Assembly Bill No. 77–Committee on Government
Affairs
February 9, 2001
____________
Referred to Committee on Judiciary
SUMMARY—Revises provisions governing unclaimed
property. (BDR 10‑410)
FISCAL NOTE: Effect on Local Government: No.
~
EXPLANATION
– Matter in bolded italics is new; matter
between brackets [omitted material] is material to be omitted.
Green numbers along
left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).
AN ACT relating to unclaimed property; revising provisions governing when unclaimed
property is presumed abandoned; providing for a limited exemption from interest
penalties for the late payment or delivery of abandoned property under certain
circumstances; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
1-1 Section 1. NRS 120A.160
is hereby amended to read as follows:
1-2 120A.160 The following
property held or owing by a banking or
1-3 financial organization or by
a business association is presumed abandoned:
1-4 1. Any demand, savings or
matured time deposit or other certificate of
1-5 deposit with a banking
organization, together with any interest or dividend
1-6 thereon, excluding any
charges that may lawfully be withheld, including a
1-7 deposit that is
automatically renewable, and any money paid toward the
1-8 purchase of a share, a
mutual investment certificate or any other interest in
1-9 a banking or financial
organization, unless the owner has within [5] 3
1-10 years:
1-11 (a) In the case of a deposit, increased or decreased the amount of
the
1-12 deposit, or presented the
passbook or other similar evidence of the deposit
1-13 for the crediting of
interest;
1-14 (b) Communicated in writing with the banking organization
concerning
1-15 the property;
1-16 (c) Otherwise indicated an interest in the property as evidenced by
a
1-17 memorandum or other record
on file prepared by an employee of the
1-18 banking or financial
organization;
1-19 (d) Owned other property to which paragraph (a), (b) or (c) applies
and
1-20 if the banking or financial
organization communicates in writing with the
1-21 owner with regard to the
property that would otherwise be presumed
1-22 abandoned under this
subsection at the address to which communications
1-23 regarding the other property
regularly are sent; or
2-1 (e) Had another relationship with the banking or financial
organization
2-2 concerning which the owner
has:
2-3 (1) Communicated in writing with the banking or financial
2-4 organization; or
2-5 (2) Otherwise indicated an interest as evidenced by a memorandum
2-6 or other record on file
prepared by an employee of the banking or financial
2-7 organization and if the
banking or financial organization communicates in
2-8 writing with the owner with
regard to the property that would otherwise be
2-9 abandoned under this
subsection at the address to which communications
2-10 regarding the other
relationship regularly are sent.
2-11 For the purposes of this
subsection, “property” includes interest and
2-12 dividends.
2-13 2. Any property described
in subsection 1 that is automatically
2-14 renewable is matured for
purposes of subsection 1 upon the expiration of
2-15 its initial time period, but
in the case of any renewal to which the owner
2-16 consents at or about the
time of renewal by communicating in writing with
2-17 the banking or financial
organization or otherwise indicating consent as
2-18 evidenced by a memorandum or
other record on file prepared by an
2-19 employee of the
organization, the property is matured upon the expiration
2-20 of the last time period for
which consent was given. If, at the time provided
2-21 for delivery in NRS
120A.320, a penalty or forfeiture in the payment of
2-22 interest would result from
the delivery of the property, the time for delivery
2-23 is extended until the time
when no penalty or forfeiture would result.
2-24 3. Any sum payable on a
check certified in this state or on a written
2-25 instrument issued in this
state on which a banking or financial organization
2-26 or business association is
directly liable, including any draft or cashier’s
2-27 check, which has been
outstanding for more than [5] 3 years after the date
2-28 it was payable, or after the
date of its issuance if payable on demand, or
2-29 any sum payable on a money
order which has been outstanding for more
2-30 than [7] 5 years after its
issuance, or any sum payable on a traveler’s check
2-31 which has been outstanding
for more than [15] 9 years
after the date of its
2-32 issuance, unless the owner
has within the specified period corresponded in
2-33 writing with the banking or
financial organization or business association
2-34 concerning it, or otherwise
indicated an interest as evidenced by a
2-35 memorandum on file with the
banking or financial organization or business
2-36 association.
2-37 4. Any money or other
personal property, tangible or intangible,
2-38 removed from a safe-deposit
box or any other safekeeping repository on
2-39 which the lease or rental
period has expired because of nonpayment of
2-40 rental charges or other reason,
or any surplus amounts arising from the sale
2-41 thereof pursuant to law,
that have been unclaimed by the owner for more
2-42 than [5] 3 years from the date on
which the lease or rental period expired.
2-43 A safe-deposit box for which
no rent is charged or which is provided to the
2-44 user because of a specific
amount deposited with a banking or financial
2-45 organization or business
association is presumed abandoned at the same
2-46 time as the account for
which it was given.
2-47 Sec. 2. NRS 120A.170 is hereby amended to read as follows:
2-48 120A.170 1. Unclaimed money held and owing by an
insurance
2-49 company is presumed
abandoned if the last known address, according to
3-1 the records of the company,
of the person entitled to the money is within
3-2 this state. If a person
other than the insured or annuitant is entitled to the
3-3 money and no address of such
person is known to the company or if it is
3-4 not definite and certain
from the records of the company what person is
3-5 entitled to the money, it is
presumed that the last known address of the
3-6 person entitled to the money
is the same as the last known address of the
3-7 insured or annuitant
according to the records of the company.
3-8 2. “Unclaimed money,” as
used in this section, means all money held
3-9 and owing by any insurance
company unclaimed and unpaid for more than
3-10 [5] 3
years after the money became due and payable as established from
3-11 the records of the company
under any life or endowment insurance policy
3-12 or annuity contract which
has matured or terminated. A life insurance
3-13 policy not matured by actual
proof of the death of the insured shall be
3-14 deemed matured and the
proceeds thereof deemed due if the policy was in
3-15 force when the insured
attained the limiting age under the mortality table
3-16 on which the reserve is
based, unless the person appearing entitled thereto
3-17 has within the preceding [5] 3 years:
3-18 (a) Assigned, readjusted or paid premiums on the policy or
subjected
3-19 the policy to loan; or
3-20 (b) Corresponded in writing with the insurance company concerning
the
3-21 policy.
3-22 3. Money otherwise payable
according to the records of the company
3-23 shall be deemed due although
the policy or contract has not been
3-24 surrendered as required.
3-25 Sec. 3. NRS 120A.190 is hereby amended to read as follows:
3-26 120A.190 1. Any stock or other intangible interest, or
any dividend,
3-27 profit, distribution,
interest, payment on principal or other sum held or
3-28 owing by a business
association is presumed abandoned if, within [5] 3
3-29 years after the date
prescribed for payment or delivery the shareholder,
3-30 certificate holder, member,
bondholder, other security holder or the
3-31 participating patron of a
cooperative has not claimed the property,
3-32 corresponded in writing with
the business association or otherwise
3-33 indicated an interest in the
property as evidenced by a memorandum or
3-34 other record on file with
the association. As to that property, the business
3-35 association shall be deemed
to be the holder.
3-36 2. Any dividend, profit,
interest or other distributions held for or owing
3-37 to a person at the time the
stock or other property to which they attach are
3-38 presumed to be abandoned
shall be deemed to be abandoned at the same
3-39 time as the stock or other property.
3-40 3. This section does not
apply to any stock or other intangible interest
3-41 enrolled in a plan that
provides for the automatic reinvestment of
3-42 dividends, distributions, or
other sums payable as a result of the interest
3-43 unless the records available
to the administrator of the plan show, with
3-44 respect to any intangible
interest not enrolled in the reinvestment plan, that
3-45 the owner has not within [5] 3 years communicated in
any manner
3-46 described in subsection 1.
3-47 Sec. 4. NRS 120A.210 is hereby amended to read as follows:
3-48 120A.210 All intangible
personal property and any income or
3-49 increment thereon held in a
fiduciary capacity for the benefit of another
4-1 person is presumed abandoned
unless the owner has, within [5] 3 years
4-2 after it becomes payable or
distributable, increased or decreased the
4-3 principal, accepted payment
of principal or income, corresponded in
4-4 writing concerning the
property or otherwise indicated an interest as
4-5 evidenced by a memorandum on
file with the fiduciary:
4-6 1. If the property is held
by a banking organization or a financial
4-7 organization or by a
business association organized under the laws of or
4-8 created in this state;
4-9 2. If it is held by a
business association doing business in this state but
4-10 not organized under the laws
of or created in this state and the records of
4-11 the business association
indicate that the last known address of the person
4-12 entitled thereto is in this
state; or
4-13 3. If it is held in this
state by any other person.
4-14 Sec. 5. NRS 120A.220 is hereby amended to read as follows:
4-15 120A.220 All intangible
personal property held for the owner by any
4-16 court, public corporation,
public authority or public officer, an appointee
4-17 thereof, a federal or state
governmental entity or a political subdivision
4-18 thereof, that has remained
unclaimed by the owner for more than [5] 3
4-19 years after it became
payable or distributable is presumed abandoned and
4-20 subject to the provisions of
this chapter if:
4-21 1. The last known address
or residence of the owner of the property is
4-22 in this state; or
4-23 2. The property is
otherwise abandoned in this state.
4-24 This section does not apply
to refunds held by the public utilities
4-25 commission of Nevada
pursuant to NRS 703.375.
4-26 Sec. 6. NRS 120A.230 is hereby amended to read as follows:
4-27 120A.230 All intangible
personal property not otherwise covered by
4-28 this chapter, including any
income or increment thereon and deducting any
4-29 lawful charges, that is held
or owing in this state in the ordinary course of
4-30 the holder’s business and
has remained unclaimed by the owner for more
4-31 than [5] 3 years after it became
payable or distributable is presumed
4-32 abandoned.
4-33 Sec. 7. NRS 120A.270 is hereby amended to read as follows:
4-34 120A.270 Any banking or
financial organization or business
4-35 association which holds
property for another, if it does not hold property
4-36 presumed to be abandoned,
shall file a report with the administrator, on or
4-37 before November 1 of each [5] 3-year period after
November 1, [1984,]
4-38 1999, which indicates that it is not a holder of any property presumed to be
4-39 abandoned during that
period. The reports of an insurance company under
4-40 this section must be filed
before May 1 of each year for the preceding
4-41 calendar years.
4-42 Sec. 8. NRS 32.020 is hereby amended to read as follows:
4-43 32.020 1. In any receivership proceeding instituted in
which a
4-44 dividend has been declared
and ordered paid to creditors, any dividend
4-45 which remains unclaimed for [5] 3 years reverts to the
general fund of the
4-46 estate and must be applied
as follows:
4-47 (a) To the payment of costs and expenses of the administration of
the
4-48 estate and receivership.
5-1 (b) To a new dividend distributed to creditors whose claims have
been
5-2 allowed but not paid in
full. After those claims have been paid in full the
5-3 balance is presumed
abandoned under NRS 120A.210.
5-4 2. This section applies to
any receivership proceeding which may be
5-5 brought, and includes any
bank, banking corporation, corporation,
5-6 copartnership, company,
association or natural person.
5-7 Sec. 9. NRS 381.009 is hereby amended to read as follows:
5-8 381.009 1. Any property held by an institution of the
division for
5-9 [10] 3 years or more, to which no person has made
claim, shall be deemed
5-10 to be abandoned and becomes
the property of the institution if the
5-11 institution complies with
the provisions of subsection 2.
5-12 2. The institution shall
cause to be published in at least one newspaper
5-13 of general circulation in
the county in which the institution is located at
5-14 least once a week for 2
consecutive weeks a notice and listing of the
5-15 property. The notice must
contain:
5-16 (a) The name and last known address, if any, of the last known
owner of
5-17 the property;
5-18 (b) A description of the property; and
5-19 (c) A statement that if proof of a claim is not presented by the
owner to
5-20 the institution and if the
owner’s right to receive the property is not
5-21 established to the
institution’s satisfaction within 60 days after the date of
5-22 the second published notice,
the property will be considered abandoned
5-23 and become the property of
the institution.
5-24 3. If no claim has been
made to the property within 60 days after the
5-25 date of the second published
notice, title, including literary rights, to the
5-26 property vests in the
institution, free from all claims of the owner and of all
5-27 persons claiming through or
under him.
5-28 Sec. 10. NRS 463.635 is hereby amended to read as follows:
5-29 463.635 1. If a corporation, partnership, limited
partnership, limited-
5-30 liability company or other
business organization applying for or holding a
5-31 state gaming license is or
becomes owned in whole or in part or controlled
5-32 by a publicly traded
corporation, or if a publicly traded corporation applies
5-33 for or holds a state gaming
license, the publicly traded corporation shall:
5-34 (a) Maintain a ledger in the principal office of its subsidiary
which is
5-35 licensed to conduct gaming
in this state, which must:
5-36 (1) Reflect the ownership of record of each outstanding share of
any
5-37 class of equity security
issued by the publicly traded corporation. The
5-38 ledger may initially consist
of a copy of its latest list of equity security
5-39 holders and thereafter be
maintained by adding a copy of such material as
5-40 it regularly receives from
the transfer agent for its equity securities of any
5-41 class which are outstanding.
5-42 (2) Be available for inspection by the board and the commission
and
5-43 their authorized agents at
all reasonable times without notice.
5-44 (b) Register with the commission and provide the following
information
5-45 to the board:
5-46 (1) The organization, financial structure and nature of the
business of
5-47 the publicly traded
corporation, including the names of all officers,
5-48 directors and any employees
actively and directly engaged in the
5-49 administration or
supervision of the activities of the gaming licensee, and
6-1 the names, addresses and
number of shares held of record by holders of its
6-2 equity securities.
6-3 (2) The rights and privileges accorded the holders of different
classes
6-4 of its authorized equity
securities.
6-5 (3) The terms on which its equity securities are to be, and
during the
6-6 preceding 3 years have been,
offered by the corporation to the public or
6-7 otherwise initially issued
by it.
6-8 (4) The terms and conditions of all its outstanding loans,
mortgages,
6-9 trust deeds, pledges or any
other indebtedness or security device, directly
6-10 relating to the gaming
activities of the gaming licensee.
6-11 (5) The extent of the equity security holdings of record in the
publicly
6-12 traded corporation of all
officers, directors, underwriters and persons
6-13 owning of record equity
securities of any class of the publicly traded
6-14 corporation, and any payment
received by any such person from the
6-15 publicly traded corporation
for each of its 3 preceding fiscal years for any
6-16 reason [whatsoever.] whatever.
6-17 (6) Remuneration exceeding $40,000 per annum to persons other
than
6-18 directors and officers who
are actively and directly engaged in the
6-19 administration or
supervision of the gaming activities of the gaming
6-20 licensee.
6-21 (7) Bonus and profit-sharing arrangements of the publicly traded
6-22 corporation directly or
indirectly relating to the gaming activities of the
6-23 gaming licensee.
6-24 (8) Management and service contracts of the publicly traded
6-25 corporation directly or
indirectly relating to the gaming activities of the
6-26 gaming licensee.
6-27 (9) Options existing or from time to time created in respect of
its
6-28 equity securities.
6-29 (10) Balance sheets, certified by independent public accountants,
for
6-30 at least the 3 preceding
fiscal years, or if the publicly traded corporation
6-31 has not been incorporated
for a period of 3 years, balance sheets from the
6-32 time of its incorporation.
These balance sheets may be those filed by it with
6-33 or furnished by it to the
Securities and Exchange Commission.
6-34 (11) Profit and loss statements, certified by independent
certified
6-35 public accountants, for at
least the 3 preceding fiscal years, or, if the
6-36 publicly traded corporation
has not been incorporated for a period of 3
6-37 years, profit and loss
statements from the time of its incorporation. These
6-38 profit and loss statements
may be those filed by it with or furnished by it to
6-39 the Securities and Exchange
Commission.
6-40 (12) Any further information within the knowledge or control of
the
6-41 publicly traded corporation
which either the board or the commission may
6-42 deem necessary or
appropriate for the protection of this state, or licensed
6-43 gambling, or both. The board
or the commission may make such
6-44 investigation of the
publicly traded corporation or any of its officers,
6-45 directors, security holders
or other persons associated therewith as it deems
6-46 necessary.
6-47 (c) Apply for an order of registration from the commission which
must
6-48 set forth a description of
the publicly traded corporation’s affiliated
6-49 companies and intermediary
companies, and the various gaming licenses
7-1 and approvals obtained by
those entities. The commission may issue an
7-2 order of registration upon receipt
of a proper application. If the information
7-3 set forth in an order of
registration changes, the publicly traded corporation
7-4 shall apply for and the
commission may issue amendments to and revisions
7-5 of the order of registration
to reflect the changes.
7-6 (d) If the publicly traded corporation is a foreign corporation,
qualify to
7-7 do business in this state.
7-8 2. If the board determines
that a publicly traded corporation registered
7-9 with the commission, or any
of its affiliates or intermediary companies,
7-10 have ceased engaging in
gaming activities in Nevada, the board may, upon
7-11 its own motion, recommend
that the commission deregister the publicly
7-12 traded corporation. Before
making such a recommendation for
7-13 deregistration, the board
shall provide at least 30 days’ notice to the
7-14 publicly traded corporation
that it intends to move for deregistration. If the
7-15 board is unable to confirm
that notice has been received by the publicly
7-16 traded corporation, the
board shall provide notice to the last known address
7-17 of the registered agent of
the publicly traded corporation. If the
7-18 commission issues an order
deregistering the publicly traded corporation, a
7-19 copy of the order must be
provided to the publicly traded corporation
7-20 together with a notice that
the publicly traded corporation must apply,
7-21 within [5] 3 years after the date of
the order of deregistration, to the
7-22 commission for a refund of
any money of the publicly traded corporation
7-23 held by the board. If the
commission is unable to confirm that the publicly
7-24 traded corporation has
received the order, the commission shall provide the
7-25 order to the last known
address of the registered agent of the publicly
7-26 traded corporation. The
publicly traded corporation must apply to the board
7-27 for a refund of any
investigative or other money of the publicly traded
7-28 corporation held by the
board within [5] 3 years
after the date of
7-29 deregistration. The money of
the publicly traded corporation for which a
7-30 refund is not requested
within [5] 3 years
after the date of deregistration is
7-31 presumed abandoned and is
subject to the provisions of chapter 120A of
7-32 NRS.
7-33 3. The commission may adopt
regulations that generally or selectively
7-34 impose on any publicly
traded corporation any requirement not
7-35 inconsistent with law which
it may deem necessary in the public interest.
7-36 Without limiting the generality
of the preceding sentence, any such
7-37 requirement may deal with
the same subject matter as, but be more
7-38 stringent than, the
requirements imposed by NRS 463.482 to 463.645,
7-39 inclusive.
7-40 Sec. 11. NRS 607.170 is hereby amended to read as follows:
7-41 607.170 1. When the labor commissioner deems it
necessary, he may
7-42 take an assignment of a
claim for wages and commissions and prosecute an
7-43 action for collection of
wages, commissions and other demands of any
7-44 person who is financially
unable to employ counsel in a case in which, in
7-45 the judgment of the labor
commissioner, the claim for wages or
7-46 commissions is valid and
enforceable in the courts.
7-47 2. In all matters relating
to wages or commissions and before taking
7-48 any assignment, the labor
commissioner may summon to appear before
7-49 him, at a suitable place in
the county of the claimant, his employer and all
8-1 other necessary persons for
the purpose of adjusting and settling claims for
8-2 wages or commissions before
bringing suit therefor, and the labor
8-3 commissioner may effect
reasonable compromises of those claims.
8-4 3. The labor commissioner
or his deputy may maintain a commercial
8-5 account with any bank or credit
union within this state for the deposit of
8-6 money collected for claims
for wages or commissions. The money must be
8-7 promptly paid to the person
entitled thereto. At the end of each calendar
8-8 year, any unclaimed money in
the commercial account which has been a
8-9 part of the account for [5] 3 years or more is
presumed abandoned under
8-10 NRS 120A.220.
8-11 Sec. 12. NRS 663.085 is hereby amended to read as follows:
8-12 663.085 1. If the rental due on a safe-deposit box has
not been paid
8-13 for 90 days, the lessor may
send a notice by registered or certified mail to
8-14 the last known address of
the lessee stating that the safe-deposit box will be
8-15 opened and its contents
stored at the expense of the lessee unless payment
8-16 of the rental is made within
30 days. If the rental is not paid within 30 days
8-17 from the mailing of the
notice, the box may be opened in the presence of
8-18 any officer of the lessor
and a notary public. The contents must be sealed in
8-19 a package by the notary
public, who shall write on the outside the name of
8-20 the lessee and the date of
the opening in the presence of the officer. The
8-21 notary public and the
officer shall execute a certificate reciting the name of
8-22 the lessee, the date of the
opening of the box and a list of its contents. The
8-23 certificate must be included
in the package and a copy of the certificate
8-24 must be sent by registered
or certified mail to the last known address of the
8-25 lessee. If the contents of
the safe-deposit box have been unclaimed by the
8-26 owner for [5] 3 years or less, the
package must then be placed in the
8-27 general vaults of the lessor
at a rental not exceeding the rental previously
8-28 charged for the box, until
such time that the contents will have been
8-29 unclaimed by the owner for
more than [5] 3 years,
at which time the lessor
8-30 shall deliver the package to
the division of unclaimed property of the
8-31 department of business and
industry pursuant to the provisions of chapter
8-32 120A of NRS.
8-33 2. If the contents of a
safe-deposit box that has been opened pursuant
8-34 to subsection 1 have been
unclaimed by the owner for more than [5] 3
8-35 years, the lessor shall
deliver the package to the division of unclaimed
8-36 property of the department
of business and industry pursuant to the
8-37 provisions of chapter 120A
of NRS.
8-38 Sec. 13. NRS 673.373 is hereby amended to read as follows:
8-39 673.373 1. If the rental due on a safe-deposit box has
not been paid
8-40 for 90 days, the lessor may
send a notice by registered or certified mail to
8-41 the last known address of
the lessee stating that the safe-deposit box will be
8-42 opened and its contents
stored at the expense of the lessee unless payment
8-43 of the rental is made within
30 days. If the rental is not paid within 30 days
8-44 from the mailing of the
notice, the box may be opened in the presence of
8-45 any officer of the lessor
and a notary public. The contents must be sealed in
8-46 a package by the notary
public, who shall write on the outside the name of
8-47 the lessee and the date of
the opening in the presence of the officer. The
8-48 notary public and the
officer shall execute a certificate reciting the name of
8-49 the lessee, the date of the
opening of the box and a list of its contents. The
9-1 certificate must be included
in the package and a copy of the certificate
9-2 must be sent by registered
or certified mail to the last known address of the
9-3 lessee. If the contents of
the safe-deposit box have been unclaimed by the
9-4 owner for [5] 3 years or less, the
package must then be placed in the
9-5 general vaults of the lessor
at a rental not exceeding the rental previously
9-6 charged for the box, until
such time that the contents will have been
9-7 unclaimed by the owner for
more than [5] 3 years,
at which time the lessor
9-8 shall deliver the package to
the division of unclaimed property of the
9-9 department of business and
industry pursuant to the provisions of chapter
9-10 120A of NRS.
9-11 2. If the contents of a
safe-deposit box that has been opened pursuant
9-12 to subsection 1 have been
unclaimed by the owner for more than [5] 3
9-13 years, the lessor shall
deliver the package to the division of unclaimed
9-14 property of the department
of business and industry pursuant to the
9-15 provisions of chapter 120A
of NRS.
9-16 Sec. 14. For purposes of sections 1 to 13, inclusive, of this act:
9-17 1. Except as otherwise
provided in subsection 2, property that has been
9-18 abandoned for the period
established pursuant to the amendatory
9-19 provisions of this act as of
the effective date of this act shall be deemed to
9-20 be abandoned property for
purposes of chapter 120A of NRS.
9-21 2. Any notice required by a
specific statute must be given before
9-22 property may be deemed
abandoned pursuant to subsection 1.
9-23 Sec. 15. 1. Notwithstanding the
provisions of NRS 120A.450,
9-24 interest may not be imposed
upon any abandoned property paid or
9-25 delivered to the division
before July 1, 2002, if:
9-26 (a) On July 1, 2001, with regard to the abandoned property, the
holder
9-27 of the abandoned property is
not:
9-28 (1) The subject of an investigation or prosecution;
9-29 (2) The subject of an audit; or
9-30 (3) A party to litigation pursuant to NRS 120A.430;
9-31 (b) The abandoned property was required to be reported before July
1,
9-32 2001, pursuant to NRS
120A.250 or 120A.270;
9-33 (c) The abandoned property is paid or delivered directly to the
division
9-34 or its authorized agent,
together with a report that includes:
9-35 (1) Except with respect to traveler’s checks and money orders,
the
9-36 name, if known, and last
known address, if any, of each person appearing
9-37 from the records of the
holder to be the owner of any property of the value
9-38 of $50 or more presumed
abandoned pursuant to this chapter;
9-39 (2) In case of unclaimed money held by an insurance company, the
9-40 full name of the insured or
annuitant and his last known address according
9-41 to the records of the
corporation;
9-42 (3) The nature and identifying number, if any, or description of
the
9-43 property and the amount
appearing from the records to be due, except that
9-44 items of value under $50
each may be reported in the aggregate;
9-45 (4) The date when the property became payable, demandable or
9-46 returnable and the date of
the last transaction with the owner with respect
9-47 to the property; and
9-48 (5) Any other information that the administrator prescribes by
9-49 regulation as necessary for
the administration of this section;
10-1 (d) Abandoned property that includes securities is remitted as set
forth
10-2 in NRS 120A.320; and
10-3 (e) The records of the holder are maintained in a manner,
satisfactory to
10-4 the administrator, that
permits verification of compliance with this section.
10-5 2. All abandoned property
reported on or after July 1, 2001, must be
10-6 reported separately from
abandoned property reported before July 1, 2001,
10-7 and may not be reported with
abandoned property that is not eligible for
10-8 exemption from NRS 120A.450
pursuant to this section.
10-9 3. The administrator shall:
10-10 (a) Provide information to the public concerning the provisions of
this
10-11 section; and
10-12 (b) Submit a report to the legislature on or before January 15,
2003, that
10-13 includes a full accounting
of all abandoned property surrendered pursuant
10-14 to this section, the date
abandoned property was surrendered and the
10-15 identities of the holders of
the surrendered property.
10-16 4. This section does not:
10-17 (a) Create an entitlement to a refund of interest or penalties paid
to the
10-18 division before July 1,
2001, pursuant to NRS 120A.450;
10-19 (b) Prohibit civil liability for false claims pursuant to NRS
357.040;
10-20 (c) Prevent prosecution of a person who violates NRS 120A.440; or
10-21 (d) Provide for the granting of an extension for filing a report
required
10-22 by NRS 120A.250.
10-23 5. As used in this section:
10-24 (a) “Audit” includes, without limitation, an audit or examination of
10-25 records of a holder
conducted by the administrator or commissioner of
10-26 financial institutions
pursuant to NRS 120A.420 or any other law
10-27 authorizing an audit or
examination of the records of a holder.
10-28 (b) “Investigation or prosecution” includes, without limitation:
10-29 (1) Any investigation conducted by the attorney general pursuant
to
10-30 NRS 357.070 or any other law
authorizing investigation; or
10-31 (2) Any prosecution conducted by the attorney general or a
district
10-32 attorney pursuant to NRS
120A.440 or any other law authorizing
10-33 prosecution,
10-34 of a holder for a violation
of chapter 120A of NRS.
10-35 Sec. 16. This act becomes effective upon passage and approval.
10-36 H