reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.360 - Commissioner to approve or deny registration within certain period; extension to obtain additional information; appeal of denial.

1. The Commissioner shall approve or deny an initial registration as a provider within 120 days after an application is filed. In connection with a request pursuant to subsection 18 of NRS 676A.320 for additional information, the Commissioner may extend the 120-day period for not more than 60 days. Within 7 days after denying an application, the Commissioner, in a record, shall inform the applicant of the reasons for the denial.
2. If the Commissioner denies an application for registration as a provider or does not act on an application within the time prescribed in subsection 1, the applicant may appeal and request a hearing pursuant to NRS 233B.121 to 233B.150, inclusive.
(Added to NRS by 2009, 1976; A 2021, 2044)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.380 - Alternative application for registration for applicants licensed or certified in another state; conditions.

If a provider holds a license or certificate of registration in another state authorizing it to provide debt-management services, the provider may submit a copy of that license or certificate and the application for it instead of an application in the form prescribed by subsection 1 of NRS 676A.310, NRS 676A.320 or subsection 2 of NRS 676A.370. The Commissioner shall accept the application and the license or certificate from the other state as an application for registration as a provider or for renewal of registration as a provider, as appropriate, in this State if:
1. The application in the other state contains information substantially similar to or more comprehensive than that required in an application submitted in this State;
2. The applicant provides the information required by subsections 1, 3, 10, 12 and 13 of NRS 676A.320; and
3. The applicant, under oath, certifies that the information contained in the application is current or, to the extent it is not current, supplements the application to make the information current.
(Added to NRS by 2009, 1978)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.400 - Substitute for surety bond.

1. Instead of the surety bond required by NRS 676A.390, a provider may deliver to the Commissioner, in the amount required by subsection 2 of NRS 676A.390, and, except as otherwise provided in subparagraph (1) of paragraph (b), payable or available to this State and to individuals who reside in this State when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this chapter:
(a) A certificate of insurance issued by an insurance company authorized to do business in this State and rated at least A or equivalent by a nationally recognized rating organization, approved by the Commissioner and with no deductible, or, if the provider supplies a bond in the amount of $5,000, a deductible not exceeding $5,000; or
(b) With the approval of the Commissioner:
(1) An irrevocable letter of credit, issued or confirmed by a bank approved by the Commissioner, payable upon presentation of a certificate by the Commissioner stating that the provider or its agent has not complied with this chapter; or
(2) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this State or a political subdivision of this State, to be deposited and maintained with a bank approved by the Commissioner for this purpose.
2. If a provider furnishes a substitute pursuant to subsection 1, the provisions of subsections 1, 3, 4 and 5 of NRS 676A.390 apply to the substitute.
(Added to NRS by 2009, 1979)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.410 - Commissioner authorized to take action to participate in Registry; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding registration.

1. The Commissioner may, in furtherance of his or her duties with respect to the issuance and renewal of certificates of registration pursuant to this chapter, participate in the Nationwide Multistate Licensing System and Registry. The Commissioner may take any action with respect to participation in the Registry that the Commissioner deems necessary to carry out his or her duties, including, without limitation:
(a) Facilitating and participating in the establishment and implementation of the Registry;
(b) Establishing relationships or contracts with the Registry or other entities designated by the Registry;
(c) Authorizing the Registry to collect and maintain records of applicants for and holders of certificates of registration;
(d) Authorizing the Registry to, on behalf of the Commissioner, collect and process any fees associated with registration, examinations, fines, assessments and any other similar fees;
(e) Requiring an applicant for or holder of a certificate of registration to use the Registry to:
(1) Apply for the issuance or renewal of a certificate of registration;
(2) Amend or surrender a registration;
(3) Submit any reports or the results of any examination that the Commissioner may require;
(4) Pay any applicable fees; and
(5) Engage in any other activity that the Commissioner may require; and
(f) Authorizing the Registry to, on behalf of the Commissioner, collect fingerprints in order to receive or conduct a background check on the criminal history of an applicant for or holder of a certificate of registration.
2. An applicant for or holder of a certificate of registration shall, in addition to any other fees associated with the registration, pay all applicable charges to use the Registry, including, without limitation, any processing charges established by the administrator of the Registry.
3. The Commissioner may adopt any regulations the Commissioner determines to be necessary or appropriate to carry out the provisions of this section. Such regulations may, without limitation, establish additional procedures and requirements for participation in the Registry.
4. The provisions of this section shall not be construed to replace or affect the authority of the Commissioner to grant, deny, suspend, terminate, revoke or refuse to renew a certificate of registration.
(Added to NRS by 2021, 2039)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.420 - Submission and processing of fingerprints.

1. The Commissioner may require an applicant for or holder of a certificate of registration to submit a complete set of fingerprints when the Commissioner determines necessary.
2. The Commissioner may use the services of the Registry to process and to submit the fingerprints to the Federal Bureau of Investigation, to the Central Repository for Nevada Records of Criminal History, to any federal or state law enforcement agency or to any other entity authorized to receive such information for the purpose of conducting a background check of the criminal history of an applicant for or holder of a certificate of registration.
(Added to NRS by 2021, 2040)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.430 - Commissioner required to report certain information or material to Registry; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements.

1. Subject to any limitations or restrictions contained in federal or state law governing the privacy or confidentiality of records, the Commissioner shall report regularly any violations of applicable laws committed by applicants for or holders of a certificate of registration, enforcement actions and other relevant information to the Registry.
2. The requirements under any federal or state law, including, without limitation, rules of a federal or state court, regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material, continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over holders of a certificate of registration without the loss of privilege or the loss of confidentiality protections provided by federal or state law.
3. The Commissioner may enter into agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the State Regulatory Registry, LLC, or other associations representing governmental agencies.
(Added to NRS by 2021, 2041)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.440 - Additional materials required to be submitted to Registry.

1. In addition to any other requirements set forth by specific statute, each applicant for the issuance of a registration and each owner, officer, director and responsible person of the applicant, each person in control of the applicant and any other person the Commissioner may require in accordance with guidelines of the Registry or other multistate agreements shall submit to the Registry:
(a) A complete set of fingerprints for submission to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a state, national and international background check on the criminal history of the person;
(b) Information concerning the personal history, financial history and experience of the person in a form prescribed by the Registry, including, without limitation, an authorization of the person for the Registry and the Commissioner to obtain:
(1) An independent credit report and credit score from a consumer reporting agency described in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f), for the purpose of evaluating the financial responsibility of the person at the time of the submission of the application; and
(2) Additional independent credit reports and credit scores to confirm that the applicant continues to comply with any applicable requirements concerning financial responsibility;
(c) Information related to any administrative, civil or criminal findings made by any governmental jurisdiction concerning the person; and
(d) Any other information concerning the person that the Registry or Commissioner may require.
2. As used in this section:
(a) "Control" has the meaning ascribed to it in NRS 682A.047.
(b) "Responsible person" means a person who is employed by an applicant and who has principal, active managerial authority over the provision of services in this State.
(Added to NRS by 2021, 2041)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.450 - Holder of certificate to register and maintain unique identifier; Commissioner authorized to issue certificate through Registry; references to Commissioner deemed references to Registry.

1. Each holder of a certificate of registration shall register with and maintain a valid unique identifier with the Registry.
2. The Commissioner may issue a certificate of registration through the Registry.
3. To the extent that the Commissioner has delegated to the Registry any of his or her duties with respect to the issuance and renewal of certificates of registration as authorized by this chapter, any reference to the Commissioner in this chapter shall be deemed to be a reference to the Registry.
4. As used in this section, "unique identifier" means a number or other identifier assigned by the protocols established by the Registry.
(Added to NRS by 2021, 2042)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.500 - Provider to act in good faith; fiduciary duty.

1. A provider shall act in good faith in all matters under this chapter.
2. A provider who holds funds on behalf of an individual to whom it provides debt-management services shall act as a fiduciary with respect to those funds.
(Added to NRS by 2009, 1980)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.510 - Provider to maintain toll-free communication system.

A provider that is required to be registered under this chapter shall maintain a toll-free communication system, staffed at a level that reasonably permits an individual to speak to a certified counselor, certified debt specialist or customer service representative, as appropriate, during ordinary business hours.
(Added to NRS by 2009, 1980)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.550 - Cancellation of agreement.

1. An individual may cancel an agreement before midnight of the third business day after the individual assents to it, unless the agreement does not comply with subsection 2 or NRS 676A.540 or 676A.700, in which event the individual may cancel the agreement within 30 days after the individual assents to it. To exercise the right to cancel, the individual must give notice in a record to the provider. Notice by mail is given when mailed.
2. An agreement must be accompanied by a form that contains in boldface type, surrounded by bold black lines:
NOTICE OF RIGHT TO CANCEL
You may cancel this agreement, without any penalty or obligation, at any time before midnight of the third business day that begins the day after you agree to it by electronic communication or by signing it.
To cancel this agreement during this period, send an e-mail to ____________________
(e-mail address of provider)
or mail or deliver a signed, dated copy of this notice, or any other written notice to ____________________
(name of provider)
at ____________________
(address of provider)
before midnight on ____________________
(date)
.
If you cancel this agreement within the 3-day period, we will refund all money you already have paid us.
You also may terminate this agreement at any later time, but we may not be required to refund fees you have paid us.
I cancel this agreement,
______________________________________________
Print your name
______________________________________________
Signature
______________________________________________
Date
3. If a personal financial emergency necessitates the disbursement of an individual’s money to one or more of the individual’s creditors before the expiration of 3 days after an agreement is signed, an individual may waive the right to cancel. To waive the right, the individual must send or deliver a signed, dated statement in the individual’s own words describing the circumstances that necessitate a waiver. The waiver must explicitly waive the right to cancel. A waiver by means of a standard form record is void.
(Added to NRS by 2009, 1986)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.560 - Disclosures and documents to be in English; provider also must furnish translation if language other than English is used in communications.

Unless the Commissioner, by regulation, provides otherwise, the disclosures and documents required by this chapter must be in English. If a provider communicates with an individual primarily in a language other than English, the provider must furnish a translation into the other language of the disclosures and documents required by this chapter.
(Added to NRS by 2009, 1986)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.590 - Voluntary contributions: Restrictions.

A provider may not solicit a voluntary contribution from an individual or an affiliate of the individual for any service provided to the individual. A provider may accept voluntary contributions from an individual but, until 30 days after completion or termination of a plan, the aggregate amount of money received from or on behalf of the individual may not exceed the total amount the provider may charge the individual under NRS 676A.580.
(Added to NRS by 2009, 1989)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.600 - Required disclosures by provider.

1. If the agreements of a provider contemplate that the provider will develop and implement a debt-management plan and the provider advertises debt-management services, it shall disclose, in an easily comprehensible manner, that using a debt-management plan may make it harder for the individual to obtain credit.
2. If the agreements of a provider contemplate that the provider will provide debt settlement services and the provider advertises debt settlement services, it shall disclose, in an easily comprehensible manner, the information specified in paragraphs (c) and (d) of subsection 4 of NRS 676A.520.
(Added to NRS by 2009, 1993)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.610 - Agreement voidable by individual in certain circumstances.

1. If a provider imposes a fee or other charge or receives money or other payments not authorized by NRS 676A.580 or 676A.590, the individual may void the agreement and recover as provided in NRS 676A.760.
2. If a provider is not registered as required by this chapter when an individual assents to an agreement, the agreement is voidable by the individual.
3. If an individual voids an agreement under subsection 2, the provider does not have a claim against the individual for breach of contract or for restitution.
(Added to NRS by 2009, 1989)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.620 - Provider may terminate agreement for nonpayment.

1. If an individual who has entered into an agreement fails for 60 days to make payments required by the agreement, a provider may terminate the agreement.
2. If a provider or an individual terminates an agreement, the provider shall immediately return to the individual any money of the individual held in trust for the benefit of the individual.
(Added to NRS by 2009, 1990; A 2013, 631)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.630 - Provider to provide accounting periodically and upon request; retention of records.

1. If an agreement contemplates that a provider will develop and implement a debt-management plan or provide debt settlement services, the provider shall provide the accounting required by subsection 2:
(a) Upon cancellation or termination of the agreement; and
(b) Before cancellation or termination of the agreement:
(1) At least once each month; and
(2) Within 5 business days after a request by an individual, but the provider need not comply with more than one request in any calendar month.
2. A provider, in a record, shall provide each individual for whom it has established a plan an accounting of the following information:
(a) The amount of money received from the individual since the last report;
(b) The amounts and dates of disbursement made on the individual’s behalf, or by the individual upon the direction of the provider, since the last report to each creditor listed in the plan;
(c) The amounts deducted from the amount received from the individual;
(d) The amount held in reserve; and
(e) If, since the last report, a creditor has agreed to accept as payment in full an amount less than the principal amount of the debt owed by the individual:
(1) The total amount and terms of the settlement;
(2) The amount of the debt when the individual assented to the plan;
(3) The amount of the debt when the creditor agreed to the settlement; and
(4) The calculation of a settlement fee.
3. A provider shall maintain records for each individual for whom it provides debt-management services for 5 years after the final payment made by the individual and produce a copy of them to the individual within a reasonable time after a request for them. The provider may use electronic or other means of storage of the records. (Added to NRS by 2009, 1990)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.710 - Provider to notify Commissioner of civil actions.

Not later than 30 days after a provider has been served with notice of a civil action for violation of this chapter by or on behalf of an individual who resides in this State at either the time of an agreement or the time the notice is served, the provider shall notify the Commissioner in a record that it has been sued.
(Added to NRS by 2009, 1993)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.720 - Provider liable for conduct of person to whom it delegates duties.

If a provider delegates any of its duties or obligations under an agreement or this chapter to another person, including, without limitation, an independent contractor, the provider is liable for conduct of the person which, if done by the provider, would violate the agreement or this chapter.
(Added to NRS by 2009, 1993)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.740 - Commissioner to enforce chapter; penalties.

1. The Commissioner may enforce this chapter and regulations adopted under this chapter by taking one or more of the following actions:
(a) Ordering a provider or a director, employee or other agent of a provider to cease and desist from any violations;
(b) Ordering a provider or a person that has caused a violation to correct the violation, including, without limitation, making restitution of money or property to a person aggrieved by a violation;
(c) Subject to adjustment of the dollar amount pursuant to subsection 6 of NRS 676A.730, imposing on a provider or a person that has caused a violation a civil penalty not to exceed $10,000 for each violation;
(d) Prosecuting a civil action to:
(1) Enforce an order; or
(2) Obtain restitution or an injunction or other equitable relief, or both; or
(e) Intervening in an action brought under NRS 676A.760.
2. Subject to adjustment of the dollar amount pursuant to subsection 6 of NRS 676A.730, if a person violates or knowingly authorizes, directs or aids in the violation of a final order issued under paragraph (a) or (b) of subsection 1, the Commissioner may impose a civil penalty not to exceed $20,000 for each violation.
3. The Commissioner may maintain an action to enforce this chapter in any county.
4. The Commissioner may recover the reasonable costs of enforcing this chapter under subsections 1, 2 and 3, including, without limitation, attorney’s fees based on the hours reasonably expended and the hourly rates for attorneys of comparable experience in the community.
5. In determining the amount of a civil penalty to impose under subsection 1 or 2, the Commissioner shall consider the seriousness of the violation, the good faith of the violator, any previous violations by the violator, the deleterious effect of the violation on the public, the net worth of the violator and any other factor the Commissioner considers relevant to the determination of the civil penalty.
(Added to NRS by 2009, 1995)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.750 - Suspension, revocation or denial of renewal of registration by Commissioner.

1. The Commissioner may suspend, revoke or deny renewal of a provider’s registration if:
(a) A fact or condition exists that, if it had existed when the registrant applied for registration as a provider, would have been a reason for denying registration;
(b) The provider has committed a material violation of this chapter or a rule or order of the Commissioner under this chapter;
(c) The provider is insolvent;
(d) The provider or an employee or affiliate of the provider has refused to permit the Commissioner to make an examination authorized by this chapter, failed to comply with paragraph (b) of subsection 2 of NRS 676A.730 within 15 days after request, or made a material misrepresentation or omission in complying with paragraph (b) of subsection 2 of NRS 676A.730; or
(e) The provider has not responded within a reasonable time and in an appropriate manner to communications from the Commissioner.
2. If a provider does not comply with subsection 6 of NRS 676A.570 or if the Commissioner otherwise finds that the public health or safety or general welfare requires emergency action, the Commissioner may order a summary suspension of the provider’s registration, effective on the date specified in the order.
3. If the Commissioner suspends, revokes or denies renewal of the registration of a provider, the Commissioner may seek a court order authorizing seizure of any or all of the money in a trust account required by NRS 676A.570, books, records, accounts and other property of the provider which are located in this State.
4. If the Commissioner suspends or revokes a provider’s registration, the provider may appeal and request a hearing pursuant to NRS 233B.121 to 233B.150, inclusive.
5. As used in this section, "insolvent" means:
(a) Having generally ceased to pay debts in the ordinary course of business other than as a result of good faith dispute;
(b) Being unable to pay debts as they become due; or
(c) Being insolvent within the meaning of the federal bankruptcy law, 11 U.S.C. §§ 101 et seq.
(Added to NRS by 2009, 1995)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.760 - Civil remedies.

1. If an individual voids an agreement pursuant to subsection 2 of NRS 676A.610, the individual may recover in a civil action all money paid or deposited by or on behalf of the individual pursuant to the agreement, except amounts paid to creditors, in addition to the recovery under paragraphs (c) and (d) of subsection 3.
2. If an individual voids an agreement pursuant to subsection 1 of NRS 676A.610, the individual may recover in a civil action three times the total amount of the fees, charges, money and payments made by the individual to the provider, in addition to the recovery under paragraph (d) of subsection 3.
3. Subject to subsection 4, an individual with respect to whom a provider violates this chapter may recover in a civil action from the provider and any person that caused the violation:
(a) Compensatory damages for injury, including, without limitation, noneconomic injury, caused by the violation;
(b) Except as otherwise provided in subsection 4 and subject to adjustment of the dollar amount pursuant to subsection 6 of NRS 676A.730, with respect to a violation of NRS 676A.520, 676A.540 to 676A.590, inclusive, or 676A.630 or subsection 1, 2 or 5 of NRS 676A.700, the greater of the amount recoverable under paragraph (a) or $5,000;
(c) Punitive damages; and
(d) Reasonable attorney’s fees and costs.
4. In a class action, except for a violation of paragraph (e) of subsection 1 of NRS 676A.700, the minimum damages provided in paragraph (b) of subsection 3 do not apply.
5. In addition to the remedy available under subsection 3, if a provider violates an individual’s rights under NRS 676A.550, the individual may recover in a civil action all money paid or deposited by or on behalf of the individual pursuant to the agreement, except for amounts paid to creditors.
6. A provider is not liable under this section for a violation of this chapter if the provider proves that the violation was not intentional and resulted from a good faith error notwithstanding the maintenance of procedures reasonably adapted to avoid the error. An error of legal judgment with respect to a provider’s obligations under this chapter is not a good faith error. If, in connection with a violation, the provider has received more money than authorized by an agreement or this chapter, the defense provided by this subsection is not available unless the provider refunds the excess within 2 business days after learning of the violation.
7. The Commissioner shall assist an individual in enforcing a judgment against the surety bond or other security provided under NRS 676A.390 or 676A.400.
(Added to NRS by 2009, 1996)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.770 - Violation constitutes deceptive trade practice.

1. A violation of a provision of this chapter constitutes a deceptive trade practice for the purposes of NRS 598.0903 to 598.0999, inclusive.
2. If an act or practice of a provider violates both a provision of this chapter and a provision of chapter 598 of NRS, an individual may not recover under both for the same act or practice.
(Added to NRS by 2009, 1997)
2023 Nevada Revised Statutes › Chapter 676A - Uniform Debt-Management Services Act › NRS 676A.780 - Statute of limitations for certain actions.

1. An action or proceeding brought pursuant to subsection 1, 2 or 3 of NRS 676A.740 must be commenced within 4 years after the conduct that is the basis of the Commissioner’s complaint.
2. An action brought pursuant to NRS 676A.760 must be commenced within 2 years after the latest of:
(a) The individual’s last transmission of money to a provider;
(b) The individual’s last transmission of money to a creditor at the direction of the provider;
(c) The provider’s last disbursement to a creditor of the individual;
(d) The provider’s last accounting to the individual pursuant to subsection 1 of NRS 676A.630;
(e) The date on which the individual discovered or reasonably should have discovered the facts giving rise to the individual’s claim; or
(f) Termination of actions or proceedings by the Commissioner with respect to a violation of the chapter.
3. The period prescribed in paragraph (e) of subsection 2 is tolled during any period during which the provider or, if different, the defendant has materially and willfully misrepresented information required by this chapter to be disclosed to the individual, if the information so misrepresented is material to the establishment of the liability of the defendant under this chapter.
(Added to NRS by 2009, 1997)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.020 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 677.030 to 677.140, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1975, 1829; A 1979, 995; 1983, 1817; 1985, 2196; 1987, 1997; 1997, 1014)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.060 - "Charges" defined.

"Charges" include:
1. The aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses and other forms of costs charged, contracted for or received by a licensee or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting or enforcing of a loan, or for forbearance of money, credit, goods, things in action or any other service or services rendered; and
2. Any profit or advantage of any kind that any person may contract for, collect, receive or in any manner obtain by a collateral sale, purchase or agreement in connection with negotiating, making or otherwise in connection with any loan, except commissions received on insurance sold.
(Added to NRS by 1975, 1829)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.070 - "Community" defined.

"Community" means a contiguous area of the same economic unit or metropolitan area, as determined by the Commissioner, and may include all or part of a city or several towns or cities.
(Added to NRS by 1975, 1829; A 1983, 1817; 1987, 1997)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.075 - "Deposit" defined.

1. "Deposit" means that part of the liability of a licensee which is credited to the account of a depositor.
2. The term includes a time deposit evidenced by a certificate of deposit, but does not include an obligation evidenced by a thrift certificate.
(Added to NRS by 1985, 2193; A 1987, 1244)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.140 - "Unpaid principal balance" defined.

"Unpaid principal balance" means the net amount of money, credit, goods or things in action received by the borrower at the time of entering into the transaction and the decreasing balances thereof after application of each payment made on the obligation.
(Added to NRS by 1975, 1830)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.145 - Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship.

1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not:
(a) Be directly or indirectly interested in or act on behalf of any licensee;
(b) Receive, directly or indirectly, any payment from any licensee;
(c) Be indebted to any licensee;
(d) Engage in the negotiation of loans for others with any licensee; or
(e) Obtain credit or services from a licensee 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 licensee while in office.
3. Any officer or employee of the Division of Financial Institutions may be indebted to a licensee 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 with licensees 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 1983, 1816)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.148 - 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 677 - Thrift Companies › NRS 677.150 - Authorization by Commissioner.

If authorized by the Commissioner, as provided in this chapter, a corporation may be formed in accordance with the laws of this state to engage in business under this chapter.
(Added to NRS by 1975, 1830; A 1983, 1817; 1987, 1997; 1997, 1014)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.160 - Application for authority to engage in business: Form; contents; filing fee; regulations; withdrawal of application.

1. The request for authority to engage in business pursuant to this chapter must be set forth in an application in such form and containing such information as the Commissioner requires.
2. The filing fees are:
(a) For filing an original application, not more than $2,000 for the principal office and not more than $300 for each branch office. 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 paragraph must be placed in the Investigative Account created by NRS 232.545.
(b) If the license is approved for issuance, not more than $1,000 for the principal office and not more than $200 for each branch office before issuance.
3. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.
4. 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 1975, 1830; A 1983, 1327, 1817; 1987, 1997; 1991, 1816; 2005, 1888)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.170 - Fidelity bond.

A licensee which proposes to accept deposits shall file with the Commissioner a fidelity bond providing fidelity coverage on each officer, director and employee of at least $100,000. The fidelity bond may be either a banker’s blanket bond or a finance company’s blanket bond, but must be written by an insurer who has been approved by the Commissioner.
(Added to NRS by 1975, 1830; A 1977, 1045; 1983, 1605, 1637, 1817; 1985, 2196, 2197; 1987, 1998)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.175 - Additional bond.

If the Commissioner finds that a bond filed pursuant to NRS 677.170 is not sufficient to protect the interests of the public, he or she shall require the applicant to deposit an additional bond.
(Added to NRS by 1983, 1605; A 1983, 1644; 1985, 2197; 1987, 1998)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.180 - Investigation and examination of applicant.

Upon the filing of an application, the Commissioner shall make or cause to be made a careful investigation and examination relative to the following:
1. Character, reputation and financial standing of the organizers or incorporators.
2. The need for a thrift company or an additional thrift company, as the case may be, in the community where the proposed licensee is to be located, giving particular consideration to the adequacy of existing thrift company services and the need for additional services of this kind in the community.
3. The ability of the community to support the proposed licensee, giving consideration to:
(a) The competition offered by existing licensees;
(b) Whether a thrift company has previously operated in the community; and
(c) The opportunities for profitable employment of the licensee’s money as indicated by the average demand for credit, the number of potential investors, the volume of transactions where the services of a thrift company would be appropriate, and the business and industries of the community with particular regard to their stability, diversification and size.
4. The character, banking, industrial loan, finance or thrift company or other experience and business qualifications of the proposed officers and managers of the licensee.
5. The character, financial responsibility, business experience and standing of the proposed stockholders and directors.
6. Any other facts and circumstances bearing on the proposed licensee as in the opinion of the Commissioner may be relevant.
(Added to NRS by 1975, 1830; A 1979, 995; 1983, 1818; 1987, 1998)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.190 - Requisites for approval of application.

The Commissioner shall not approve the application unless he or she ascertains to his or her satisfaction:
1. That the public convenience and advantage will be promoted by the establishment of the proposed corporation.
2. That the corporation is being formed for no other purpose than the legitimate objectives contemplated by this chapter.
3. That the proposed capital structure is adequate.
4. That the financial responsibility, character and general fitness of the proposed officers, directors, stockholders and other investors are such as to command the confidence of the community and to warrant belief that the business will be operated honestly and fairly within the purpose of this chapter, and that the proposed officers and directors have sufficient banking, industrial loan or other experience, ability and standing to afford reasonable promise of successful operation.
5. That the applicant has complied with all the applicable provisions of this chapter.
(Added to NRS by 1975, 1831; A 1983, 1818; 1985, 2197; 1987, 1999; 1997, 1014)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.200 - Qualifications of president and certain managers of corporation.

The president of the corporation must have not less than 10 years of experience in a regulated financial institution in this state, or in any other state or the District of Columbia. The manager of the principal office and any branch office must have not less than 2 years of experience in a regulated financial institution in this state, or in any other state or the District of Columbia.
(Added to NRS by 1975, 1831; A 1977, 1045; 1985, 2198; 1995, 1564; 1997, 1014)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.210 - Minimum stockholders’ equity required.

The stockholders’ equity of any corporation formed to do business under this chapter must not be less than $325,000, plus an additional $25,000 for each of its branch offices.
(Added to NRS by 1975, 1833; A 1997, 1015)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.220 - Certificate of authorization to transact business.

If the Commissioner approves an application for authority to form a corporation to engage in business under this chapter, he or she shall issue a certificate in duplicate authorizing the organization of the corporation and the operation of a thrift company, specifying the date on which and the conditions under which its place of business may be opened, including the place where it will be located. The Commissioner shall deliver one copy to the applicant and retain the other copy.
(Added to NRS by 1975, 1831; A 1983, 1819; 1987, 1999)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.230 - Reserves.

1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in:
(a) Cash and due from federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank;
(b) United States treasury bills or notes;
(c) Short-term obligations of the federal or state government; or
(d) Money deposited in federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank.
For the purposes of this subsection, "short-term" means having a maturity of 2 years or less.
2. The Commissioner shall require a licensee who is insured by the Federal Deposit Insurance Corporation to comply with the reserve requirements established by that insurer.
(Added to NRS by 1975, 1833; A 1979, 996; 1983, 1819; 1985, 2198; 1987, 1999; 1989, 1097; 1993, 2815; 1999, 1451)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.240 - Authorization for change of place of business.

If a licensee desires to change its place of business to a street address other than that designated in its authorization, it shall give written notice to the Commissioner who shall issue his or her written authorization of the change, if the Commissioner finds such change of place of business would not justify a negative finding.
(Added to NRS by 1975, 1831; A 1983, 1819; 1987, 1999)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.241 - Power of licensee to obtain benefits of federal programs or enter into contract with private insurer; regulations.

1. Subject to the prior approval of the Commissioner, a licensee may, by a majority vote of its board of directors:
(a) Enter into a contract, incur an obligation and perform other acts necessary to obtain a membership or other benefit that is available to a thrift company or its customers, stockholders, conservators, receivers or liquidators pursuant to the provisions of:
(1) The Federal Deposit Insurance Act, 12 U.S.C. §§ 1811 et seq.;
(2) The National Housing Act, 12 U.S.C. §§ 1701 to 1743, inclusive; or
(3) A contract for the insurance of deposits that is issued by a private insurer and approved by the Commissioner and the Commissioner of Insurance.
(b) Subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation.
2. The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to subparagraph (3) of paragraph (a) of subsection 1 will be approved by the Commissioner.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015; 2015, 2813)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.243 - Records of employees; confidentiality.

1. Each licensee shall maintain a record that includes for each employee:
(a) The employee’s full name;
(b) The address of each place at which the employee has resided during the previous 10 years;
(c) The name and address of each employer during the previous 10 years;
(d) A recent photograph of the employee measuring 3 by 5 inches; and
(e) Any alias used by the employee.
2. A licensee may comply with the provisions of subsection 1 by maintaining the employee identification information required pursuant to 26 C.F.R. Part 31.
3. The information contained in the record required pursuant to this section must be provided to the Commissioner upon his or her request, but is otherwise confidential.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.245 - Limitation on investment in real property; recording deed or other document; subsidiary ledger or other appropriate record.

1. Unless the licensee has received a written waiver from the Commissioner, the total amount of money that the licensee has advanced or committed for the real property that it has developed or constructed may not exceed twice the sum of its stockholders’ equity and any other reserves required by the Commissioner.
2. If a licensee acquires title to any real property pursuant to the provisions of subsection 1 of NRS 677.630, the deed or other document representing the transaction must be recorded within a reasonable time after the acquisition of that property.
3. An account must be established for the acquired property with a separate subsidiary ledger or other appropriate record. The amount carried in the account must be the sum of the unpaid principal balance of any loan made by the licensee that was secured by the foreclosed property plus the cost of the foreclosure less any advance payments held in the account for loans in progress at the time of acquisition, together with:
(a) Any amount paid after acquisition for taxes on the property that accrued before the acquisition;
(b) Assessments that are due or delinquent at the time of acquisition;
(c) Any other costs of acquisition; and
(d) The cost of insurance on the property.
4. The subsidiary ledger or other appropriate record must indicate as to each property:
(a) The type and character of the property;
(b) All the capitalized items of investment and their cost; and
(c) The account number of the former loan or contract of sale.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015)