reglab/statecodes huggingface dataset:
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.750 - 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 on a loan or any of them.
2. A credit union may enter into cooperative marketing arrangements for its members covering such services as group life insurance, coverage for temporary disability, plans for health and accident and such other programs which are demonstrated to be in the interest of improving the economic and social conditions of the credit union’s members.
3. A credit union must apply to the Commissioner for approval of a plan of insurance for members’ accounts, either pursuant to the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.), or under a contract of insurance issued by an insurer, which must be approved by the Commissioner and the Commissioner of Insurance pursuant to NRS 672.755. The issuance of such a contract is not transacting insurance under title 57 of NRS.
4. The Commissioner shall make available reports of the financial condition of credit unions, reports of examinations made pursuant to NRS 672.790 and any other reports that may be required by the insurer and deemed appropriate by the Commissioner.
(Added to NRS by 1975, 389; A 1981, 1814; 1983, 1836; 1985, 785; 1987, 2019)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.755 - 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 Commissioner and the Commissioner of Insurance must consider:
(a) The value of the insurer’s capital.
(b) The ratio of the insurer’s assets, including reinsurance, which are readily available to cover any losses incurred by depositors, to its insured deposits. This ratio must be adequate to reimburse depositors for any losses which they may incur and may not be less than the ratio maintained by the share insurance fund established under the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.).
(c) The qualifications of the directors, officers and managers of the insurance company.
(d) The insurer’s articles of incorporation and its bylaws and all amendments thereto.
(e) The insurer’s policies for investments.
(f) The form of all insurance contracts entered into by the insurer, including contracts for reinsurance.
(g) The insurer’s requirements for premiums or deposits.
(h) The insurer’s policies for the management of risk.
(i) Such other considerations as the Commissioner may provide by regulation which are necessary to carry out the provisions of chapter 248, Statutes of Nevada 1985.
2. The Commissioner and the Commissioner of Insurance shall not approve a contract of insurance unless the protection afforded thereby to the depositors is substantially equivalent to the protection afforded by the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.) to the depositors.
3. After a private insurer obtains the approval of the Commissioner and the Commissioner of Insurance, the Commissioner, after consultation with the Commissioner of Insurance may, for cause, require the insurer to establish and maintain for such a time as the Commissioner may require, a reserve, in cash or United States treasury bills or notes, in an amount fixed by the Commissioner. If required, the reserve must be kept in an account approved by the Commissioner in a federally insured financial institution located in this state.
(Added to NRS by 1985, 783; A 1987, 2019)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.760 - 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 principal and interest by the United States of America or any agency thereof or in any trust or trusts established for investing directly or collectively in these instruments;
2. Obligations of this state or any political subdivision thereof, including, without limitation, a city, county or school district;
3. Certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank, savings and loan association or savings bank;
4. Loans to or shares or deposits of other credit unions as permitted by the bylaws;
5. Capital shares, obligations or preferred stock issues of any agency or association organized either as a stock company, mutual association or membership corporation if the membership or stockholdings, as the case may be, of the agency or association are confined or restricted to credit unions or organizations of credit unions, and the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations;
6. Shares of a cooperative society organized under the laws of this state or the United States in a total amount not exceeding 10 percent of the shares, deposits and surplus of the credit union;
7. Stocks and bonds of United States corporations to a maximum of 5 percent of unallocated reserves, except that such an investment must be limited to stocks or bonds yielding income which are approved by the Commissioner;
8. Loans to any credit union association, national or state, of which the credit union is a member, except that such an investment must be limited to 1 percent of the shares, capital deposits and unimpaired surplus of the credit union; and
9. Negotiable obligations of federal or state banks.
(Added to NRS by 1975, 389; A 1981, 1815; 1983, 1280, 1641, 1836; 1987, 2020; 1989, 1675; 1999, 1454; 2013, 1251)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.767 - Definitions.

As used in NRS 672.767 to 672.779, inclusive, unless the context otherwise requires, the words and terms defined in NRS 672.769 to 672.777, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 1494)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.778 - Training; reporting to designated reporter.

1. Each credit union shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each employee of the credit union who:
(a) May, as part of his or her regular duties for the credit union, come into direct contact with an older person or vulnerable person; or
(b) May review or approve the financial documents, records or transactions of an older person or vulnerable person in connection with providing financial services to the older person or vulnerable person.
2. The training required pursuant to subsection 1 must be provided as soon as reasonably practicable, but not later than 6 months after the employee is employed by the credit union.
3. The training required pursuant to subsection 1 must include, without limitation:
(a) An explanation of the conduct which constitutes exploitation of an older person or vulnerable person;
(b) The manner in which exploitation of an older person or vulnerable person may be recognized;
(c) Information concerning the manner in which reports of exploitation are investigated; and
(d) Instruction concerning when and how to report known or suspected exploitation of an older person or vulnerable person.
4. An employee who has observed or has knowledge of an incident that is directly related to a transaction or matter which is within his or her scope of practice and which reasonably appears to be exploitation of an older person or vulnerable person shall report the known or suspected exploitation to the designated reporter.
(Added to NRS by 2007, 1494)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.779 - Designated reporter: Designation; duty to report; immunity.

1. Each credit union shall designate a person or persons to whom an employee of the credit union must report known or suspected exploitation of an older person or vulnerable person.
2. If an employee reports known or suspected exploitation of an older person or vulnerable person to a designated reporter and, based on such a report or based on his or her own observations or knowledge, the designated reporter knows or has reasonable cause to believe that an older person or vulnerable person has been exploited, the designated reporter shall:
(a) Except as otherwise provided in subsection 3, report the known or suspected exploitation of the older person or vulnerable person to:
(1) The local office of the Aging and Disability Services Division of the Department of Health and Human Services;
(2) A police department or sheriff’s office;
(3) The county’s office for protective services, if one exists in the county where the suspected action occurred; or
(4) A toll-free telephone service designated by the Aging and Disability Services Division of the Department of Health and Human Services; and
(b) Make such a report as soon as reasonably practicable.
3. If the designated reporter knows or has reasonable cause to believe that the exploitation of the older person or vulnerable person involves an act or omission of the Aging and Disability Services Division, another division of the Department of Health and Human Services or a law enforcement agency, the designated reporter shall make the report to an agency other than the one alleged to have committed the act or omission.
4. In accordance with the provisions of subsection 3 of NRS 239A.070, in making a report pursuant to this section, a designated reporter may:
(a) Disclose any facts or information that form the basis of the determination that the designated reporter knows or has reasonable cause to believe that an older person or vulnerable person has been exploited, including, without limitation, the identity of any person believed to be involved in the exploitation of the older person or vulnerable person; and
(b) Provide any financial records or other documentation relating to the exploitation of the older person or vulnerable person.
5. An employee and the designated reporter are entitled to the immunity from liability set forth in NRS 200.5096 for making a report in good faith.
(Added to NRS by 2007, 1495; A 2019, 3502)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.780 - 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 first day of February on forms supplied by him or her for that purpose.
(Added to NRS by 1975, 390; A 1983, 1328, 1837; 1987, 2021)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.790 - Examinations and audits; exceptions; fees.

1. The Commissioner shall make a thorough examination of and into the affairs of each credit union organized under the provisions of this chapter, as often as the Commissioner may deem necessary, but at least once within each 18-month period. In lieu thereof, the Commissioner may accept any or all of a report of an examination of a credit union made by a federal regulatory agency. If the Commissioner accepts any part of such a report in one 18-month period, he or she shall examine the credit union to which the report pertains in the succeeding 18-month period. For the purpose of performing the examination, the Commissioner may:
(a) Subpoena witnesses and documents;
(b) Administer oaths; and
(c) Compel the giving of testimony.
2. The report of the examination must contain comments to the members relative to the management of the affairs of the credit union and the general condition of the assets. Within 30 days following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report.
3. The Commissioner shall forward a copy of the report to the chair of each credit union within 30 days after it is completed. The board of directors shall inform the members of the credit union of its general condition at the next annual meeting.
4. For each examination the credit union shall pay a fee based on the rate established and, if applicable, adjusted pursuant to NRS 658.101.
5. The board of directors may engage a certified public accountant to perform such an examination in lieu of the Commissioner. In such cases, the examination must be equivalent to the type of examination made by the Commissioner and the expense must be borne by the credit union being inspected.
6. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Commissioner. The Commissioner may examine any area of the operation of a credit union if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Commissioner.
(Added to NRS by 1975, 391; A 1983, 2018; 1987, 2227; 1989, 1676; 2005, 1891; 2017, 402)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.810 - 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 the laws of any other state or the laws of the United States, subject to regulations adopted by the Commissioner.
2. A credit union chartered in accordance with the laws of the United States or of any other state may convert to a credit union chartered in accordance with the laws of this state. To effect such a conversion, a credit union must comply with all the requirements of the authority under which it was originally chartered and the requirements of the Commissioner and file proof of such compliance with the Commissioner.
3. Every application for permission to convert to a credit union chartered in accordance with the laws of this state must be accompanied by an application fee in an amount prescribed by regulation of the Commissioner. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.
(Added to NRS by 1975, 393; A 1983, 1329, 1838; 1987, 2022; 1991, 1818)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.820 - 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 at least 10 days prior thereto. Any member who is not present at the meeting may, within 20 days after the meeting, vote by signing a form furnished by the Division of Financial Institutions and filing the form with the secretary of the credit union. An affirmative vote of a majority of the members who vote at the meeting or by filing the form is required to dissolve the credit union.
2. If the members vote to dissolve, the credit union shall, except for the purpose of liquidation, cease its business operations immediately.
3. The chair shall, within 5 days after an affirmative vote to dissolve the credit union, notify the Division of Financial Institutions by mail of the credit union’s intention to liquidate and include with the notice a list of the names and addresses of the directors and officers.
(Added to NRS by 1975, 391; A 1983, 2020)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.830 - Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation.

1. If the Division of Financial Institutions determines that any credit union organized pursuant to the provisions of this chapter is bankrupt or insolvent, has willfully violated the provisions of this chapter or is operating in an unsafe or unsound manner, the Division of Financial Institutions may, if emergency action is required to protect the assets of the members, issue an order temporarily suspending the credit union’s operations. Reasonable notice of the suspension of operations and of the impending hearing shall be given to the board. Operations of the credit union shall cease upon receipt of notice from the Division of Financial Institutions.
2. At the scheduled hearing, the board shall, if it desires to continue operations, submit a plan of corrective actions. If the board desires, it may, prior to the hearing, request the Commissioner to declare the credit union insolvent and appoint a liquidating agent.
3. If the credit union is not represented at the scheduled hearing or the Division of Financial Institutions rejects the credit union’s plan to continue operations, the Commissioner may appoint a liquidating agent and dissolve the credit union.
(Added to NRS by 1975, 391; A 1977, 96)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.835 - 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 liquidating agent.
(Added to NRS by 1975, 389; A 1981, 1814; 1983, 1836; 1985, 785; 1987, 2019)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.840 - 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 required to wind up its business.
2. The board or, in the case of involuntary dissolution, the liquidating agent, shall pay from the assets, the obligations of the credit union in the following order:
(a) Expenses incidental to liquidation including any surety bond that may be required.
(b) Any liability due to nonmembers.
(c) Deposits and savings club accounts.
If any assets remain, they shall be distributed to the members proportionately to the number of shares held by each member as of the date dissolution was approved by the members or ordered by the Commissioner.
3. As soon as the board or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, he or she shall execute a certificate of dissolution on a form provided by the Division of Financial Institutions and shall file such form with the proper recording authority within the county in which the credit union has its principal place of business. After filing or recording, and indexing the original form shall be forwarded to the Division of Financial Institutions and upon its receipt and filing such credit union shall be officially dissolved.
(Added to NRS by 1975, 392)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.850 - 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 this state. A central credit union is subject to all provisions not inconsistent with this section and shall use the term "central" in its official name.
2. A central credit union has all the rights and powers of any other credit union organized under this chapter and, in addition, a central credit union may:
(a) Make loans to other credit unions;
(b) Purchase shares and make deposits in other credit unions;
(c) Obtain the assets and liabilities of any credit union operating in this state which enters into liquidation;
(d) Invest in and grant loans to associations of credit unions or organizations chartered to provide exclusive service to credit unions; and
(e) Borrow money from any source and issue notes or debentures.
(Added to NRS by 1975, 393; A 1977, 891)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.870 - 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 central credit union.
2. The voting representative of a member credit union is eligible to hold office in the central credit union.
(Added to NRS by 1975, 393; A 1977, 892)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.875 - 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:
(a) Until the regular reserve equals 5 percent of the outstanding loans and risk assets, 2 percent of the gross earnings shall be withheld.
(b) Whenever the regular reserve falls below 5 percent of the outstanding loans and risk assets it shall be replenished in accordance with the formula set forth in paragraph (a).
2. No other reserves need be maintained by the central credit union.
(Added to NRS by 1977, 889)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.880 - 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. Any person, except a credit union organized under the provisions of this chapter or the Nevada Credit Union League, which uses a name or title containing the words "credit union" or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union is guilty of a gross misdemeanor.
2. Any person who maliciously and knowingly spreads false reports about the management or finances of any credit union is guilty of a gross misdemeanor.
(Added to NRS by 1975, 394)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.890 - Administrative fines.

In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $10,000 upon a person who:
1. Without a license, conducts any business or activity for which a license is required pursuant to the provisions of this chapter; or
2. Violates any provision of this chapter or any regulation adopted pursuant thereto.
(Added to NRS by 2005, 1890)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.001 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 673.0054 to 673.034, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1959, 537; A 1969, 966; 1979, 710; 1983, 1771; 1987, 1956; 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0056 - "Cooperative housing corporation" defined.

"Cooperative housing corporation" means a corporation organized under the laws of this State or any other state for the purpose of the cooperative ownership of real estate whereby each of the stockholders or members is entitled, through ownership of stock or a certificate of membership in the corporation, to occupy a house, apartment or other dwelling unit on real estate owned by the corporation.
(Added to NRS by 1979, 710; A 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.00575 - "Deposit account" defined.

"Deposit account" means an account that holds deposits, whether in a commercial, demand, time, checking, savings or similar type of account, or which is evidenced by a certificate of deposit, investment certificate, certificate of indebtedness or other similar name, for which the savings bank is primarily liable.
(Added to NRS by 2017, 1914)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.00577 - "Depository institution" defined.

"Depository institution" means any state bank or savings bank, association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, whether chartered by this State, another state or the Federal Government, which:
1. Holds or receives deposits, savings or share accounts;
2. Issues certificates of deposit; or
3. Provides to its customers other deposit accounts which are subject to withdrawal by checks, drafts or other instruments or by electronic means to effect payment to a third party.
(Added to NRS by 2017, 1914)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0077 - "Federal savings bank" defined.

"Federal savings bank" means any type of federal savings association organized pursuant to the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 to 1468, inclusive.
(Added to NRS by 2017, 1914)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.008 - "Foreign" defined.

"Foreign," used in connection with an association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, means an association, limited-liability company, corporation or person organized for the purpose of conducting a banking business that is organized or incorporated under the laws of some government other than that of the State of Nevada. The term includes any savings association, savings and loan association or other depository institution that specializes in accepting deposits and making mortgage and other loans pursuant to its charter, which is organized under the laws of another state or the United States.
(Added to NRS by 1959, 538; A 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0155 - "Insolvency" or "insolvent" defined.

"Insolvency" or "insolvent" means one or more of the following:
1. When a savings bank cannot meet its deposit liabilities as they become due in the regular course of business.
2. When the actual cash market value of the assets of a savings bank is insufficient to pay its liabilities to depositors and other creditors.
3. When the reserves of a savings bank fall under the amount required by this chapter, and the savings bank fails to make good such reserve within 30 days after being required to do so by the Commissioner.
4. When the undivided profits and surplus of a savings bank are inadequate to cover losses of the savings bank and the stockholders’ or members’ equity in the savings bank has been reduced below the requirements of law.
(Added to NRS by 2017, 1914)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.016 - "Insured depository institution" defined.

"Insured depository institution" means a depository institution the deposit accounts of which are insured wholly or in part by the Federal Deposit Insurance Corporation.
(Added to NRS by 1959, 538; A 1993, 2806; 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 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 means of investment or savings.
2. An accumulative investment certificate is an investment certificate, not full-paid and without an expressed date of maturity, upon which the holder has the option of making payments at such times and in such amounts as the holder elects and as the savings bank permits.
3. A full-paid investment certificate is an investment certificate, with or without an expressed date of maturity, for which the savings bank has received the principal amount thereof at or prior to the time of the issuance of the certificate.
4. A minimum term investment certificate is an investment certificate for which the savings bank has received a single payment equal to the principal amount thereof and which has a date expressed therein before which notice of intention to withdraw cannot be given, or which requires written notice from the holder to the savings bank for a period specified therein before the expiration of which period notice of intention to withdraw cannot be given. On and after such date, or upon and after the expiration of the specified period following such written notice, each such certificate ceases to be a minimum term investment certificate and becomes a full-paid investment certificate, subject to the same withdrawal rights and restrictions as a full-paid investment certificate.
(Added to NRS by 1959, 538; A 1963, 457; 1969, 967; 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0175 - "Main office" defined.

"Main office" means the office of a savings bank identified as such in the application submitted pursuant to subsection 4 of NRS 673.080 or the location to which the main office is changed pursuant to subsection 14 of NRS 673.080 or other applicable law.
(Added to NRS by 2017, 1915)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 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 savings bank with those of another such savings bank or state bank or with those of a federal savings bank or national bank, or other insured depository institution.
(Added to NRS by 1969, 961; A 2017, 1922)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0321 - "Service office" defined.

"Service office" means any office or other place of business in this State where the functions of a savings bank that do not involve receiving deposits, paying checks or lending money are performed.
(Added to NRS by 1967, 1019; A 1983, 1771; 1987, 1956; 2017, 1922)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.0323 - "State bank" or "commercial bank" defined.

"State bank" or "commercial bank" means a limited-liability company, corporation or other person organized for the purpose of conducting a banking business that is chartered by this State to conduct the business of banking and is organized pursuant to the provisions of chapter 659 of NRS.
(Added to NRS by 2017, 1915)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.035 - Administration of chapter.

The Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. He or she shall make the decisions, determinations and enter the consents and orders necessary or reasonably appropriate to accomplish the purposes of this chapter.
(Added to NRS by 1961, 763; A 1963, 1076; 1969, 967; 1981, 505; 1983, 1771; 1987, 1956)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.03531 - Certain relationships between employees of Division of Financial Institutions and savings bank prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not:
(a) Be directly or indirectly interested in or act on behalf of any savings bank;
(b) Receive, directly or indirectly, any payment from a savings bank;
(c) Be indebted to any savings bank;
(d) Engage in the negotiation of loans for others with any savings bank; or
(e) Obtain credit or services from a savings bank conditioned upon a fraudulent practice or undue or unfair preference over other customers.
2. An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a savings bank while in office.
3. Any officer or employee of the Division of Financial Institutions may be indebted to a savings bank on the same terms as are available to the public generally upon:
(a) A mortgage loan upon his or her own real property.
(b) A secured installment debt.
(c) An unsecured debt.
4. Any officer or employee of the Division of Financial Institutions may establish and maintain savings deposits with savings banks to the greatest amount insured, receive interest on those deposits and borrow money secured by a pledge of those deposits.
5. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or a relationship prohibited by this section at the time of his or her appointment or employment, or obtains it during his or her employment, he or she shall terminate it within 120 days after the date of his or her appointment or employment or the discovery of the prohibited act.
(Added to NRS by 1963, 472; A 1977, 509; 1983, 1771; 2017, 1922)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.039 - Records of Commissioner.

The Commissioner shall:
1. Keep in his or her office:
(a) For no less than 5 years, every report made by a savings bank.
(b) The original application of every savings bank in a permanent file.
(c) Other administrative documents in the manner provided by law or by appropriate regulations.
2. Provide a complete stenographic record of every hearing and proceeding conducted by his or her office and maintain, for no less than 5 years, a transcript of the hearing or proceeding, together with any regulation, order, decision, determination or consent entered in connection with the hearing or proceeding.
(Added to NRS by 1961, 764; A 1963, 683; 1969, 968; 1971, 811; 1983, 1772; 1987, 1956; 2017, 1923)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.040 - Commissioner to supervise and make policy.

The Commissioner shall supervise and make all policy with regard to all foreign and domestic savings banks, companies and corporations governed by this chapter and doing business in this state.
[Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21]—(NRS A 1961, 762; 1963, 1076; 1983, 1773; 1987, 1957; 2017, 1923)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.043 - Regulations; authority of Commissioner to waive, modify or alter any requirement of chapter.

1. The Commissioner may adopt such regulations as may be reasonable or necessary to carry out the purposes of this chapter.
2. The Commissioner may, by regulation, waive, modify or alter any requirement of this chapter.
(Added to NRS by 1957, 763; A 1961, 764; 1977, 1261; 1983, 1773; 1987, 1957; 2017, 1915, 1923)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 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 restraining a violation of any provision of this chapter.
(Added to NRS by 1969, 962; A 1983, 1773; 1987, 1957)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 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 or her, but the savings bank may appeal the order of the Commissioner in the manner provided in this chapter.
(Added to NRS by 1957, 762; A 1961, 764; 1983, 1774; 1987, 1957; 2017, 1924)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.046 - Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.

1. In addition to any other requirements set forth in this chapter, each applicant must submit:
(a) Proof satisfactory to the Commissioner that the applicant:
(1) Has a good reputation for honesty, trustworthiness and integrity and is competent to transact the business for which the applicant seeks to be licensed in a manner which protects the interests of the general public.
(2) Has not made a false statement of material fact on the application for the license.
(3) Has not committed any of the acts specified in subsection 2.
(4) Has not had a license issued pursuant to this chapter suspended or revoked within the 10 years immediately preceding the date of the application.
(5) Has not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.
(b) A complete set of his or her fingerprints and written permission authorizing the Division of Financial Institutions of the Department of Business and Industry to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report.
2. In addition to any other lawful reasons, the Commissioner may refuse to issue a license to an applicant if the applicant:
(a) Has committed or participated in any act which, if committed or done by a holder of a license, would be grounds for the suspension or revocation of the license.
(b) Has previously been refused a license pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis for the refusal or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information submitted to the Commissioner in support of the application for the license.
(Added to NRS by 2005, 1873)