NAC120A.120. Waiver of penalties and interest.

     1. A holder that is liable to the Administrator for the payment of penalties or interest, or both, pursuant to NRS 120A.730 and wishes to obtain a waiver of the penalties or interest, in whole or in part, must request such a waiver from the Administrator in the manner set forth in this section.

     2. Except as otherwise provided in subsection 3, a holder must submit a written request for a waiver of penalties or interest, or both, in the form prescribed by the Administrator. The request must include, without limitation:

     (a) The identification number assigned to the holder by the Administrator and the tax identification number of the holder; and

     (b) A description of the facts and circumstances concerning the holder’s failure to comply with chapter 120A of NRS and, if applicable, evidence that the holder acted in good faith and without negligence.

     3. A holder may request a waiver of penalties or interest, or both, using Form UP-49, Voluntary Disclosure Agreement, if:

     (a) The holder has not:

          (1) Previously submitted a report to the Administrator concerning unclaimed property as required by NRS 120A.560; and

          (2) Been notified by the Administrator that the holder has been selected for an audit; or

     (b) The Administrator determines that the holder’s special circumstances warrant the use of Form UP-49.

     (Added to NAC by Admin. of Unclaimed Property by R162-09, eff. 8-13-2010)