the State Treasurer shall not use or disclose any information received by the Administrator in the course of carrying out the provisions of this chapter which is confidential or which is provided to the Administrator on the basis that the information is to remain confidential, unless the use or disclosure of the information is necessary to locate the owner of unclaimed or abandoned property.

      (Added to NRS by 1983, 1462; A 2001, 2909)

      NRS 120A.500  Presumption of abandonment.

      1.  Except as otherwise provided in subsections 6 and 7, property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property:

      (a) A traveler’s check, 15 years after issuance;

      (b) A money order, 7 years after issuance;

      (c) Any stock or other equity interest in a business association or financial organization, including a security entitlement under NRS 104.8101 to 104.8511, inclusive, 3 years after the earlier of the date of the most recent dividend, stock split or other distribution unclaimed by the apparent owner, or the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or after the holder discontinued mailings, notifications or communications to the apparent owner;

      (d) Any debt of a business association or financial organization, other than a bearer bond or an original issue discount bond, 3 years after the date of the most recent interest payment unclaimed by the apparent owner;

      (e) A demand, savings or time deposit, including a deposit that is automatically renewable, 3 years after the earlier of maturity or the date of the last indication by the owner of interest in the property, but a deposit that is automatically renewable is deemed matured for purposes of this section upon its initial date of maturity, unless the owner has consented to a renewal at or about the time of the renewal and the consent is in writing or is evidenced by a memorandum or other record on file with the holder;

      (f) Except as otherwise provided in NRS 120A.520, any money or credits owed to a customer as a result of a retail business transaction, 3 years after the obligation accrued;

      (g) Any amount owed by an insurer on a life or endowment insurance policy or an annuity that has matured or terminated, 3 years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which payment is owed on proof of death has not matured by proof of death of the insured or annuitant:

             (1) With respect to an amount owed for a life or endowment insurance policy, 3 years after the earlier of the date:

                   (I) The insurance company has knowledge of the death of the insured; or

                   (II) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve is based; and

             (2) With respect to an amount owed on an annuity contract, 3 years after the date the insurance company has knowledge of the death of the annuitant;

      (h) Any property distributable by a business association or financial organization in a course of dissolution, 1 year after the property becomes distributable;

      (i) Any property received by a court as proceeds of a class action and not distributed pursuant to the judgment, 1 year after the distribution date;

      (j) Except as otherwise provided in NRS 607.170 and 703.375, any property held by a court, government, governmental subdivision, agency or instrumentality, 1 year after the property becomes distributable;

      (k) Any wages or other compensation for personal services, 1 year after the compensation becomes payable;

      (l) A deposit or refund owed to a subscriber by a utility, 1 year after the deposit or refund becomes payable;

      (m) Any property in an individual retirement account, defined benefit plan or other account or plan that is qualified for tax deferral under the income tax laws of the United States, 3 years after the later of:

             (1) The date determined as follows:

                   (I) Except as otherwise provided in sub-subparagraph (II), the date a second consecutive communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; or

                   (II) If the second communication is sent later than 30 days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States Postal Service; or

             (2) The earlier of the following dates:

                   (I) The date the apparent owner becomes 70.5 years of age, if determinable by the holder; or

                   (II) If the Internal Revenue Code requires distribution to avoid a tax penalty, 2 years after the date the holder receives, in the ordinary course of business, confirmation of the death of the apparent owner;

      (n) An account of funds established to meet the costs of burial, 3 years after the earlier of:

             (1) The date of death of the beneficiary; or

             (2) If the holder does not know whether the beneficiary is deceased, the date the beneficiary has attained, or would have attained if living, the age of 105 years; and

      (o) All other property, 3 years after the owner’s right to demand the property or after the obligation to pay or distribute the property arises, whichever first occurs.

      2.  At the time that an interest is presumed abandoned under subsection 1, any other property right accrued or accruing to the owner as a result of the interest, and not previously presumed abandoned, is also presumed abandoned.

      3.  Property is unclaimed if, for the applicable period set forth in subsection 1 or 7, as applicable, the apparent owner has not communicated, in writing or by other means reflected in a contemporaneous record prepared by or on behalf of the holder, with the holder concerning the property or the account in which the property is held and has not otherwise indicated an interest in the property. A communication with an owner by a person other than the holder or its representative who has not in writing identified the property to the owner is not an indication of interest in the property by the owner.

      4.  An indication of an owner’s interest in property includes:

      (a) The presentment of a check or other instrument of payment of a dividend or other distribution made with respect to an account or underlying stock or other interest in a business association or financial organization or, in the case of a distribution made by electronic or similar means, evidence that the distribution has been received;

      (b) Owner-directed activity in the account in which the property is held, including a direction by the owner to increase, decrease or change the amount or type of property held in the account;

      (c) The making of a deposit to or withdrawal from a bank account; and

      (d) The payment of a premium with respect to a property interest in an insurance policy, but the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy has otherwise become entitled to the proceeds before the depletion of the cash surrender value of a policy by the application of those provisions.

      5.  Property is payable or distributable for purposes of this chapter notwithstanding the owner’s failure to make demand or present an instrument or document otherwise required to obtain payment.

      6.  The following property clearly designated as such must not be presumed abandoned because of inactivity or failure to make a demand:

      (a) An account or asset managed through a guardianship;

      (b) An account blocked at the direction of a court;

      (c) A trust account established to address a special need;

      (d) A qualified income trust account;

      (e) A trust account established for tuition purposes; and

      (f) A trust account established on behalf of a client.

      7.  For property described in paragraphs (c) to (f), inclusive, and (o) of subsection 1, the 3-year period described in each of those paragraphs must be reduced to a 2-year period if the holder of the property reported more than $10 million in property presumed abandoned on the holder’s most recent report of abandoned property made pursuant to NRS 120A.560.

      (Added to NRS by 2007, 757; A 2009, 1663; 2011, 2596; 2019, 3014)

      NRS 120A.505  Certain items due or owing between business associations with ongoing business relationship not presumed abandoned.

      1.  Except as otherwise provided in this subsection, any credit memoranda, overpayments, credit balances, deposits, unidentified remittances, nonrefunded overcharges, discounts, refunds and rebates due or owing from a holder that is a business association to another business association shall not be presumed abandoned if the holder and such business association have an ongoing business relationship. The provisions of this subsection do not apply to outstanding checks, drafts or other similar instruments.

      2.  For the purposes of subsection 1, an ongoing business relationship shall be deemed to exist if the holder has engaged in at least one commercial, business or professional transaction involving the sale, lease, license or purchase of goods or services with the business association or a predecessor-in-interest of the business association within each 3-year period that follows the date of the transaction giving rise to the property interest that shall not be presumed abandoned pursuant to subsection 1.

      (Added to NRS by 2015, 2530)

      NRS 120A.510  Contents of safe-deposit box or other safekeeping depository.  Tangible property held in a safe-deposit box or other safekeeping depository in this State in the ordinary course of the holder’s business and proceeds resulting from the sale of the property permitted by other law are presumed abandoned if the property remains unclaimed by the owner for more than 3 years after expiration of the lease or rental period on the box or other depository.

      (Added to NRS by 2007, 758)

      NRS 120A.520  Value remaining on gift certificate.

      1.  Sixty percent of the unredeemed or uncharged value remaining on a gift certificate which is issued or sold in this State and which has an expiration date is presumed abandoned and subject to the provisions of this chapter on the expiration date.

      2.  If a gift certificate is issued or sold in this State and the seller or issuer does not obtain and maintain in his or her records the name and address of the owner of the gift certificate, the address of the owner of the gift certificate shall be deemed to be the address of the Office of the State Treasurer in Carson City.

      3.  This section does not create a cause of action against a person who issues or sells a gift certificate.

      4.  As used in this section, “gift certificate” has the meaning ascribed to it in NRS 598.0921.

      (Added to NRS by 2007, 309)

      NRS 120A.525  United States savings bonds.

      1.  Notwithstanding any other provision of law, a United States savings bond is presumed abandoned in this State if the United States savings bond:

      (a) Is in the possession of the Administrator or if the last known address of the apparent owner of the United States savings bond is located in this State; and

      (b) Is unclaimed pursuant to the provisions of subsection 3 of NRS 120A.500 for 3 years after the date of maturity.

      2.  A United States savings bond that is presumed abandoned in this State pursuant to subsection 1 escheats to this State and all property rights and legal title to, and ownership of, the United States savings bond and proceeds from the bond, including without limitation, all the rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, vest solely in this State according to the procedure set forth in this section.

      3.  Except as otherwise provided in this subsection, if within 180 days after a United States savings bond is presumed abandoned pursuant to subsection 1, no claim to the bond has been filed with the Administrator, the Administrator shall commence a civil action in the First Judicial District Court, or in any other court of competent jurisdiction, for a determination that the bond has escheated to this State. The Administrator may postpone the commencement of such an action until the Administrator determines that sufficient United States savings bonds have accumulated in his or her custody to justify the expense of such a proceeding.

      4.  In any civil action commenced by the Administrator pursuant to subsection 3, service of process must be made by publication in accordance with the provisions of N.R.C.P. 4 and NRS 238.010 to 238.080, inclusive.

      5.  If, in a civil action brought pursuant to subsection 3, no person files a claim to the United States savings bond or appears at a hearing to substantiate his or her claim, or if the court, after considering the claim, determines that the claimant is not entitled to the property claimed by the claimant, the court shall, if satisfied by evidence that the Administrator has substantially complied with the laws of this State, enter a judgment that:

      (a) The United States savings bond has escheated to the State of Nevada; and

      (b) All property rights and legal title to, and ownership of, the United States savings bond and proceeds from the bond, including all rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, have vested solely in the State of Nevada.

      6.  The Administrator shall redeem each United States savings bond that has escheated to the State pursuant to this section. After the Administrator has paid from the proceeds from the redemption of a United States savings bond all costs incident to the collection and recovery of the proceeds, the Administrator shall deposit the remainder of the proceeds in the State General Fund for credit to the Abandoned Property Trust Account created by NRS 120A.620. Before making the deposit, the Administrator shall record the name and last known address of the apparent owner of the United States savings bond.

      7.  Notwithstanding any provision of NRS 120A.640 to the contrary:

      (a) Any person, excluding another state, claiming a United States savings bond which has escheated to the State of Nevada pursuant to this section, or for the proceeds from such a bond, may file a claim with the Administrator.

      (b) Upon providing sufficient proof of the validity of the person’s claim, the Administrator may, in his or her sole discretion, pay the claim less any expenses and costs that have been incurred by the State in securing full title and ownership of the property by escheat.

      (c) If payment of the proceeds from a United States savings bond have been made to any claimant, no action may thereafter be maintained by any other claimant against the State or any officer thereof, for or on account of those proceeds.

      (Added to NRS by 2019, 608)

      NRS 120A.530  Rules for taking custody.  Except as otherwise provided in this chapter or by other statute of this State, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this State if:

      1.  The last known address of the apparent owner, as shown on the records of the holder, is in this State;

      2.  The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this State;

      3.  The records of the holder do not reflect the last known address of the apparent owner and it is established that:

      (a) The last known address of the person entitled to the property is in this State; or

      (b) The holder is domiciled in this State or is a government or governmental subdivision, agency or instrumentality of this State and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;

      4.  The last known address of the apparent owner, as shown on the records of the holder, is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this State or is a government or governmental subdivision, agency or instrumentality of this State;

      5.  The last known address of the apparent owner, as shown on the records of the holder, is in a foreign country and the holder is domiciled in this State or is a government or governmental subdivision, agency or instrumentality of this State;

      6.  The transaction out of which the property arose occurred in this State, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property and the last known address of the apparent owner or other person entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property; or

      7.  The property is a traveler’s check or money order purchased in this State or the issuer of the traveler’s check or money order has its principal place of business in this State and the issuer’s records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property or do not show the state in which the instrument was purchased.

      (Added to NRS by 2007, 758)

      NRS 120A.540  Dormancy charge.  A holder may deduct from property presumed abandoned a charge imposed by reason of the owner’s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise cancelled. The amount of the deduction must not exceed $5 per month.

      (Added to NRS by 2007, 759)

      NRS 120A.550  Burden of proof as to property evidenced by record of check or draft.  A record of the issuance of a check, draft or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the Administrator’s burden of proof as to the existence and amount of the property and its abandonment is satisfied by showing issuance of the instrument and passage of the requisite period of abandonment. Defenses of payment, satisfaction, discharge and want of consideration are affirmative defenses that must be established by the holder.

      (Added to NRS by 2007, 759)

      NRS 120A.560  Report of abandoned property.

      1.  A holder of property presumed abandoned shall make a report to the Administrator concerning the property.

      2.  A holder may contract with a third party, including, without limitation, a transfer agent, to make the report required by subsection 1.

      3.  Whether or not a holder contracts with a third party pursuant to subsection 2, the holder is responsible:

      (a) To the Administrator for the complete, accurate and timely reporting of property presumed abandoned;

      (b) For paying or delivering to the Administrator the property described in the report; and

      (c) For any penalties, interest and fees due pursuant to NRS 120A.730.

      4.  The report must contain:

      (a) A description of the property;

      (b) Except with respect to a traveler’s check or money order, the name, if known, and last known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property;

      (c) In the case of an amount held or owing under an annuity or a life or endowment insurance policy, the full name and last known address of the annuitant or insured and of the beneficiary;

      (d) In the case of property held in a safe-deposit box or other safekeeping depository, an indication of the location of the property and where it may be inspected by the Administrator and any amounts owing to the holder;

      (e) The date identified in subsection 1 of NRS 120A.500 from which the length of time required in subsection 1 or 7 of NRS 120A.500 must be measured to determine whether the property is presumed abandoned pursuant to NRS 120A.500 or, if the property is a gift certificate, the date identified in subsection 1 of NRS 120A.520, as applicable; and

      (f) Other information that the Administrator by regulation prescribes as necessary for the administration of this chapter.

      5.  If a holder of property presumed abandoned is a successor to another person who previously held the property for the apparent owner or the holder has changed its name while holding the property, the holder shall file with the report its former names, if any, and the known names and addresses of all previous holders of the property.

      6.  Except as otherwise provided in subsection 7, the report must be filed before November 1 of each year and cover the 12 months next preceding July 1 of that year.

      7.  A report with respect to an insurance company must be filed before May 1 of each year for the immediately preceding calendar year.

      8.  The holder of property presumed abandoned shall send written notice to the apparent owner, not more than 120 days or less than 60 days before filing the report, stating that the holder is in possession of property subject to this chapter if:

      (a) The holder has in its records an address for the apparent owner which the holder’s records do not disclose to be invalid and is sufficient to direct delivery of first-class United States mail to the apparent owner; and

      (b) The value of the property is $50 or more.

Ê If a holder is required to send written notice to the apparent owner pursuant to this subsection and the apparent owner has consented to receive delivery from the holder by electronic mail, as defined in NRS 41.715, the holder shall send the notice by first-class United States mail to the apparent owner’s last known mailing address, as described in paragraph (a), and by electronic mail, unless the holder believes the apparent owner’s electronic mail address is invalid.

      9.  Before the date for filing the report, the holder of property presumed abandoned may request the Administrator to extend the time for filing the report. The Administrator may grant the extension for good cause. The holder, upon receipt of the extension, may make an interim payment on the amount the holder estimates will ultimately be due, which terminates the accrual of additional interest on the amount paid.

      10.  The holder of property presumed abandoned shall file with the report an affidavit stating that the holder has complied with subsection 8.

      11.  Except as otherwise provided in subsection 12, the holder of property presumed abandoned shall, through a business portal established by the Administrator, electronically file the report and make the payment of the total amount due.

      12.  The Administrator may waive the requirement to file the report and make the payment electronically for good cause shown by the holder. The holder must request the waiver on or before the deadline established by the Administrator.

      (Added to NRS by 2007, 759; A 2019, 3016)

      NRS 120A.570  Payment or delivery of abandoned property.

      1.  Except for property held in a safe-deposit box or other safekeeping depository, upon filing the report required by NRS 120A.560, the holder of property presumed abandoned shall pay, deliver or cause to be paid or delivered to the Administrator the property described in the report as unclaimed, but if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result. Tangible property held in a safe-deposit box or other safekeeping depository may not be delivered to the Administrator until 60 days after filing the report required by NRS 120A.560.

      2.  If the property reported to the Administrator is a security or security entitlement under NRS 104.8101 to 104.8511, inclusive, the Administrator is an appropriate person to make an endorsement, instruction or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with NRS 104.8101 to 104.8511, inclusive.

      3.  If the holder of property reported to the Administrator is the issuer of a certificated security, the Administrator has the right to obtain a replacement certificate pursuant to NRS 104.8405, but an indemnity bond is not required.

      4.  An issuer, the holder and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liable to the apparent owner and must be indemnified against claims of any person in accordance with NRS 120A.590.

      (Added to NRS by 2007, 760)

      NRS 120A.580  Notice and publication of lists of abandoned property; notice to holders of unclaimed property.

      1.  The Administrator shall publish a notice not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the Administrator. The notice must:

      (a) In a county whose population is 700,000 or more:

             (1) Be published not less than six times per year, or more frequently as necessary to comply with the provisions of subparagraph (3), in a newspaper of general circulation in the county with a circulation of more than 15,000;

             (2) Include instructions on how to search and access information relating to unclaimed property; and

             (3) Be not less than one full page in size. The Administrator may comply with the requirement in this subparagraph by publishing one or more versions of the notice that are less than one full page in size if the size of all the versions of the notice published during the year is cumulatively not less than six full pages.

      (b) In a county whose population is less than 700,000:

             (1) Be published not less than once each year in a newspaper of general circulation in the county; and

             (2) Include the last known city of any person named in the notice.

      2.  The notice required by subsection 1 must be in a form that, in the judgment of the Administrator, is likely to attract the attention of persons who may have a legal or equitable interest in unclaimed property or of the legal representatives of such persons. The form must contain:

      (a) The name, physical address, telephone number and Internet address of the website of the Administrator;

      (b) A statement explaining that unclaimed property is presumed to be abandoned and has been taken into the protective custody of the Administrator; and

      (c) A statement that information about property taken into protective custody and its return to the owner is available to the owner or a person having a legal or beneficial interest in the property, upon request to the Administrator, directed to the Deputy of Unclaimed Property.

      3.  In addition to publishing the notice required by subsection 1, the Administrator shall publish a notice not later than February 1 and August 1 of each year summarizing the requirements of this chapter as they apply to the holders of unclaimed property. The notice must:

      (a) Be published in a newspaper of general circulation in this State; and

      (b) Be not less than one full page in size. The Administrator may comply with the requirement of this paragraph by publishing one or more versions of the notice that are less than one full page in size if the size of all the versions of the notice published during the year is cumulatively not less than two full pages.

      4.  In addition to complying with the requirements of subsections 1, 2 and 3, the Administrator may advertise or otherwise provide information concerning unclaimed or abandoned property, including, without limitation, the information set forth in subsections 2 and 3, at any other time and in any other manner that the Administrator selects.

      (Added to NRS by 2007, 761; A 2017, 2185)

      NRS 120A.590  Custody by State; recovery by holder; defense of holder.

      1.  For the purposes of this section, payment or delivery is made in “good faith” if:

      (a) Payment or delivery was made in a reasonable attempt to comply with this chapter;

      (b) The holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for believing, based on the facts then known, that the property was presumed abandoned; and

      (c) There is no showing that the records under which the payment or delivery was made did not meet reasonable commercial standards of practice.

      2.  Upon payment or delivery of property to the Administrator, the State assumes custody and responsibility for the safekeeping of the property. A holder who pays or delivers property to the Administrator in good faith is relieved of all liability arising thereafter with respect to the property.

      3.  A holder who has paid money to the Administrator pursuant to this chapter may subsequently make payment to a person reasonably appearing to the holder to be entitled to payment. Upon a filing by the holder of proof of payment and proof that the payee was entitled to the payment, the Administrator shall promptly reimburse the holder for the payment without imposing a fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a traveler’s check or money order, the holder must be reimbursed upon filing proof that the instrument was duly presented and that payment was made to a person who reasonably appeared to be entitled to payment. The holder must be reimbursed for payment made even if the payment was made to a person whose claim was barred under subsection 1 of NRS 120A.680.

      4.  A holder who has delivered property other than money to the Administrator pursuant to this chapter may reclaim the property if it is still in the possession of the Administrator, without paying any fee or other charge, upon filing proof that the apparent owner has claimed the property from the holder.

      5.  The Administrator may accept a holder’s affidavit as sufficient proof of the holder’s right to recover money and property under this section.

      6.  If a holder pays or delivers property to the Administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the Administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim resulting from payment or delivery of the property to the Administrator.

      7.  Property removed from a safe-deposit box or other safekeeping depository is received by the Administrator subject to the holder’s right to be reimbursed for the cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The Administrator shall reimburse the holder out of the proceeds remaining after deducting the expense incurred by the Administrator in selling the property.

      (Added to NRS by 2007, 761)

      NRS 120A.600  Crediting of dividends and increments to account of owner.  If property other than money is delivered to the Administrator under this chapter, the owner is entitled to receive from the Administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money.

      (Added to NRS by 2007, 762)

      NRS 120A.610  Public sale, destruction, disposition or transfer of abandoned property.

      1.  Except as otherwise provided in subsections 4 to 8, inclusive, all abandoned property other than money delivered to the Administrator under this chapter must, within 2 years after the delivery, be sold by the Administrator to the highest bidder at public sale in whatever manner affords, in his or her judgment, the most favorable market for the property. The Administrator may decline the highest bid and reoffer the property for sale if the Administrator considers the bid to be insufficient.

      2.  Any sale held under this section must be preceded by a single publication of notice, not less than 21 days before sale, in a newspaper of general circulation in the county in which the property is to be sold. The Administrator may provide additional notice of any such sale at any time and in any manner that the Administrator selects.

      3.  The purchaser of property at any sale conducted by the Administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder and of all persons claiming through or under them. The Administrator shall execute all documents necessary to complete the transfer of ownership.

      4.  Except as otherwise provided in subsection 5, the Administrator need not offer any property for sale if the Administrator considers that the probable cost of the sale will exceed the proceeds of the sale. The Administrator may destroy or otherwise dispose of such property or may transfer it to:

      (a) The Nevada State Museum Las Vegas, the Nevada State Museum or the Nevada Historical Society, upon its written request, if the property has, in the opinion of the requesting institution, historical, artistic or literary value and is worthy of preservation; or

      (b) A genealogical library, upon its written request, if the property has genealogical value and is not wanted by the Nevada State Museum Las Vegas, the Nevada State Museum or the Nevada Historical Society.

Ê An action may not be maintained by any person against the holder of the property because of that transfer, disposal or destruction.

      5.  The Administrator shall transfer property to the Department of Veterans Services, upon its written request, if the property has military value.

      6.  Securities delivered to the Administrator pursuant to this chapter may be sold by the Administrator at any time after the delivery. Securities listed on an established stock exchange must be sold at the prevailing price for that security on the exchange at the time of sale. Other securities not listed on an established stock exchange may be sold:

      (a) Over the counter at the prevailing price for that security at the time of sale; or

      (b) By any other method the Administrator deems acceptable.

      7.  The Administrator shall hold property that was removed from a safe-deposit box or other safekeeping repository for 1 year after the date of the delivery of the property to the Administrator, unless that property is a will or a codicil to a will, in which case the Administrator shall hold the property for 10 years after the date of the delivery of the property to the Administrator. If no claims are filed for the property within that period and the Administrator determines that the probable cost of the sale of the property will exceed the proceeds of the sale, it may be destroyed.

      8.  All proceeds received by the Administrator from abandoned gift certificates must be accounted for separately in the Abandoned Property Trust Account in the State General Fund. At the end of each fiscal year, before any other money in the Abandoned Property Trust Account is transferred pursuant to NRS 120A.620, the balance in the subaccount created pursuant to this subsection, less any costs, service charges or claims chargeable to the subaccount, must be transferred to the Educational Trust Account, which is hereby created in the State General Fund. The money in the Educational Trust Account may be expended only as authorized by the Legislature, if it is in session, or by the Interim Finance Committee, if the Legislature is not in session, for educational purposes.

      (Added to NRS by 1979, 1758; A 1983, 1471; 1985, 120, 1013; 1987, 753, 1300, 1318; 1995, 281; 2001, 2915; 2005, 419; 2007, 309, 768, 2905; 2009, 386; 2011, 440; 2013, 2507; 2015, 2106; 2017, 2187)

      NRS 120A.620  Abandoned Property Trust Account.

      1.  There is hereby created in the State General Fund the Abandoned Property Trust Account.

      2.  All money received by the Administrator under this chapter, including the proceeds from the sale of abandoned property, must be deposited by the Administrator in the State General Fund for credit to the Account.

      3.  Before making a deposit, the Administrator shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the abandoned property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company and the amount due. The record must be available for public inspection at all reasonable business hours.

      4.  The Administrator may pay from money available in the Account:

      (a) Any costs in connection with the sale of abandoned property.

      (b) Any costs of mailing and publication in connection with any abandoned property.

      (c) Reasonable service charges.

      (d) Any costs incurred in examining the records of a holder and in collecting the abandoned property.

      (e) Any valid claims filed pursuant to this chapter.

      5.  Except as otherwise provided in NRS 120A.610, by the end of each fiscal year, the balance in the Account must be transferred as follows:

      (a) The first $7,600,000 each year must be transferred to the Millennium Scholarship Trust Fund created by NRS 396.926.

      (b) The remainder must be transferred to the State General Fund, but remains subject to the valid claims of holders pursuant to NRS 120A.590 and owners pursuant to NRS 120A.640 and any claims approved for payment by the Administrator pursuant to NRS 120A.525. No such claim may be satisfied from money in the Millennium Scholarship Trust Fund.

      6.  If there is an insufficient amount of money in the Account to pay any cost or charge pursuant to subsection 4 or NRS 120A.525, the State Board of Examiners may, upon the application of the Administrator, authorize a temporary transfer from the State General Fund to the Account of an amount necessary to pay those costs or charges. The Administrator shall repay the amount of the transfer as soon as sufficient money is available in the Account.

      (Added to NRS by 1979, 1759; A 1983, 1472; 1985, 120; 1987, 754; 2001, 2916; 2005, 22nd Special Session, 152; 2007, 769, 922; 2010, 26th Special Session, 4; 2019, 609)

      NRS 120A.630  Claim of another state to recover property.

      1.  After property has been paid or delivered to the Administrator under this chapter, another state may recover the property if:

      (a) The property was paid or delivered to the custody of this State because the records of the holder did not reflect a last known location of the apparent owner within the borders of the other state and the other state establishes that the apparent owner or other person entitled to the property was last known to be located within the borders of that state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state;

      (b) The property was paid or delivered to the custody of this State because the laws of the other state did not provide for the escheat or custodial taking of the property and under the laws of that state subsequently enacted the property has escheated or become subject to a claim of abandonment by that state;

      (c) The records of the holder were erroneous in that they did not accurately identify the owner of the property and the last known location of the owner within the borders of another state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state;

      (d) The property was subjected to custody by this State under subsection 6 of NRS 120A.530, and under the laws of the state of domicile of the holder the property has escheated or become subject to a claim of abandonment by that state; or

      (e) The property is a sum payable on a traveler’s check, money order or similar instrument that was purchased in the other state and delivered into the custody of this State under subsection 7 of NRS 120A.530, and under the laws of the other state the property has escheated or become subject to a claim of abandonment by that state.

      2.  A claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the Administrator, who shall decide the claim within 90 days after it is presented. The Administrator shall allow the claim upon determining that the other state is entitled to the abandoned property under subsection 1.

      3.  The Administrator shall require another state, before recovering property under this section, to agree to indemnify this State and its officers and employees against any liability on a claim to the property.

      (Added to NRS by 2007, 762)

      NRS 120A.640  Filing claim with Administrator; handling of claims by Administrator.

      1.  A person, excluding another state, claiming property paid or delivered to the Administrator may file a claim on a form prescribed by the Administrator and verified by the claimant.

      2.  Within 90 days after a claim is filed, the Administrator shall allow or deny the claim and give written notice of the decision to the claimant. If the claim is denied, the Administrator shall inform the claimant of the reasons for the denial and specify what additional evidence is required before the claim will be allowed. The claimant may then file a new claim with the Administrator or maintain an action under NRS 120A.650.

      3.  Except as otherwise provided in subsection 5, within 30 days after a claim is allowed, the property or the net proceeds of a sale of the property must be delivered or paid by the Administrator to the claimant, together with any dividend, interest or other increment to which the claimant is entitled under NRS 120A.600 and 120A.610.

      4.  A holder who pays the owner for property that has been delivered to the State and which, if claimed from the Administrator by the owner would be subject to an increment under NRS 120A.600 and 120A.610 may recover from the Administrator the amount of the increment.

      5.  The Administrator may require a person with a claim in excess of $2,000 to furnish a bond and indemnify the State against any loss resulting from the approval of such claim if the claim is based upon an original instrument, including, without limitation, a certified check or a stock certificate or other proof of ownership of securities, which cannot be furnished by the person with the claim.

      6.  Property held under this chapter by the Administrator is subject to a claim for the payment of a debt which the Administrator determines to be enforceable and which the owner owes in this State for:

      (a) Support of a child, including, without limitation, any related collection costs and any amounts which may be combined with maintenance for a former spouse;

      (b) A civil or criminal fine or penalty, court costs or a surcharge or restitution imposed by a final order of an administrative agency or a final judgment of a court; or

      (c) A state or local tax, and any related penalty and interest.

      (Added to NRS by 2007, 763; A 2019, 3018)

      NRS 120A.645  Donation to State for educational purposes. [Effective through June 30, 2021.]

      1.  A person with a claim to property paid or delivered to the Administrator that is less than $500 may, if the claim is allowed by the Administrator pursuant to NRS 120A.640, donate the money or the net proceeds from the sale of the property, together with any dividend, interest or other increment to which the person is entitled under NRS 120A.600 and 120A.610, to the State for educational purposes.

      2.  The Administrator must, within 30 days after the allowance of a claim pursuant to NRS 120A.040, transfer the amount of the claim, together with any dividend, interest or other increment to which the person is entitled under NRS 120A.600 and 120A.610, from the Abandoned Property Trust Account to the Teachers’ School Supplies Reimbursement Account created pursuant to NRS 387.1253.

      3.  The Administrator may adopt regulations to carry out the provisions of this section.

      (Added to NRS by 2015, 2875)

      NRS 120A.645  Donation to State for educational purposes. [Effective July 1, 2021.]

      1.  A person with a claim to property paid or delivered to the Administrator that is less than $500 may, if the claim is allowed by the Administrator pursuant to NRS 120A.640, donate the money or the net proceeds from the sale of the property, together with any dividend, interest or other increment to which the person is entitled under NRS 120A.600 and 120A.610, to the State for educational purposes.

      2.  The Administrator must, within 30 days after the allowance of a claim pursuant to NRS 120A.040, transfer the amount of the claim, together with any dividend, interest or other increment to which the person is entitled under NRS 120A.600 and 120A.610, from the Abandoned Property Trust Account to the State Education Fund created by NRS 387.1212.

      3.  The Administrator may adopt regulations to carry out the provisions of this section.

      (Added to NRS by 2015, 2875; A 2019, 3226, effective July 1, 2021)

      NRS 120A.650  Action to establish claim.  A person aggrieved by a decision of the Administrator or whose claim has not been acted upon within 90 days after its filing may maintain an original action to establish the claim in the district court, naming the Administrator as a defendant. If the aggrieved person establishes the claim in an action against the Administrator, the court may award the claimant reasonable attorney’s fees.

      (Added to NRS by 2007, 764)

      NRS 120A.660  Election to take payment or delivery.

      1.  The Administrator may decline to receive property reported under this chapter which the Administrator considers to have a value less than the expenses of notice and sale.

      2.  A holder, with the written consent of the Administrator and upon conditions and terms prescribed by the Administrator, may report and deliver property before the property is presumed abandoned. Property so delivered must be held by the Administrator and is not presumed abandoned until it otherwise would be presumed abandoned under this chapter.

      (Added to NRS by 2007, 764)

      NRS 120A.670  Destruction or disposition of property having no substantial commercial value; immunity from liability.  If the Administrator determines after investigation that property delivered under this chapter has no substantial commercial value, the Administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the State or any officer or employee or against the holder for or on account of an act of the Administrator under this section, except for intentional misconduct or malfeasance.

      (Added to NRS by 2007, 764)

      NRS 120A.680  Periods of limitation.

      1.  The expiration, before or after October 1, 2007, of a period of limitation on the owner’s right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the Administrator as required by this chapter.

      2.  An action or proceeding may not be maintained by the Administrator to enforce this chapter in regard to the reporting, delivery or payment of property more than 7 years after the holder specifically identified the property in a report filed with the Administrator or gave express notice to the Administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.

      (Added to NRS by 2007, 764; A 2009, 2652)

      NRS 120A.690  Requests for reports and examination of records.

      1.  The Administrator may require a person who has not filed a report, or a person who the Administrator believes has filed an inaccurate, incomplete or false report, to file a verified report in a form specified by the Administrator. The report must state whether the person is holding property reportable under this chapter, describe property not previously reported or as to which the Administrator has made inquiry, and specifically identify and state the amounts of property that may be in issue.

      2.  The Administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with this chapter. The Administrator may conduct the examination even if the person believes he or she is not in possession of any property that must be reported, paid or delivered under this chapter. The Administrator may contract with any other person to conduct the examination on behalf of the Administrator.

      3.  The Administrator at reasonable times may examine the records of an agent, including a dividend disbursing agent or transfer agent, of a business association or financial organization that is the holder of property presumed abandoned if the Administrator has given the notice required by subsection 2 to both the association or organization and the agent at least 90 days before the examination.

      4.  Documents and working papers obtained or compiled by the Administrator, or the Administrator’s agents, employees or designated representatives, in the course of conducting an examination are confidential and are not public records, but the documents and papers may be:

      (a) Used by the Administrator in the course of an action to collect unclaimed property or otherwise enforce this chapter;

      (b) Used in joint examinations conducted with or pursuant to an agreement with another state, the Federal Government or any other governmental subdivision, agency or instrumentality;

      (c) Produced pursuant to subpoena or court order; or

      (d) Disclosed to the abandoned property office of another state for that state’s use in circumstances equivalent to those described in this subdivision, if the other state is bound to keep the documents and papers confidential.

      5.  If an examination of the records of a person results in the disclosure of property reportable under this chapter, the Administrator may assess the cost of the examination against the holder at the rate of $200 a day for each examiner or a greater amount that is reasonable and was incurred, but the assessment may not exceed the value of the property found to be reportable. The cost of an examination made pursuant to subsection 3 may be assessed only against the business association or financial organization.

      6.  If, after October 1, 2007, a holder does not maintain the records required by NRS 120A.700 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the Administrator may require the holder to report and pay to the Administrator the amount the Administrator reasonably estimates, on the basis of any available records of the holder or by any other reasonable method of estimation, should have been but was not reported.

      (Added to NRS by 2007, 764)

      NRS 120A.700  Retention of records.

      1.  Except as otherwise provided in subsection 2, a holder required to file a report under NRS 120A.560 shall maintain the records containing the information required to be included in the report for 7 years after the holder files the report, unless a shorter period is provided by regulation of the Administrator.

      2.  A business association or financial organization that sells, issues or provides to others for sale or issue in this State, traveler’s checks, money orders or similar instruments other than third-party bank checks, on which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the State and date of issue, for 3 years after the holder files the report.

      (Added to NRS by 2007, 765)

      NRS 120A.710  Enforcement.  The Administrator may maintain an action in this State or another state to enforce this chapter. The court may award reasonable attorney’s fees to the prevailing party.

      (Added to NRS by 2007, 766)

      NRS 120A.715  Intrastate agreements and cooperation; regulations.

      1.  In order to facilitate the return of property under this chapter, the Administrator may enter into cooperative agreements with an agency from this State concerning the protection of shared confidential information, rules for data matching and other issues. Upon the execution of such an agreement, the Administrator may provide to the agency with which the Administrator has entered the cooperative agreement information regarding the apparent owners of unclaimed or abandoned property pursuant to this chapter, including, without limitation, the name and social security number of the apparent owner. An agency that has entered into a cooperative agreement with the Administrator pursuant to this section shall notify the Administrator of the last known address of each apparent owner for which information was provided to the agency pursuant to this section, except as prohibited by federal law.

      2.  The Administrator may adopt regulations to facilitate delivery of property or pay the amount owing to an apparent owner matched under this section without filing a claim. Such regulations must set forth the conditions for such payment.

      (Added to NRS by 2019, 3012)

      NRS 120A.720  Interstate agreements and cooperation; joint and reciprocal actions with other states.

      1.  The Administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in NRS 120A.690. The Administrator by regulation may require the reporting of information needed to enable compliance with an agreement made under this section and prescribe the form.

      2.  The Administrator may join with another state to seek enforcement of this chapter against any person who is or may be holding property reportable under this chapter.

      3.  At the request of another state, the Attorney General of this State may maintain an action on behalf of the other state to enforce, in this State, the unclaimed property laws of the other state against a holder of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the Attorney General in maintaining the action.

      4.  The Administrator may request that the attorney general of another state or another attorney commence an action in the other state on behalf of the Administrator. With the approval of the Attorney General of this State, the Administrator may retain any other attorney to commence an action in this State on behalf of the Administrator. This State shall pay all expenses, including attorney’s fees, in maintaining an action under this subsection. With the Administrator’s approval, the expenses and attorney’s fees may be paid from money received under this chapter. The Administrator may agree to pay expenses and attorney’s fees based in whole or in part on a percentage of the value of any property recovered in the action. Any expenses or attorney’s fees paid under this subsection may not be deducted from the amount that is subject to the claim by the owner under this chapter.

      (Added to NRS by 2007, 766)

      NRS 120A.730  Interest and penalties.

      1.  A holder who fails to report, pay or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the rate of 18 percent per annum on the property or value thereof from the date the property should have been reported, paid or delivered.

      2.  Except as otherwise provided in subsection 3, a holder who fails to report, pay or deliver property within the time prescribed by this chapter or fails to perform other duties imposed by this chapter shall pay to the Administrator, in addition to interest as provided in subsection 1, a civil penalty of $200 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of $5,000.

      3.  A holder who willfully fails to report, pay or deliver property within the time prescribed by this chapter or willfully fails to perform other duties imposed by this chapter shall pay to the Administrator, in addition to interest as provided in subsection 1, a civil penalty of $1,000 for each day the report, payment or delivery is withheld or the duty is not performed, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.

      4.  A holder who makes a fraudulent report shall pay to the Administrator, in addition to interest as provided in subsection 1, a civil penalty of $1,000 for each day from the date a report under this chapter was due, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.

      5.  The Administrator for good cause may waive, in whole or in part, interest under subsection 1 and penalties under subsections 2 and 3, and shall waive penalties if the holder acted in good faith and without negligence.

      6.  A holder who fails to make a payment as required by subsections 11 and 12 of NRS 120A.560 must be assessed by the Administrator a fee for each such payment in an amount equal to the greater of $50 or 2 percent of the amount of the payment.

      (Added to NRS by 2007, 766; A 2019, 3018)

      NRS 120A.733  Fraudulent claims; penalty.  Any person who knowingly makes a fraudulent claim from the Administrator on the property of another with the intent to deprive that person of the property shall be punished:

      1.  Where the value of the property involved is $650 or more, for a category C felony as provided in NRS 193.130. In addition to any other penalty, the court shall order the person to pay restitution.

      2.  Where the value of the property is less than $650, for a misdemeanor.

      (Added to NRS by 2019, 3012)

      NRS 120A.737  False statements; penalty.  A person is guilty of a misdemeanor:

      1.  If the person knowingly makes or causes to be made, either directly or indirectly, or through any agency whatsoever, any false statement in writing, with the intent that it be relied upon, respecting the right to claim property or money held by the Administrator, for the purpose of procuring the delivery of such property or money, for the benefit of either himself or herself or of another person; or

      2.  If the person, knowing that a false statement in writing has been made respecting the right to claim property held by the Administrator, procures upon the faith thereof, the delivery of such property or money for the benefit of either himself or herself or of another person.

      (Added to NRS by 2019, 3012)

      NRS 120A.740  Agreement to locate property.

      1.  An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is 24 months after the date the property is paid or delivered to the Administrator. This subsection does not apply to an owner’s agreement with an attorney to file a claim as to identified property or contest the Administrator’s denial of a claim.

      2.  An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property, is enforceable only if the agreement is in writing, clearly sets forth the nature of the property and the services to be rendered, is signed by the apparent owner and states the value of the property before and after the fee or other compensation has been deducted.

      3.  If an agreement covered by this section applies to mineral proceeds and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable.

      4.  An agreement covered by this section must not provide for compensation that is more than 10 percent of the total value of the property that is the subject of the agreement. An agreement that provides for compensation that is more than 10 percent of the total value of the property that is the subject of the agreement is unenforceable except by the owner. An owner who has agreed to pay compensation that is more than 10 percent of the total value of the property that is the subject of the agreement, or the Administrator on behalf of the owner, may maintain an action to reduce the compensation to an amount that does not exceed 10 percent of the total value of the property. The court may award reasonable attorney’s fees to an owner who prevails in the action.

      5.  This section does not preclude an owner from asserting that an agreement covered by this section is invalid on grounds other than that the compensation is more than 10 percent of the total value of the property that is the subject of the agreement.

      (Added to NRS by 2007, 767)

      NRS 120A.750  Uniformity of application and construction.  This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject matter of the Uniform Unclaimed Property Act among the states that enact it.

      (Added to NRS by 1979, 1751; A 1983, 1476; 2007, 768)