On June 7, 2019, Nevada Governor Steve Sisolak approved Senate Bill 44
which incorporates certain provisions of the 2016 Uniform Unclaimed
Property Act into the Nevada Unclaimed Property Act. In particular, the
new legislation adds provisions relating specifically to payroll cards
and virtual currency and exempts game-related digital content and
loyalty cards. It also changes the dormancy standards for life
insurance policies and IRA accounts to more closely mirror the
provisions of the Uniform Act and allows for the use of electronic
communications.
With regard to owner claims, the new law expressly permits the state
to deduct from such claims and amounts owed by the owner for outstanding
child support, civil or criminal penalties, or state and local taxes.
In an effort to combat fraudulent claims made for unclaimed property,
the new legislation also imposes criminal penalties for the filing of
false claims.
The new law goes into effect on July 1.
