onecle

Nevada Revised Statutes - Financial Institutions

Nevada Revised Statutes Section 673.001

Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 673.002 to 673.034, inclusive, have the meanings ascribed to them in those ...

Nevada Revised Statutes Section 673.002

“Association” defined. “Association” means a savings and loan association subject to the provisions of this chapter. ...

Nevada Revised Statutes Section 673.005

“Combination home and business structure” defined. “Combination home and business structure” means a building or buildings, including residences for not more than four families, which are used in part for ...

Nevada Revised Statutes Section 673.0054

“Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. ...

Nevada Revised Statutes Section 673.0056

“Cooperative housing corporation” defined. “Cooperative housing corporation” means a corporation organized under the laws of this state for the purpose of the cooperative ownership of real estate whereby each of ...

Nevada Revised Statutes Section 673.0057

“Deposit” defined. “Deposit” means that part of the savings liability of an association which is credited to the account of the holder thereof. ...

Nevada Revised Statutes Section 673.0065

“Director” defined. “Director” means the Director of the Department of Business and Industry. ...

Nevada Revised Statutes Section 673.007

“Dividend” defined. “Dividend” means that part of the net earnings of an association which is declared payable by the board of directors to the holders of permanent capital stock. ...

Nevada Revised Statutes Section 673.008

“Foreign” defined. “Foreign,” used in connection with an association, company or corporation, means an association, company or corporation organized or incorporated under the laws of some government other than that ...

Nevada Revised Statutes Section 673.009

“Gross income” defined. “Gross income” means the sum for an accounting period of the following:

1. Operating income.

2. Real estate income.

3. All profits actually received ...

Nevada Revised Statutes Section 673.011

“Home” defined. “Home” means a dwelling or dwellings for not more than four families, the principal use of which is for residential purposes. The term includes:

1. A dwelling ...

Nevada Revised Statutes Section 673.012

“Home loan” defined. “Home loan” means a real estate loan the security for which is home property. ...

Nevada Revised Statutes Section 673.013

“Home property” defined. “Home property” means real estate on which there is located or will be located, pursuant to a home loan, a home or a combination home and business ...

Nevada Revised Statutes Section 673.014

“Impaired condition” defined. “Impaired condition” means a condition in which the assets of an association do not have an aggregate value equal to the aggregate amount of liabilities of the ...

Nevada Revised Statutes Section 673.015

“Improved real estate” defined. “Improved real estate” means real estate on which there is a structure, or building lots or sites which, by reason of installations and improvements that have ...

Nevada Revised Statutes Section 673.016

“Insured association” defined. “Insured association” means an association the savings accounts of which are insured wholly or in part by the Federal Deposit Insurance Corporation. ...

Nevada Revised Statutes Section 673.0165

“Interest” defined. “Interest” means that part of the net earnings of an association which is declared payable from time to time on savings accounts or investment certificates by the board ...

Nevada Revised Statutes Section 673.017

“Investment certificate” defined.

1. “Investment certificate” means any certificate or contract, either paid up or purchasable on an installment basis, which is issued for the purpose of providing a ...

Nevada Revised Statutes Section 673.0185

“Merger” defined. “Merger” means that consolidation of corporate structures which results in the uniting of substantially all the assets and liabilities of one state-chartered association with those of another such ...

Nevada Revised Statutes Section 673.019

“Net earnings” defined. “Net earnings” means gross income for an accounting period less the aggregate of the following:

1. Operating expenses.

2. Real estate expenses.

3. All ...

Nevada Revised Statutes Section 673.021

“Net earnings available for dividends” defined. “Net earnings available for dividends” means net earnings for an accounting period less amounts referred to reserves as provided in this chapter. ...

Nevada Revised Statutes Section 673.022

“Operating expenses” defined.

1. “Operating expenses” means all expenses actually paid, or due but unpaid, by an association during an accounting period, excluding the following:

(a) Real estate ...

Nevada Revised Statutes Section 673.023

“Operating income” defined. “Operating income” means all income actually received by an association during an accounting period, excluding foreclosed real estate income. ...

Nevada Revised Statutes Section 673.024

“Other real estate loan” defined. “Other real estate loan” means a real estate loan the security for which is improved real estate other than home property. ...

Nevada Revised Statutes Section 673.025

“Real estate expenses” defined. “Real estate expenses” means all expenses actually paid, or due but unpaid, in connection with the ownership, maintenance and sale of real estate, other than office ...

Nevada Revised Statutes Section 673.026

“Real estate income” defined. “Real estate income” means all income actually received by an association during an accounting period from real estate owned, other than from office building or buildings ...

Nevada Revised Statutes Section 673.027

“Real estate loan” defined. “Real estate loan” means any loan or other obligation secured by real estate, whether in fee or in a leasehold extending or renewable automatically for a ...

Nevada Revised Statutes Section 673.031

“Savings account” defined. “Savings account” means that part of the savings liability of the association which is credited to the account of the depositor thereof. ...

Nevada Revised Statutes Section 673.032

“Savings liability” defined. “Savings liability” means the aggregate amount of savings accounts, including interest credited to such accounts, less withdrawals. ...

Nevada Revised Statutes Section 673.0321

“Service office” defined. “Service office” means any office or other place of business in this state operated by one or more savings and loan associations other than the principal office ...

Nevada Revised Statutes Section 673.034

“Withdrawal value” defined. “Withdrawal value” means the amount credited to a savings account, less lawful deductions therefrom, as shown by the records of the association. ...

Nevada Revised Statutes Section 673.035

Administration of chapter. The Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. He shall make the decisions, determinations and enter the consents and ...

Nevada Revised Statutes Section 673.03531

Certain relationships between employees of Division of Financial Institutions and association prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee ...

Nevada Revised Statutes Section 673.039

Records of Commissioner. The Commissioner shall:

1. Keep in his office:

(a) For no less than 5 years, every report made by an association.

(b) The original ...

Nevada Revised Statutes Section 673.040

Commissioner to supervise and make policy. The Commissioner shall supervise and make all policy with regard to all foreign and domestic associations, companies and corporations governed by this chapter and ...

Nevada Revised Statutes Section 673.042

Biennial report of Commissioner: Contents; distribution.

1. The Commissioner shall, before September 1 of each even-numbered year for the biennium ending June 30 of that year, report to the ...

Nevada Revised Statutes Section 673.043

Regulations.

1. The Commissioner may adopt such regulations as may be reasonable or necessary to carry out the purposes of this chapter.

2. The regulations as originally drafted, ...

Nevada Revised Statutes Section 673.0435

Commissioner may secure injunctions and restraining orders. The Commissioner may cause appropriate legal action to be taken in the district court of any county to secure an injunction or order ...

Nevada Revised Statutes Section 673.044

Notices. All notices must be in writing. All notices issued or required to be issued by the Commissioner must be sent by registered or certified mail and become effective upon ...

Nevada Revised Statutes Section 673.045

Amendment or alteration of license by Commissioner; appeal. The Commissioner may, for reasonable cause and upon 15 days’ notice, amend or alter any license issued by him, but the association ...

Nevada Revised Statutes Section 673.050

Proceedings in court to test validity of action by Commissioner or Director. A person affected by any order, ruling, proceeding, act or action of the Commissioner or any person acting ...

Nevada Revised Statutes Section 673.060

Deposit of money in State Treasury; payment of expenses; exceptions. Except as otherwise provided in NRS 673.080, 673.112 and 673.595:

1. All fees, charges for expenses, assessments and other ...

Nevada Revised Statutes Section 673.070

Incorporation of domestic associations: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings and loans.

1. Savings and loan associations, except banks, trust companies, licensed brokers, ...

Nevada Revised Statutes Section 673.080

Articles to be approved by Commissioner; application; permission to organize; fees; conditions.

1. The Secretary of State shall not issue any certificate to an association or company authorizing it ...

Nevada Revised Statutes Section 673.090

Provisions of chapter abridge and enlarge powers and privileges of foreign and domestic associations. The powers, privileges, duties and restrictions conferred and imposed upon any such association, company or corporation, ...

Nevada Revised Statutes Section 673.110

Procedure for removing “and loan” from name of domestic association. Any domestic association, which has the words “savings and loan” in its name, may, by filing with the commissioner written ...

Nevada Revised Statutes Section 673.112

Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees.

1. A branch office is a legally established place of business of an association, other than ...

Nevada Revised Statutes Section 673.113

Surety bond of association.

1. Every association shall maintain bond coverage with a bonding company which is acceptable to the Commissioner and the Federal Deposit Insurance Corporation for an ...

Nevada Revised Statutes Section 673.114

Service offices: Approval of Commissioner required; revocation of approval.

1. No association may open, maintain or conduct a service office without approval from the Commissioner.

2. For good ...

Nevada Revised Statutes Section 673.115

Restrictions on advertising.

1. An association shall not issue or publish, or cause or permit to be issued or published, any advertisement that it is doing or is permitted ...

Nevada Revised Statutes Section 673.207

Directors: Number; filling of vacancies; amendment of bylaws.

1. The business and affairs of every association must be managed and controlled by a board of not less than five ...

Nevada Revised Statutes Section 673.208

Persons requiring Commissioner’s approval to serve as director. No person is eligible to serve as a director of an association without the written permission of the Commissioner if he:

...

Nevada Revised Statutes Section 673.209

Removal of director, officer or employee on objection of Commissioner. If the Commissioner notifies the board of directors of any association, in writing, that he has information that any director, ...

Nevada Revised Statutes Section 673.211

Removal of director for cause.

1. Any director may be removed from office, if he has become ineligible pursuant to NRS 673.209, by an affirmative vote of two-thirds of ...

Nevada Revised Statutes Section 673.212

Fiduciary relationship of directors and officers to association. Directors and officers of an association shall be deemed to stand in a fiduciary relation to the association and shall discharge the ...

Nevada Revised Statutes Section 673.213

Directors: Compensation and expenses. The directors of an association shall not charge or receive, directly or indirectly, any pay or emolument for their services as directors. This provision shall not ...

Nevada Revised Statutes Section 673.214

Officers: Election; salaries.

1. The board of directors of the association shall elect the officers named in the bylaws of the association, which officers shall serve at the pleasure ...

Nevada Revised Statutes Section 673.215

Directors: Meetings; quorum.

1. The board of directors of each association shall hold a regular meeting at least once each quarter, at a time to be designated by it ...

Nevada Revised Statutes Section 673.216

Official communication from Commissioner: Read at next board meeting and made part of minutes. Every official communication by the Commissioner directed to the board of directors of an association must ...

Nevada Revised Statutes Section 673.217

Statement of purchases and sales of real estate and loans made or purchased to be considered at regular meeting and made part of minutes. The board of directors, by resolution ...

Nevada Revised Statutes Section 673.2176

Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

1. An association shall immediately notify the Commissioner of any change or proposed change ...

Nevada Revised Statutes Section 673.218

Pensions and retirement plans for officers and employees. An association may provide for pensions, retirement plans and other benefits for its officers and employees, and may contribute to the cost ...

Nevada Revised Statutes Section 673.219

Directors: Approval of depositary for money of association. The board of directors shall approve the depositary or depositaries for funds of the association. ...

Nevada Revised Statutes Section 673.221

Unlawful acts; penalty.

1. It is unlawful for an officer, director, employee or capital stockholder of an association:

(a) To solicit, accept or agree to accept, directly or ...

Nevada Revised Statutes Section 673.2211

Liability of directors, officers or other persons. Any association director, officer or other person who knowingly and willingly participates in any violation of the laws of this state relative to ...

Nevada Revised Statutes Section 673.222

Actions against officers, directors or employees: Payment of expenses of defending action by association; settlements.

1. An association shall pay on behalf of or reimburse an officer, director or ...

Nevada Revised Statutes Section 673.225

Certain state associations possess same powers and privileges as federally chartered associations.

1. Notwithstanding any other provision of this chapter, every company, association or corporation licensed under the provisions ...

Nevada Revised Statutes Section 673.227

Land and office buildings of association; limitation on costs.

1. An association may purchase or lease property for its office buildings or construct its office buildings on property purchased ...

Nevada Revised Statutes Section 673.228

Trustee and custodial powers of association.

1. An association may act as a trustee or custodian as provided by the Federal Employee Retirement Security Act of 1974, as amended ...

Nevada Revised Statutes Section 673.250

Licenses for issuance or sale of stock; contents and conditions of licenses.

1. No association may sell or issue any of its common or preferred stock until it has ...

Nevada Revised Statutes Section 673.260

Annual license: Fees; renewal; penalty.

1. The license mentioned in NRS 673.250 authorizes the company, association or corporation to whom it is issued to sell its approved securities and ...

Nevada Revised Statutes Section 673.270

Licensing of salesmen and solicitors; fees.

1. No person may, as a soliciting agent, soliciting representative or employee of any foreign or domestic company, association or corporation, or in ...

Nevada Revised Statutes Section 673.273

Stock, surplus, undivided profits and reserves to include percentage of value of outstanding investment certificates; dividends on permanent stock; stock dividends.

1. Except as permitted by subsection 6, the ...

Nevada Revised Statutes Section 673.274

Acts prohibited when stock, surplus, undivided profits and reserves below amount specified.

1. No association whose stock, surplus, undivided profits and reserves are less than the amount specified in ...

Nevada Revised Statutes Section 673.275

Impairment of stock; levy of assessment to repair deficiency; reduction of stock.

1. If the Commissioner, as a result of any examination or from any report made to him, ...

Nevada Revised Statutes Section 673.2755

Investment certificates: Rights and liabilities of holders; types of certificates; limitation on approval.

1. An association may issue investment certificates, with or without passbooks. The holders of investment certificates ...

Nevada Revised Statutes Section 673.2758

Requirements. A reserve for losses shall be maintained by each association, which shall allow for the write-down of assets to their fair market value in accordance with generally accepted accounting ...

Nevada Revised Statutes Section 673.276

Permissible investments. An association may invest in:

1. Without limit, obligations of, or obligations guaranteed as to principal and interest by, the United States or any state.

2. ...

Nevada Revised Statutes Section 673.2765

Investments in related service corporations.

1. An association may invest in the capital stock, obligations or other securities of a related service corporation organized under the laws of this ...

Nevada Revised Statutes Section 673.2766

Investments in real property for subdivision or residential development.

1. Any investment in real property for purposes of subdivision or for residential development must not exceed the market value ...

Nevada Revised Statutes Section 673.278

Purchases of loans. The power of an association to make loans shall include:

1. The power to purchase loans of any type that the association may make.

2. ...

Nevada Revised Statutes Section 673.279

Purchases of real property contracts; conditions. An association may invest its funds in the purchase of real property contracts under the following conditions only:

1. That it must acquire ...

Nevada Revised Statutes Section 673.280

Certain federal obligations are legal investments. Any savings and loan association may invest its funds, or money in its custody, in the bonds of the Home Owners’ Loan Corporation or ...

Nevada Revised Statutes Section 673.281

Restrictions on transfer or encumbrance of note and other obligations held by association.

1. No association may sell, exchange, transfer, pledge, hypothecate or otherwise dispose of or encumber any ...

Nevada Revised Statutes Section 673.300

Association may become member and stockholder of Federal Home Loan Bank, borrow money and invest in bonds.

1. Any savings and loan association which may now or hereafter be ...

Nevada Revised Statutes Section 673.301

Association may issue capital notes; voting rights of holders. The power of an association to borrow money and contract debts shall include the power to issue capital notes evidencing such ...

Nevada Revised Statutes Section 673.302

Limitation on borrowing. The aggregate amount of all borrowings of any association in force at any one time, excluding borrowings from the Federal Home Loan Banks, the Federal Deposit Insurance ...

Nevada Revised Statutes Section 673.310

Loans and advances of credit insured by Federal Housing Administrator or Department of Veterans Affairs.

1. Subject to such regulations as may be prescribed by the Federal Housing Administrator ...

Nevada Revised Statutes Section 673.315

Investment in Federal National Mortgage Association. Notwithstanding any other provision of law, any savings and loan association organized under the laws of this State, which has as one of its ...

Nevada Revised Statutes Section 673.316

Loans and investments not limited.

1. Nothing in this chapter requires any association to sell, transfer or dispose of any investment or loan made or purchased by the association ...

Nevada Revised Statutes Section 673.317

Approval of appraiser by Commissioner required; limitations; revocation; notice of termination of services. No loan may be made upon the appraisement of, nor may compensation for any appraisement be paid ...

Nevada Revised Statutes Section 673.3171

Appraisal of real estate required before granting loan; requirements. Every association shall appraise each parcel of real estate prior to the granting of a loan. The appraisal shall be in ...

Nevada Revised Statutes Section 673.318

Appraisal of real estate at time of acquisition. Every association shall appraise each parcel of real estate at the time of acquisition thereof. The report of each appraisal must be ...

Nevada Revised Statutes Section 673.319

Specific loss reserve; determination of values by Commissioner.

1. The Commissioner may require each association to establish and maintain a specific loss reserve for the amount by which the ...

Nevada Revised Statutes Section 673.3191

Reserve for uncollected interest. A reserve for uncollected interest shall be maintained equivalent to all interest which has been due for 90 days or more and which is carried as ...

Nevada Revised Statutes Section 673.320

Associations empowered to insure accounts. Any association, company or corporation which may be eligible so to do under the terms of the National Housing Act, approved June 27, 1934, which ...

Nevada Revised Statutes Section 673.324

Permissible loans.

1. An association may make any loan which:

(a) Is secured by real property;

(b) Is secured by personal property;

(c) Results from a ...

Nevada Revised Statutes Section 673.3244

Loans to corporations or partnerships.

1. No association may make any loans to a:

(a) Corporation if the majority of the stock is owned or controlled individually or ...

Nevada Revised Statutes Section 673.3255

Loans to finance interest in cooperative housing corporation; first security interests.

1. An association may invest any of its money in a loan to finance a borrower’s interest in ...

Nevada Revised Statutes Section 673.3271

Loans to one borrower.

1. An association shall not make at one time loans to any one borrower, or under any one transaction, or applicable to any one project, ...

Nevada Revised Statutes Section 673.3272

Payment of charges by association for protection of its investments; required advance monthly payments.

1. An association may pay:

(a) Current or past-due taxes or assessments levied upon ...

Nevada Revised Statutes Section 673.330

Limitation on charge for prepayment of loan. Associations shall not charge for the privilege of prepayment in part or in full of any loan an amount greater than 180 days’ ...

Nevada Revised Statutes Section 673.331

Loans prohibited on security of association’s own stock. No association shall loan any of its funds upon the security of its own stock. ...

Nevada Revised Statutes Section 673.332

Property acquired by foreclosure or developed by association; real-estate-owned accounts; subsidiary ledger records.

1. An association may hold, manage and convey real property, including apartments and other buildings:

...

Nevada Revised Statutes Section 673.333

Apportionment of earnings and payment of interest; determination of percentage rate of declaration; classes of savings accounts; notice of change in method of calculating interest.

1. The apportionment of ...

Nevada Revised Statutes Section 673.336

Restrictions on declaration of dividends. No board of directors of a savings and loan association shall knowingly declare to its stockholders a greater dividend than has actually been earned by ...

Nevada Revised Statutes Section 673.340

Minors and married women; payment as valid discharge of association.

1. Any savings and loan association and any federal savings and loan association operating in this state may issue ...

Nevada Revised Statutes Section 673.360

Administrators, executors, guardians and trustees; payment as valid discharge of association.

1. A savings account or investment certificate of any association, including a federal savings and loan association, may ...

Nevada Revised Statutes Section 673.370

Payment to beneficiary on death of trustee; payment as valid discharge of association.

1. Whenever a person holding a savings account or investment certificates as trustee or other fiduciary, ...

Nevada Revised Statutes Section 673.373

Notice of overdue rental; opening of box; retention of contents in general vaults; delivery of contents to State Treasurer.

1. If the rental due on a safe-deposit box has ...

Nevada Revised Statutes Section 673.377

Minimum required available cash, deposits and securities; making and purchasing loans prohibited when minimum not met.

1. Every association shall have on hand at all times in available money, ...

Nevada Revised Statutes Section 673.380

Procedure when requests for withdrawals exceed amount available.

1. Whenever an association has on file more withdrawal requests than can be met in full from current funds, it shall ...

Nevada Revised Statutes Section 673.390

Order of payment of withdrawals.

1. Except as provided in this section, withdrawals must be paid in the order of their filing, and no loans or investments may be ...

Nevada Revised Statutes Section 673.420

Notice to Commissioner of inability to pay request for withdrawal on file more than 60 days. Any such foreign or domestic association, company or corporation or its secretary or manager ...

Nevada Revised Statutes Section 673.430

Annual reports: Filing; form and contents; fees; penalty.

1. Each association doing business in this state shall file annually with the Commissioner on or before March 1, a sworn ...

Nevada Revised Statutes Section 673.440

Commissioner may require further information. Each such foreign or domestic association, company or corporation shall cause to be supplied to the Commissioner at any time, upon his demand, any information ...

Nevada Revised Statutes Section 673.450

Hearings, investigations and examinations by Commissioner; powers of Commissioner; biennial examination required.

1. The Commissioner may conduct or cause to be conducted such hearings, investigations or examinations of the ...

Nevada Revised Statutes Section 673.453

Enforcement of subpoena by district court.

1. In case of the refusal of any person to attend or testify or produce any papers required by the subpoena directed to ...

Nevada Revised Statutes Section 673.455

Examination of holding companies.

1. The Commissioner may, at the time of examining a savings and loan association, inspect the books, ledgers and minutes of any corporation which is ...

Nevada Revised Statutes Section 673.460

Examinations outside State; fees and traveling expenses.

1. Whenever in connection with an examination it is necessary or expedient that the Commissioner or his deputy, or both, leave this ...

Nevada Revised Statutes Section 673.470

Other examinations acceptable in lieu of examination by Commissioner. In lieu of making any examination, the Commissioner may accept any examination of any association made by the Federal Home Loan ...

Nevada Revised Statutes Section 673.480

Authority of Commissioner to make information available to other officers and agencies. The Commissioner, his agents and employees may furnish to the Federal Home Loan Bank Board, or to any ...

Nevada Revised Statutes Section 673.483

Audit of books and accounts.

1. Each association shall, at least once each year, cause its books and accounts to be audited at its own expense by a certified ...

Nevada Revised Statutes Section 673.4835

Independent audit and examination: Payment of assessment; cooperation. Each association shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto. ...

Nevada Revised Statutes Section 673.484

Grounds; notice and hearing. The Commissioner may after notice and hearing suspend or revoke the charter of any association for:

1. Repeated failure to abide by the provisions of ...

Nevada Revised Statutes Section 673.4845

Procedure; approval by association and Commissioner; fee.

1. An association may reorganize, merge or consolidate with another state or federal association, if the reorganization, merger or consolidation is based ...

Nevada Revised Statutes Section 673.485

Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance.

1. If the Commissioner finds as the result of any examination or ...

Nevada Revised Statutes Section 673.495

Conservator: Appointment by Commissioner; district court confirmation.

1. The Commissioner may, with the prior approval of the board, appoint a conservator for an association if any of the following ...

Nevada Revised Statutes Section 673.497

Powers of conservator; limitations; expenses; compensation.

1. The conservator confirmed or appointed by the court has all the power expressed in the court order and the following:

(a) ...

Nevada Revised Statutes Section 673.499

Receiver: Appointment by Commissioner; court confirmation; powers and authority; compensation.

1. If the Commissioner finds that any association:

(a) Is in an impaired condition;

(b) Is engaging ...

Nevada Revised Statutes Section 673.515

Appeal from judgment enjoining Commissioner or dismissing action to enjoin; bond. An appeal from a judgment enjoining the Commissioner from further proceedings and directing him to surrender the business, property ...

Nevada Revised Statutes Section 673.525

Penalty for failure to comply with Commissioner’s demand for possession of property, business and assets. Whenever the Commissioner demands possession of the property, business and assets of any association, pursuant ...

Nevada Revised Statutes Section 673.535

Enforcement by sheriff of demand for possession of property, business and assets; written demand for assistance; duty to enforce. If the demand of the Commissioner for the possession of the ...

Nevada Revised Statutes Section 673.545

Delivery of schedule of property, assets and collateral to Commissioner; examination of directors, officers or employees by Commissioner. When the Commissioner takes possession of the property, business and assets of ...

Nevada Revised Statutes Section 673.555

Authority of Commissioner to issue subpoenas and require attendance of parties. The Commissioner may issue subpoenas and require the attendance of parties for examination. ...

Nevada Revised Statutes Section 673.565

Appointment of custodian; bond. When the Commissioner takes possession of the business, property and assets of an association, he may appoint a custodian. The Commissioner may require a good and ...

Nevada Revised Statutes Section 673.575

Collection of money; preservation of assets. When the Commissioner takes possession of the property, business and assets of an association, he may collect all money due to such association and ...

Nevada Revised Statutes Section 673.576

Powers of Commissioner when in possession of business, property and assets. If the Commissioner is in possession of the business, property and assets of an association, whether or not he ...

Nevada Revised Statutes Section 673.577

Claims for damages from disaffirmance of executory contract or lease. Claims for damages resulting from the disaffirmance of an executory contract or lease by the Commissioner may be filed and ...

Nevada Revised Statutes Section 673.580

Procedure upon taking possession of insured association: Federal Deposit Insurance Corporation as liquidator or coliquidator.

1. The Commissioner may, if he takes possession of any association whose savings accounts ...

Nevada Revised Statutes Section 673.590

Delivery of remaining assets to stockholders.

1. Whenever, in the case of any association which has issued common or preferred stock, the Commissioner or the Federal Deposit Insurance Corporation ...

Nevada Revised Statutes Section 673.595

Activities for which license not required; solicitation or acceptance of deposits prohibited; exception; fee.

1. A foreign association whose activities are limited to any one or more of those ...

Nevada Revised Statutes Section 673.597

Conflict of laws; report to Commissioner of forbidden course or act.

1. If any association, company or corporation organized or incorporated under the laws of any governing body other ...

Nevada Revised Statutes Section 673.600

Conversion authorized. Any savings and loan association eligible to become a member of the Federal Home Loan Bank, may convert itself into a federal savings and loan association pursuant to ...

Nevada Revised Statutes Section 673.610

Notice of stockholders’ meeting: Service and proof of service.

1. A meeting of the stockholders shall be held upon not less than 10 days’ written notice to each stockholder, ...

Nevada Revised Statutes Section 673.620

Majority approval of resolution at stockholders’ meeting required; filing of minutes with Commissioner.

1. At a meeting of the stockholders held as provided in NRS 673.610, the stockholders may, ...

Nevada Revised Statutes Section 673.630

Filing of charter or certificate with Commissioner; fee; taxation.

1. After the holding of the meeting of stockholders, the state company, association or corporation shall take such action, in ...

Nevada Revised Statutes Section 673.640

When state supervision ceases; when property and assets vest in association under new name and style; enjoyment of property by converted association.

1. At the time when the conversion ...

Nevada Revised Statutes Section 673.650

Conversion authorized; votes necessary. Any federal savings and loan association may convert itself into a savings and loan association under the laws of this state upon a vote of 51 ...

Nevada Revised Statutes Section 673.660

Time for election of directors after conversion; time directors to hold office. At the meeting the members shall also vote upon the directors who shall be the directors of the ...

Nevada Revised Statutes Section 673.670

Filing of verified minutes of stockholders’ meeting. Copies of the minutes of the proceedings of the meeting, verified by the affidavit of the president or vice president and the secretary ...

Nevada Revised Statutes Section 673.680

Verified copy of minutes as presumptive evidence of holding meeting and action taken. The verified copies of the minutes of the meeting, when filed as required by NRS 673.670, shall ...

Nevada Revised Statutes Section 673.690

Federal association and directors to take necessary action to incorporate as state association; no minimum amount of capital required.

1. After the meeting, the federal association shall take such ...

Nevada Revised Statutes Section 673.700

Inclusion of statement of conversion in articles permissible. The directors may, if they so desire, insert in the articles of incorporation the following statement: “This association (company or corporation) is ...

Nevada Revised Statutes Section 673.710

Time for filing articles of incorporation with Federal Home Loan Bank; number of copies; certification by Secretary of State. Within 10 days after the filing of the articles of incorporation ...

Nevada Revised Statutes Section 673.720

Time of association’s cessation as federal association; time of vesting of property in association under new name and style. Upon the filing of the articles of incorporation with the Secretary ...

Nevada Revised Statutes Section 673.730

Enjoyment of property by converted association; association as continuation of previous federal association. The savings and loan association shall have, hold and enjoy the property mentioned in NRS 673.720 in ...

Nevada Revised Statutes Section 673.740

Acts permitted executors, administrators and fiduciaries without obtaining court approval. Every executor, administrator, trustee, guardian, receiver, fiduciary, public corporation, political subdivision, public instrumentality, charitable, educational and eleemosynary institution, bank, savings ...

Nevada Revised Statutes Section 673.750

Powers and privileges same as domestic association; conditions. Every federal savings and loan association incorporated under the provisions of the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 ...

Nevada Revised Statutes Section 673.810

Making false statement concerning financial condition of savings and loan association. Any person who knowingly makes, utters, circulates or transmits to another, or others, any statement untrue in fact, derogatory ...

Nevada Revised Statutes Section 673.820

Violation of chapter or fraudulent misrepresentation of contract or securities by association. Any association which violates any provisions of this chapter or fraudulently misrepresents the terms of any contract or ...

Nevada Revised Statutes Section 673.830

Violation of chapter or sale of securities through fraudulent misrepresentation. Any person who shall violate any provision of this chapter or sell any securities as the result of any fraudulent ...

Nevada Revised Statutes Section 673.840

Sale or offer to sell securities without license or for failure to secure license or pay fee or penalty. Any person doing business in this state, as described in NRS ...

Nevada Revised Statutes Section 673.850

Effect of revocation of license. The revocation of any license issued under any of the provisions of this chapter shall, from the date of such revocation, place the association to ...

Nevada Revised Statutes Section 675.010

Short title. This chapter shall be known and may be cited as the Nevada Installment Loan and Finance Act. ...

Nevada Revised Statutes Section 675.020

Definitions. As used in this chapter, unless the context otherwise requires:

1. “Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower ...

Nevada Revised Statutes Section 675.030

Legislative declaration. The legislature finds as facts and determines that:

1. There exists in this state a widespread demand for loans repayable in installments, which loans may or may ...

Nevada Revised Statutes Section 675.040

Applicability. This chapter does not apply to:

1. A person doing business under the authority of any law of this state or of the United States relating to banks, ...

Nevada Revised Statutes Section 675.045

Certain relationships between employees of Division of Financial Institutions and licensees prohibited; termination of prohibited relationship.

1. Except as provided in subsection 3, an officer or employee of the ...

Nevada Revised Statutes Section 675.050

Effect of amendment or repeal of chapter on preexisting lawful contracts. This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or ...

Nevada Revised Statutes Section 675.055

Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation.

1. A person may apply to the Commissioner ...

Nevada Revised Statutes Section 675.060

Unlicensed dealing in loans prohibited; license required for each office or other place of business.

1. No person may engage in the business of lending in this state without ...

Nevada Revised Statutes Section 675.070

Application of NRS 675.060 to persons who seek to evade. The provisions of NRS 675.060 shall apply to any person who seeks to evade its application by any device, ...

Nevada Revised Statutes Section 675.090

Application for license: Form; contents; requirements when applying for license for office or other place of business located outside State.

1. Application for a license must be in writing, ...

Nevada Revised Statutes Section 675.100

Fees for application and investigation.

1. At the time of making the application, the applicant shall pay to the Commissioner a nonrefundable fee of $500 for the application and ...

Nevada Revised Statutes Section 675.110

Investigation by Commissioner; notice; hearing; order.

1. Upon the filing of the application and the payment of the fees, the Commissioner shall investigate the facts concerning the application and ...

Nevada Revised Statutes Section 675.120

Issuance of license subsequent to findings by Commissioner. If the Commissioner finds:

1. That the financial responsibility, experience, character and general fitness of the applicant are such as to ...

Nevada Revised Statutes Section 675.130

Required statements on license. Each license shall:

1. State the address at which the business is to be conducted; and

2. State fully the name of the licensee, ...

Nevada Revised Statutes Section 675.140

Expiration, renewal and reinstatement of license; fees. A license expires on December 31 of each year unless renewed by the licensee through the payment, on or before that date, of ...

Nevada Revised Statutes Section 675.150

Procedure for denial of license.

1. If the Commissioner finds that any applicant does not possess the requirements specified in this chapter, he shall enter an order denying the ...

Nevada Revised Statutes Section 675.160

Disposition of money collected pursuant to chapter. Except as otherwise provided in NRS 675.100, all fees and charges collected under the provisions of this chapter must be deposited in the ...

Nevada Revised Statutes Section 675.170

Regulations and orders of Commissioner.

1. The Commissioner may adopt regulations and make orders for the administration and enforcement of this chapter, in addition hereto and not inconsistent herewith.

Nevada Revised Statutes Section 675.180

Licensee to maintain minimum assets. Every licensee shall maintain assets of at least $50,000 either used or readily available for use in the conduct of the business of each licensed ...

Nevada Revised Statutes Section 675.190

Posting of licenses. Each license shall be kept conspicuously posted in the licensed place of business. ...

Nevada Revised Statutes Section 675.200

Transferability or assignability of license. Licenses shall not be transferable or assignable. ...

Nevada Revised Statutes Section 675.210

Places of business maintainable by licensee under license; issuance of more than one license to licensee. Not more than one place of business may be maintained under the same license. ...

Nevada Revised Statutes Section 675.220

Change of address by licensee: Notice; approval by Commissioner; penalty for failure to provide required notice.

1. A licensee who wishes to change the address of an office or ...

Nevada Revised Statutes Section 675.230

Restriction on location of business of making loans.

1. Except as otherwise provided in subsection 2, a licensee may not conduct the business of making loans under this chapter ...

Nevada Revised Statutes Section 675.240

Name under which business transactable by licensee; loans by mail. No licensee shall conduct the business of making loans provided for by this chapter under any name or at any ...

Nevada Revised Statutes Section 675.250

Books and accounting records: Practices; preservation; requirements regarding office or other place of business located outside State.

1. Each licensee shall keep and use in his business such books ...

Nevada Revised Statutes Section 675.260

Annual report by licensee; composite reports.

1. Annually, on or before April 15, each licensee shall file with the Commissioner a report of operations of the licensed business for ...

Nevada Revised Statutes Section 675.280

False, misleading or deceptive advertising prohibited. A licensee shall not advertise or permit to be advertised in any manner whatsoever any false, misleading or deceptive statement or representation with regard ...

Nevada Revised Statutes Section 675.300

Insurance as security for loans: Conditions; limitations.

1. A licensee may request that a borrower insure tangible property when offered as security for a loan under this chapter against ...

Nevada Revised Statutes Section 675.310

Collection of loans made outside State. Any loan made outside this state lawfully made as permitted by the laws of the state in which the loan was made may be ...

Nevada Revised Statutes Section 675.330

Payment in money, credit, goods or things in action, as consideration for sale, assignment, or order of compensation, deemed loan of money; transaction subject to provisions of chapter. The payment ...

Nevada Revised Statutes Section 675.340

Assignment of wages as security invalid. No assignment of wages, salary, commissions or other compensation for services, whether earned or to be earned, given to a licensee as security for ...

Nevada Revised Statutes Section 675.350

Prohibited practices by licensees. No licensee may:

1. Take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment ...

Nevada Revised Statutes Section 675.360

Duties of licensee. Every licensee shall:

1. Deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this ...

Nevada Revised Statutes Section 675.361

Terms of written agreement. A licensee may make a loan for an indefinite term under a written agreement between the licensee and the borrower. Pursuant to this agreement:

1. ...

Nevada Revised Statutes Section 675.363

Calculation of interest; billing cycle.

1. Under an agreement for a loan for an indefinite term, the licensee may receive interest in any amount or at any annual rate ...

Nevada Revised Statutes Section 675.365

Fees and charges. In addition to the interest allowed pursuant to NRS 675.363, a licensee may, pursuant to the agreement for a loan for an indefinite term, receive from the ...

Nevada Revised Statutes Section 675.367

Borrower must be given description of rate and computation of interest; notice of increase in rate of interest or change in terms.

1. In addition to the information required ...

Nevada Revised Statutes Section 675.369

Written statement to borrower; copy of draft or order for payment.

1. If the account of a borrower on a loan for an indefinite term shows a balance due ...

Nevada Revised Statutes Section 675.370

License remains effective until expiration, surrender, revocation or suspension. Each license shall remain in full force and effect until it expires or is surrendered, revoked or suspended as provided in ...

Nevada Revised Statutes Section 675.380

Authority of Commissioner to investigate business; free access required.

1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this chapter, the ...

Nevada Revised Statutes Section 675.390

Authority of Commissioner to require attendance of witnesses and production of documents. The Commissioner may require the attendance of any person and examine him under oath relative to loans or ...

Nevada Revised Statutes Section 675.400

Commissioner to examine licensee’s business annually; fee.

1. At least once each year, the Commissioner or his authorized representatives shall make an examination of the place of business of ...

Nevada Revised Statutes Section 675.410

Temporary suspension of license: Conditions; notice; hearing; term of suspension. If the Commissioner finds that probable cause for revocation of any license exists and that enforcement of this chapter requires ...

Nevada Revised Statutes Section 675.420

Surrender of license by licensee; surrender as affecting licensee’s liability. Any licensee may surrender any license by delivering it to the Commissioner with written notice of its surrender, but a ...

Nevada Revised Statutes Section 675.430

Order to desist and refrain; action to enjoin violation; appointment and powers of receiver.

1. Whenever the Commissioner has reasonable cause to believe that any person is violating or ...

Nevada Revised Statutes Section 675.440

Revocation or suspension of license: Grounds; notice; hearing; order.

1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he shall ...

Nevada Revised Statutes Section 675.450

Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. No revocation, suspension, expiration or surrender of any license impairs or affects the obligation of any preexisting lawful contract ...

Nevada Revised Statutes Section 675.470

Unlicensed dealing in loans. Any person and the several members, officers, directors, agents and employees thereof who violate or participate in the violation of any provision of NRS 675.060 are ...

Nevada Revised Statutes Section 676.010

Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 676.015 to 676.080, inclusive, have the meanings ascribed to them in those ...

Nevada Revised Statutes Section 676.015

“Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. ...

Nevada Revised Statutes Section 676.020

“Contract” defined. “Contract” means any agreement entered into under this chapter by a licensee and a debtor for the stated purpose of debt adjusting. ...

Nevada Revised Statutes Section 676.030

“Creditor” defined. “Creditor” means a person for whose benefit moneys are being collected and disbursed by the licensee. ...

Nevada Revised Statutes Section 676.040

“Debt adjustment” defined. “Debt adjustment” means the making of a contract or the performance thereunder, under whatever name, whereby a person, firm, company or corporation undertakes, for a consideration, the ...

Nevada Revised Statutes Section 676.050

“Debtor” defined. “Debtor” means a person from whom moneys are being accepted for disbursement to creditors. ...

Nevada Revised Statutes Section 676.060

“License” defined. “License” means a license issued under the provisions of this chapter. ...

Nevada Revised Statutes Section 676.070

“Licensee” defined. “Licensee” means any person, firm, company or corporation who is licensed under this chapter. ...

Nevada Revised Statutes Section 676.080

“Office” defined. “Office” means each location by street number, building number, city and state where the business of debt adjusting is conducted. ...

Nevada Revised Statutes Section 676.100

Applicability. This chapter does not apply to any of the following while they are engaged in the regular course of their properly licensed business or profession:

1. Attorneys at ...

Nevada Revised Statutes Section 676.110

Engaging in business of debt adjusting without license or in violation of chapter prohibited. No person, firm, company or corporation may engage in the business of debt adjusting except as ...

Nevada Revised Statutes Section 676.120

Application.

1. Application for a license must be in writing, under oath and in the form prescribed by the Commissioner.

2. The application shall:

(a) Give the ...

Nevada Revised Statutes Section 676.130

Submission of fees, bond and copy of contract with application; periodic determination of amount of bond.

1. At the time of making the application, the applicant shall:

(a) ...

Nevada Revised Statutes Section 676.135

Deposit as substitute for surety bond.

1. An applicant for a license may deposit with any bank or trust company authorized to do business in this state, with the ...

Nevada Revised Statutes Section 676.140

Investigation of applicants. Upon the filing of the application and the payment of fees, the Commissioner shall investigate the facts concerning the application and the requirements provided for in NRS ...

Nevada Revised Statutes Section 676.150

Issuance of license subsequent to findings by Commissioner. If the Commissioner finds that:

1. The financial responsibility, experience, character and general fitness of the applicant and of the associates, ...

Nevada Revised Statutes Section 676.160

Expiration, renewal and reinstatement of license; fees.

1. A license expires on December 31 of each year. On or before that date, each licensee may apply to the Commissioner ...

Nevada Revised Statutes Section 676.170

Disposition of fees and charges. Except as otherwise provided in NRS 676.130, all fees and charges collected under the provisions of this chapter must be deposited in the State Treasury ...

Nevada Revised Statutes Section 676.180

Display of license required. Each license shall be kept conspicuously posted in the licensed place of business. ...

Nevada Revised Statutes Section 676.190

Transfer of license prohibited. Licenses may not be transferred or assigned. ...

Nevada Revised Statutes Section 676.200

Additional licenses for other offices. Not more than one office may be maintained under the same license. The Commissioner may issue additional licenses to the same licensee for other offices ...

Nevada Revised Statutes Section 676.205

Notification of change in ownership of stock; application for license after certain acquisitions; investigation; costs; waiver.

1. A licensee shall immediately notify the Commissioner of any change in the ...

Nevada Revised Statutes Section 676.210

Surrender. Any licensee may surrender any license by delivering it to the Commissioner with written notice of its surrender, but a surrender does not affect any civil or criminal liability ...

Nevada Revised Statutes Section 676.220

Maintenance of separate trust accounts; maintenance and preservation of records. Each licensee shall:

1. Open and maintain a separate trust account in a state or national bank or credit ...

Nevada Revised Statutes Section 676.230

Reports required.

1. Annually, on or before April 15, each licensee shall file with the Commissioner a report of operations of the licensed business for the preceding calendar year.

Nevada Revised Statutes Section 676.235

Independent audit and examination: Payment of assessment; cooperation. Each licensee shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto. ...

Nevada Revised Statutes Section 676.240

Contracts: Form; contents.

1. Every debt-adjustment transaction shall be based upon a debt-adjustment contract entered into by the licensee and debtor under the provisions of this chapter. A blank ...

Nevada Revised Statutes Section 676.250

Fees.

1. Licensees are allowed such fees as are clearly stated in the contract.

2. Such fees may include:

(a) An initial retainer fee of $50, which ...

Nevada Revised Statutes Section 676.260

Remittances to creditors; written statements of account and information on account to debtor. Each licensee shall:

1. Make remittances to creditors within 10 days after receipt of the monthly ...

Nevada Revised Statutes Section 676.270

Authority of Commissioner to investigate business; fee.

1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this chapter, the Commissioner or ...

Nevada Revised Statutes Section 676.280

Authority of Commissioner to require attendance of witnesses and production of documents.

1. The Commissioner may require the attendance of any person and examine him under oath with regard ...

Nevada Revised Statutes Section 676.290

Grounds for denial, suspension or revocation of license; fine for violation.

1. The Commissioner may, pursuant to the procedure provided in this chapter, deny, suspend or revoke any license ...

Nevada Revised Statutes Section 676.300

Temporary suspension of license: Conditions; notice; hearing; term of suspension. If the Commissioner finds that any one of the requisite grounds for denial, suspension or revocation of the license exists ...

Nevada Revised Statutes Section 676.310

Order denying or revoking license; contracts unaffected by disciplinary action or expiration of license.

1. The Commissioner may, after notice and hearing, enter an order:

(a) Denying a ...

Nevada Revised Statutes Section 676.320

Engaging in business without license. Any person and the several members, officers, directors, agents and employees of any firm, company or corporation who engage in the business of debt adjusting ...

Nevada Revised Statutes Section 676.330

Prohibited practices. It is unlawful for a licensee to:

1. Purchase from a creditor any obligation of a debtor.

2. Operate as a collection agent and as a ...

Nevada Revised Statutes Section 676.340

Violation of chapter. Any person and the several members, officers, directors and employees of any firm, company or corporation who violate any provision of this chapter are guilty of a ...

Nevada Revised Statutes Section 677.010

Short title. This chapter may be cited as the Nevada Thrift Companies Act. ...

Nevada Revised Statutes Section 677.020

Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 677.030 to 677.140, inclusive, have the meanings ascribed to them in those ...

Nevada Revised Statutes Section 677.030

“Amount of cash advance” defined. “Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower or paid out at his direction or on ...

Nevada Revised Statutes Section 677.040

“Amount of loan obligation” defined. “Amount of loan obligation” means the amount of cash advance plus the aggregate of charges added thereto pursuant to authority of this chapter. ...

Nevada Revised Statutes Section 677.050

“Borrowings” defined. “Borrowings” means liability to any thrift investor or financial institution. ...

Nevada Revised Statutes Section 677.060

“Charges” defined. “Charges” include:

1. The aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses and other forms of costs charged, contracted for or received by a licensee or any ...

Nevada Revised Statutes Section 677.065

“Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. ...

Nevada Revised Statutes Section 677.070

“Community” defined. “Community” means a contiguous area of the same economic unit or metropolitan area, as determined by the Commissioner, and may include all or part of a city or ...

Nevada Revised Statutes Section 677.075

“Deposit” defined.

1. “Deposit” means that part of the liability of a licensee which is credited to the account of a depositor.

2. The term includes a time ...

Nevada Revised Statutes Section 677.090

“Gross amount” defined. “Gross amount” means the total amount or value advanced to or on behalf of the borrower, including all payments for interest, principal, expenses and charges of any ...

Nevada Revised Statutes Section 677.100

“License” defined. “License” means a license, issued under the authority of this chapter, to accept deposits and make loans in accordance with the provisions of this chapter, at a single ...

Nevada Revised Statutes Section 677.110

“Licensee” defined. “Licensee” means a person to whom one or more licenses have been issued. ...

Nevada Revised Statutes Section 677.115

“Loan” defined. “Loan” does not include a bona fide conditional contract of sale. ...

Nevada Revised Statutes Section 677.125

“Stockholders’ equity” defined. “Stockholders’ equity” means the capital, surplus and retained earnings of a licensee. ...

Nevada Revised Statutes Section 677.130

“Thrift certificate” defined. “Thrift certificate” means a chose in action, in passbook or certificate form, evidencing the obligation of the licensee to pay money and does not include subordinate debt ...

Nevada Revised Statutes Section 677.140

“Unpaid principal balance” defined. “Unpaid principal balance” means the net amount of money, credit, goods or things in action received by the borrower at the time of entering into the ...

Nevada Revised Statutes Section 677.145

Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee ...

Nevada Revised Statutes Section 677.147

Applicability of chapters 78 and 92A of NRS. The provisions of chapters 78 and 92A of NRS that are not in conflict with this chapter are hereby adopted as part ...

Nevada Revised Statutes Section 677.150

Authorization by Commissioner. If authorized by the Commissioner, as provided in this chapter, a corporation may be formed in accordance with the laws of this state to engage in business ...

Nevada Revised Statutes Section 677.160

Application for authority to engage in business: Form; contents; filing fee.

1. The request for authority to engage in business pursuant to this chapter must be set forth in ...

Nevada Revised Statutes Section 677.170

Fidelity bond. A licensee which proposes to accept deposits shall file with the Commissioner a fidelity bond providing fidelity coverage on each officer, director and employee of at least $100,000. ...

Nevada Revised Statutes Section 677.175

Additional bond. If the Commissioner finds that a bond filed pursuant to NRS 677.170 is not sufficient to protect the interests of the public, he shall require the applicant to ...

Nevada Revised Statutes Section 677.180

Investigation and examination of applicant. Upon the filing of an application, the Commissioner shall make or cause to be made a careful investigation and examination relative to the following:

...

Nevada Revised Statutes Section 677.190

Requisites for approval of application. The Commissioner shall not approve the application unless he ascertains to his satisfaction:

1. That the public convenience and advantage will be promoted by ...

Nevada Revised Statutes Section 677.200

Qualifications of president and certain managers of corporation. The president of the corporation must have not less than 10 years of experience in a regulated financial institution in this state, ...

Nevada Revised Statutes Section 677.210

Minimum stockholders’ equity required. The stockholders’ equity of any corporation formed to do business under this chapter must not be less than $325,000, plus an additional $25,000 for each of ...

Nevada Revised Statutes Section 677.220

Certificate of authorization to transact business. If the Commissioner approves an application for authority to form a corporation to engage in business under this chapter, he shall issue a certificate ...

Nevada Revised Statutes Section 677.230

Reserves.

1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which ...

Nevada Revised Statutes Section 677.240

Authorization for change of place of business. If a licensee desires to change its place of business to a street address other than that designated in its authorization, it shall ...

Nevada Revised Statutes Section 677.241

Power of licensee to obtain benefits of federal programs. Subject to the prior approval of the Commissioner, a licensee may, by a majority vote of its board of directors:

...

Nevada Revised Statutes Section 677.243

Records of employees; confidentiality.

1. Each licensee shall maintain a record that includes for each employee:

(a) His full name;

(b) The address of each place at ...

Nevada Revised Statutes Section 677.245

Limitation on investment in real property; recording deed or other document; subsidiary ledger or other appropriate record.

1. Unless the licensee has received a written waiver from the Commissioner, ...

Nevada Revised Statutes Section 677.247

Applicant required to obtain insurance of deposits; regulations.

1. Except as otherwise provided in subsection 2, an applicant for an authorization to engage in the business regulated pursuant to ...

Nevada Revised Statutes Section 677.250

Establishment and maintenance. When authorized by the Commissioner as provided in this chapter, a licensee, pursuant to a resolution of its board of directors, may establish and maintain one or ...

Nevada Revised Statutes Section 677.270

Requisites for approval of application; notice of approval or denial.

1. The Commissioner shall not approve an application for a branch office until he has ascertained to his satisfaction ...

Nevada Revised Statutes Section 677.290

Right to open branch office expires if office not open within 6 months after approval of application. The failure of a licensee to open and operate a branch office within ...

Nevada Revised Statutes Section 677.300

Authorization for change of location; posting of certificate. When authorized by the Commissioner, a licensee may change the location of a branch office from one location to another. The Commissioner ...

Nevada Revised Statutes Section 677.310

Specified designation of branch offices by name or number required. A licensee which maintains a branch office or branch offices shall give to each branch office maintained by it a ...

Nevada Revised Statutes Section 677.320

Closing or discontinuance of branch office.

1. With the prior written approval of the Commissioner, a licensee may close or discontinue the operation of any branch office if public ...

Nevada Revised Statutes Section 677.330

Mobile offices.

1. The Commissioner may authorize a licensee to operate a mobile office.

2. A mobile office must serve its designated area at least once each 30 ...

Nevada Revised Statutes Section 677.340

Persons ineligible for licensing.

1. Except as otherwise provided in NRS 677.545 and chapter 666 of NRS, no person doing business under the law of:

(a) Any other ...

Nevada Revised Statutes Section 677.350

Applicability of chapter to persons who seek to evade. The provisions of this chapter apply to any person who seeks to evade its application by any device, subterfuge or pretense ...

Nevada Revised Statutes Section 677.355

Licensee may own interest in bank or savings and loan association. The provisions of this chapter do not prohibit a licensee or a person owning an interest in a licensee ...

Nevada Revised Statutes Section 677.360

Expiration, renewal and reinstatement of license; fees. A license expires on December 31 of each year. On or before that date, each licensee must pay to the Commissioner the sum ...

Nevada Revised Statutes Section 677.370

Posting of license; transferability and assignability of license.

1. Each licensee shall conspicuously post each license in the place of business to which it pertains.

2. No license ...

Nevada Revised Statutes Section 677.380

Regulations and orders of Commissioner.

1. The Commissioner may adopt regulations and make orders for the administration and enforcement of this chapter, in addition to and not inconsistent with ...

Nevada Revised Statutes Section 677.390

Disposition of money collected pursuant to chapter. Except as otherwise provided in NRS 677.160, all fees and charges collected under the provisions of this chapter must be deposited in the ...

Nevada Revised Statutes Section 677.400

Annual report by licensee; composite reports.

1. Annually, on or before May 15, unless the Commissioner grants a written extension, each licensee shall file with the Commissioner a report ...

Nevada Revised Statutes Section 677.410

Preparation of annual reports and financial statements; special reports; extensions; removal of qualification.

1. The annual reports and financial statements required by this chapter must be prepared in accordance ...

Nevada Revised Statutes Section 677.420

Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver.

1. A licensee shall notify the Commissioner of any change in the ownership ...

Nevada Revised Statutes Section 677.430

Commissioner to examine licensee’s business at least annually; fee.

1. At least once each year, the Commissioner or his authorized representatives shall make an examination of the place of ...

Nevada Revised Statutes Section 677.435

Independent audit and examination: Payment of assessment; cooperation. Each licensee shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto. ...

Nevada Revised Statutes Section 677.440

Authority of Commissioner to investigate business; free access to places of business.

1. For the purpose of discovering violations of this chapter or of securing information lawfully required under ...

Nevada Revised Statutes Section 677.450

Authority of Commissioner to require attendance of witnesses and production of documents. The Commissioner may require the attendance of any person and may examine him under oath relative to loans ...

Nevada Revised Statutes Section 677.460

Charging off assets; regulations and orders. The Commissioner may provide by regulation or order for the charging off of assets considered to be of little or no value. ...

Nevada Revised Statutes Section 677.470

Licensee to pay costs of audit of books and records. In addition to the annual fee provided by this chapter, the Commissioner shall assess and collect from each licensee the ...

Nevada Revised Statutes Section 677.480

Order of Commissioner directing discontinuance of unsafe or injurious practice. If it appears to the Commissioner any company is conducting business in an unsafe or injurious manner, he may by ...

Nevada Revised Statutes Section 677.490

Surrender of license by licensee; surrender as affecting licensee’s liability. Any licensee may surrender any license by delivering it to the Commissioner with written notice of its surrender, but a ...

Nevada Revised Statutes Section 677.500

Temporary suspension of license: Conditions; notice; hearing; term of suspension. If the Commissioner finds that probable cause for revocation of any license exists and that enforcement of this chapter requires ...

Nevada Revised Statutes Section 677.510

Revocation or suspension of license: Grounds; notice; hearing; order.

1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he shall ...

Nevada Revised Statutes Section 677.520

Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. The revocation, suspension, expiration or surrender of any license does not impair or affect the obligation of any preexisting ...

Nevada Revised Statutes Section 677.530

Order to desist or refrain; action to enjoin violations; appointment and powers of receiver.

1. Whenever the Commissioner has reasonable cause to believe that any person is violating or ...

Nevada Revised Statutes Section 677.540

Taking possession of business by Commissioner: Conditions; resumption of business. Whenever it appears to the Commissioner that:

1. The stockholders’ equity of any licensee is less than its initial ...

Nevada Revised Statutes Section 677.545

Taking possession of business by Commissioner: Acquisition by or merger with another institution.

1. Except as limited by subsection 2, if the Commissioner has taken possession of the property ...

Nevada Revised Statutes Section 677.550

Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness.

1. The Commissioner may order a licensee to suspend the payment of its liabilities ...

Nevada Revised Statutes Section 677.560

Application by licensee to enjoin further proceedings. Whenever the Commissioner has taken possession of the property and business of any licensee, a licensee, within 10 days after a taking, if ...

Nevada Revised Statutes Section 677.570

Authority of Commissioner to liquidate or conserve company. When the Commissioner takes possession of the property and business of any company for the purpose of liquidation or conservation, he may ...

Nevada Revised Statutes Section 677.580

Use of holding company or other device for evading or avoiding chapter prohibited; right to issue preferred stock or debentures not affected. A holding company or any other device may ...

Nevada Revised Statutes Section 677.590

Issuance of thrift certificates prohibited; exception.

1. Except as otherwise provided in subsection 2, this chapter does not permit a licensee to issue thrift certificates.

2. A licensee ...

Nevada Revised Statutes Section 677.600

Permissible depositories. A licensee shall not deposit any of its money with any other moneyed corporation, unless that corporation has been designated as a depository by a majority vote of ...

Nevada Revised Statutes Section 677.610

Authorized investments. A licensee shall not invest any of its money, except:

1. As authorized in this chapter;

2. In legal investments for banks, credit unions or savings ...

Nevada Revised Statutes Section 677.612

Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest.

1. A deposit may be made with a licensee by any administrator, executor ...

Nevada Revised Statutes Section 677.614

Payment of withdrawal value and interest to beneficiary upon death of fiduciary.

1. If a person who has made a deposit as a trustee or other fiduciary, in trust ...

Nevada Revised Statutes Section 677.616

Deposit by and payment to minor.

1. If a deposit is made with a licensee by a minor, the licensee may pay to the depositor such sums as may ...

Nevada Revised Statutes Section 677.620

Limit on deposits; limit on total borrowings; borrowing money from Federal Home Loan Bank.

1. Except as otherwise provided in subsections 2 and 3, a licensee shall not have ...

Nevada Revised Statutes Section 677.630

Permissible transactions in real property.

1. A licensee may purchase, hold, develop and convey real property, including apartments and other buildings, for the following purposes only:

(a) Real ...

Nevada Revised Statutes Section 677.640

Conduct of business in place where other business being conducted; name under which business may be transacted; loans by mail. A licensee shall not make loans or accept deposits under ...

Nevada Revised Statutes Section 677.650

Making loan to or purchasing contract or chose in action from officer, director or other specified person prohibited; exception; personal liability.

1. Except as otherwise provided in subsection 2, ...

Nevada Revised Statutes Section 677.660

Advertising: Prohibitions; insurance of deposits.

1. A person shall not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or ...

Nevada Revised Statutes Section 677.665

Formation of bank. A corporation authorized to engage in business pursuant to this chapter may form a bank pursuant to the provisions of subsection 2 of NRS 659.015. ...

Nevada Revised Statutes Section 677.720

Requirements for making and paying of loans: Duties of licensee.

1. Every licensee shall:

(a) Deliver to the borrower, or if more than one, to one of them, ...

Nevada Revised Statutes Section 677.730

Interest, charges and repayment. A licensee may lend any amount of money:

1. At any rate of interest;

2. Subject to the imposition of any charge in any ...

Nevada Revised Statutes Section 677.750

Prohibited practices by licensee. A licensee shall not:

1. Take any confession of judgment or any power of attorney running to himself or to any third person to confess ...

Nevada Revised Statutes Section 677.760

Restriction on percentage of loans secured by stocks or bonds of any one obligor; exception.

1. A licensee shall not lend in the aggregate more than 10 ...

Nevada Revised Statutes Section 677.770

Limitations on amount of secured loans or obligations of any one obligor. Secured loans or obligations of any one person as primary obligor made or held by a licensee may ...

Nevada Revised Statutes Section 677.780

Loans may be made to any person; exceptions; property situated outside of State.

1. Except as provided in NRS 677.770 and 677.790, a licensee may make loans to any ...

Nevada Revised Statutes Section 677.790

Powers of licensee. Except as provided in NRS 677.770, a licensee may:

1. Make loans secured by, and purchase, sell or discount in any amount:

(a) Bona fide ...

Nevada Revised Statutes Section 677.795

Authority to exercise powers of banks. A licensee may, with the approval of the Commissioner, exercise any authority, right, power and privilege, and perform any act and enjoy the same ...

Nevada Revised Statutes Section 677.800

Violation of provisions of chapter. Any person and the members, officers, directors, agents and employees thereof who knowingly and intentionally violate or participate in the violation of any provision of ...

Nevada Revised Statutes Section 677.810

Receiving certain compensation or property; making false entry in books or records; embezzlement. A director, officer or employee of a licensee who:

1. Asks for or receives or consents ...

Nevada Revised Statutes Section 677.820

Fraudulent insolvency; malfeasance of directors. Every director of a licensee who:

1. In case of the fraudulent insolvency of such company, participated in such fraud; or

2. Willfully ...

Nevada Revised Statutes Section 677.830

Making loan or purchasing contract in violation of chapter. A director, officer or employee of a licensee who concurs in any vote or act by which it is intended to ...

Nevada Revised Statutes Section 677.840

Deposit of company’s money on condition of loan or advance. Any director, officer or employee of any licensee who makes or maintains, or attempts to make or maintain, a deposit ...

Nevada Revised Statutes Section 677.850

Accepting deposits with knowledge of insolvency of company or violation of chapter. Each officer or employee of any company who accepts deposits knowing:

1. That the company is insolvent; ...

Nevada Revised Statutes Section 678.010

Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 678.020 to 678.240, inclusive, have the meanings ascribed to them in those ...

Nevada Revised Statutes Section 678.020

“Account” defined. “Account” means a contract of deposit of funds between a member and a credit union and includes deposits, member or share accounts and other like arrangements regardless of ...

Nevada Revised Statutes Section 678.030

“Beneficiary” defined. “Beneficiary” means any person to whom the deposits of an account are to be paid upon the occurrence of a specified condition. ...

Nevada Revised Statutes Section 678.040

“Board” defined. “Board” means the board of directors of a credit union formed pursuant to the provisions of this chapter. ...

Nevada Revised Statutes Section 678.050

“Chairman” defined. “Chairman” means the chairman of the board of a credit union. ...

Nevada Revised Statutes Section 678.061

“Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. ...

Nevada Revised Statutes Section 678.070

“Credit union” defined. “Credit union” means a cooperative, nonprofit corporation, organized for the purposes of promoting thrift among its members and creating a source of credit for such members at ...

Nevada Revised Statutes Section 678.080

“Demand” defined. “Demand” means a request for withdrawal or payment in accordance with all conditions of the account and bylaws of the credit union. ...

Nevada Revised Statutes Section 678.090

“Department” defined. “Department” means the Department of Business and Industry. ...

Nevada Revised Statutes Section 678.100

“Deposits” defined. “Deposits” means that part of the savings liability of a credit union which is credited to the account of the holder thereof. ...

Nevada Revised Statutes Section 678.110

“Director” defined. “Director” means the Director of the Department. ...

Nevada Revised Statutes Section 678.120

“Dividend” defined. “Dividend” means that part of the net earnings of an association which is declared payable by the board to the holders of record of permanent capital stock. ...

Nevada Revised Statutes Section 678.125

“Fixed assets” defined. “Fixed assets” means the real property which constitutes the premises of a credit union or any of its offices, and the furniture, fixtures and equipment of the ...

Nevada Revised Statutes Section 678.130

“Immediate family” defined. “Immediate family” includes any relative, by consanguinity or marriage, of a member living in the member’s household and includes foster and adopted children. ...

Nevada Revised Statutes Section 678.140

“Loan officer” defined. “Loan officer” means the officer appointed by the board of directors or by the credit committee to process all applications for loans from the members of the ...

Nevada Revised Statutes Section 678.145

“Member” defined. “Member” means a person who has an account with a credit union and meets the qualifications for membership specified in the articles of incorporation and bylaws of the ...

Nevada Revised Statutes Section 678.150

“Merger” defined. “Merger” means that consolidation of corporate structures which results in the uniting of substantially all the assets and liabilities of one state-chartered corporation with those of another such ...

Nevada Revised Statutes Section 678.160

“Multiple-party account” defined.

1. “Multiple-party account” means:

(a) An account in the name of two or more persons, any one or more of whom may make withdrawals;

...

Nevada Revised Statutes Section 678.170

“Net contribution” defined. “Net contribution” means the sum of all deposits which a party to a multiple-party account has made added to any dividends or interest due, less all withdrawals. ...

Nevada Revised Statutes Section 678.180

“Party” defined. “Party” means any person who, by the terms of the account, has a present right of withdrawal in a multiple-party account. Unless the context indicates otherwise, it includes ...

Nevada Revised Statutes Section 678.190

“Payment” defined. “Payment” means the withdrawal and payment of sums on deposit on the directive of a party. ...

Nevada Revised Statutes Section 678.210

“Proof of death” defined. “Proof of death” means a death certificate or other statement issued by an appropriate official which indicates that a named person is deceased. ...

Nevada Revised Statutes Section 678.220

“Sums on deposit” defined. “Sums on deposit” means the balance payable on a multiple-party account including interest, dividends and any deposit life insurance proceeds added to the account because of ...

Nevada Revised Statutes Section 678.230

“Trust account” defined. “Trust account” means any account which states that a party is a trustee for one or more identified persons, including but not limited to minors. ...

Nevada Revised Statutes Section 678.240

“Withdrawal” defined. “Withdrawal” means payment to a party or a third person pursuant to a directive of a party. ...

Nevada Revised Statutes Section 678.250

Administration of chapter; regulations of Commissioner. The Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director and the Credit Union Advisory Council. He shall ...

Nevada Revised Statutes Section 678.260

Duties of Commissioner; regulations. The Commissioner shall:

1. Adopt a regulation establishing the minimum surety bond required of credit unions in relation to the amount of property under their ...

Nevada Revised Statutes Section 678.270

Powers of Commissioner concerning regulations and legal actions. The Commissioner may:

1. Adopt regulations, subject to the advice and consent of the Credit Union Advisory Council, establishing chartering, supervisory ...

Nevada Revised Statutes Section 678.275

Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee ...

Nevada Revised Statutes Section 678.290

Credit Union Advisory Council.

1. The Credit Union Advisory Council, consisting of five members appointed by the Governor, is hereby created to consult with, advise and make recommendations to ...

Nevada Revised Statutes Section 678.300

Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence.

1. Except for a credit union organized under the Federal Credit Union Act or a foreign ...

Nevada Revised Statutes Section 678.310

Procedure for incorporation; fees set by regulation.

1. The Secretary of State shall not issue any certificate of incorporation to any credit union authorizing it to do business in ...

Nevada Revised Statutes Section 678.320

Amendment of articles of incorporation; bylaws.

1. The articles of incorporation or bylaws may be amended as provided in the bylaws. Any amendment to the articles of incorporation or ...

Nevada Revised Statutes Section 678.330

Offices; principal place of business.

1. A credit union may maintain, with the approval of the Commissioner, offices at locations other than its main office if the maintenance of ...

Nevada Revised Statutes Section 678.340

Fiscal year. The fiscal year of all credit unions organized under this chapter shall end on the last day of December. ...

Nevada Revised Statutes Section 678.342

Certificate of authority required. No credit union organized under the laws of another state may commence or transact any business or maintain an office in this state without first obtaining ...

Nevada Revised Statutes Section 678.343

Application for certificate of authority: Filing; form; contents. Each application for an initial certificate of authority submitted by a foreign credit union must be filed with the Commissioner on a ...

Nevada Revised Statutes Section 678.3435

Fee for initial investigation; annual fees; costs for additional investigations. The Commissioner shall charge and collect a fee of $500 for an initial investigation from each foreign credit union which ...

Nevada Revised Statutes Section 678.344

Requirements for issuance of certificate. The Commissioner shall issue a certificate of authority to a foreign credit union if he is satisfied that:

1. The members of the credit ...

Nevada Revised Statutes Section 678.345

Applicable law; filing of annual report. A foreign credit union which has been issued a certificate of authority shall:

1. Serve its members in this state in accordance with ...

Nevada Revised Statutes Section 678.3455

Application for certificate of authority to open branch offices. A foreign credit union which has been issued a certificate of authority may apply to the Commissioner for a certificate of ...

Nevada Revised Statutes Section 678.346

Examination of records; revocation of certificate. The Commissioner may:

1. Examine the records of any foreign credit union which holds a certificate of authority issued by the Commissioner at ...

Nevada Revised Statutes Section 678.347

Applicability of provisions of chapter 80 of NRS. The provisions of chapter 80 of NRS which are not in conflict with the provisions of this chapter apply to any foreign ...

Nevada Revised Statutes Section 678.350

Board of directors: Number, election and terms of members; procedure for filling vacancy.

1. The business affairs of a credit union shall be directed by an odd-numbered board of ...

Nevada Revised Statutes Section 678.360

Board of directors: Responsibilities; meetings; executive committee.

1. The board of directors is responsible for the general direction of the affairs, funds and records of the credit union and ...

Nevada Revised Statutes Section 678.370

Board of directors: Duties. The directors of a credit union shall:

1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit ...

Nevada Revised Statutes Section 678.380

Board of directors: Powers. The directors may:

1. Act upon applications for membership or appoint membership officers from the members of the credit union to act upon membership applications ...

Nevada Revised Statutes Section 678.390

Appointment of audit committee: Duties; powers; suspension of member; employment of certified or registered public accountant.

1. The board may appoint an audit committee to make an annual audit ...

Nevada Revised Statutes Section 678.400

Credit committee; loan officer.

1. The board may appoint a:

(a) Credit committee consisting of an odd number of members of the credit union, but not less than ...

Nevada Revised Statutes Section 678.410

Removal of director, officer or employee on objection of Commissioner. If the Commissioner notifies the board in writing that he has information that any director, officer or employee of a ...

Nevada Revised Statutes Section 678.420

Officers: Election; designation; bonds; terms; duties.

1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive ...

Nevada Revised Statutes Section 678.430

List of directors, officers and committee members. Within 30 days following the election of the executive officers, the secretary shall submit to the Commissioner a list of the names and ...

Nevada Revised Statutes Section 678.440

Fiduciary relationship of directors and officers. Directors and officers of an association shall be deemed to stand in a fiduciary relation to the credit union and shall discharge the duties ...

Nevada Revised Statutes Section 678.450

Compensation and expenses of directors, officers and members.

1. A director or committee member may not be compensated for his services except that he may be provided reasonable life, ...

Nevada Revised Statutes Section 678.460

General powers; waiver or modification of law by Commissioner. Every credit union organized under the provisions of this chapter:

1. Has all the powers granted by NRS 81.500 that ...

Nevada Revised Statutes Section 678.470

Receiving and paying out deposits; borrowing, selling and purchasing assets. A credit union may, subject to the regulations or approval of the Commissioner:

1. Receive from its members or ...

Nevada Revised Statutes Section 678.480

Fees and assessments. A credit union may:

1. Require, at the discretion of the directors, the payment of an entrance fee or annual membership fee of any person admitted ...

Nevada Revised Statutes Section 678.490

Membership in other credit union or organization; performance of certain services. A credit union may:

1. Hold membership in other credit unions organized under this chapter, in the Nevada ...

Nevada Revised Statutes Section 678.500

Donations and contributions. A credit union may:

1. Contribute to, support or participate in any nonprofit service facility whose services will benefit the credit union or its membership; and

Nevada Revised Statutes Section 678.510

Eligibility for membership.

1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have:

...

Nevada Revised Statutes Section 678.520

Eligibility of minor; limitations.

1. Shares may be issued to and deposits received from a minor and such minor may withdraw the shares and deposits, including the dividends and ...

Nevada Revised Statutes Section 678.530

Subscription to and transfer of shares; lien for sums due; reduction in shares.

1. Shares may be subscribed to, paid for and transferred in such manner as the bylaws ...

Nevada Revised Statutes Section 678.540

Real and personal property subject to taxation. The real property and any tangible personal property owned by a credit union organized pursuant to this chapter or any other provision of ...

Nevada Revised Statutes Section 678.550

Meetings of members.

1. The annual meeting and any special meetings of the members of the credit union shall be held at the time and place and in the ...

Nevada Revised Statutes Section 678.560

Savings deposits; special clubs and accounts.

1. A credit union may receive savings deposits from its members, subject to such conditions and such return as may be established by ...

Nevada Revised Statutes Section 678.570

Multiple-party accounts: Authorization; disbursement of money; limitations.

1. A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party ...

Nevada Revised Statutes Section 678.580

Presumptions concerning ownership of accounts.

1. The presumptions created by NRS 678.580 to 678.610, inclusive, concerning beneficial ownership as between parties, or as between parties and beneficiaries, of multiple-party ...

Nevada Revised Statutes Section 678.590

Multiple-party accounts: Proportional ownership; tenancy in common.

1. A multiple-party account which provides that sums on deposit or in shares may be paid on demand to any one of ...

Nevada Revised Statutes Section 678.600

Multiple-party accounts: Survivorship.

1. A multiple-party account payable to two or more persons, jointly or severally, which does not expressly provide that there is not a right of survivorship, ...

Nevada Revised Statutes Section 678.610

Trust accounts.

1. Except where there is evidence of a trust other than as provided by the form of the account, the account and any sums withdrawn therefrom are ...

Nevada Revised Statutes Section 678.620

Payment as valid discharge of credit union.

1. Except for payments made by a credit union after receipt of written notice from a party who has a present right ...

Nevada Revised Statutes Section 678.630

Payment of trust accounts.

1. Any account payable to a trustee for another person may be paid to the trustee on demand.

2. Unless a credit union has ...

Nevada Revised Statutes Section 678.640

Payment of multiple-party accounts.

1. Except as provided in subsection 2, if a multiple-party account does not include a condition requiring joint signatures for withdrawals a credit union may ...

Nevada Revised Statutes Section 678.650

Right to setoff against multiple-party accounts. Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, when a party to a multiple-party account is ...

Nevada Revised Statutes Section 678.670

Regular reserves.

1. Before the payment of any dividend, the gross earnings of the credit union must be determined. From the gross earnings a regular reserve against losses must ...

Nevada Revised Statutes Section 678.680

Special reserves. In addition to regular reserve, special reserves to protect the interest of members must be established when:

1. Required by regulations issued by the Commissioner; or

...

Nevada Revised Statutes Section 678.690

Assets qualified for reserves. For the purpose of establishing the reserves required by NRS 678.670 and 678.680, all assets except the following are considered risk assets:

1. Cash on ...

Nevada Revised Statutes Section 678.700

Dividends.

1. The board may, after provision for the required reserves, declare a dividend to be paid from the remaining net earnings at a rate, interval and upon such ...

Nevada Revised Statutes Section 678.710

Loans to members: Application; approval; limitations; participation loans; payment.

1. A credit union may make loans to members in accordance with the provisions of the bylaws upon receipt of ...

Nevada Revised Statutes Section 678.720

Loans to members: Extension of previous maximum credit; review.

1. The credit committee or loan officer may approve, at his own discretion or upon application by a member, an ...

Nevada Revised Statutes Section 678.730

Loans to and guaranties by directors and members of committees.

1. A credit union may make loans to its directors and to members of its committees, except that any ...

Nevada Revised Statutes Section 678.740

Security for loans.

1. In addition to generally accepted types of security, the endorsement of a note by a guarantor or assignment of shares or wages, in a manner ...

Nevada Revised Statutes Section 678.750

Insurance of members and accounts.

1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances ...

Nevada Revised Statutes Section 678.755

Approval of private insurer and contract of insurance; regulations; reserve.

1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the ...

Nevada Revised Statutes Section 678.760

Authorized investments. Money not used in loans to members may be invested in:

1. Securities, obligations, participations or other instruments of or issued by or fully guaranteed as to ...

Nevada Revised Statutes Section 678.765

Limitation on investment in fixed assets. A credit union must not invest in fixed assets without the prior approval of the Commissioner if the aggregate value of the credit union’s ...

Nevada Revised Statutes Section 678.780

Annual financial report. Every credit union organized under this chapter shall submit an annual financial report for the calendar year to the Commissioner on or before the 1st day of ...

Nevada Revised Statutes Section 678.790

Examinations and audits; fees.

1. The Division shall annually conduct or cause to be conducted an examination of each credit union organized under the provisions of this chapter. For ...

Nevada Revised Statutes Section 678.795

Independent audit and examination: Payment of assessment; cooperation. Each credit union shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant ...

Nevada Revised Statutes Section 678.800

Merger; fees set by regulation; regulations.

1. Any credit union may, with the approval of the Commissioner, merge with another credit union under the existing charter of the other ...

Nevada Revised Statutes Section 678.810

Conversions; fee set by regulation.

1. A credit union chartered in accordance with the laws of this state may be converted to a credit union chartered in accordance with ...

Nevada Revised Statutes Section 678.820

Voluntary dissolution.

1. At a meeting called to consider dissolution, the membership may vote to dissolve a credit union if notice of the meeting is mailed to the members ...

Nevada Revised Statutes Section 678.830

Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation.

1. If the Division determines that any credit union organized pursuant to the provisions of this chapter is ...

Nevada Revised Statutes Section 678.835

Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency. If a credit union is closed because of bankruptcy or insolvency, the Commissioner may appoint a ...

Nevada Revised Statutes Section 678.840

Procedure for liquidation.

1. A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing any other acts ...

Nevada Revised Statutes Section 678.850

Organization and operation; rights and powers.

1. A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within ...

Nevada Revised Statutes Section 678.860

Membership. The membership for a central credit union may consist of:

1. Credit unions;

2. The Nevada Credit Union League, Inc.; and

3. Organizations affiliated with the ...

Nevada Revised Statutes Section 678.870

Voting representatives.

1. The board of each credit union that becomes a member of a central credit union shall designate one person to be its voting representative in the ...

Nevada Revised Statutes Section 678.875

Regular reserves.

1. Before the payment of any dividend by a central credit union, a regular reserve against loan losses shall be set aside according to the following schedule:

Nevada Revised Statutes Section 678.880

Use of words “credit union” or conducting business as credit union by person not organized as credit union; spreading false report concerning management or finances of credit union.

1. ...



Last modified: February 26, 2006