Existing law enacts the Uniform Unclaimed Property Act, which generally establishes the powers, duties and liabilities of the State and other persons concerning unclaimed property. (Chapter 120A of NRS) Existing law makes the State Treasurer the Administrator of Unclaimed Property and requires the State Treasurer, in his or her capacity as the Administrator, to carry out the provisions of the Act. (NRS 120A.025, 120A.140) Existing law makes certain gift certificates subject to the provisions of the Act and provides that a gift certificate is presumed abandoned on the expiration date of the gift certificate. (NRS 120A.113, 120A.520) Section 2 of this bill defines the term “gift certificate” for purposes of the Act. Section 4 of this bill makes a conforming change indicating the proper placement of section 2 in the Nevada Revised Statutes. For consistency with the Act, section 6 of this bill replaces the term “financial institution” with the term “financial organization.” Existing law governs when certain forms of property are presumed abandoned. (NRS 120A.500, 120A.520) Section 7 of this bill makes various changes relating to the dates on which certain property that is unclaimed by the apparent owner is presumed abandoned. Section 7 also provides that the signing of a return receipt constitutes an indication of an owner's interest in property for purposes of determining the date on which certain property is presumed abandoned. Section 8 of this bill provides that a gift certificate that is no longer honored by the issuer is presumed abandoned on the date on which the gift certificate ceases to be honored by the issuer. Among other duties, existing law requires a holder of property presumed to be abandoned to: (1) make a report to the Administrator concerning the property; and (2) send written notice to the apparent owner of the property under certain circumstances. (NRS 120A.560) Section 9 of this bill revises provisions relating to the report filed with the Administrator. Section 9 also requires the holder of property to send the required written notice by certified mail in certain circumstances. Section 14 of this bill makes a conforming change updating references to section 9. Existing law requires the Administrator to publish certain notice concerning unclaimed or abandoned property in a newspaper of general circulation. Among other requirements, existing law requires such notice to include the name of a person reported to the Administrator as an apparent owner. (NRS 120A.580) Section 10 of this bill requires the Administrator to create and maintain a statewide database that is searchable electronically and includes the name of a person reported to the Administrator as an apparent owner of unclaimed property. Section 10 also requires the Administrator to: (1) make the database publicly available on the website of the Administrator; (2) publish general information regarding the Act on the website of the Administrator; and (3) annually publish certain information concerning unclaimed property. Existing law requires the Administrator to sell certain abandoned property at a public sale after providing certain notice of the sale to the public. (NRS 120A.610) Section 11 of this bill revises the manner in which the Administrator is required to provide such notice. Section 15 of this bill makes a conforming change updating references to section 11. Existing law authorizes a holder of property, with the written consent of the Administrator, to report and deliver property to the Administrator before the property is presumed abandoned. (NRS 120A.660) Section 12 of this bill removes the requirement that the Administrator must provide written consent before the delivery of such property if the Administrator determines that receipt of the property is in the best interests of the State. Existing law authorizes the Administrator to enter into an intrastate agreement with an agency from this State to protect certain confidential information shared for the purpose of facilitating the return of property pursuant to the Act. (NRS 120A.715) Section 13 of this bill instead: (1) authorizes the Administrator to request a state or local agency to provide him or her with certain confidential information for the purpose of facilitating the return of unclaimed or abandoned property; and (2) requires an agency to provide the information requested unless the provision of such information is prohibited by federal law. Existing law prescribes requirements and restrictions relating to an agreement between an owner of property and another person, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property of the owner that is presumed abandoned. (NRS 120A.740) Section 14.5 of this bill authorizes the Administrator to adopt such regulations as are necessary to protect the interests of an owner who enters into such an agreement. Section 14.5 provides that such regulations may provide for the licensure or registration of a person with whom an owner enters into an agreement. Section 16 of this bill eliminates a provision requiring that the Act must be applied and construed to effectuate its general purpose to make the law uniform among the states that enact the Act. (NRS 120A.750)

Statutes affected:
As Introduced: 120A.020, 120A.119, 120A.125, 120A.500, 120A.520, 120A.560, 120A.580, 120A.610, 120A.660, 120A.715, 120A.730, 387.1212, 120A.750
Reprint 1: 120A.020, 120A.125, 120A.500, 120A.520, 120A.560, 120A.580, 120A.610, 120A.660, 120A.715, 120A.730, 120A.740, 387.1212, 120A.750
Reprint 2: 120A.020, 120A.125, 120A.500, 120A.520, 120A.560, 120A.580, 120A.610, 120A.660, 120A.715, 120A.730, 120A.740, 387.1212, 120A.750
As Enrolled: 120A.020, 120A.125, 120A.500, 120A.520, 120A.560, 120A.580, 120A.610, 120A.660, 120A.715, 120A.730, 120A.740, 387.1212, 120A.750
BDR: 120A.020, 120A.119, 120A.125, 120A.500, 120A.520, 120A.560, 120A.580, 120A.610, 120A.660, 120A.715, 120A.730, 387.1212, 120A.750