Nevada § 120A.560 - Report of abandoned property

§ 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) 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.