reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0105 - "Material litigation" defined.

"Material litigation" means litigation that, according to generally accepted accounting principles in the United States, is significant to the financial health of a person and would be required to be disclosed by the person in an annual audited financial statement, report to shareholders or similar record.
(Added to NRS by 2023, 98)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.013 - "Money transmission" defined.

1. "Money transmission" means any of the following:
(a) Selling or issuing payment instruments to a person located in this State.
(b) Selling or issuing stored value to a person located in this State.
(c) Receiving money or credits for transmission from a person located in this State.
2. The term includes payroll processing services.
3. The term does not include the provision solely of online or telecommunications services or network access.
(Added to NRS by 2023, 98)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0135 - Multistate licensing process" defined.

"Multistate licensing process" means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations or notice and information requirements for a change of key individuals.
(Added to NRS by 2023, 98)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0145 - "Outstanding money transmission obligation" defined.

1. "Outstanding money transmission obligation" means:
(a) Any payment instrument or stored value issued or sold by a licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee or escheated in accordance with applicable abandoned property laws; or
(b) Any money or credits received for transmission by a licensee or an authorized delegate in the United States from a person located in the United States that has not yet been received by the payee or refunded to the sender or escheated in accordance with the applicable abandoned property laws.
2. For the purposes of this section, a person is located in the United States if the person is located in any state, territory or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico or a United States military installation that is located in a foreign country.
(Added to NRS by 2023, 99)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.015 - "Passive investor" defined.

"Passive investor" means a person that:
1. Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee;
2. Is not employed by and does not have any managerial duties of a licensee or person in control of a licensee;
3. Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and
4. Does either of the following:
(a) Attests to the characteristics set forth in subsections 1, 2 and 3 in a form prescribed by the Commissioner; or
(b) Commits to the characteristics set forth in subsections 1, 2 and 3 in a written document.
(Added to NRS by 2023, 99)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0155 - "Payment instrument" defined.

1. "Payment instrument" means a written or electronic check, draft, money order, traveler’s check or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable.
2. The term does not include stored value or any instrument that is:
(a) Redeemable by the issuer only for goods or services provided by the issuer or its affiliate or a franchisee of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value; or
(b) Not sold to the public but issued and distributed as part of a loyalty, rewards or promotional program.
(Added to NRS by 2023, 99)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.016 - "Payroll processing services" defined.

"Payroll processing services" means receiving money or credits for transmission pursuant to a contract with a person to:
1. Deliver wages or salaries;
2. Make payment of payroll taxes to a state or federal agency;
3. Make payments relating to an employee benefit plan; or
4. Make distributions of other authorized deductions from wages or salaries.
(Added to NRS by 2023, 99)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.017 - Privately insured depository financial institution" defined.

"Privately insured depository financial institution" means a credit union, thrift company or industrial loan company organized and regulated under the laws of this State, when such a credit union, thrift company or industrial loan company has deposits which are insured by a private insurer approved by the Commissioner and the Commissioner of Insurance.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.018 - Stored value" defined.

1. "Stored value" means monetary value representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or services.
2. The term includes, without limitation, prepaid access, as defined in 31 C.F.R. § 1010.100, as amended.
3. The term does not include a payment instrument, closed loop stored value or monetary value described in subsection 1 that is not sold to the public but issued and distributed as part of a loyalty, rewards or promotional program.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0205 - Applicability of chapter: Authority of Commissioner to exempt additional persons.

The Commissioner may, by regulation or order, exempt a person who is not specified in NRS 671.020 from the provisions of this chapter if the Commissioner determines that the exemption is in the public interest and the regulation of the person is not necessary for the purposes of this chapter.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.021 - Applicability of chapter: Authority of Commissioner to require demonstration of qualification for exemption.

The Commissioner may require any person claiming to be exempt from the provisions of this chapter pursuant to NRS 671.020 to provide to the Commissioner information and documentation demonstrating that the person qualifies for any claimed exemption.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.040 - Prohibition against engaging in business of money transmission without being licensed or authorized delegate and regardless of location or method used.

1. A person shall not engage in the business of money transmission or advertise, solicit or hold himself, herself or itself out as providing money transmission unless the person:
(a) Has been issued a license pursuant to this chapter; or
(b) Is an authorized delegate of a licensee that is acting within the scope of authority conferred by a written contract with the licensee.
2. A person must have a license or be an authorized delegate described in paragraph (b) of subsection 1 regardless of the location or method that the person uses to engage in the business of money transmission, including, without limitation, at a kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication device or through any other machine, network, system, device or means.
(Added to NRS by 1977, 1083; A 2023, 118)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.060 - Completion of application for license; conduct and cost of investigation of applicant; issuance of license; denial of application; appeal.

1. When an applicant for a license has submitted the application required pursuant to NRS 671.050 which appears to include all the items and address all of the matters that are required by that section, submitted the information required pursuant to NRS 671.098 and paid all applicable fees and the Commissioner has approved the surety bond or securities of the applicant, the application shall be considered complete.
2. A determination by the Commissioner that an application is complete pursuant to subsection 1 and is accepted for processing means only that the application, on its face, appears to include all of the items and address all of the matters that are required and is not an assessment of the substance of the application or the sufficiency of the information.
3. When an application is filed and considered complete pursuant to this section, the Commissioner shall investigate the financial condition and responsibility, the financial and business experience, and the character and general fitness of the applicant and may investigate any partners, directors, trustees, principal officers, proposed key individuals or persons in control of the applicant.
4. In investigating an applicant pursuant to subsection 3, the Commissioner may conduct an on-site investigation of the applicant, the actual cost of which the applicant must pay.
5. The Commissioner shall issue a license to the applicant to engage in the business of money transmission if the Commissioner finds that:
(a) The applicant has complied with all applicable requirements set forth in this chapter for the issuance of a license; and
(b) The financial condition and responsibility, financial and business experience, competence, character and general fitness of the applicant and the competence, experience, character and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
6. If the Commissioner denies an application for a license, the Commissioner shall issue to the applicant a formal written notice of the denial setting forth the specific reasons for the denial. An applicant whose application for a license is denied may appeal and request a hearing pursuant to NRS 233B.121 to 233B.150, inclusive.
(Added to NRS by 1977, 1084; A 1983, 1319, 1765; 1987, 1951; 2023, 121)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.070 - Expiration and renewal of license; fees; regulations.

1. Except as otherwise provided in this subsection, a license issued pursuant to this chapter expires on December 31 of each year, unless it is earlier surrendered, suspended or revoked. A license which is initially issued on or after November 1 and on or before December 31 of a year expires on December 31 of the year following the year in which the license was issued, unless it is earlier surrendered, suspended or revoked.
2. The license may be renewed from year to year upon the approval of the Commissioner if the licensee, on or after November 1 and on or before December 31 of each year, files an application which:
(a) Conforms to the requirements for an initial application; and
(b) Contains a description of each material change in the information submitted to the Commissioner by the licensee in the initial application which has not yet been reported to the Commissioner.
3. An application for the renewal of the license must be accompanied by a fee of not more than $400. No investigation fee may be charged for the renewal of the license. If the application or fee for renewal is not filed within the required time, the Commissioner may reinstate the expired license if the licensee files the application, the fee for renewal and a fee of not more than $400 for late renewal, if applicable, on or before February 28 of the year following the expiration of the license.
4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section. All fees collected pursuant to this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
(Added to NRS by 1977, 1084; A 1981, 755, 991; 1983, 1765; 1987, 1951; 1989, 920; 2003, 3228; 2005, 1855; 2021, 2034; 2023, 122)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.080 - License not transferable or assignable; business must be conducted at location specified in application or operated by authorized delegate; changes in location, name or operation of business.

1. A license issued under this chapter is not transferable or assignable.
2. The license entitles the holder to engage in business only at the location or locations specified in the application or at a location or locations operated by an authorized delegate of the licensee.
3. A change must not be made in:
(a) The location of any place of business covered by the license;
(b) The name of the licensed business; or
(c) The licensee’s operation or services if the nature of the change affects the qualification for the license,
without prior notice to and approval of the Commissioner.
(Added to NRS by 1977, 1084; A 1983, 1766; 1987, 1951; 2023, 122)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.094 - Authority of Commissioner to require submission of fingerprints; use of Nationwide Multistate Licensing System and Registry for submission and processing of fingerprints.

1. The Commissioner may require an applicant for a license or a licensee to submit a complete set of fingerprints when the Commissioner determines necessary.
2. The Commissioner may use the services of the Registry to process and to submit the fingerprints to the Federal Bureau of Investigation, to the Central Repository for Nevada Records of Criminal History, to any federal or state law enforcement agency or to any other entity authorized to receive such information for the purpose of conducting a background check of the criminal history of an applicant for a license or a licensee.
(Added to NRS by 2021, 2033)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.099 - Licensee required to register and maintain unique identifier with Nationwide Multistate Licensing System and Registry; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry.

1. Each licensee shall register with and maintain a valid unique identifier with the Registry.
2. The Commissioner may issue a license through the Registry.
3. To the extent that the Commissioner has delegated to the Registry any of his or her duties with respect to the issuance and renewal of licenses as authorized by the provisions of this chapter, any reference to the Commissioner in this chapter shall be deemed to be a reference to the Registry.
4. As used in this section, "unique identifier" means a number or other identifier assigned by the protocols established by the Registry.
(Added to NRS by 2021, 2034)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.0995 - Suspension or revocation of license for failure to meet qualifications or satisfy requirements applicable to applicant; applicant required to demonstrate compliance with certain requirements.

1. If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a license pursuant to this chapter, the Commissioner may suspend or revoke the license of the licensee.
2. An applicant for a license must demonstrate that the applicant meets or will meet the requirements set forth in NRS 671.100 or 671.110, as applicable, and 671.115 and 671.125.
(Added to NRS by 2023, 109)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.110 - Deposits in lieu of bond.

1. In lieu of any surety bond, or any portion of the principal sum thereof as required by this chapter, a licensee may deposit with the State Treasurer or with any bank, credit union or trust company authorized to do business in this state as the licensee may select, with the approval of the Commissioner:
(a) Interest-bearing stocks;
(b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or
(c) Any obligation of this state or any city, county, town, township, school district or other instrumentality of this state or guaranteed by this state,
in an aggregate amount of, based upon principal amount or market value, whichever is lower, of not less than the amount of the required surety bond or portion thereof.
2. The securities must be held to secure the same obligation as would the surety bond, but the depositor may receive any interest or dividends and, with the approval of the Commissioner, substitute other suitable securities for those deposited.
(Added to NRS by 1977, 1086; A 1983, 1767; 1987, 1953; 1999, 1545)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.115 - Tangible net worth: Amount required to be maintained.

A licensee shall maintain at all times a tangible net worth of the greater of:
1. One hundred thousand dollars; or
2. Three percent of total assets for the first $100,000,000 in assets, 2 percent of additional assets that exceed $100,000,000 but do not exceed $1 billion and 0.5 percent of additional assets that exceed $1 billion.
(Added to NRS by 2023, 109)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.165 - Acquisition of control of licensee: Request for determination of whether person will be considered person in control upon consummation of proposed transaction; authority of Commissioner if requester is subject to multistate licensing process.

1. Before filing an application for approval to acquire control of a licensee pursuant to NRS 671.155, a person may request in writing a determination from the Commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the Commissioner determines that the person would not be a person in control of a licensee, the proposed person and transaction is not subject to the requirements of NRS 671.155.
2. If a multistate licensing process includes a determination pursuant to this section and the person requesting such a determination avails himself, herself or itself of or is otherwise subject to the multistate licensing process:
(a) The Commissioner may accept the control determination of a state which is a lead investigative state in the multistate licensing process if the Commissioner determines that the state has sufficient staffing, expertise and minimum standards for the purposes of this section; and
(b) If this State is a lead investigative state in the multistate licensing process, the Commissioner may investigate the person in the time frames established by agreement through the multistate licensing process.
(Added to NRS by 2023, 111)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.175 - Acquisition of control of licensee: Exceptions from requirements for approval.

The requirements of NRS 671.155 do not apply to a person who has previously complied with and received approval to engage in money transmission pursuant to this chapter or was identified as a person in control of a licensee in a prior application filed with and approved by the Commissioner or by a money services business accredited state pursuant to a multistate licensing process, so long as:
1. The person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the 5 years immediately preceding the date on which the person intends to complete the acquisition of control of a licensee;
2. If the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance in the most recent examination of the licensee conducted by a money services business accredited state, if such rating was given;
3. The licensee to be acquired is projected to meet the requirements of this chapter after the acquisition of control is completed, and if the person acquiring control is a licensee, that licensee is also projected to meet the requirements of NRS 671.100 or 671.110, as applicable, and 671.115 and 671.125 after the acquisition of control is completed;
4. The licensee to be acquired will not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, that licensee also will not implement any material changes to its business plan as a result of the acquisition of control; and
5. The person provides notice of the acquisition in cooperation with the licensee and attests to the circumstances set forth in subsections 1 to 4, inclusive, in a form prescribed by the Commissioner.
(Added to NRS by 2023, 111)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.195 - Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process.

1. If a licensee adds or replaces any key individual, the licensee shall provide to the Commissioner:
(a) Notice in a manner prescribed by the Commissioner within 15 days after the effective date of the addition or replacement of the key individual; and
(b) The information required by NRS 671.098 within 45 days after the effective date of the addition or replacement of the key individual.
2. Within 90 days after the date on which the licensee has provided the notice and information required by subsection 1, the Commissioner may issue a notice of disapproval of a key individual if the Commissioner determines that, based on the competence, experience, character or integrity of the person, it would not be in the best interest of the public or of the customers of the licensee to allow the person to be a key individual of the licensee.
3. A notice of disapproval issued pursuant to subsection 2 must contain a statement of the basis for the disapproval and must be sent to the licensee and the person who has been disapproved as a key individual. A licensee who receives a notice of disapproval may appeal and request a hearing pursuant to NRS 233B.121 to 233B.150, inclusive.
4. If a multistate licensing process includes a review and disapproval process for key individuals pursuant to this section and the licensee requesting such a determination avails himself, herself or itself of or is otherwise subject to the multistate licensing process:
(a) The Commissioner may accept the determination of another state if the Commissioner determines that the state has sufficient staffing, expertise and minimum standards for the purposes of this section; and
(b) If this State is a lead investigative state in the multistate licensing process, the Commissioner may investigate the applicant in the time frames established by agreement through the multistate licensing process.
(Added to NRS by 2023, 112)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.215 - Engaging in money transmission on behalf of unlicensed or nonexempt person prohibited; liability.

A person shall not engage in the business of money transmission on behalf of a person not licensed under this chapter or who is not exempt from licensure under this chapter. A person that engages in such activity provides money transmission to the same extent as if the person were a licensee and is jointly and severally liable with the unlicensed or nonexempt person.
(Added to NRS by 2023, 103)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.225 - Failure to remit money as required: Relief authorized in action by licensee against authorized delegate; notification by licensee required upon issuance of order prohibiting person from acting as authorized delegate; penalty.

1. If, in any action brought by a licensee against an authorized delegate, the court finds that the authorized delegate failed to remit money in accordance with the written contract with the licensee required by NRS 671.205 or as otherwise directed by the licensee or required by law, the court may grant appropriate equitable or legal relief, including, without limitation, prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in this State and the payment of restitution, damages or other monetary relief.
2. If a court issues an order prohibiting a person from acting as an authorized delegate for any licensee pursuant to subsection 1, the licensee that brought the action shall report the order to:
(a) The Commissioner within 30 days after entry of the order; and
(b) The Registry within 90 days after entry of the order.
3. An authorized delegate who holds money in trust for the benefit of a licensee and knowingly fails to remit money is guilty of a misdemeanor.
4. As used in this section, "remit" means to make direct payments of money, credits or monetary value to a licensee or its representative authorized to receive money or to deposit money in an account specified by the licensee in a bank or credit union authorized to do business in this State.
(Added to NRS by 2023, 103)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.235 - Circumstances under which transaction involving money transmission is deemed to take place in this State.

For the purposes of this chapter, a transaction involving money transmission takes place in this State if:
1. For a transaction requested in person, the transaction is requested by a person at a physical location in this State.
2. For a transaction requested electronically or by telephone, the provider of money transmission determines that the person requesting the transaction is located in this State based on the information available to the provider. Such information may include, without limitation:
(a) Information provided by the person regarding the residential address of the person, if the person is a natural person, or the address of the principal place of business or other physical address of the person, if the person is a business entity; and
(b) Any other information contained in the records of the provider of money transmission which indicate the location of the person, including, without limitation, an address associated with an account.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.245 - Money or credit received for transmission required to be forwarded in accordance with agreement between licensee and sender; licensee required to respond to inquiries upon failure to forward; exceptions.

1. A licensee shall forward all money or credits received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule or regulation has occurred, is occurring or may occur.
2. If a licensee fails to forward money or credits received for transmission in accordance with this section, the licensee must respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law, rule or regulation.
(Added to NRS by 2023, 103)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.255 - Refund required upon written request; exceptions; applicability.

1. Except as otherwise provided in this section, a licensee shall, within 10 days after the date on which the licensee receives a written request from a sender for a refund of money and credits received, issue such a refund to the sender unless any of the following occurs:
(a) The money or credits have been forwarded within 10 days after the date on which the money or credit was received for transmission.
(b) Instructions have been given committing an equivalent amount of money or credit to the person designated by the sender within 10 days of the date on which the money or credit was received for transmission.
(c) The agreement between the licensee and the sender instructs the licensee to forward the money or credits at a time that is beyond 10 days after the date on which the money or credits were received for transmission. If money or credits have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, this paragraph does not apply.
(d) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule or regulation has occurred, is occurring or may occur.
(e) The request for a refund does not enable the licensee to:
(1) Identify the name, address or telephone number of the sender; or
(2) If the sender has multiple transactions pending with the licensee, identify the particular transaction to be refunded.
2. The provisions of this section do not apply to:
(a) Money or credits received for transmission which are subject to the provisions of 12 C.F.R. Part 1005, Subpart B, as amended.
(b) Money or credits received for transmission pursuant to a written agreement between a licensee and payee to process payments for goods or services provided by the payee.
(Added to NRS by 2023, 104)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.265 - Receipt required for all money or credits received for transmission; exceptions; requirements for receipt.

1. Except as otherwise provided in this section, a licensee or authorized delegate shall provide to a sender a receipt for all money or credit received for transmission. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by telephone, a receipt may be provided electronically. If a licensee provides an electronic receipt, the electronic receipt must be provided in a retainable form.
2. A receipt required by this section must:
(a) Be in English and, if different, the language principally used by the licensee or authorized delegate to advertise, solicit or negotiate, either orally or in writing, for a transaction conducted in person, electronically or by telephone; and
(b) Contain the following information, as applicable:
(1) The name of the sender;
(2) The name of the designated recipient;
(3) The date of the transaction;
(4) The unique transaction or identification number;
(5) The name, unique identifier, business address and customer service telephone number of the licensee;
(6) The amount of the transaction in United States dollars;
(7) Any fee charged by the licensee to the sender for the transaction; and
(8) Any taxes collected by the licensee from the sender for the transaction.
3. Each licensee and authorized delegate shall include on a receipt required by this section or on the Internet website or mobile application of the licensee or authorized delegate:
(a) The name and telephone number of the Division of Financial Institutions; and
(b) A statement that the customers of the licensee may contact the Division of Financial Institutions with questions or complaints regarding the money transmission services of the licensee.
4. The provisions of this section do not apply to:
(a) Money or credit received for transmission which is subject to the provisions of 12 C.F.R. Part 1005, Subpart B, as amended;
(b) Money or credit received for transmission that is not primarily for personal, family or household purposes;
(c) Money or credit received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or service provided to the payee; or
(d) Payroll processing services.
5. As used in this section:
(a) "Receipt" means a paper receipt, electronic record or other written confirmation.
(b) "Unique identifier" has the meaning ascribed to it in NRS 671.099.
(Added to NRS by 2023, 104)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.275 - Duties of licensee providing payroll processing services; exception.

1. Except as otherwise provided in subsection 2, a licensee that provides payroll processing services shall:
(a) Issue to a client a report detailing the payroll obligations for the client before the money or monetary value for payroll is deducted from an account; and
(b) Make available to each worker a paystub or an equivalent statement.
2. The provisions of subsection 1 do not apply to a licensee providing payroll processing services if the client of the licensee designates the intended recipients to the licensee and is responsible for providing the disclosures required by paragraph (b) of subsection 1.
(Added to NRS by 2023, 105)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.285 - Annual filing of financial statement and other information with Commissioner; requirements for financial statement; order to remove qualification in financial statement.

1. A licensee shall, within 90 days after the end of each fiscal year or within such extended period as approved by the Commissioner, file with the Commissioner:
(a) An audited financial statement of the licensee for the fiscal year prepared in accordance with generally accepted accounting principles in the United States; and
(b) Any other information the Commissioner may reasonably require.
2. The audited financial statement filed pursuant to subsection 1 must:
(a) Be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Commissioner.
(b) Include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant, as applicable, that is satisfactory in form and content to the Commissioner. If such a certificate or opinion is qualified, the Commissioner may order the licensee to take any action the Commissioner deems necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.
(Added to NRS by 2023, 113)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.295 - Filing of reports required by Bank Secrecy Act and other laws pertaining to money laundering.

A licensee and an authorized delegate shall file all reports required by reporting requirements relating to federal currency reporting, recordkeeping and suspicious activity reporting as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. A licensee and an authorized delegate who timely files with the appropriate federal agency a report required pursuant to this section that is complete and accurate shall be deemed to comply with the requirements of this section.
(Added to NRS by 2023, 114)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.305 - Quarterly report of condition: Submission; contents; authority of Commissioner to waive, modify or alter requirements.

1. Except as otherwise provided by regulation of the Commissioner, a licensee shall submit to the Commissioner a report of condition within 45 days after the end of the calendar quarter, or within any extended period that the Commissioner may prescribe. The report of condition must include, without limitation:
(a) Financial information concerning the licensee;
(b) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission;
(c) A report concerning the permissible investments of the licensee;
(d) A report identifying each foreign country to which the licensee transmitted money or credits and the amount of money or credits transmitted, if applicable; and
(e) Any other information the Commissioner may reasonably require.
2. The Commissioner may use the Registry for the submission of the report required by subsection 1. The Commissioner may, by regulation, waive, modify or alter the requirements of subsection 1 to carry out the purposes of this chapter and maintain consistency with reporting requirements of the Registry.
(Added to NRS by 2023, 114)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.315 - Quarterly report concerning authorized delegates: Submission; contents.

1. Each licensee shall submit to the Commissioner a report concerning each authorized delegate of the licensee within 45 days after the end of the calendar quarter. The report must include, without limitation, the following information for each authorized delegate:
(a) The legal name of the company;
(b) Taxpayer employer identification number;
(c) Principal provider identifier;
(d) Physical address;
(e) Mailing address;
(f) Any business conducted in other states;
(g) Any fictitious or trade name;
(h) The name, telephone number and electronic mail address for the contact person of the authorized delegate;
(i) The date upon which the authorized delegate was designated as an authorized delegate of the licensee;
(j) The date upon which the authorized delegate ceased being an authorized delegate for the licensee, if applicable;
(k) Any court order concerning the licensee pursuant to NRS 671.225; and
(l) Any other information the Commissioner may reasonably require with respect to the authorized delegate.
2. The Commissioner may use the Registry for the submission of the report required by this section provided that such functionality is consistent with the requirements of this section.
(Added to NRS by 2023, 115)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.325 - Filing of report upon occurrence of certain events.

1. A licensee shall file a report with the Commissioner within 1 business day after the licensee has reason to know of the occurrence of any of the following events:
(a) The filing of a petition by or against the licensee for bankruptcy or reorganization pursuant to the United States Bankruptcy Code;
(b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the dissolution or reorganization of the licensee or the making of a general assignment for the benefit of the creditors of the licensee; or
(c) The commencement of a proceeding to revoke or suspend the license of the licensee in a state or country in which the licensee engages in business or is licensed.
2. A licensee shall file a report with the Commissioner within 3 business days after the licensee has reason to know of the occurrence of any of the following events:
(a) A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or
(b) A charge or conviction of an authorized delegate for a felony.
(Added to NRS by 2023, 114)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.335 - Records: Maintenance; open to inspection by Commissioner.

1. A licensee shall maintain the following records for at least 5 years:
(a) A record of each outstanding money transmission obligation sold;
(b) A general ledger posted at least monthly that contains all asset, liability, capital, income and expense accounts;
(c) Bank statements and bank reconciliation records;
(d) A record of each outstanding money transmission obligation;
(e) A record of each outstanding money transmission obligation paid during the 5-year period;
(f) A list of the last known name and address of each of the authorized delegates of the licensee; and
(g) Any other records the Commissioner reasonably requires by regulation.
2. A licensee may maintain the records required to be maintained by subsection 1:
(a) In any form; and
(b) Outside of this State, so long as any such record is made available to the Commissioner with 5 business days’ notice that is sent in a record.
3. The records required to be maintained pursuant to subsection 1 are open to inspection by the Commissioner pursuant to NRS 671.375.
(Added to NRS by 2023, 114)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.345 - Administration, interpretation and enforcement of chapter: Powers and duties of Commissioner; regulations.

1. To carry out the purposes of this chapter, the Commissioner may:
(a) Enter into agreements or relationships with other governmental officials, federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures and sharing resources, records or related information obtained under this chapter;
(b) Use, hire, contract or employ analytical systems, methods or software to examine or investigate any person subject to this chapter;
(c) Accept from other state or federal governmental agencies or officials licensing, examination or investigation reports made by such agencies or officials; and
(d) Accept audit reports made by an independent certified public accountant or other qualified third-party auditor for an applicant for a license or licensee and incorporate the audit report into any report of examination or investigation.
2. The Commissioner shall administer, interpret and enforce the provisions of this chapter and may adopt such regulations as the Commissioner deems appropriate for those purposes.
(Added to NRS by 2023, 100)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.365 - Confidentiality of certain information and documents; authority of Commissioner to disclose confidential information to certain persons; information that is not confidential authorized to be made available on Internet website of Division of Financial Institutions.

1. Except as otherwise provided in NRS 239.0115 and this section, the following information and documents are confidential, are not subject to any subpoena and must not be made public:
(a) Any information or reports obtained by the Commissioner from an applicant, licensee or authorized delegate;
(b) Any information contained in or related to an operating report or condition report prepared by, on behalf of or for the use of the Commissioner; and
(c) Any financial statement or balance sheet of a licensee or authorized delegate.
2. The Commissioner may disclose the information described in subsection 1 and NRS 671.415:
(a) To a representative of a state or federal agency who promises in a record to maintain the confidentiality of the information; and
(b) To any person if the Commissioner finds that justice and the public advantage will be served by the disclosure of the information.
3. The provisions of this section do not prohibit the Commissioner from disclosing to the public a list of each licensee.
4. The Commissioner may make available to the public on the Internet website of the Division of Financial Institutions, upon receipt by the Division of Financial Institutions of a written request or in the Registry, any information in the records of the Division of Financial Institutions that is not confidential, including, without limitation:
(a) The name, business address, telephone number and unique identifier of a licensee;
(b) The business address of the registered agent of a licensee who has been designated to receive service on behalf of the licensee;
(c) The name, business address and telephone number of all authorized delegates of a licensee;
(d) The terms of or a copy of any surety bond filed by a licensee, so long as any confidential information, including, without limitation, prices and fees for such bond, is redacted;
(e) A copy of any final order of the Division of Financial Institutions which is not confidential and related to any violation of this chapter or a regulation adopted pursuant thereto; and
(f) The imposition of an administrative fine or penalty pursuant to this chapter.
5. As used in this section, "unique identifier" has the meaning ascribed to it in NRS 671.099.
(Added to NRS by 2023, 101)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.385 - Authority of Commissioner to participate in multistate supervisory processes; authority to conduct examination or investigation or otherwise take action not waived; fees not waived.

1. The Commissioner may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Association and the affiliates and successors thereof for all licensees that hold licenses in this State and in other states. As a participant in such a process, the Commissioner may:
(a) Cooperate, coordinate and share information with other state and federal regulators in accordance with the provisions of this chapter;
(b) Enter into written cooperation, coordination or information-sharing contracts or agreements with organizations whose membership consists of state or federal governmental agencies; and
(c) Cooperate, coordinate and share information with organizations whose membership is made up of state or federal governmental agencies if any such organization agrees to maintain the confidentiality and security of the shared information pursuant to NRS 671.365.
2. The Commissioner may not waive, and nothing in the provisions of this section constitutes a waiver of, the authority of the Commissioner to conduct an examination or investigation or otherwise take action authorized by the provisions of this chapter or the regulations adopted pursuant thereto to enforce compliance with applicable state or federal laws.
3. A joint examination or investigation or acceptance of an examination or investigation report does not waive the fee set forth in NRS 671.375.
(Added to NRS by 2023, 113)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.395 - Inconsistencies between provisions of chapter and federal law governed by federal law; authority of Commissioner to provide interpretive guidance concerning inconsistencies.

1. If state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission is governed by the applicable federal law to the extent of the inconsistency.
2. If there is an inconsistency between this chapter and a federal law that governs pursuant to subsection 1, the Commissioner may provide interpretive guidance that:
(a) Identifies the inconsistency; and
(b) Identifies the appropriate means of compliance with federal law.
(Added to NRS by 2023, 113)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.405 - Duty of Commissioner to report certain information and material to Nationwide Multistate Licensing System and Registry; confidentiality of information or material provided; authority of Commissioner to enter into certain agreements and arrangements.

1. Subject to any limitations or restrictions contained in federal or state law governing the privacy or confidentiality of records, the Commissioner shall report regularly any violations of applicable laws committed by applicants for licenses or licensees, enforcement actions and other relevant information to the Registry.
2. The requirements under any federal or state law, including, without limitation, rules of a federal or state court, regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material, continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over licensees without the loss of privilege or the loss of confidentiality protections provided by federal or state law.
3. The Commissioner may enter into agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the State Regulatory Registry, LLC, or other associations representing governmental agencies.
(Added to NRS by 2021, 2033)—(Substituted in revision for NRS 671.096)