reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.415 - Investigations and hearings; fee; confidential communications.

1. The Commissioner may conduct any necessary investigations and hearings to determine whether any licensee, authorized delegate or other person has violated any of the provisions of this chapter or whether any licensee has conducted himself or herself in a manner which requires the suspension, revocation or denial of renewal of his or her license.
2. In conducting any investigation or hearing pursuant to this chapter, the Commissioner, or any person designated by the Commissioner, may require the attendance and testimony of any person and compel the production of all relevant books, records, accounts and other documents. The Commissioner shall charge and collect from each licensee or other person a fee at the rate established and, if applicable, adjusted pursuant to NRS 658.101 for the cost of any supervision, audit, examination, investigation or hearing conducted pursuant to this chapter or any regulations adopted pursuant thereto.
3. The Commissioner may require any licensee to submit such reports concerning the licensee’s business as the Commissioner deems necessary for the enforcement of this chapter.
4. Except as otherwise provided in NRS 239.0115 and 671.365, all reports of investigations and examinations and other reports rendered pursuant to this section, all correspondence and memoranda relating to or arising therefrom, including any authenticated copies thereof in the possession of any licensee or the Commissioner, and all other information related to an examination or investigation are confidential communications, are not subject to any subpoena, and must not be made public unless the Commissioner determines that justice and the public advantage will be served by their publication. This subsection does not preclude any party to an administrative or judicial proceeding from introducing into evidence any information or document otherwise available or admissible.
(Added to NRS by 1977, 1087; A 1983, 1769; 1987, 1954; 2007, 2151; 2017, 399; 2021, 2035; 2023, 128)—(Substituted in revision for NRS 671.170)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.425 - Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver.

1. Within 5 days after a discontinuance of a licensee’s business, the licensee shall inform the Commissioner of the discontinuance and shall surrender his or her license for cancellation.
2. If, as a result of any investigation, hearing, report or examination, the Commissioner finds that a licensee is insolvent or is conducting his or her business in such a manner as to render the licensee’s further operations hazardous to the public, the Commissioner may, through an order served by registered or certified mail upon the licensee and any person possessing money of the licensee or the licensee’s customers, require the immediate discontinuance of the disbursement of the money and the cessation of the licensee’s business. The order remains in effect until:
(a) It is set aside, in whole or in part, by the Commissioner;
(b) The licensee has been adjudged a bankrupt; or
(c) A receiver for the licensee has been appointed by a court of competent jurisdiction.
3. If a court does not have jurisdiction over the licensee, the Commissioner may take possession of the licensee’s business and property until the licensee complies with the requirements of the Commissioner for resumption of business or the licensee’s affairs are finally liquidated.
4. Whenever the Commissioner takes possession of a licensee’s business and property, the Commissioner may petition the court for appointment of a receiver to liquidate the affairs of the licensee.
(Added to NRS by 1977, 1087; A 1983, 1768; 1987, 1954)—(Substituted in revision for NRS 671.160)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.445 - Suspension or revocation of designation of authorized delegate: Grounds; considerations in determining whether practice is unsafe or unsound; relief.

1. The Commissioner may issue an order suspending or revoking the designation of an authorized delegate if the Commissioner finds that:
(a) The authorized delegate committed a violation of any provision of this chapter or any regulation adopted or order issued by the Commissioner pursuant to this chapter;
(b) The authorized delegate did not cooperate with an examination or investigation by the Commissioner;
(c) The authorized delegate has engaged in fraud, intentional misrepresentation or gross negligence;
(d) The authorized delegate has been convicted of a violation of a state or federal anti-money laundering statute;
(e) The competence, experience, character or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money transmission; or
(f) The authorized delegate has engaged in an unsafe or unsound practice.
2. In determining whether an authorized delegate has engaged in an unsafe or unsound practice pursuant to paragraph (f) of subsection 1, the Commissioner may consider the size and condition of the provision of money transmission by the authorized delegate, the magnitude of the loss, the gravity of the violation of any provision of this chapter or any regulation adopted or order issued by the Commissioner pursuant to this chapter and the previous conduct of the authorized delegate.
3. An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the Commissioner.
(Added to NRS by 2023, 115)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.455 - Order to cease and desist violation: Issuance; hearing; petition to set aside, limit or suspend.

1. The Commissioner may issue an order requiring a licensee or authorized delegate to cease and desist from a violation of any provision of this chapter or any regulations adopted pursuant thereto or order issued by the Commissioner pursuant thereto if the Commissioner determines that the violation is likely to cause:
(a) Immediate and irreparable harm to the licensee, the customers of the licensee or the public; or
(b) Insolvency or significant dissipation of the assets of the licensee.
2. If the Commissioner issues an order against an authorized delegate pursuant to subsection 1, the Commissioner may also issue a separate order against a licensee to cease and desist from providing money transmission through the authorized delegate.
3. Except as otherwise provided in this subsection, an order issued pursuant to this section becomes effective upon service of the order and remains effective until it is set aside, in whole or in part, by the Commissioner or a reviewing court. The licensee or authorized delegate against whom a cease and desist order is issued may request a hearing on the cease and desist order pursuant to NRS 233B.121 to 233B.150, inclusive.
4. A licensee or authorized delegate against whom a cease and desist order is issued pursuant to this section may file with the Commissioner a petition requesting that the cease and desist order be set aside, limited or suspended pending the completion of the proceedings conducted pursuant to subsection 3.
(Added to NRS by 2023, 116)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.465 - Consent order.

In any matter arising from a violation or alleged violation of the provisions of this chapter or a regulation adopted or order issued by the Commissioner pursuant thereto by a person, the Commissioner may enter into a consent order with the person to resolve the matter. Such a consent order:
1. Must be signed by the person or the authorized representative of the person and must indicate that the person agrees to the terms contained in the consent order; and
2. May provide that the consent order does not constitute an admission by the person that a violation of the provisions of this chapter or the regulations adopted or an order issued by the Commissioner pursuant thereto has occurred.
(Added to NRS by 2023, 116)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.475 - Failure to submit required report; fees; regulations.

1. If a licensee fails to submit any report required pursuant to this chapter or any regulation adopted pursuant thereto within the prescribed period, the Commissioner may impose and collect a fee of not more than $10 for each day the report is overdue.
2. The Commissioner shall adopt regulations establishing the amount of the fee that may be imposed pursuant to this section.
(Added to NRS by 2005, 1854)—(Substituted in revision for NRS 671.183)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.485 - 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, 1854)—(Substituted in revision for NRS 671.185)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › NRS 671.495 - Unlawful acts; penalty; other remedies.

1. Any person who:
(a) Without a license, knowingly engages in any activity for which a license is required pursuant to this chapter;
(b) Violates any provision of this chapter, or any regulation adopted or order issued by the Commissioner pursuant to this chapter;
(c) Knowingly makes any false or misleading statement of a material fact in any application, statement or report filed pursuant to this chapter;
(d) Knowingly omits to state any material fact necessary to provide the Commissioner with information lawfully required by the Commissioner; or
(e) Refuses to permit or obstructs any lawful investigation, examination, entry or access by the Commissioner,
is guilty of a misdemeanor.
2. Each day during which a violation continues constitutes a separate offense.
3. The imposition of any fine or term of imprisonment pursuant to subsection 1:
(a) Is in addition to any suspension, revocation or denial of renewal of a license which may result from the violation.
(b) Is not a bar to enforcement of this chapter by an injunction or other appropriate civil remedy.
(Added to NRS by 1977, 1088; A 1983, 1770; 1987, 1955; 2023, 129)—(Substituted in revision for NRS 671.190)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.010 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 672.020 to 672.240, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1975, 376; A 1983, 1830; 1985, 784; 1987, 2013)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.160 - "Multiple-party account" defined.

1. "Multiple-party account" means:
(a) An account in the name of two or more persons, any one or more of whom may make withdrawals;
(b) An account in the name of one or more persons as trustee for one or more beneficiaries;
(c) An account established for deposit of funds of a partnership, joint venture or other association; or
(d) An account controlled by two or more persons as the duly authorized agents or trustees for a corporation, unincorporated association, charitable or civil organization or any trust, except trusts of deposits evidenced solely by the form of the deposit.
2. At least one party to a multiple-party account shall be a member of the credit union in which the account is established.
(Added to NRS by 1975, 377)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.170 - "Net contribution" defined.

"Net contribution" means the sum of all deposits which a party to a multiple-party account has made added to any dividends or interest due, less all withdrawals. It includes, in addition, any deposit life insurance proceeds added to the account because of the death of a party whose net contribution is in question.
(Added to NRS by 1975, 377)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.180 - "Party" defined.

"Party" means any person who, by the terms of the account, has a present right of withdrawal in a multiple-party account. Unless the context indicates otherwise, it includes a guardian, conservator-trustee, personal representative, assignee, an attaching creditor of a party or a trustee. This term does not include any named beneficiary.
(Added to NRS by 1975, 377)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.250 - Administration of chapter; regulations of Commissioner.

The Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. The Commissioner shall make the decisions and determinations and adopt regulations which are necessary or reasonably appropriate to accomplish the purposes of this chapter.
(Added to NRS by 1975, 378; A 1977, 96; 1983, 1830; 1987, 2013; 2013, 62)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.260 - Duties of Commissioner; regulations.

The Commissioner shall:
1. Adopt a regulation establishing the minimum surety bond required of credit unions in relation to the amount of property under their control.
2. Adopt a regulation that sets forth the records a credit union must keep and prescribes the period for which those records must be retained.
3. Maintain the original application of every credit union in a permanent file.
4. Maintain for at least 6 years, every report filed by a credit union with the Division of Financial Institutions.
5. Except as otherwise provided in NRS 672.800 and 672.810, deposit all fees, charges for expenses, assessments and other money which is collected pursuant to the provisions of this chapter or any regulation adopted pursuant thereto in the State Treasury pursuant to the provisions of NRS 658.091.
6. Prepare copies of articles of incorporation and bylaws consistent with the provisions of this chapter which may be used by persons interested in organizing a credit union.
(Added to NRS by 1975, 378; A 1977, 102; 1983, 1328, 1639, 1830, 2015; 1985, 784; 1987, 2013; 1989, 924; 1999, 1452; 2003, 3234)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.270 - Powers of Commissioner concerning regulations and legal actions.

The Commissioner may:
1. Adopt regulations, subject to the advice of the Credit Union Advisory Council, establishing chartering, supervisory and examination fees; and
2. Cause appropriate legal action to be taken in the district court of any county to secure an injunction or order restraining a violation of this chapter.
(Added to NRS by 1975, 378; A 1983, 1831; 1987, 2013; 2013, 63)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.275 - Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not:
(a) Be directly or indirectly interested in or act on behalf of any credit union chartered by this state;
(b) Receive, directly or indirectly, any payment from any such credit union;
(c) Be indebted to any state credit union;
(d) Engage in the negotiation of loans for others with any such credit union; or
(e) Obtain credit or services from a state credit union 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 state credit union while in office.
3. Any officer or employee of the Division of Financial Institutions may be indebted to a credit union on the same terms as are available to the public generally upon:
(a) A mortgage loan on 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 or share accounts with credit unions to the greatest amount insured, receive interest on those deposits or shares and borrow money secured by a pledge of those deposits or shares.
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 1983, 1829)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.282 - 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, 1889)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.286 - Use or change of business name; prohibitions.

1. A licensee must obtain the approval of the Commissioner before using or changing a business name.
2. A licensee shall not:
(a) Use any business name which is identical or similar to a business name used by another licensee under this chapter or which may mislead or confuse the public.
(b) Use any printed forms which may mislead or confuse the public.
(Added to NRS by 2005, 1890)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.288 - Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses.

1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this chapter, the Commissioner or his or her duly authorized representatives may at any time investigate the business and examine the books, accounts, papers and records used therein of:
(a) Any credit union;
(b) Any other person engaged in an activity for which a license is required pursuant to the provisions of this chapter; and
(c) Any person whom the Commissioner has reasonable cause to believe is violating or is about to violate any provision of this chapter, whether or not the person claims to be within the authority or beyond the scope of this chapter.
2. For the purpose of examination, the Commissioner or his or her authorized representatives shall have and be given free access to the offices and places of business, files, safes and vaults of such persons.
3. The Commissioner may require the attendance of any person and examine him or her under oath regarding:
(a) Any transaction or business regulated pursuant to the provisions of this chapter; or
(b) The subject matter of any audit, examination, investigation or hearing.
(Added to NRS by 2005, 1890)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.290 - Credit Union Advisory Council.

1. The Credit Union Advisory Council, consisting of five members appointed by the Governor, is hereby created to consult with, advise and make recommendations to the Commissioner in all matters pertaining to credit unions.
2. The Governor shall appoint members who have tested credit union experience from a list of recommended names submitted by the Nevada Credit Union League.
3. After the initial terms, members serve terms of 4 years, except when appointed to fill unexpired terms.
4. The Chair of the Advisory Council must be elected annually by and from the members thereof.
5. The meetings of the Advisory Council may be held at such times and places as the Chair or Commissioner determines and the Advisory Council may meet at least once every 6 months.
(Added to NRS by 1975, 378; A 1977, 1263; 1981, 71, 1996; 1983, 1449, 1831; 1985, 447; 1987, 2013; 2023, 3266)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.295 - Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation.

Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply to a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.
(Added to NRS by 2019, 4000)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.300 - Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence.

1. Except for a credit union organized under the Federal Credit Union Act or a foreign credit union which has been issued a certificate of authority by the Commissioner, any credit union whose principal business is to borrow, loan and invest money on behalf of its members and which issues membership certificates must be incorporated under the provisions of this chapter. For that purpose, the provisions of NRS 81.410 to 81.540, inclusive, which are not in conflict with the provisions of this chapter, apply to such corporations and to the officers and stockholders thereof, except as otherwise provided in NRS 672.342 to 672.347, inclusive.
2. A credit union organized under the provisions of this chapter has perpetual existence, subject to dissolution as provided in this chapter.
(Added to NRS by 1975, 379; A 1977, 890; 1983, 2015; 1985, 315; 1987, 2014)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.310 - Procedure for incorporation; fees set by regulation.

1. The Secretary of State shall not issue any certificate of incorporation to any credit union authorizing it to do business in this state until the articles of incorporation are approved by the Commissioner.
2. An amendment to the articles of incorporation may not be filed by the Secretary of State without the written approval of the Commissioner.
3. Not less than seven persons who are residents of Nevada, have a common bond and are of legal age who desire to organize a credit union under this chapter shall first execute in triplicate an application, upon forms to be issued by the Commissioner, for permission to organize an association. The applicants shall submit with or include in their application:
(a) A copy of the articles of incorporation which must comply with the provisions of NRS 81.440 except where those provisions conflict with the provisions of this chapter.
(b) The par value of the shares, which must be $5 or some multiple thereof.
(c) The names and addresses of the applicants and an itemized account of the financial condition of the applicants and the proposed credit union.
(d) The name, which must include the words "credit union," and the principal place of business.
(e) Any additional information which the Commissioner may require to determine the character and responsibility of the applicants and the need for a credit union in the community to be served.
The incorporators shall submit a set of proposed bylaws to the Commissioner with their application and the bylaws when approved by the Commissioner are effective upon filing the articles of incorporation. The Commissioner shall approve or disapprove the application within 30 days following its receipt.
4. Every application for permission to organize, as provided for in this section, must be accompanied by an application fee and a fee payment to cover expenses attendant upon the investigation required for approval. The amount of the fees must be established by regulation adopted by the Commissioner.
5. The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received.
(Added to NRS by 1975, 379; A 1977, 890; 1983, 1639, 1831, 2016; 1987, 2014)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.320 - Amendment of articles of incorporation; bylaws.

1. The articles of incorporation or bylaws may be amended as provided in the bylaws. Any amendment to the articles of incorporation or bylaws do not become effective until approved in writing by the Commissioner.
2. The Commissioner shall not charge any fee for approving amendments to the articles of incorporation or bylaws of any credit union organized pursuant to this chapter.
(Added to NRS by 1975, 380; A 1977, 891; 1983, 1832; 1987, 2015)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.330 - Offices; principal place of business.

1. A credit union may maintain, with the approval of the Commissioner, offices at locations other than its main office if the maintenance of the offices is reasonably necessary to furnish service to its members.
2. A credit union may change its principal place of business within this state upon providing written notice to the Division of Financial Institutions.
3. A credit union may share office space with one or more credit unions and contract with a corporation to provide facilities or personnel.
(Added to NRS by 1975, 380; A 1983, 1832; 1987, 2015)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.343 - Application for certificate of authority: Filing; form; contents; withdrawal of application.

Each application for an initial certificate of authority submitted by a foreign credit union must be filed with the Commissioner on a form prescribed by him or her and must include:
1. A copy of the instrument or authority by which the credit union was created and a copy of its bylaws.
2. A statement of its membership, if not contained in its bylaws.
3. A copy of the most recent report submitted by the credit union to the authorized officer of the state in which it was organized.
4. Any other information required by the Commissioner.
5. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information and fees required to complete the application within 12 months after the date the application is first submitted to the Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if the applicant otherwise withdraws the application, the Commissioner may not issue a license to the applicant unless the applicant submits a new application and pays any required fees.
(Added to NRS by 1983, 2014; A 1983, 1646; 1987, 177, 2015; 2005, 1890)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.3435 - Fee for initial investigation; annual fees; costs for additional investigations; regulations.

1. The Commissioner shall charge and collect a fee of not more than $1,000 for an initial investigation from each foreign credit union which applies for certification. The fee is not refundable. An annual fee of not more than $1,000 must be paid by each foreign credit union for its initial office and not more than $200 for each branch office. Costs for additional examinations and investigations must be paid by the credit union to the Commissioner at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
2. Except as otherwise provided in NRS 658.101, the Commissioner shall by regulation determine the amount of the fees required pursuant to this section.
(Added to NRS by 1987, 177; A 2005, 1891; 2017, 402)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.344 - Requirements for issuance of certificate.

The Commissioner shall issue a certificate of authority to a foreign credit union if he or she is satisfied that:
1. The members of the credit union to be served in this State are adequately protected by any form of security which is comparable to that required of credit unions organized under the provisions of this chapter.
2. The officer who supervises the credit union in the state in which it was organized has authorized it to do business in Nevada and agrees to furnish, upon request, copies of reports relating to the credit union.
3. The members to be served in this State have a need for the service and adequate service is not available through existing credit unions.
4. A registered agent has been designated.
5. The state in which the credit union was organized issues comparable authorization to credit unions organized under the provisions of this chapter.
(Added to NRS by 1983, 2014; A 1983, 1646; 1985, 784; 1987, 2015; 2007, 2727)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.345 - Applicable law; filing of annual report.

A foreign credit union which has been issued a certificate of authority shall:
1. Serve its members in this state in accordance with its bylaws and the laws of the state in which it was organized, except where those laws conflict with the provisions of this chapter.
2. File with the Commissioner a copy of its annual report at the time it files a similar report with the officer of the state in which it was organized.
(Added to NRS by 1983, 2014; A 1983, 1646; 1987, 2016)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.346 - Examination of records; revocation of certificate.

The Commissioner may:
1. Examine the records of any foreign credit union which holds a certificate of authority issued by the Commissioner at any time he or she deems necessary.
2. Revoke a certificate of authority issued to a credit union if he or she finds that the credit union has violated any provision of this chapter or the regulations of the Commissioner.
(Added to NRS by 1983, 2015; A 1983, 1647; 1987, 2016)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.347 - Applicability of provisions of chapter 80 of NRS.

The provisions of chapter 80 of NRS which are not in conflict with the provisions of this chapter apply to any foreign credit union which holds a certificate of authority to transact business or maintain an office in this State.
(Added to NRS by 1983, 2015)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.350 - Board of directors: Number, election and terms of members; procedure for filling vacancy.

1. The business affairs of a credit union shall be directed by an odd-numbered board of not fewer than five directors to be elected at the annual meetings by and from the members, and an audit and credit committee if appointed by the board. The persons designated in the articles of incorporation shall be the first directors.
2. All members of the board and such committees shall hold office for such terms as the bylaws may provide.
3. Vacancies in the board of directors shall be filled by vote of the members at the annual meeting or at a special meeting called for that purpose. The board may fill any vacancies occurring in the board until successors elected at the annual meeting or special meeting have qualified. The board shall also fill vacancies in the credit and audit committees.
(Added to NRS by 1975, 380)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.360 - Board of directors: Responsibilities; meetings; executive committee.

1. The board of directors is responsible for the general direction of the affairs, funds and records of the credit union and shall meet as often as necessary to accomplish their duties, but not less than once a month.
2. The board may appoint an executive committee of not less than three directors who may be authorized, by a majority vote of the whole board, to act for the board subject to any conditions or limitations the board may prescribe.
(Added to NRS by 1975, 380)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.370 - Board of directors: Duties.

The directors of a credit union shall:
1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit union with protection against losses from misappropriation, defalcation in breach of trust, negligence, acts of God or nature, fire, burglary, robbery or other cause over which the bonded officers, employers and agents had no control;
2. Declare dividends in the manner prescribed in the bylaws;
3. Determine the interest rate to be charged on loans and paid on deposits;
4. Limit the number of shares and the amount of deposits which may be owned by any member;
5. Establish the compensation of all employees and officers;
6. Establish the maximum secured and unsecured loan which may be made to any one member;
7. Designate a depository or depositories for the money of the credit union;
8. Suspend or remove any member who fails to perform or negligently performs his or her assigned duties;
9. Establish compensation to be paid any employee, officer or other persons performing services on behalf of the credit union;
10. Determine from time to time the interest rate, consistent with the provisions of this chapter, which will be charged on loans; and
11. Authorize interest refunds to members from income earned and received in proportion to interest paid by them on such classes of loans. Such refunds are subject to conditions imposed by the board.
(Added to NRS by 1975, 380; A 1983, 1833; 1987, 2016)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.380 - Board of directors: Powers.

The directors may:
1. Act upon applications for membership or appoint membership officers from the members of the credit union to act upon membership applications subject to conditions imposed by the board. If membership officers are appointed they shall submit at each board meeting a list of approved or pending applications for membership.
2. Invest surplus funds or designate an officer or committee to be responsible for making investments subject to rules and procedures established by the board of directors.
3. Authorize the employment of persons necessary to carry on the business of the credit union.
4. Authorize the conveyance of property.
5. Borrow or lend money to carry on the functions of the credit union.
6. Appoint any special committees which the board feels necessary to carry on the business of the credit union.
7. Perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.
8. Employ a general manager to be in charge of operations or, in lieu thereof, designate the treasurer to act as general manager and be in active charge of the affairs of the credit union.
9. Amend the bylaws of the credit union.
(Added to NRS by 1975, 381)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.390 - Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant.

1. The board may appoint an audit committee to make an annual audit of the financial records of the credit union and any interim audits as may be deemed necessary by the board or as may be directed by the Commissioner. A copy of the report must be submitted to the board and the Commissioner and a summary presented to the members at the next annual meeting.
2. The audit committee may by unanimous vote suspend any director, officer or member of the credit union following an audit, for any violation of this chapter, the charter or bylaws or for any other practice which the audit committee deems to be unsafe or unauthorized. In such cases, the audit committee shall call a special meeting of the members not less than 7 nor more than 21 days following the suspension and the suspension must be ratified or overturned by the members.
3. Any member of the audit committee may be suspended by the board for the same reasons and in the same manner as provided in subsection 2.
4. The audit committee may by a majority vote call a special meeting of the members to consider any violation of this chapter, the charter or bylaws or any practice of the credit union deemed by the audit committee to be unsafe or unauthorized.
5. The board of directors or the audit committee may employ the services of a certified public accountant to complete the necessary audit of the records of the credit union.
(Added to NRS by 1975, 381; A 1981, 1813; 1983, 1640, 1833, 2016; 1987, 2017; 2017, 3486)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.400 - Credit committee; loan officer.

1. The board may appoint a:
(a) Credit committee consisting of an odd number of members of the credit union, but not less than three members; or
(b) Loan officer.
2. If a credit committee is appointed by the board, it shall hold such meetings as the business of the credit union may require but it shall meet at least once a month to consider applications for loans. A loan may not be made unless it is approved by a majority of the members of the committee who are present at the meeting at which the application is considered.
3. The credit committee may appoint a loan officer from among its members and delegate to him or her the power to approve loans. Only one member of the credit committee may be appointed as loan officer or assistant loan officer.
4. If a loan is not approved by a loan officer, the application for the loan must be reviewed by the credit committee or the board of directors, whomever appointed the loan officer. All the members of the credit committee or the board present at the review must approve the application before the loan may be made.
5. For purposes of internal control, a loan officer may not disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.
(Added to NRS by 1975, 382; A 1983, 2017)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.410 - Removal of director, officer or employee on objection of Commissioner.

If the Commissioner notifies the board in writing that he or she has information that any director, officer or employee of a credit union is failing in the performance of his or her duties, the board shall meet and consider such matter forthwith. The Commissioner must have notice of the time and place of the meeting. If the board of directors finds the Commissioner’s objection to be well founded, such director, officer or employee shall be removed immediately.
(Added to NRS by 1975, 382; A 1983, 1834; 1987, 2017)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.420 - Officers: Election; designation; bonds; terms; duties.

1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as:
(a) Chair of the board;
(b) Vice chair of the board;
(c) Treasurer; and
(d) Secretary.
The treasurer and secretary may be the same person.
2. The treasurer or general manager shall give a fidelity bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the Commissioner.
3. Each officer shall serve a term of 1 year or until such time as successors are chosen and have qualified.
4. The duties of each office must be as prescribed in the bylaws of the credit union.
(Added to NRS by 1975, 382; A 1983, 1834; 1987, 2017)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.430 - List of directors, officers and committee members.

Within 30 days following the election of the executive officers, the secretary shall submit to the Commissioner a list of the names and addresses of the directors, officers and committee members who have been elected or appointed.
(Added to NRS by 1975, 383; A 1983, 1834; 1987, 2018)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.440 - Fiduciary relationship of directors and officers.

Directors and officers of an association shall be deemed to stand in a fiduciary relation to the credit union and shall discharge the duties of their respective positions in good faith and with the diligence, care and skill which ordinary, prudent persons would exercise under similar circumstances in similar positions.
(Added to NRS by 1975, 383; A 1997, 1623)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.450 - Compensation and expenses of directors, officers and members.

1. A director or committee member may not be compensated for his or her services except that he or she may be provided reasonable life, health, accident and similar insurance protection.
2. Any member of the credit union may be reimbursed for necessary expenses incidental to the performance of credit union business. All such expenses shall be approved by the board.
3. Subsection 1 does not apply to officers of the credit union who also serve as members of the board or a committee.
(Added to NRS by 1975, 383)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.460 - General powers; waiver or modification of law by Commissioner.

Every credit union organized under the provisions of this chapter:
1. Has all the powers granted by NRS 81.500 that are not inconsistent with the provisions of this chapter and in addition thereto, the powers enumerated in NRS 672.470 to 672.500, inclusive; and
2. May exercise any authority and perform all acts that a federal credit union may exercise or perform, with the consent and written approval of the Commissioner. The Commissioner may, by regulation, waive or modify a requirement of Nevada law if the corresponding requirement for federal credit unions has been or is eliminated or modified.
(Added to NRS by 1975, 386; A 2001, 2050)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.470 - Receiving and paying out deposits; borrowing, selling and purchasing assets.

A credit union may, subject to the regulations or approval of the Commissioner:
1. Receive from its members or from the members of another credit union deposits which are payable on demand and honor requests for withdrawals in the form of checks or drafts.
2. Receive deposits from the State Treasurer which are payable on demand pursuant to the provisions of chapter 356 of NRS.
3. Borrow from any source in accordance with the policy established by the board of directors and discount and sell any eligible obligations.
4. Sell all or any part of its assets or purchase all or any part of the assets of another credit union.
(Added to NRS by 1975, 386; A 1981, 1368; 1983, 1835; 1987, 2018)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.480 - Fees and assessments.

A credit union may:
1. Require, at the discretion of the directors, the payment of an entrance fee or annual membership fee of any person admitted to membership;
2. Collect, receive and disburse moneys and charge a fee for services rendered in connection with the sale of negotiable checks, money orders and other money-type instruments and for such other purposes as may provide benefit or convenience to its members; and
3. Assess charges to members in accordance with the bylaws for failure to promptly meet their obligations to the credit union.
(Added to NRS by 1975, 387)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.490 - Membership in other credit union or organization; performance of certain services.

A credit union may:
1. Hold membership in other credit unions organized under this chapter, in the Nevada Credit Union League and in other organizations composed of credit unions;
2. Perform such tasks and missions as may be requested by the Federal Government, the State of Nevada or any agency or political subdivision thereof, including, without limitation, a city, county or school district, when approved by the board of directors and not inconsistent with the provisions of this chapter;
3. Act as fiscal agent for and receive deposits from the Federal Government, the State of Nevada or an agency or political subdivision thereof, including, without limitation, a city, county or school district; and
4. Perform trust services for its members, including the trust estates of deceased members, and act as a custodian of qualified pension funds of self-employed individuals under the provisions of 26 U.S.C. §§ 861 et seq.
(Added to NRS by 1975, 387; A 1999, 1453)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.500 - Donations and contributions.

A credit union may:
1. Contribute to, support or participate in any nonprofit service facility whose services will benefit the credit union or its membership; and
2. Make donations or contributions to any nonprofit civic, charitable or community organization as authorized by the board of directors.
(Added to NRS by 1975, 387)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.510 - Eligibility for membership.

1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have:
(a) The common bond set forth in the bylaws;
(b) Paid the entrance fee provided in the bylaws;
(c) Subscribed for one or more shares and have paid the initial installment thereon; and
(d) Complied with other requirements specified in the articles of incorporation or bylaws.
2. The common bond required for membership in credit unions organized under the provisions of this chapter may include, but are not limited to persons who:
(a) Have a similar occupation, association or interest;
(b) Reside within an identifiable neighborhood, community or rural district; or
(c) Are employed by the same employer,
and members of the immediate families of such persons.
3. Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his or her membership in the credit union at the discretion of the board of directors.
(Added to NRS by 1975, 383)
2023 Nevada Revised Statutes › Chapter 672 - Credit Unions › NRS 672.520 - Eligibility of minor; limitations.

1. Shares may be issued to and deposits received from a minor and such minor may withdraw the shares and deposits, including the dividends and interest thereon. For purposes of making deposits, share investments and withdrawals a minor shall be deemed of legal age.
2. A minor under 16 years of age is not entitled to vote in the meeting of the members either personally or through his or her parent or guardian. A person may not become a director until he or she has reached the age of majority.
(Added to NRS by 1975, 383)