reglab/housing_qa huggingface dataset:
NV Rev Stat § 672.400 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.400 - 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 three members; or  (b) Loan officer.  2. If a credit committee is appointed by the board, it shall hold such meetings as the business of the credit union may require but it shall meet at least once a month to consider applications for loans. A loan may not be made unless it is approved by a majority of the members of the committee who are present at the meeting at which the application is considered.  3. The credit committee may appoint a loan officer from among its members and delegate to him or her the power to approve loans. Only one member of the credit committee may be appointed as loan officer or assistant loan officer.  4. If a loan is not approved by a loan officer, the application for the loan must be reviewed by the credit committee or the board of directors, whomever appointed the loan officer. All the members of the credit committee or the board present at the review must approve the application before the loan may be made.  5. For purposes of internal control, a loan officer may not disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.  (Added to NRS by 1975, 382; A 1983, 2017) — (Substituted in revision for NRS 678.400)
NV Rev Stat § 672.410 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.410 - Removal of director, officer or employee on objection of Commissioner.

If the Commissioner notifies the board in writing that he or she has information that any director, officer or employee of a credit union is failing in the performance of his or her duties, the board shall meet and consider such matter forthwith. The Commissioner must have notice of the time and place of the meeting. If the board of directors finds the Commissioner’s objection to be well founded, such director, officer or employee shall be removed immediately.  (Added to NRS by 1975, 382; A 1983, 1834; 1987, 2017) — (Substituted in revision for NRS 678.410)
NV Rev Stat § 672.420 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.420 - 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 officers of the corporation. The officers must be designated as:  (a) Chair of the board;  (b) Vice chair of the board;  (c) Treasurer; and  (d) Secretary.  The treasurer and secretary may be the same person.  2. The treasurer or general manager shall give a fidelity bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the Commissioner.  3. Each officer shall serve a term of 1 year or until such time as successors are chosen and have qualified.  4. The duties of each office must be as prescribed in the bylaws of the credit union.  (Added to NRS by 1975, 382; A 1983, 1834; 1987, 2017) — (Substituted in revision for NRS 678.420)
NV Rev Stat § 672.430 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.430 - 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 addresses of the directors, officers and committee members who have been elected or appointed.  (Added to NRS by 1975, 383; A 1983, 1834; 1987, 2018) — (Substituted in revision for NRS 678.430)
NV Rev Stat § 672.440 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.440 - 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 of their respective positions in good faith and with the diligence, care and skill which ordinary, prudent persons would exercise under similar circumstances in similar positions.  (Added to NRS by 1975, 383; A 1997, 1623) — (Substituted in revision for NRS 678.440)
NV Rev Stat § 672.450 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.450 - Compensation and expenses of directors, officers and members.

  1. A director or committee member may not be compensated for his or her services except that he or she may be provided reasonable life, health, accident and similar insurance protection.  2. Any member of the credit union may be reimbursed for necessary expenses incidental to the performance of credit union business. All such expenses shall be approved by the board.  3. Subsection 1 does not apply to officers of the credit union who also serve as members of the board or a committee.  (Added to NRS by 1975, 383) — (Substituted in revision for NRS 678.450)
NV Rev Stat § 672.460 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.460 - 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 are not inconsistent with the provisions of this chapter and in addition thereto, the powers enumerated in NRS 672.470 to 672.500, inclusive; and  2. May exercise any authority and perform all acts that a federal credit union may exercise or perform, with the consent and written approval of the Commissioner. The Commissioner may, by regulation, waive or modify a requirement of Nevada law if the corresponding requirement for federal credit unions has been or is eliminated or modified.  (Added to NRS by 1975, 386; A 2001, 2050) — (Substituted in revision for NRS 678.460)
NV Rev Stat § 672.470 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.470 - 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 from the members of another credit union deposits which are payable on demand and honor requests for withdrawals in the form of checks or drafts.  2. Receive deposits from the State Treasurer which are payable on demand pursuant to the provisions of chapter 356 of NRS.  3. Borrow from any source in accordance with the policy established by the board of directors and discount and sell any eligible obligations.  4. Sell all or any part of its assets or purchase all or any part of the assets of another credit union.  (Added to NRS by 1975, 386; A 1981, 1368; 1983, 1835; 1987, 2018) — (Substituted in revision for NRS 678.470)
NV Rev Stat § 672.480 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.480 - 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 to membership;  2. Collect, receive and disburse moneys and charge a fee for services rendered in connection with the sale of negotiable checks, money orders and other money-type instruments and for such other purposes as may provide benefit or convenience to its members; and  3. Assess charges to members in accordance with the bylaws for failure to promptly meet their obligations to the credit union.  (Added to NRS by 1975, 387) — (Substituted in revision for NRS 678.480)
NV Rev Stat § 672.490 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.490 - 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 Credit Union League and in other organizations composed of credit unions;  2. Perform such tasks and missions as may be requested by the Federal Government, the State of Nevada or any agency or political subdivision thereof, including, without limitation, a city, county or school district, when approved by the board of directors and not inconsistent with the provisions of this chapter;  3. Act as fiscal agent for and receive deposits from the Federal Government, the State of Nevada or an agency or political subdivision thereof, including, without limitation, a city, county or school district; and  4. Perform trust services for its members, including the trust estates of deceased members, and act as a custodian of qualified pension funds of self-employed individuals under the provisions of 26 U.S.C. §§ 861 et seq.  (Added to NRS by 1975, 387; A 1999, 1453) — (Substituted in revision for NRS 678.490)
NV Rev Stat § 672.500 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.500 - 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  2. Make donations or contributions to any nonprofit civic, charitable or community organization as authorized by the board of directors.  (Added to NRS by 1975, 387) — (Substituted in revision for NRS 678.500)
NV Rev Stat § 672.510 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.510 - 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:  (a) The common bond set forth in the bylaws;  (b) Paid the entrance fee provided in the bylaws;  (c) Subscribed for one or more shares and have paid the initial installment thereon; and  (d) Complied with other requirements specified in the articles of incorporation or bylaws.  2. The common bond required for membership in credit unions organized under the provisions of this chapter may include, but are not limited to persons who:  (a) Have a similar occupation, association or interest;  (b) Reside within an identifiable neighborhood, community or rural district; or  (c) Are employed by the same employer,  and members of the immediate families of such persons.  3. Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his or her membership in the credit union at the discretion of the board of directors.  (Added to NRS by 1975, 383) — (Substituted in revision for NRS 678.510)
NV Rev Stat § 672.520 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.520 - 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 interest thereon. For purposes of making deposits, share investments and withdrawals a minor shall be deemed of legal age.  2. A minor under 16 years of age is not entitled to vote in the meeting of the members either personally or through his or her parent or guardian. A person may not become a director until he or she has reached the age of majority.  (Added to NRS by 1975, 383) — (Substituted in revision for NRS 678.520)
NV Rev Stat § 672.530 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.530 - 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 may prescribe. A certificate shall not be issued to denote ownership of a share in a credit union.  2. The credit union may impress a lien on the shares, deposits, accumulated dividends or interest of a member in his or her individual, joint or trust account for any sum due the credit union from such member or for any loan endorsed by him or her.  3. If the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may, by a majority vote of the entire membership, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members. If thereafter the credit union realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided among the shareholders whose assets were reduced, but only to the extent of such reduction.  (Added to NRS by 1975, 387) — (Substituted in revision for NRS 678.530)
NV Rev Stat § 672.540 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.540 - 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 law is subject to taxation to the same extent as other similar property is taxed.  (Added to NRS by 1975, 394; A 1985, 1182) — (Substituted in revision for NRS 678.540)
NV Rev Stat § 672.550 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.550 - 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 manner indicated in the bylaws.  2. A member may not vote by proxy, but a society, association, copartnership or corporation having membership in the credit union may be represented and vote by one of its members or shareholders if such person has been fully authorized by the governing body of the society, association, copartnership or corporation to represent it.  3. At all meetings a member has but one vote irrespective of his or her share holdings.  (Added to NRS by 1975, 386) — (Substituted in revision for NRS 678.550)
NV Rev Stat § 672.560 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.560 - 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 the board.  2. Christmas clubs, vacation clubs and other thrift accounts may be operated in accordance with the provisions of the bylaws.  (Added to NRS by 1975, 383) — (Substituted in revision for NRS 678.560)
NV Rev Stat § 672.570 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.570 - 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 account may be paid, on demand, to any one or more of the parties unless the terms of the account expressly stipulate that joint signatures are required.  2. A credit union is not required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account.  3. A multiple-party account may be created with any person designated by the credit union member, but a joint tenant shall not be permitted to vote, obtain loans or hold office unless he or she is a qualified member.  (Added to NRS by 1975, 385) — (Substituted in revision for NRS 678.570)
NV Rev Stat § 672.630 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.630 - Payment of trust accounts.

  1. Any account payable to a trustee for another person may be paid to the trustee on demand.  2. The protection provided a credit union in subsection 1 has no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.  (Added to NRS by 1975, 385; A 2011, 1483) — (Substituted in revision for NRS 678.630)
NV Rev Stat § 672.650 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.650 - 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 indebted to a credit union, the credit union has a right to setoff against the entire amount of the account.  (Added to NRS by 1975, 386) — (Substituted in revision for NRS 678.650)
NV Rev Stat § 672.670 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.670 - 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 be set aside according to the following schedule:  (a) Until the regular reserve equals 7.5 percent of the outstanding loans and risk assets, all credit unions with assets of $500,000 or less shall withhold 10 percent of the gross earnings. Thereafter, 5 percent of the gross income must be withheld until the regular reserve reaches 10 percent of the outstanding loans and risk assets.  (b) Whenever a credit union has assets of more than $500,000 and has been in operation for at least 4 years, it shall maintain its regular reserve as follows:  (1) Until the regular reserve equals 4 percent of the outstanding loans and risk assets, the credit union shall withhold 10 percent of its gross earnings.  (2) Thereafter, until the regular reserve equals 6 percent of its outstanding loan and risk assets, the credit union shall withhold 5 percent of its gross earnings.  (c) Whenever the regular reserve falls below the required levels, it must be replenished by regular contributions sufficient to maintain the regular reserve at the levels required by paragraphs (a) and (b).  2. The regular reserve belongs to the credit union and must not be distributed except on liquidation of the credit union or in accordance with a plan approved by the Commissioner.  (Added to NRS by 1975, 387; A 1977, 891; 1983, 1641, 1835, 2018; 1987, 2018) — (Substituted in revision for NRS 678.670)
NV Rev Stat § 672.680 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.680 - 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  2. Directed by the board of the credit union.  (Added to NRS by 1975, 388; A 1983, 1835; 1987, 2019) — (Substituted in revision for NRS 678.680)
NV Rev Stat § 672.690 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.690 - Assets qualified for reserves.

For the purpose of establishing the reserves required by NRS 672.670 and 672.680, all assets except the following are considered risk assets:  1. Cash on hand;  2. Deposits or shares in federal or state banks, savings and loan associations, savings banks and credit unions;  3. Assets which are insured by, fully guaranteed as to principal and interest by, or due from the United States Government, its agencies, the Federal National Mortgage Association or the Government National Mortgage Association;  4. Loans to other credit unions;  5. Loans to members of the credit union which are fully secured by the shares of the member applying therefor;  6. Loans to students insured under the provisions of the Higher Education Act of 1965, 20 U.S.C. §§ 1071 et seq., or similar state insurance programs;  7. Loans insured under the National Housing Act, as amended, 12 U.S.C. § 1703, by the Federal Housing Administration;  8. Shares or deposits in central credit unions organized under the provisions of NRS 672.850, or of any other state law or the Federal Credit Union Act of 1934, as amended, 12 U.S.C. §§ 1751 et seq.;  9. Common trust investments which deal in investments authorized by this chapter;  10. Prepaid expenses;  11. Accrued interest on nonrisk investments;  12. Furniture and equipment;  13. Land and buildings; and  14. A deposit for insurance for members’ accounts required pursuant to subsection 3 of NRS 672.750.  (Added to NRS by 1975, 388; A 1981, 1814; 1999, 1453) — (Substituted in revision for NRS 678.690)
NV Rev Stat § 672.700 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.700 - 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 shares as they determine. Dividends shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared.  2. Shares which become fully paid-up during such dividend period and are outstanding at the close of the period are entitled to a proportional part of such dividend.  3. Dividend credit for a month may be accrued on shares which are or become fully paid up during that month.  (Added to NRS by 1975, 388) — (Substituted in revision for NRS 678.700)
NV Rev Stat § 672.710 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.710 - 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 approval by the credit committee or loan officer at a rate of interest agreed upon by the credit union and member.  2. Every application for a loan must be made in writing upon a form furnished by the credit union which has been approved by the board. The application must include the purpose for which the loan is desired and the security, if any, offered.  3. A loan must not be made to any member in an aggregate amount in excess of 10 percent of the credit union’s unimpaired capital and surplus.  4. A credit union may participate with other credit unions, corporations or financial institutions in making loans to credit union members.  5. A member may receive a loan in installments or in one sum and may pay the whole or any part of his or her loan on any day on which the office of the credit union is open for business.  (Added to NRS by 1975, 389; A 1981, 1596) — (Substituted in revision for NRS 678.710)
NV Rev Stat § 672.720 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.720 - Loans to members: Extension of previous maximum credit; review.

  1. The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extension of credit is permitted, applications for loans within the credit limitation need no further consideration so long as the aggregate obligation of the member does not exceed the credit limit.  2. The credit committee or loan officer shall, at least once each year, review all extensions of credit and any extension of credit shall expire if the member becomes more than 90 days delinquent in his or her obligations to the credit union.  (Added to NRS by 1975, 390) — (Substituted in revision for NRS 678.720)
NV Rev Stat § 672.730 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.730 - 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 loan or aggregate of loans to any one director or member of a committee which is more than $30,000 plus pledged shares must be approved by the board.  2. A credit union may permit its directors and members of its committees to act as guarantor or endorser of loans to other members, except that when such a loan standing alone or when added to any outstanding loan to the guarantor is more than $30,000, approval of the board is required.  (Added to NRS by 1975, 390; A 1983, 2018; 1999, 1454) — (Substituted in revision for NRS 678.730)
NV Rev Stat § 672.740 (2021)
2021 Nevada Revised Statutes|Chapter 672 - Credit Unions|NRS 672.740 - 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 consistent with the laws of this state, shall be deemed security within the meaning of this chapter.  2. The credit committee or loan officer, subject to the provisions of this chapter and the bylaws, is responsible for determining the adequacy of security for any loans.  (Added to NRS by 1975, 390) — (Substituted in revision for NRS 678.740)