Any entity or person in possession of property (subject to NRS Chapter 120A) that belongs to a Nevada resident is considered a holder of unclaimed property and is required to report that property to the state. This includes holders of property in other states in possession of property owed to Nevada residents. Nevada holders must also report all property where the owners’ names and addresses are unknown. Any entity conducting business within the State of Nevada that has branches, divisions or other affiliates is responsible for filing on their behalf, for example, financial institutions, utility companies, business associations and legal entities.
If the answer to any of the following questions is “YES”, your business or government agency has the potential for generating unclaimed property and you should be filing a report with the State of Nevada’s Unclaimed Property Division:
- Are you incorporated in Nevada?
- Do you maintain publicly traded stock?
- Do you have locations within Nevada?
- Do you have other entities in Nevada for which you do the accounting?
- Do you issue payroll or commission checks to Nevada residents?
- Do you deal with Nevada vendors?
- Do you report “abandoned property” to another state that turns it over to the State of Nevada?
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