Nevada § 120A.690 - Requests for reports and examination of records

§ 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 a good faith effort to provide

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 made the good faith effort to provide notice required by subsection 2 to both

the association or organization and the agent. 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. 7. The Administrator, at reasonable times and upon a good faith effort to provide

reasonable notice, may require a holder to furnish copies of records in an industry

standard format, including, without limitation, an electronic format, for examination

as described in this section. 8. The Administrator may issue an administrative subpoena requiring a person or an

agent of the person to make records available for examination, and bring an action

seeking judicial enforcement of the subpoena, if necessary for the enforcement of

this section.