Nevada § 353C.240 - Development and operation of system for matching data to collect debts: Duties and liability of State Controller and financial institutions; use of system; confidentiality

§ 353C.240. Development and operation of system for matching data to collect debts: Duties and liability of State Controller and financial institutions; use of system; confidentiality

1. The State Controller shall enter into agreements with financial institutions doing

business in this State to coordinate the development and operation of a system for

matching data, using automated exchanges of data to the maximum extent feasible. 2. In addition to any other remedy provided for in this chapter, the State Controller

may use the system for matching data developed and operated pursuant to subsection

1 to collect a debt, plus any applicable penalties and interest. 3. A financial institution in this State shall: (a) Cooperate with the State Controller in carrying out the provisions of subsection

1. (b) Use the system to provide to the State Controller for each calendar quarter the

name, address of record, social security number or other number assigned for taxpayer

identification of each person who maintains an account at the financial institution,

as identified by the State Controller by name and social security number or other

number assigned for taxpayer identification. (c) In response to the receipt from the State Controller of notification of debt that

a person owes the State, encumber on behalf of the State Controller a portion of the

assets of the person held by the financial institution sufficient to cover the debt

and surrender those assets to the State Controller. A financial institution is not required to encumber or surrender any assets received

by the financial institution on behalf of the person after the financial institution

received the notice of the debt from the State Controller. 4. A financial institution may not be held liable in any civil or criminal action

for: (a) Any disclosure of information to the State Controller pursuant to this section. (b) Encumbering or surrendering any assets held by the financial institution pursuant

to this section. (c) Any other action taken in good faith to comply with the requirements of this section. 5. If a court issues an order to return to a person any assets surrendered by a financial

institution pursuant to subsection 3, the State Controller is not liable to the person

for any of those assets that have been provided to the State Controller in accordance

with the order for the payment of a debt. 6. All information provided to the State Controller by a financial institution pursuant

to this section is confidential and may only be used by the State Controller for use

in the collection of a debt owed to the State. 7. As used in this section, “financial institution” has the meaning ascribed to it

in NRS 239A.030 .