AB 55 — Revises provisions related to unclaimed property. (BDR 10-360)

Except as otherwise provided in subsections 6 , 7 and [7,] 8, property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property:

(1) The date of maturity for time [deposit, including a deposit that is automatically renewable, 3 years after the earlier of - *AB55_R1* – 4 – 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] deposits that are not automatically renewable;

ororn upon its initial] deposits that (2) The [initial] date of maturitymaturity, , after the secondfirst renewal of the time deposit, for time deposits that are automatically renewable, unless the owner has consented to a subsequent renewal at or about the time of [the] any such subsequent renewal and the consent is in writing or is evidenced by a memorandum or other record on file with the holder;

[(f)]- (g)82nd ExceptSession as(2023) otherwise– provided4 in– NRS 120A.520, any money or credits owed to a customer as a result of a retail business transaction, 3 years after the obligation accrued;

or (3) The date that the insured [has attained, or] would have attained , if living, the limiting age under the mortality table on which the reserve is based;

[(j)] (l) Except as otherwise provided in NRS 607.170 and 703.375, any property held by a court, government, governmental - *AB55_R1* – 5 – subdivision, agency or instrumentality, 1 year after the property becomes distributable;

[(m)] (o) Any property in an individual retirement account, defined benefit plan or other account or plan [, that is qualified for tax- deferral82nd underSession the(2023) income– tax5 laws– of the United States,] established for retirement purposes, 3 years after :

States,] (1) If the account or plan is tax-deferred or tax-exempt, the [later of:

or (2) [The][The Ifearlier the account or plan is not tax-deferred or tax- exempt, the [earlier of the following dates:

(I) The] dateIf [thethe apparentaccount owneror becomesplan 70.5is yearsnot oftax-deferred age,or iftax- determinable by the holder;]holder; that the property becomes distributable;

[oror owner becomes 70.5 years of age, if (II) If the Internal Revenue Code requires distribution to avoid a tax penalty, 2 years after the date the holder receives, in the ordinary course of business, confirmation of the death of the apparent owner;

(n)] (p)that The trust liability of a trust fund established with respect to a prepaid contract for funeral services or burial services as required by chapter 689 of NRS, 3 years after the [earlier]property earliestbecomes of:distributable;

(p) The trust liability of a trust fund established with respect to a prepaid contract for funeral services or burial services as required by chapter 689 of NRS, 3 years after the [earlier] earliest of:

or (2) [If the holder does not know whether the beneficiary is deceased, the] The date the beneficiary named in or otherwise ascertainable from the prepaid contract has attained, or would have attainedatt[(o)] if(q) living,All other property, 3 years after the ageowner’s ofright 105to years;demand the property or after the obligation to pay or distribute the property arises, whichever first occurs.

and - *AB55_R1* – 6 – [(o)] (q) All other property, 3 years after the owner’s right to demand the property or after the obligation to pay or distribute the property arises, whichever first occurs.

Property is unclaimed if, for the applicable period set forth in subsection 1 , 7 or [7,] 8, as applicable, the apparent owner has not- communicated,82nd inSession writing(2023) or– by6 other– means reflected in a contemporaneous record prepared by [or on behalf of] the holder [,] or an agent of the holder with the holder concerning the property or the account in which the property is held and has not otherwise indicated an interest in the property.

[(b)] (2) Activity directed by an apparent owner in the account in which the property is held, including accessing the account orort information concerning the account or a direction by the apparent owner to increase, decrease or change the amount or type of property held in the account;

[(c)][(c) (3)The] [The](3) Except as otherwise provided in paragraph (b), the making of a deposit to or withdrawal from a bank account;

(5) The signing of a return receipt by the apparent owner for notice provided pursuant to NRS 120A.560;

andandapparent owner (6) The execution of a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and - *AB55_R1* – 7 – Reporting, Form W-8BEN of the Internal Revenue Service, by the owner for purposes of a security where the last-known address of the owner is in a foreign country;

(1)- Deposit,82nd ifSession the(2023) deposit– is7 made– by the holder or an agent of the holder;

ort, if the deposit is made by the holder or an agent (2) Withdrawal, if the withdrawal is made by the holder or an agent of the holder.

(c)(d) A trustqualified accountincome establishedtrust toaccount;dress address a special need;

(d) A qualified income trust account;

(a) Forty years after the date the prepaid contract for funeral servicesser(b) orThree burialyears servicesafter wasthe executed;last indication by the owner of interest in the property,  whichever is later.

or (b) Three years after the last indication by the owner of interest in the property,  whichever is later.

For property described in paragraphs (c) to (f), inclusive, (o) and (q) of subsection 1, the property is presumed abandoned 3 years after the date described in each of those paragraphs or the - *AB55_R1* – 8 – date on which the holder has knowledge of the death of the owner, whichever is earlier.

- 82nd Session (2023) – 8 – 9.

10.the death of a person when the person:

For purposes of this section, a person has knowledge of the(a) deathReceives proof of adeath personof when the person:person;

(a) Receives proof of death of the person;

[If a gift certificate is issued or sold in this State and the seller or issuer does not obtain and maintain in his or her records the name and address of the owner of the gift certificate, the address of the owner of the gift certificate shall be deemed to be the address of thethe3.] OfficeThis section does not create a cause of theaction Stateagainst Treasurera inperson Carsonwho City.issues or sells a gift certificate.

3.] This section does not create a cause of action against a person who issues or sells a gift certificate.

- *AB55_R1*82nd –Session 9(2023) – (b)9 For– paying or delivering to the Administrator the property described in the report;

andanding to the Administrator the property (c) For any penalties, interest and fees due pursuant to NRS 120A.730.

(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 amountsamo(e) owingThe date identified in subsection 1 or 8 of NRS 120A.500 from which the length of time required in subsection 1 , 7 or [7] 8 of NRS 120A.500 must be measured to determine whether the holder;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;

(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 [7] 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;

If the information described in paragraph (b) of subsection 4 is:

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 thetheparent 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.

Except as otherwise provided in subsection [7,] 8, the report must be filed before November 1 of each year and cover the 12 months next preceding July 1 of that year.

[7.]- 8.82nd Session (2023) – 10 – filed before May 1 of each year for the immediately precedingst be calendar year.

A report with respect to an insurance company must be filed before May 1 of each year for the immediately preceding calendar year.

The] - *AB55_R1* – 10 – 9.

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.

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.

terminates the accrual of [10.] 13.

[12.]- 15.82nd Session (2023) – 11 – the report and make the payment electronically for good causeile shown by the holder.

The Administrator may waive the requirement to file the report and make the payment electronically for good cause shown by the holder.

The Administrator shall [publish a notice not later than November 30 of the year next following the year in which - *AB55_R1* – 11 – abandoned property has been paid or delivered to the Administrator.

The database must be searchable electronically and include, without limitation, the name of each person reported to the Administrator pursuant to NRS 120A.560 as an apparent owner of property presumedpresumeduant to abandoned.

(b) In(1) Be published not less than once each year in a countynewspaper whoseof populationgeneral iscirculation lessin thanthe 700,000:county;

(1) Be published not less than once each year in a newspaper of general circulation in the county;

- 82nd Session (2023) – 12 – (a)] (b) The name, physical address, telephone number and Internet address of the website of the Administrator;

[(b)] (c) A statement explaining that unclaimed property is presumed to be abandoned and has been taken into the protective cus(c)] (d) A statement that information about property taken into protective custody ofand its return to the Administrator;owner is available to the owner or a person having a legal or beneficial interest in the property, upon request to the Administrator, directed to the Deputy of Unclaimed Property [.

[and (c)] (d) A statement that information about property taken into protective custody and its return to the owner is available to the owner or a person having a legal or beneficial interest in the - *AB55_R1* – 12 – property, upon request to the Administrator, directed to the Deputy of Unclaimed Property [.

4.subsections 1, 2 and 3,] the information made available on the website of the Administrator pursuant to subsection 3 by press release.

In addition to complying with the requirements of subsections 1, 2 and 3,] the information made available on the website of the Administrator pursuant to subsection 3 by press release.

In addition to complying with the requirements of subsections 1 to 4, inclusive, the Administrator shall, in each county whose population is less than 700,000, publish a notice not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the Administrator.

The notice must:

(a) Be published not less than once each year in a newspaper of general circulation in the county;

and (b) Include the last known city of any person named in the notice.

6.

The notice required by subsection 5 must:

- 82nd Session (2023) – 13 – (a) Be in a form that, in the judgment of the Administrator, is likely to attract the attention of persons who may have a legal or equitable interest in unclaimed property or of the legal representatives of such persons;

and the Administrator pursuant to subsection 3.le on the website of 7.

Except as otherwise provided in subsections [4] 5 to [8,] 9, inclusive, all abandoned property other than money delivered to the Administrator under this chapter must, within 2 years after the delivery, be sold by the Administrator to the highest bidder at public sale in whatever manner affords, in his or her judgment, the most favorable market for the property.

(a)(b) At thenot principalless officethan ofthree theother Administrator;prominent places within this State;

- *AB55_R1* – 13 – (b) At not less than three other prominent places within this State;

Except as otherwise provided in subsection [5,] 6, the Administrator need not offer any property for sale if the Administrator considers that the probable cost of the sale will exceed- 82nd Session (2023) – 14 – otherwise dispose of such property or may transfer it to:stroy or (a) The Nevada State Museum Las Vegas, the proceedsNevada State Museum or the Nevada Historical Society, upon its written request, if the property has, in the opinion of the sale.requesting institution, historical, artistic or literary value and is worthy of preservation;

The Administrator may destroy or otherwise dispose of such property or may transfer it to:

(a) The Nevada State Museum Las Vegas, the Nevada State Museum or the Nevada Historical Society, upon its written request, if the property has, in the opinion of the requesting institution, historical, artistic or literary value and is worthy of preservation;

Securities delivered to the Administrator pursuant to this chapter may be sold by the Administrator at any time after the delivery.

The Administrator shall hold property that was removed from a safe-deposit box or other safekeeping repository for 1 year after the date of the delivery of the property to the Administrator, unless that property is a will or a codicil to a will, in which case the Administrator shall hold the property for 10 years after the date of - *AB55_R1* – 14 – the delivery of the property to the Administrator.

If no claims are filed for the property within that period and the Administrator determines that the probable cost of the sale of the property will exceedexc[8.] the9. proceeds of the sale, it may be destroyed.

[8.]pAll 9.proceeds received by the Administrator from abandoned gift certificates must be accounted for separately in the Abandoned Property Trust Account in the State General Fund.

All proceeds received by the Administrator from abandoned gift certificates must be accounted for separately in the Abandoned Property Trust Account in the State General Fund.

- 82nd Session (2023) – 15 – Sec.

Decline to receive property reported under this chapter which the Administrator considers to have a value less than the expensesexp2.seA holder, with the written consent of noticethe Administrator and saleupon [.conditions and terms prescribed by the Administrator, may report and deliver] ;

2.

A holder, with the written consent of the Administrator and upon conditions and terms prescribed by the Administrator, may report and deliver] ;

An agency that has entered into a cooperative agreement with the Administrator pursuant to this section shall notify the Administrator of] the last known address of [each] an apparent owner [for which information was provided to the agency pursuant to this section, except as] of unclaimed or abandoned property.

A state agency or local agency shall provide to the Administrator any information requested pursuant to subsection 1 - *AB55_R1* – 15 – as soon as reasonably practicable unless the provision of such information is prohibited by federal law.

- 82nd Session (2023) – 16 – (b) “State agency” has the meaning ascribed to it in NRS 223.470.

A holder who fails to report, pay or deliver property within the time prescribed by this chapter shall pay to the Administrator interest at the rate of 18 percent per annum on thethethe property or value thereof from the date the property should have been reported, paid or delivered.

A holder who makes a fraudulent report shall pay to the Administrator, in addition to interest as provided in subsection 1, a civil penalty of $1,000 for each day from the date a report under this chapter was due, up to a maximum of $25,000, plus 25 percent of the value of any property that should have been but was not reported.

of any property that should have been but was not 5.

A holder who fails to make a payment as required by subsections [11] 14 and [12] 15 of NRS 120A.560 must be assessed by the Administrator a fee for each such payment in an amount - *AB55_R1* – 16 – equal to the greater of $50 or 2 percent of the amount of the payment.

An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was- entered82nd intoSession during(2023) the– period17 commencing– on the date the property was presumed abandoned and extending to a time that is 24 months after the date the property is paid or delivered to the Administrator.

and (f) States the value of the property before and after the fee or otheroth3. compensation has been deducted.

3.coIf an agreement covered by this section applies to mineral proceeds and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable.

If an agreement covered by this section applies to mineral proceeds and the agreement contains a provision to pay compensation that includes a portion of the underlying minerals or any mineral proceeds not then presumed abandoned, the provision is void and unenforceable.

An agreement that provides for compensation that is more than the applicable percentage set forth in subsection 4 of the total value of the property that is the subject of the agreement is unenforceable except by the owner.

An owner who has agreed to pay compensation that is more than the applicable percentage set forth in subsection 4 of the total value of the property that is the subject of the agreement, or the Administrator on behalf of the - *AB55_R1* – 17 – owner, may maintain an action to reduce the compensation to an amount that does not exceed the applicable percentage set forth in subsection 4 of the total value of the property.

6.- 82nd Session (2023) – 18 – an agreement covered by this section is invalid on grounds othert than noncompliance with the provisions of this section.

This section does not preclude an owner from asserting that an agreement covered by this section is invalid on grounds other than noncompliance with the provisions of this section.

Money which must be deposited for credit to the State EducationEdu(a) FundAll includes,money withoutderived limitation:from interest on the State Permanent School Fund, as provided in NRS 387.030;

(a) All money derived from interest on the State Permanent School Fund, as provided in NRS 387.030;

(h) The money identified in subsection 1 of NRS 328.460;

- *AB55_R1* – 18 – (l) The money required to be paid over to the State Treasurer for deposit to the credit of the State Education Fund pursuant to subsection 4 of NRS 362.170;

- 82nd Session (2023) – 19 – (m) The portion of the proceeds of the tax imposed pursuant to subsection 1 of NRS 372A.290 identified in paragraph (b) of subsection 4 of NRS 372A.290;

(r) The portion of the proceeds of the excise tax imposed pursuant to subsection 1 of NRS 463.385 identified in paragraph (c) of subsection 5 of NRS 463.385;

- *AB55_R1* – 19 – Sec.

TEXT~~~~~ OF23 REPEALED- SECTION82nd 120A.750Session Uniformity(2023) of application and construction.

purpose to make uniform the law with respect to the subject matterral of the Uniform Unclaimed Property Act among the states that enact it.

H - *AB55_R1*