SUMMARY--Makes various changes to office of state treasurer. (BDR 10-642)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to the state treasurer; transferring the duties of the division of unclaimed property of the department of business and industry to the state treasurer; authorizing the state treasurer to appoint and employ certain deputies and assistants; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1 NRS 120A.025 is hereby amended to read as follows:
120A.025 "Administrator" means the [chief of the division] state treasurer in his capacity as the administrator of unclaimed property.
Sec. 2. NRS 120A.145 is hereby amended to read as follows:
120A.145 The administrator or [any] an officer, agent or employee of the [division] office of the state treasurer shall not use or disclose any information received by the administrator in the course of carrying out the provisions of this chapter which is confidential or which is provided to the [division] administrator on the basis that the information is to remain confidential, unless the use or disclosure of the information is necessary to locate the owner of unclaimed or abandoned property.
Sec. 3. NRS 120A.250 is hereby amended to read as follows:
120A.250 1. [Every] A person holding money or other property presumed abandoned [under] pursuant to this chapter shall make a verified report to the [division] administrator with respect to the property.
2. The report must include:
(a) Except with respect to traveler's checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of $50 or more presumed abandoned [under] pursuant to this chapter.
(b) In the case of unclaimed money held by an insurance company, the full name of the insured or annuitant and his last known address according to the corporation's records.
(c) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in the aggregate.
(d) The date when the property became payable, demandable or returnable and the date of the last transaction with the owner with respect to the property.
(e) Other information which the administrator prescribes by regulation as necessary for the administration of this chapter.
3. If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his name while holding the property, he shall file with his report all prior known names and addresses of each holder of the property.
4. The report must be filed before November 1 of each year for the preceding fiscal year ending June 30 except that the report of an insurance company must be filed before May 1 of each year for the preceding calendar year. The administrator may, in writing, postpone the reporting date upon written request by [any] a person required to file a report.
5. Verification of the report, if made by:
(a) A partnership, must be executed by a partner.
(b) An unincorporated association or private corporation, must be executed by an officer.
(c) A public entity or corporation, must be executed by its chief fiscal officer.
Sec. 4. NRS 120A.280 is hereby amended to read as follows:
120A.280 1. Within 180 days after the filing of the report required by NRS 120A.250 and the payment or delivery of the property required by NRS 120A.360, the administrator shall cause notice to be published in at least one newspaper of general circulation in the county in this state in which is located the last known address of [any] a person to be named in the notice. If no address is listed or if the address is outside this state, the notice must be published in the county in which the holder of the abandoned property has his principal place of business within this state.
2. The published notice must be entitled "Notice of Names of Persons Appearing To Be Owners of Abandoned Property," and must contain:
(a) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county.
(b) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by [any] a person possessing an interest in the property by addressing an inquiry to the [division.] administrator.
(c) If the property was removed from a safe-deposit box or other safekeeping repository, a statement declaring that the administrator will hold the property for 1 year after the date the property was delivered to the [division,] administrator and that the property may be destroyed if no claims are made for it within that period.
3. The administrator is not required to publish in the notice [any] an item valued at less than $50 unless he deems the publication to be in the public interest.
4. In addition to the notice required to be published pursuant to this section, the administrator shall take such actions as are reasonably calculated to give actual notice to the owner of property presumed abandoned, including, without limitation, using information obtained from the department of motor vehicles and public safety and other governmental agencies or executing contracts with private businesses to assist in locating such owners of property.
Sec. 5. NRS 120A.310 is hereby amended to read as follows:
120A.310 No service, handling, maintenance or other charge or fee may be deducted or withheld from any property subject to this chapter if, under the holder's policy or practice, the holder would not have excluded, withheld or deducted such a charge or fee if the property had been claimed by the owner before it was paid or delivered to the [division.] administrator.
Sec. 6. NRS 120A.320 is hereby amended to read as follows:
120A.320 1. Except as otherwise provided in subsection 3 and NRS 120A.160, [every] a person who files a report [under] pursuant to NRS 120A.250 shall, at the time of filing the report, pay or deliver to the [division] administrator all abandoned property specified in [this] the report.
2. The holder of an interest [under] pursuant to NRS 120A.190 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the [division.] administrator. Upon delivery of a duplicate certificate to the administrator, the holder and [any] a transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability to every person, including [any] , without limitation, a person acquiring the original certificate or the duplicate of the certificate issued to the [division,] administrator, for any losses or damages resulting to [any] a person by the issuance and delivery to the [division] administrator of the duplicate certificate.
3. Property which in all probability will be presumed abandoned pursuant to NRS 120A.200 may, upon approval of the administrator, be reported and delivered by the holder to the [division] administrator before the date it is statutorily presumed abandoned.
Sec. 7. NRS 120A.330 is hereby amended to read as follows:
120A.330 Except for property that was removed from a safe-deposit box, the administrator may decline to receive any abandoned property which he deems to have a value less than the cost of giving notice and holding a sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless [it] he gives notice to the contrary at the time [it] he receives abandoned property, the [division] administrator shall be deemed to have elected to receive and maintain the custody of the property.
Sec. 8. NRS 120A.340 is hereby amended to read as follows:
120A.340 1. Upon the payment or delivery to [it] him of abandoned property, the [division] administrator shall assume custody of the property and is thereafter responsible for its safekeeping.
2. [Any] A person who pays or delivers abandoned property to the [division under] administrator pursuant to this chapter is relieved of all liability to the extent of the value of the property so paid or delivered for [any] a claim which then exists or which thereafter may arise or be made in respect to the property.
3. [Any] A holder who has paid money to the [division] administrator pursuant to this chapter may make payment to [any] a person appearing to the holder to be entitled thereto, and if the holder files with the [division] administrator proof of such payment and proof that the payee was entitled thereto, the [division] administrator shall forthwith reimburse the holder for the payment, without charge. [Where] If reimbursement is sought for a payment made on a negotiable instrument , [(] including , without limitation, a traveler's check or money order [), the division] , the administrator shall reimburse the holder upon his filing proof that the instrument was presented to him and that payment was made thereon to a person who appeared to the holder to be entitled to payment.
4. If the holder pays or delivers property to the [division] administrator in accordance with this chapter and thereafter [any] a person claims the property from the holder, or another state claims the property from the holder [under] pursuant to that state's laws, the attorney general shall, upon written request of the holder, defend him against the claim , and the administrator shall indemnify him against [any] all liability on the claim.
5. Property removed from a safe-deposit box or other safekeeping repository is received by the administrator subject to the holder's right to be reimbursed for the actual cost of the opening and to [any] a valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator's selling cost.
Sec. 9. NRS 120A.350 is hereby amended to read as follows:
120A.350 When property other than money is paid or delivered to the [division under] administrator pursuant to this chapter, the owner is entitled to receive from the [division] administrator any dividends, interest or other increments realized or accruing on the property at or before liquidation or conversion thereof into money.
Sec. 10. NRS 120A.360 is hereby amended to read as follows:
120A.360 1. Except as otherwise provided in subsections 4, 5 and 6, all abandoned property other than money delivered to the [division under] administrator pursuant to this chapter must, within 1 year after the delivery, be sold by the administrator to the highest bidder at public sale in whatever city in the state affords in his judgment the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if he considers the price bid insufficient.
2. [Any] A sale held [under] pursuant to this section must be preceded by a single publication of notice thereof at least 2 weeks in advance of the sale in a newspaper of general circulation in the county where the property is to be sold.
3. The purchaser at [any] a sale conducted by the administrator pursuant to this chapter is vested with title to the property purchased, free from all claims of the owner or prior holder and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of title.
4. The administrator need not offer any property for sale if , in his opinion , the probable cost of the sale exceeds the value of the property. The administrator may destroy or otherwise dispose of such property or may transfer it to:
(a) The Nevada museum and historical society, 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; or
(b) A genealogical library, upon its written request, if the property has genealogical value and is not wanted by the Nevada museum and historical society, the Nevada state museum or the Nevada historical society.
An action may not be maintained by [any] a person against the holder of the property because of that transfer, disposal or destruction.
5. Securities listed on an established stock exchange must be sold at the prevailing price for that security on the exchange at the time of sale. Other securities not listed on an established stock exchange may be sold:
(a) Over the counter at the prevailing price for that security at the time of sale; or
(b) By any other method the administrator deems acceptable.
6. 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 [division,] 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 the delivery of the property to the [division.] administrator. If no claims are filed for the property within that period, it may be destroyed.
Sec. 11. NRS 120A.370 is hereby amended to read as follows:
120A.370 1. There is hereby created in the state treasury the abandoned property trust fund.
2. All money received by the [division under] administrator pursuant to this chapter, including , without limitation, the proceeds from the sale of abandoned property, must be deposited by the administrator in the state treasury for credit to the abandoned property trust fund.
3. Before making a deposit, the administrator [shall] must record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company and the amount due. The record must be available for public inspection at all reasonable business hours.
4. The administrator may pay from money available in the abandoned property trust fund:
(a) Any costs in connection with the sale of abandoned property.
(b) Any costs of mailing and publication in connection with any abandoned property.
(c) Reasonable service charges.
(d) Any costs incurred in examining the records of a holder and in collecting the abandoned property.
(e) Any valid claims filed pursuant to this chapter.
5. At the end of each fiscal year , the amount of the balance in the fund in excess of $100,500 must be [deposited with the state treasurer for credit] transferred to the state general fund but remains subject to the valid claims of holders pursuant to NRS 120A.340 or owners pursuant to NRS 120A.380.
6. If there is an insufficient amount of money in the abandoned property trust fund to pay [any] a cost or charge pursuant to subsection 4, the state board of examiners may, upon the application of the administrator, authorize a temporary transfer from the state general fund to the abandoned property trust fund of an amount necessary to pay those costs or charges. The administrator shall repay the amount of the transfer as soon as sufficient money is available in the abandoned property trust fund.
Sec. 12. NRS 120A.400 is hereby amended to read as follows:
120A.400 [Any] A person aggrieved by a decision of the administrator, or as to whose claim the administrator has failed to render a decision within 90 days after the filing of the claim, may [do either of the following, or both:
1. Request the director of the department of business and industry to review the administrative record. The request must be made in writing and must be filed with the director within 90 days after the decision of the administrator or within 180 days after the filing of the claim. The decision of the director constitutes the final decision in a contested case.
2. Commence] commence an action in the district court to establish his claim. The proceeding must be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to render a decision. The action must be tried without a jury in cases where the administrator has failed to render a decision.
Sec. 13. NRS 120A.405 is hereby amended to read as follows:
120A.405 1. [Any] An agreement to locate, deliver, recover or assist in the recovery of property presumed abandoned which is entered into by or on behalf of the owner of the property must:
(a) Be in writing.
(b) Be signed by the owner.
(c) Include a description of the property.
(d) Include the value of the property.
(e) Include the name and address of the person in possession of the property, if known.
2. [No such] Such an agreement is not valid unless it is executed:
(a) Before the date on which the property is reported to the [division] administrator pursuant to NRS 120A.250; or
(b) Two years after the property has been paid or delivered to the [division.
3. No] administrator.
3. A fee charged for the location, delivery, recovery or assistance in the recovery of property presumed abandoned [may] must not be more than 10 percent of the total value of the property.
Sec. 14. NRS 120A.420 is hereby amended to read as follows:
120A.420 1. The [chief of the division of unclaimed property] administrator may at reasonable times and upon reasonable notice examine the records of [any] a person if he has reason to believe that the person has failed to report property which should have been reported pursuant to this chapter.
2. To determine compliance with this chapter, the commissioner of financial institutions may examine the records of [any] a banking organization and [any] a savings and loan association doing business within this state but not organized [under] pursuant to the laws of or created in this state.
3. When requested by the [chief of the division of unclaimed property, any] administrator, a licensing or regulating agency otherwise empowered by the laws of this state to examine the records of the holder shall include in its examination a determination whether the holder has complied with the provisions of this chapter.
Sec. 15. NRS 120A.430 is hereby amended to read as follows:
120A.430 If [any] a person refuses to pay or deliver property to the [division] administrator as required [under] pursuant to this chapter, the attorney general, upon request of the administrator, may bring an action in a court of competent jurisdiction to enforce the payment or delivery. In such an action, the court may award costs and reasonable attorney's fees to the prevailing party, and, if the [division] administrator is the prevailing party, may impose a civil penalty against the losing party in an amount not to exceed 2 percent of the value of the property, or $1,000, whichever is greater.
Sec. 16. NRS 120A.440 is hereby amended to read as follows:
120A.440 1. [Any] A person who willfully fails to make [any] a report or perform any other duty required [under] pursuant to this chapter is guilty of a misdemeanor. Each day such a report is withheld constitutes a separate offense.
2. [Any] A person who willfully refuses to pay or deliver abandoned property to the [division] administrator as required [under] pursuant to this chapter is guilty of a gross misdemeanor.
Sec. 17. NRS 120A.450 is hereby amended to read as follows:
120A.450 1. Except as otherwise provided in subsection 2, in addition to any penalties for which he may be liable, [any] a person who fails to report , [or to] pay or deliver abandoned property within the time prescribed by this chapter shall pay to the [division] administrator interest at the rate of 18 percent per annum on the money or the value of other property from the date on which the property should have been paid or delivered.
2. The administrator may waive [any] the right to the payment of interest pursuant to this section if:
(a) The person otherwise obligated to make payment files with the [division] administrator a verified statement of the facts, showing that his failure to report or to make payment or delivery was not willful or negligent but occurred because of circumstances beyond his control; and
(b) The administrator so finds.
Sec. 18. NRS 226.100 is hereby amended to read as follows:
226.100 1. The state treasurer may appoint and employ a chief deputy , [and] a deputy [cashier] of operations, a deputy of investments, a deputy of cash management, a deputy administrator of unclaimed property and an assistant to the state treasurer in the unclassified service of the state.
2. Except as otherwise provided in NRS 284.143, the chief deputy state treasurer [and deputy cashier] shall devote [their] his entire time and attention to the business of [their offices] his office and shall not pursue any other [businesses or occupations] business or occupation or hold any other [offices] office of profit.
Sec. 19. NRS 226.110 is hereby amended to read as follows:
226.110 The state treasurer shall:
1. Receive and keep all money of the state which is not expressly required by law to be received and kept by some other person.
2. Receipt to the state controller for all money received, from whatever source, at the time of receiving it.
3. Establish the policies to be followed in the investment of money of the state, subject to the periodic review and approval or disapproval of those policies by the state board of finance.
4. Disburse the public money upon warrants drawn upon the treasury by the state controller, and not otherwise. The warrants must be registered, and paid in the order of their registry.
5. Keep a just, true and comprehensive account of all money received and disbursed.
6. Deliver in good order to his successor in office all money, records, books, papers and other things belonging to his office.
7. Fix, charge and collect reasonable fees for:
(a) Investing the money in [any] a fund or an account which is credited for interest earned on money deposited in it; and
(b) Special services rendered to other state agencies which increase the cost of operating his office.
8. Serve as the primary representative of the state in matters concerning [any] a nationally recognized bond credit rating agency for the purposes of the issuance of [any] an obligation authorized on the behalf and in the name of the state, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive.
9. Be directly responsible for the issuance of [any] an obligation authorized on the behalf and in the name of the state, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive. The state treasurer shall issue such an obligation as soon as practicable after receiving a request from a state agency for the issuance of the obligation.
10. Serve as the administrator of unclaimed property.
Sec. 20. NRS 232.510 is hereby amended to read as follows:
232.510 1. The department of business and industry is hereby created.
2. The department consists of a director and the following:
(a) Consumer affairs division.
(b) Division of financial institutions.
(c) Housing division.
(d) Manufactured housing division.
(e) Real estate division.
(f) [Division of unclaimed property.
(g)] Division of agriculture.
[(h)] (g) Division of minerals.
[(i)] (h) Division of insurance.
[(j)] (i) Division of industrial relations.
[(k)] (j) Office of labor commissioner.
[(l)] (k) Taxicab authority.
[(m)] (l) Nevada athletic commission.
[(n)] (m) Office of the Nevada attorney for injured workers.
[(o)] (n) State predatory animal and rodent committee.
[(p)] (o) Any other office, commission, board, agency or entity created or placed within the department pursuant to a specific statute, the budget approved by the legislature or an executive order, or an entity whose budget or activities have been placed within the control of the department by a specific statute.
Sec. 21. NRS 232.520 is hereby amended to read as follows:
232.520 The director:
1. Shall appoint a chief or executive director, or both of them, of each of the divisions, offices, commissions, boards, agencies or other entities of the department, unless the authority to appoint such a chief or executive director, or both of them, is expressly vested in another person, board or commission by a specific statute. In making the appointments, the director may obtain lists of qualified persons from professional organizations, associations or other groups recognized by the department, if any. The chief of the consumer affairs division is the commissioner of consumer affairs, the chief of the division of financial institutions is the commissioner of financial institutions, the chief of the housing division is the administrator of the housing division, the chief of the manufactured housing division is the administrator of the manufactured housing division, the chief of the real estate division is the real estate administrator, [the chief of the division of unclaimed property is the administrator of unclaimed property,] the chief of the division of agriculture is the administrator of the division of agriculture, the chief of the division of minerals is the administrator of the division of minerals, the chief of the division of insurance is the insurance commissioner, the chief of the division of industrial relations is the administrator of the division of industrial relations, the chief of the office of labor commissioner is the labor commissioner, the chief of the taxicab authority is the taxicab administrator, and the chief of any other entity of the department has the title specified by the director, unless a different title is specified by a specific statute.
2. Is responsible for the administration of all provisions of law relating to the jurisdiction, duties and functions of all divisions and other entities within the department. The director may, if he deems it necessary to carry out his administrative responsibilities, be considered as a member of the staff of [any] a division or other entity of the department for the purpose of budget administration or for carrying out [any] a duty or exercising [any] a power necessary to fulfill the responsibilities of the director pursuant to this subsection. Nothing contained in this subsection may be construed as allowing the director to preempt any authority or jurisdiction granted by statute to [any] a division or other entity within the department or as allowing the director to act or take on a function that would be in contravention of a rule of court or a statute.
3. [Has authority to:] May:
(a) Establish uniform policies for the department, consistent with the policies and statutory responsibilities and duties of the divisions and other entities within the department, relating to matters concerning budgeting, accounting, planning, program development, personnel, information services, dispute resolution, travel, workplace safety, the acceptance of gifts or donations, the management of records and any other subject for which a uniform departmental policy is necessary to ensure the efficient operation of the department.
(b) Provide coordination among the divisions and other entities within the department, in a manner which does not encroach upon their statutory powers and duties, as they adopt and enforce regulations, execute agreements, purchase goods, services or equipment, prepare legislative requests and lease or utilize office space.
(c) Define the responsibilities of [any] a person designated to carry out the duties of the director relating to financing, industrial development or business support services.
4. May, within the limits of the financial resources made available to him, promote, participate in the operation of, and create or cause to be created, [any] a nonprofit corporation, pursuant to chapter 82 of NRS, which he determines is necessary or convenient for the exercise of the powers and duties of the department. The purposes, powers and operation of the corporation must be consistent with the purposes, powers and duties of the department.
5. For any bonds which he is otherwise authorized to issue, may issue bonds the interest on which is not exempt from federal income tax or excluded from gross revenue for the purposes of federal income tax.
6. May, except as otherwise provided by specific statute, adopt by regulation a schedule of fees and deposits to be charged in connection with the programs administered by him pursuant to chapters 348A and 349 of NRS. Except as [so] otherwise provided, the amount of any such fee or deposit must not exceed 2 percent of the principal amount of the financing.
7. May designate [any] a person within the department to perform any of the duties or responsibilities, or exercise any of the authority, of the director on his behalf.
8. May negotiate and execute agreements with public or private entities which are necessary to the exercise of the powers and duties of the director or the department.
9. May establish a trust account in the state treasury for the purpose of depositing and accounting for money that is held in escrow or is on deposit with the department for the payment of any direct expenses incurred by the director in connection with any bond programs administered by the director. The interest and income earned on money in the trust account, less any amount deducted to pay for applicable charges, must be credited to the trust account. [Any] A balance remaining in the account at the end of a fiscal year may be:
(a) Carried forward to the next fiscal year for use in covering the expense for which it was originally received; or
(b) Returned to [any] a person entitled thereto in accordance with agreements or regulations of the director pertaining to such bond programs.
Sec. 22. NRS 663.085 is hereby amended to read as follows:
663.085 1. If the rental due on a safe-deposit box has not been paid for 90 days, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe-deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within 30 days. If the rental is not paid within 30 days from the mailing of the notice, the box may be opened in the presence of [any] an officer of the lessor and a notary public. The contents must be sealed in a package by the notary public, who shall write on the outside the name of the lessee and the date of the opening in the presence of the officer. The notary public and the officer shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate must be included in the package and a copy of the certificate must be sent by registered or certified mail to the last known address of the lessee. If the contents of the safe-deposit box have been unclaimed by the owner for 5 years or less, the package must then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box, until such time that the contents will have been unclaimed by the owner for more than 5 years, at which time the lessor shall deliver the package to the [division] state treasurer in his capacity as the administrator of unclaimed property [of the department of business and industry] pursuant to the provisions of chapter 120A of NRS.
2. If the contents of a safe-deposit box that has been opened pursuant to subsection 1 have been unclaimed by the owner for more than 5 years, the lessor shall deliver the package to the [division] state treasurer in his capacity as the administrator of unclaimed property [of the department of business and industry] pursuant to the provisions of chapter 120A of NRS.
Sec. 23. NRS 673.373 is hereby amended to read as follows:
673.373 1. If the rental due on a safe-deposit box has not been paid for 90 days, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe-deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within 30 days. If the rental is not paid within 30 days from the mailing of the notice, the box may be opened in the presence of [any] an officer of the lessor and a notary public. The contents must be sealed in a package by the notary public, who shall write on the outside the name of the lessee and the date of the opening in the presence of the officer. The notary public and the officer shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate must be included in the package and a copy of the certificate must be sent by registered or certified mail to the last known address of the lessee. If the contents of the safe-deposit box have been unclaimed by the owner for 5 years or less, the package must then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box, until such time that the contents will have been unclaimed by the owner for more than 5 years, at which time the lessor shall deliver the package to the [division] state treasurer in his capacity as the administrator of unclaimed property [of the department of business and industry] pursuant to the provisions of chapter 120A of NRS.
2. If the contents of a safe-deposit box that has been opened pursuant to subsection 1 have been unclaimed by the owner for more than 5 years, the lessor shall deliver the package to the [division] state treasurer in his capacity as the administrator of unclaimed property [of the department of business and industry] pursuant to the provisions of chapter 120A of NRS.
Sec. 24. NRS 120A.050 is hereby repealed.
Sec. 25. This act becomes effective on July 1, 1997.
Sec. 26. The legislative counsel shall:
1. In preparing the reprint and supplements to the Nevada Revised Statutes, with respect to any section which is not amended by this act or is further amended by another act, appropriately change any reference to the "division of unclaimed property" to refer to the "administrator" or to the "state treasurer acting in his capacity as the administrator of unclaimed property."
2. In preparing supplements to the Nevada Administrative Code, appropriately change any reference to the "division of unclaimed property" to refer to the "administrator" or to the "state treasurer acting in his capacity as the administrator of unclaimed property."
TEXT OF REPEALED SECTION
120A.050 "Division" defined. "Division" means the division of unclaimed property in the department of business and industry.