Nevada Uses Unclaimed Money to Provide Business Grants
Nevada is planning to utilize unclaimed money to provide business grants. 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.
In the state of Nevada, the Unclaimed Property Division was created to ensure that all businesses and government entities report and remit unclaimed or abandoned property to the agency in a timely manner. They are also required to reunite the lawful owners or heirs with their property by promoting educational and public awareness programs.
Like many other states, Nevada has also categorically listed the type of unclaimed funds and which is liable to be diverted towards the unclaimed money division of the state treasury: Checking/Savings Accounts, Over-Payments, Vendor Checks, Death Benefits, Stocks, Certificates of Deposits, Paid-in-full Life Insurance, Uncashed Checks, Unpaid Wages, Money Orders, Credit Balances, Dividends, Refunds, Insurance Payments, Commissions, Customer Deposits, Gift Certificates.
According to the Nevada escheatment policy, each of the different types of unclaimed money sources mentioned above has its own unique dormancy period. The dormancy period is the number of years that have to pass before the abandoned property can be considered “unclaimed” and passed along to the state. Depending on the type of fund, the dormancy period may be anywhere from one to fifteen years. The reason this is important to know is because traditional internet searches won’t show a record
unless the dormancy period has gone by, and the state treasury has taken control of your funds.
The law makers of Nevada are aware of the long term business impact of the current economic slump and have been actively seeking alternate methods of energizing the various business projects going on in the state. As part of this exercise, Nevada has very judiciously thought of diverting the state owned unclaimed money towards the various Business grants.
