NRS 120A.560 Report of abandoned property.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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)If known or readily ascertainable by the holder, the name, last known address and the social security number or taxpayer identification number 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 or 8 of NRS 120A.500 from which the length of time required in subsection 1, 7 or 8 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 the information described in paragraph

(b)of subsection 4 is:

(a)Partially recorded, the recorded portion must be contained in the report; or

(b)Not recorded in part or in full, the information contained in the report must be reported as unknown.

6. 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.

7. Except as otherwise provided in subsection 8, the report must be filed before November 1 of each year and cover the 12 months next preceding July 1 of that year.

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

9. Except as otherwise provided in subsection 10, 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.

10. If the property presumed abandoned is in the form of stocks, equity, retirement accounts or virtual currency and the property is valued at $1,000 or more, the holder of the property shall send the written notice required by subsection 9 in the form of certified mail.

11. If a holder is required to send written notice to the apparent owner pursuant to subsection 9 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 or certified mail, as applicable, to the apparent owner’s last known mailing address, as described in paragraph

(a)of subsection 9 and by electronic mail, unless the holder believes the apparent owner’s electronic mail address is invalid.

12. 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.

13. The holder of property presumed abandoned shall file with the report an affidavit stating that the holder has complied with subsection 9.

14. Except as otherwise provided in subsection 15, 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.

15. 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.