This page addresses key areas of interest regarding Nevada unclaimed property and escheatment laws and regulations.
Key Nevada Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in Nevada is October 31st for all holders, except insurance companies, who must submit reports by April 30th. Holders who wish to remit property early must send an email request for the state’s consideration and approval with the reason for reporting early. The reason for early reporting should benefit the owner; due diligence requirements still apply.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Nevada’s unclaimed property laws and regulations. Holders reporting to Nevada are required to submit their reports electronically through the state’s online holder reporting portal.
Nevada’s Due Diligence Requirements
Nevada requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address not more than 120 days or less than 60 days from the reporting deadline.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Nevada Dormancy Periods
Most property types in Nevada have a dormancy period of three years. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Other dormancy periods in Nevada for common property types include:
- Wages, Payroll or Salary: 1 year
- Money Orders: 7 years
Nevada Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The Nevada unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Nevada can be a stressful process that puts a strain on valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
ontact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.