NAC120A.090. Owner’s indication of interest in deposit which is automatically renewable.

     1. If a demand, savings or matured time deposit or other certificate of deposit which is automatically renewable is held or owing by a banking or financial organization or by a business association, the owner thereof shall be deemed to have indicated an interest in the property or otherwise indicated consent to the renewal of his or her account for the purposes of subsection 3 of NRS 120A.500 if an employee of the organization or association:

     (a) Prepares and sends or causes to be prepared and sent to the owner by first-class mail:

          (1) A notice of maturity no later than 10 days before the date of renewal and the notice is not returned unclaimed or undelivered; or

          (2) An annual statement of account which includes the amount of the deposit held or owing by the organization or association and the statement is not returned unclaimed or undelivered; and

     (b) Files in the records of the organization or association an affidavit stating that the notice or statement was mailed pursuant to paragraph (a).

     2. If such a notice of maturity or statement of account is returned unclaimed or undelivered, the banking or financial organization or business association shall, upon its return, exercise due diligence to locate the owner of the property. If the owner cannot be located, the property will then be presumed abandoned 3 years after the date of maturity or date of renewal as stated in the returned notice or statement.

     (Added to NAC by Div. of Unclaimed Property, eff. 10-26-83; A by Admin. of Unclaimed Property by R162-09, 8-13-2010)