SB 44 — Revises provisions of the Uniform Unclaimed Property Act. (BDR 10-480)

EXEMPTSenate (ReprintedBill withNo. amendments adopted on June 2, 2019) SECOND REPRINT S.B.

4444–Committee Son ENATEJudiciary BCHAPTER.......... ILLN O.

44–COMMITTEE ON JUDICIARY (O NB EHALF OF THE STATE T REASURER ) PREFILED N OVEMBER 19, 2018 ____________ Referred to Committee on Judiciary SUMMARY—Revises provisions of the Uniform Unclaimed Property Act.

(BDR 10-480) FISCAL NOTE:

Effect on Local Government:

Increases or Newly Provides for Term of Imprisonment in County or City Jail or Detention Facility.

Effect on the State:

Yes.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

adopted by the Uniform Law Commission in the 2016 Revised Uniform UnclaimedngesUnclaimedanges Property Act (RUUPA).

(1) permits the holder of property that is presumed to be abandoned to contract with a thirdfrom partyliability tofor fileproper reportsreporting, withtransfer of the Administratorproperty butand doesany notpenalties,er relieve the holder interest and fees under the law;

Section 14 of this bill provides that property held by the Administrator is subject to claims for certain - *SB44_R2* – 2 – debts, including, without limitation, child support, civil and criminal fines or penalties imposed by an administrative agency or court, and state and local taxes, properly file a report of abandoned property and properly make payments throughto the State business portal.

EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

“Stored-value card” means a record evidencing a promise made for consideration by the seller or issuer of the - 80th Session (2019) – 2 – record that goods, services or money will be provided to the owner of record to the value or amount shown in the record.

(a) A record that contains or consists of a microprocessor chip, magnetic strip or other means for the storage of information which is prefunded and whose value or amount is decreased on each use and increased by payment of additional consideration;

- *SB44_R2* – 3 – 2.

The Administrator may adopt regulations to facilitate delivery of property or pay the amount owing to an apparent owner matched under this section without filing a claim.

If the person knowingly makes or causes to be made, either directly or indirectly, or through any agency whatsoever, any false statement in writing, with the intent that it be relied upon, - 80th Session (2019) – 3 – respecting the right to claim property or money held by the Administrator, for the purpose of procuring the delivery of such property or money, for the benefit of either himself or herself or of another person;

or 2.been made respecting the right to claim property held by theting has Administrator, procures upon the faith thereof, the delivery of such property or money for the benefit of either himself or herself or of another person.

If the person, knowing that a false statement in writing has been made respecting the right to claim property held by the Administrator, procures upon the faith thereof, the delivery of such property or money for the benefit of either himself or herself or of another person.

“Property” means tangible property described in NRS 120A.510 or a fixed and certain interest in intangible property - *SB44_R2* – 4 – that is held, issued or owed in the course of a holder’s business or by a government, governmental subdivision, agency or instrumentality .

- 80th Session (2019) – 4 – 4.] (3) A security, except for a security that is subject to a lien, legal hold or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold or restriction restricts the holder’s or owner’s ability to receive, transfer, sell or otherwiseotherwi(4) negotiateA thebond, security;debenture,ity;

(4) A bond, debenture, note or other evidence of indebtedness;

Except as otherwise provided in subsections 6 and 7, property is presumed abandoned if it is unclaimed by the apparentproperty:owner owner during the time set forth below for the particular property:(a) A traveler’s check, 15 years after issuance;

(a)(b) A traveler’smoney check,order, 157 years after issuance;

- *SB44_R2* – 5 – (b) A money order, 7 years after issuance;

(e)- A80th demand,Session savings(2019) or– time5 deposit,– including a deposit that is automatically renewable, 3 years after the earlier of maturity or the date of the last indication by the owner of interest in the property, but a deposit that is automatically renewable is deemed matured for purposes of this section upon its initial date of maturity, unless the owner has consented to a renewal at or about the time of the renewal and the consent is in writing or is evidenced by a memorandum or other record on file with the holder;

(g) Any amount owed by an insurer on a life or endowment insurance policy or an annuity that has matured or terminated, 3 years after the obligation to pay arose [or, in the case of a policy or annuity payable upon proof of death, 3 years after the] under the terms of the policy or contract or, if a policy or contract for which payment is owed on proof of death has not matured by proof of death ofo(1) theWith insuredrespect to an amount owed for a life or annuitant:endowment insurance policy, 3 years after the earlier of the date:

(1) With respect to an amount owed for a life or endowment insurance policy, 3 years after the earlier of the date:

and (2) With respect to an amount owed on an annuity contract, 3 years after the date the insurance company has knowledge of the death of the annuitant;

- *SB44_R2* – 6 – (i) Any property received by a court as proceeds of a class action and not distributed pursuant to the judgment, 1 year after the distributiondis(j) date;Except as otherwise provided in NRS 607.170 and 703.375, any property held by a court, government, governmental subdivision, agency or instrumentality, 1 year after the property becomes distributable;

(j) Except as otherwise provided in NRS 607.170 and 703.375, any property held by a court, government, governmental subdivision, agency or instrumentality, 1 year after the property becomes distributable;

(m)- Any80th propertySession in(2019) an– individual6 retirement– account, defined benefit plan or other account or plan that is qualified for tax deferral under the income tax laws of the United States, 3 years after the [earliest of the date of the distribution or attempted distribution of the property, the date of the required distribution as stated in the plan or trust agreement governing the plan or the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty;

or (II) If the second communication is sent later than 30 days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States Postal Service;

ororeturned (2) The earlier of the following dates:

(n) An account of funds established to meet the costs of burial, 3 years after the earlier of:

and - *SB44_R2* – 7 – (o) All other property, 3 years after the owner’s right to demand thearises, propertywhichever orfirst afteroccurs.ation the obligation to pay or distribute the property arises,2. whichever first occurs.

2.