reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.055 - Savings associations automatically converted into savings banks; issuance by Commissioner of savings bank charters to converted entities; rights, powers, privileges, immunities and exceptions provided to converted entities.

1. Every savings association chartered under the laws of this State in existence on June 3, 2017, is automatically converted, by operation of law, into a savings bank licensed under the laws of this State. The Commissioner shall issue a savings bank charter to each such entity immediately after June 3, 2017.
2. Every savings bank that is converted from a savings association pursuant to subsection 1 shall have all of the rights, powers, privileges, immunities and exceptions provided by this chapter to a savings bank.
(Added to NRS by 2017, 1921)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.060 - Deposit of money in State Treasury; payment of expenses; exceptions.

Except as otherwise provided in NRS 673.080, 673.112 and 673.2176:
1. All fees, charges for expenses, assessments and other money collected under the provisions of this chapter from foreign and domestic savings banks, companies and corporations governed by this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
2. The compensation provided for by this chapter and all expenses incurred under this chapter must be paid from the money deposited in the State Treasury pursuant to the provisions of NRS 658.091.
[30:51:1931; 1931 NCL § 970.30]—(NRS A 1959, 121, 541; 1961, 765; 1963, 684; 1965, 1135; 1983, 1321; 2003, 3232; 2017, 1924)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.065 - 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, 3997)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.070 - Incorporation of domestic savings banks: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings banks.

1. Savings banks, except state banks and trust companies organized pursuant to chapters 657 to 671, inclusive, of NRS, licensed brokers, small loan companies, thrift companies and credit unions, whose principal and primary business is to borrow, loan and invest money, shall be incorporated under the provisions of this chapter. For that purpose all of the provisions of chapter 78 of NRS (Private Corporations) which are not in conflict with this chapter are hereby adopted as parts of this chapter, and all the rights, privileges and powers and all the duties and obligations of such domestic corporations and of the officers and stockholders thereof shall be as provided in chapter 78 of NRS except as otherwise provided in this chapter.
2. A person, firm, partnership, association or corporation except a savings bank incorporated under this chapter, an affiliate of a savings bank or an entity otherwise lawfully conducting business in this State pursuant to this chapter, shall not conduct or carry on the business of soliciting or advertising the products or services of a savings bank. This subsection does not apply to banks, trust companies, licensed brokers, thrift companies, credit unions and licensees under chapter 675 of NRS.
[Part 1:51:1931; A 1933, 78; 1931 NCL § 970]—(NRS A 1963, 460; 1975, 372; 1977, 488; 2017, 1924)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.090 - Provisions of chapter abridge, enlarge and modify powers and privileges of foreign and domestic savings banks.

The powers, privileges, duties and restrictions conferred and imposed upon any such savings bank, company or corporation, whether foreign or domestic, existing or doing business under the laws of this state are hereby abridged, enlarged or modified, as each particular case may require, to conform to the provisions of this chapter, notwithstanding anything to the contrary in their respective articles of incorporation or charters.
[3:51:1931; 1931 NCL § 970.02]—(NRS A 2017, 1927)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.111 - Required filings before savings bank begins business: Statement concerning directors, managers and officers; proof of approval of Federal Deposit Insurance Corporation to insure its deposit accounts.

Before a savings bank begins business, the savings bank must file with the Commissioner:
1. A statement, under oath by the president or a manager, containing the names of all the directors, managers and officers, with the date of their election or appointment, terms of office, primary residence and post office address of each, the amount of stock of which each is the owner in good faith and the amount of money paid in on account of the stock, or the contribution made. Nothing may be received in payment of stock or contribution except money.
2. Proof that the savings bank has obtained the approval of the Federal Deposit Insurance Corporation to insure its deposit accounts.
(Added to NRS by 2017, 1915)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.113 - Surety bond of savings bank.

1. Every savings bank shall maintain bond coverage in such amounts and form which is acceptable to the Commissioner and the Federal Deposit Insurance Corporation. The bond coverage may allow for a deductible amount or provision adopted under federal regulations applicable to federal savings banks.
2. When requested by the Commissioner, the savings bank shall provide a duplicate copy of the invoice showing that the bond premium has been paid or satisfied.
3. The face amount of the surety bond must comply with the requirements of the Federal Deposit Insurance Corporation.
(Added to NRS by 1957, 757; A 1959, 542; 1961, 766; 1969, 972; 1983, 1778; 1987, 1962; 1993, 2808; 2017, 1928)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.114 - Service offices: Authority to establish and maintain; notification to Commissioner required; service office does not constitute branch office.

1. A savings bank organized under this chapter may establish and maintain one or more service offices within or outside this State according to the needs of the savings bank.
2. A savings bank shall notify the Commissioner in writing of the location of any service office not later than 30 days after establishment of the service office.
3. A service office does not constitute a branch office and is not subject to the issuance of any license, certificate or prior approval of the Commissioner, the Department of Business and Industry or the Division of Financial Institutions before establishment.
(Added to NRS by 1967, 1020; A 1983, 1779; 1987, 1962; 2017, 1929)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.115 - Restrictions on advertising.

1. A savings bank shall not issue or publish, or cause or permit to be issued or published, any advertisement that it is doing or is permitted to do any business which is prohibited by law to a savings bank, or which misrepresents the nature of its stock, investment certificates, savings deposits or the right of investors or depositors in respect thereto.
2. A savings bank may set forth in any of its advertisements any of the purposes for which it is organized.
3. A savings bank shall not issue, circulate or publish any advertisement after notice in writing from the Commissioner that in his or her opinion the advertisement is unauthorized, false, misleading or likely to deceive the public.
4. A savings bank shall not:
(a) State in any advertisement that it is under state supervision or control.
(b) Include in any advertisement or in any instrument used by it a replica of the Great Seal of the State of Nevada.
(c) Use the word "deposit" or "deposits" in any form of advertising that would be prohibited under federal law.
(Added to NRS by 1957, 762; A 1961, 767; 1969, 973; 1977, 491; 1983, 1779; 1987, 1962; 2017, 1929)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.117 - 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 which may mislead or confuse the public.
(b) Use any printed forms which may mislead or confuse the public.
(Added to NRS by 2005, 1873; A 2007, 99; 2017, 1930)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.207 - Directors: Number; filling of vacancies; amendment of bylaws.

1. The business and affairs of every savings bank must be managed and controlled by a board of not less than five nor more than 25 directors, a majority of which must not be full-time officers of the savings bank. The persons designated in the articles of incorporation are the first directors.
2. Vacancies in the board of directors must be filled by vote of the stockholders at the annual meetings or at a special meeting called for that purpose. The board of directors may fill vacancies occurring on the board, such appointees to serve until the next annual meeting of the stockholders.
3. The board of directors of a savings bank may amend the bylaws of the savings bank.
(Added to NRS by 1967, 1020; A 1969, 961; 1975, 372; 1981, 61; 2017, 1930)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.208 - Persons requiring Commissioner’s approval to serve as director.

No person is eligible to serve as a director of a savings bank without the written permission of the Commissioner if he or she:
1. Has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or not safeguarded by supersedeas bond on appeal for a period of more than 3 months.
2. Is a director, officer or employee of any other unaffiliated savings bank.
3. Is an officer or employee of an unaffiliated commercial bank in this state.
4. Is not an investor in the savings bank or its holding company, if applicable, owning in his or her own right or in a representative capacity as an executor, administrator, guardian or trustee stock in the savings bank or its holding company, if applicable, of the par value of at least $1,000, or full-paid investment certificates in the savings bank or its holding company, if applicable, of the value of at least $1,000. For the purpose of this chapter, a person who owns stock or investment certificates as a joint tenant with one other person shall be deemed to own, in his or her own right, one-half of the stock or investment certificates.
5. Sells or hypothecates all the stock or investment certificates owned by him or her, or so much thereof that he or she ceases to be the owner, free from encumbrances, of the amount of stock or investment certificates required by subsection 4.
(Added to NRS by 1967, 1020; A 1983, 1779; 1987, 1963; 2017, 1930)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.209 - Removal of director, officer or employee on objection of Commissioner.

If the Commissioner notifies the board of directors of any savings bank, in writing, that he or she has information that any director, officer or employee of the savings bank is failing in the performance of his or her duties, the board of directors shall meet and consider the 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, the director, officer or employee shall be removed immediately.
(Added to NRS by 1967, 1020; A 1983, 1780; 1987, 1963; 2017, 1930)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.211 - Removal of director for cause.

1. Any director may be removed from office, if he or she has become ineligible pursuant to NRS 673.209, by an affirmative vote of two-thirds of the members of the board of directors at any regular meeting of the board of directors or at any special meeting called for that purpose. Such action shall be ratified at the next meeting of the stockholders.
2. No such vote upon removal of a director may be taken until he or she has been advised of the reasons therefor and has had opportunity to submit to the board of directors his or her statement relative thereto, either oral or written. If the director affected is present at the meeting, he or she shall retire after his or her statement has been submitted and prior to the vote upon the matter of his or her removal.
(Added to NRS by 1967, 1020; A 1977, 492)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.212 - Standard of conduct in discharge of duties of directors and officers.

Directors and officers of a savings bank 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 a similar position.
(Added to NRS by 1967, 1021; A 1997, 1623; 2017, 1931)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.215 - Directors: Meetings; quorum.

1. The board of directors of each savings bank shall hold a regular meeting at least once each quarter, at a time to be designated by it in accordance with its bylaws.
2. Special meetings of the board of directors may be held upon notice to each director sufficient to permit his or her attendance. The president or any three members of the board of directors may call a meeting of the board of directors by giving notice to all of the directors.
3. At any meeting of the board of directors, a majority of the members constitutes a quorum for the transaction of business.
(Added to NRS by 1967, 1021; A 1983, 354; 2017, 1931)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.216 - Official communication from Commissioner: Presentation at next board meeting and made part of minutes.

Every official communication by the Commissioner directed to the board of directors of a savings bank must be presented at the next meeting of the board of directors and made a part of the minutes of the meeting.
(Added to NRS by 1967, 1021; A 1983, 1780; 1987, 1964; 2017, 1931)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2176 - Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

1. A savings bank shall immediately notify the Commissioner of any change or proposed change in ownership of the stock of the savings bank which would result in any person, including a business trust, obtaining 5 percent or more of the outstanding capital stock of the savings bank.
2. An application must be submitted to the Commissioner, pursuant to NRS 673.080, by a person who acquires:
(a) At least 25 percent of the outstanding stock of the savings bank; or
(b) Any outstanding stock of a savings bank if the change will result in a change in the control of the savings bank.
Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether the character and responsibility of the applicant is such as to command the confidence of the community in which the main office of the savings bank is located. If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the savings bank.
3. The savings bank with which the applicant is affiliated shall pay such a portion of the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.
4. A savings bank may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.
(Added to NRS by 1985, 1346; A 1987, 1964; 1991, 1814; 2017, 1931)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.218 - Pensions and retirement plans for officers and employees.

A savings bank may provide for pensions, retirement plans and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by its board of directors.
(Added to NRS by 1967, 1022; A 2017, 1932)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.221 - Unlawful acts; penalty.

1. It is unlawful for an officer, director, employee or capital stockholder of a savings bank:
(a) To solicit, accept or agree to accept, directly or indirectly, from any person other than the savings bank or an affiliate of the savings bank, any gratuity, compensation or other personal benefit for any action taken by the savings bank or for endeavoring to procure any such action.
(b) To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of a deposit account or other indebtedness issued by the savings bank, excluding stock certificates and junior capital notes.
2. It is unlawful for any stockholder with more than 5 percent of the outstanding capital stock of a savings bank or any director or principal officer, to have any interest, direct or indirect, in the proceeds of a loan or of a purchase or sale made by the savings bank, unless the loan, purchase or sale complies with the provisions of NRS 673.3244 or is otherwise authorized expressly by this chapter or by a resolution of the board of directors of the savings bank. The resolution must be approved by a vote of at least two-thirds of all the directors of the savings bank, and an interested director may not take part in the vote. The loan must also conform to federal regulations for the insurance of accounts.
3. Any violation of the provisions of this section is a misdemeanor.
(Added to NRS by 1961, 782; A 1967, 1014; 1977, 510; 1979, 1291; 2017, 1932)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2211 - Liability of directors, officers or other persons.

Any savings bank director, officer or other person who knowingly and willingly participates in any violation of the laws of this state relative to savings banks is liable for all damage which the savings bank, its stockholders, savings depositors or creditors sustain in consequence of such violation.
(Added to NRS by 1967, 1024; A 1977, 492; 2017, 1932)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.222 - Authority of savings bank to indemnify and defend officers, directors, employees, agents and other parties.

Nothing in this chapter limits the authority of a savings bank to indemnify and defend, or to provide reimbursement for expenses of defending an action to, officers, directors, employees, agents or other parties as such authority may be provided under the laws of this State, if such indemnification does not violate the limitations on indemnification imposed by section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the regulations issued thereunder by the Federal Deposit Insurance Corporation.
(Added to NRS by 1961, 783; A 1977, 492; 2017, 1932)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.225 - Certain savings banks possess same powers and privileges as federal savings banks and foreign savings banks; federal law prevails in event of conflict with state law.

1. Notwithstanding any other provision of this chapter, every savings bank licensed under the provisions of this chapter whose accounts are insured by the Federal Deposit Insurance Corporation or its successor, has the same rights, powers, privileges, immunities and exceptions which are possessed by any federal savings bank, including all such fiduciary powers that a federal savings bank is authorized to exercise, except as may be expressly denied or limited by the Commissioner after notice and a hearing.
2. Whenever additional rights, powers, privileges or exceptions are granted to any federal savings bank, including under principles of federal preemption, every savings bank licensed under the provisions of this chapter whose accounts are federally insured has those additional rights, powers, privileges or exceptions, except as may be expressly denied or limited by the Commissioner after notice and a hearing.
3. If federal law conflicts with any of the provisions of this chapter, except as otherwise provided by the Commissioner, the provisions of federal law shall prevail as to such conflict, and satisfaction of any obligations imposed under federal law by the savings bank shall be deemed to also satisfy the obligations of the savings bank under state law.
4. In addition to all powers otherwise granted by this chapter, every savings bank licensed under the provisions of this chapter has the powers, privileges and authorities granted by regulations promulgated under the Federal Deposit Insurance Act for foreign savings banks, except as may be expressly denied or limited by the Commissioner after notice and hearing.
5. A savings bank shall have any power reasonably incident, convenient or useful to the accomplishment of the powers conferred upon the savings bank by this chapter.
(Added to NRS by 1961, 780; A 1969, 973; 1981, 847; 1983, 1780; 1987, 1964; 1993, 2809; 2017, 1933)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.226 - Savings banks possess same powers, privileges and authorities as state banks and national banks; exceptions and limitations; savings banks subject to restrictions, limitations and requirements applicable to state and national banks.

1. In addition to all powers, express or implied, that a savings bank has under this chapter, a savings bank has the powers, privileges and authorities that:
(a) A state bank has under chapters 657 to 671, inclusive, of NRS; and
(b) A national bank has,
except as may be expressly denied or limited by the Commissioner after notice and a hearing.
2. Any restriction, limitation or requirement applicable to a specific power, privilege or authority of a state bank or national bank applies to a savings bank exercising such a power, privilege or authority pursuant to this section to the extent that a savings bank exercises such a power, privilege or authority.
(Added to NRS by 2017, 1915)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2265 - Membership in Federal Reserve System: Authorization; powers, duties and examination of member.

1. Any savings bank licensed pursuant to this chapter may subscribe to the stock of a Federal Reserve Bank and become a member of the Federal Reserve System.
2. Any savings bank licensed pursuant to this chapter which is, or which becomes, a member bank is, by this section, vested with all powers conferred upon member banks of the Federal Reserve System by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described in this section, and all such powers must be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Board of Governors of the Federal Reserve System made pursuant thereto. The right, however, is expressly reserved to revoke or to amend the powers conferred in this section.
3. Compliance on the part of any such savings bank with the reserve requirements of the Federal Reserve Act shall be deemed to be full compliance with those provisions of the laws of this State which require savings banks to maintain cash balances in their vaults or with other banks, and no such savings bank need carry or maintain a reserve other than such as is required under the terms of the Federal Reserve Act.
4. Any such savings bank continues to be subject to supervision and examinations required by the laws of this State, except that the Board of Governors of the Federal Reserve System may, if it deems necessary, make examinations of the savings bank. The authorities of this State having supervision over such savings bank may disclose to the Board of Governors of the Federal Reserve System, or to examiners appointed by it, all information in reference to the affairs of any savings bank which has become, or desires to become, a member bank of the Federal Reserve System.
5. The provisions of this section shall not be construed to limit the ability of a savings bank to engage in any activity authorized by NRS 673.300.
6. As used in this section:
(a) "Board of Governors of the Federal Reserve System" means the Board of Governors of the Federal Reserve System created and described in the Federal Reserve Act.
(b) "Federal Reserve Act" means the Act of Congress, approved December 23, 1913, being c. 6, 38 Stat. 251, as amended.
(c) "Federal Reserve Bank" means the Federal Reserve Banks created and organized under authority of the Federal Reserve Act.
(d) "Federal Reserve System" means, collectively, the Federal Reserve Banks and the Board of Governors of the Federal Reserve System.
(e) "Member bank" means any national bank, state bank, savings bank or banking and trust company which has become or which becomes a member of the Federal Reserve System.
(Added to NRS by 2017, 1915)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.227 - Land and office buildings of savings bank; limitation on costs.

1. A savings bank may purchase or lease property for its office buildings or construct its office buildings on property purchased or leased by it, if the total cost of land and improvements does not exceed 70 percent of the sum of the capital, surplus and reserves of the savings bank.
2. With the approval of the Commissioner, senior capital notes of the Federal Deposit Insurance Corporation may be included in capital for the purposes of this section.
(Added to NRS by 1963, 465; A 1967, 1015; 1971, 628; 1983, 1781; 1987, 1965; 1993, 2809; 2017, 1934)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.229 - Savings bank or trust company that assumes role of custodian for individual retirement account to provide notice to holder of account.

1. If a trust company or savings bank assumes the role of custodian for any individual retirement account within the meaning of section 408(a) of the Internal Revenue Code of 1986, 26 U.S.C. § 408(a), from:
(a) An affiliate of the trust company or savings bank, as applicable;
(b) Another trust company or savings bank; or
(c) An affiliate of another trust company or savings bank,
the trust company or savings bank, as applicable, which is assuming the role of custodian shall, in the manner required pursuant to the terms of the documentation of the individual retirement account and any requirements set forth in applicable federal law, provide each holder of the account with notice that the trust company or savings bank, as applicable, is assuming the role of custodian of the account.
2. As used in this section, "trust company" has the meaning ascribed to it in NRS 669.070.
(Added to NRS by 2021, 1422)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.250 - Licenses for issuance or sale of stock; contents and conditions of licenses.

1. No savings bank may sell or issue any of its common or preferred stock until it has first applied for and secured from the Commissioner a license authorizing it so to do as provided in NRS 673.080.
2. Every license must recite in bold type that the issuance of the license is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued.
3. Before the sale of, or option to buy, any additional authorized but unissued common or preferred stock, the savings bank must have the written approval of the Commissioner.
4. The Commissioner may impose conditions requiring the impoundment of the proceeds from the sale of any stock, limiting the expense in connection with the sale and such other conditions as are reasonable and necessary or advisable to ensure the disposition of the proceeds from the sale of the stock in the manner and for the purposes provided in the license.
[14:51:1931; 1931 NCL § 970.13]—(NRS A 1957, 754; 1959, 57; 1961, 767; 1963, 465; 1979, 1292; 1983, 652, 1781; 1987, 1965; 2017, 1935)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.260 - Annual license: Fees; renewal; penalty; regulations.

1. The license specified in NRS 673.250 authorizes the company, savings bank or corporation to whom it is issued to sell its approved securities and contracts within this State for the remainder of the fiscal year ending on June 30 next succeeding. Each license is renewable, under like restrictions, annually thereafter.
2. For the issuing of any license provided for in NRS 673.250 and for any renewal thereof, the fee of the Commissioner is:
(a) For the main office, not more than $400; and
(b) For each branch office, not more than $200.
3. The fees must accompany the license renewal application. A penalty of 10 percent of the fee payable must be charged for each month or part thereof that the fees are not paid after June 30 of each year.
4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.
[Part 15:51:1931; 1931 NCL § 970.14] + [Part 17:51:1931; A 1955, 589]—(NRS A 1959, 542; 1961, 767; 1963, 465; 1965, 1138; 1967, 978; 1973, 730; 1983, 1781; 1987, 1965, 2226; 2003, 3232; 2005, 1877; 2017, 1935)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2755 - Investment certificates: Rights and liabilities of holders; types of certificates; limitation on approval.

1. A savings bank may issue investment certificates, with or without passbooks. The holders of investment certificates are not liable for debts or assessments, and are entitled upon liquidation of a savings bank to receive payment in full before any payment or distribution is made to stockholders. The holders of investment certificates have no right to participate in the profits of the savings bank.
2. Investment certificates may be issued as fully paid investment certificates, accumulative investment certificates, minimum term investment certificates or other types of certificates approved by the Commissioner. The Commissioner shall not approve any certificates whose issuance would impair the insurance of the accounts of the savings bank by the Federal Deposit Insurance Corporation.
(Added to NRS by 1963, 458; A 1977, 493; 1983, 654, 1784; 1987, 1968; 1993, 2810; 2017, 1935)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2758 - Requirements.

A reserve for losses shall be maintained by each savings bank, which shall allow for the write-down of assets to their fair market value in accordance with generally accepted accounting principles to the same extent that such principles are used to determine compliance with federal regulations applicable to federal savings banks.
(Added to NRS by 1969, 962; A 2017, 1935)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.276 - Permissible investments.

A savings bank may invest in:
1. Without limit, obligations of, or obligations guaranteed as to principal and interest by, the United States or any state.
2. Obligations of the United States Postal Service, whether or not guaranteed as to principal and interest by the United States.
3. Stock of a Federal Home Loan Bank or Federal Reserve Bank of which the savings bank is eligible to be a member.
4. Any obligations or consolidated obligations of any Federal Home Loan Bank or Banks or any Federal Reserve Bank or Banks.
5. Stock or obligations of the Federal Deposit Insurance Corporation.
6. Stock or obligations of a national mortgage association or any successor or successors thereto, including the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.
7. Demand, time or savings deposits with any bank, credit union or trust company whose deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a private insurer approved pursuant to NRS 672.755.
8. Stock or obligations of any corporation or agency of the United States or any state, or in deposits therewith to the extent that such a corporation or agency assists in furthering or facilitating the purposes or powers of the savings bank.
9. Deposit accounts of any insured depository institution licensed by the State and of any federally chartered depository institution, if the accounts of such institution are insured by the Federal Deposit Insurance Corporation.
10. Bonds, notes or other evidences of indebtedness which are general obligations of any city, town, county, school district or other municipal corporation or political subdivision of any state.
11. Any other investment at the discretion of the directors of the savings bank if, after the investment is made, the accounts of the savings bank remain insurable by the Federal Deposit Insurance Corporation.
(Added to NRS by 1961, 782; A 1963, 467; 1967, 1016; 1969, 974; 1971, 272; 1975, 1827; 1977, 493; 1979, 710, 1292; 1981, 281; 1983, 655, 1279; 1985, 2249; 1993, 2811; 1999, 1449; 2013, 1249; 2017, 1936)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2765 - Investments in certain related service companies, operating subsidiaries or financial subsidiaries.

A savings bank may invest in the capital stock, obligations or other securities of a related service company, operating subsidiary or financial subsidiary, subject to any regulations concerning the insurability of the accounts of the savings bank by the Federal Deposit Insurance Corporation and to whatever regulations the Commissioner may impose in this regard, if the entire capital stock of the corporation is available for purchase by insured depository institutions under any federal or state law.
(Added to NRS by 1969, 960; A 1983, 656, 1784; 1987, 1968; 1993, 2811; 2017, 1936)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.2766 - Investments in real property for subdivision or residential development.

1. Any investment in real property for purposes of subdivision or for residential development must not exceed the market value or appraisal valuation as evidenced by an appraisal report prepared within 120 days of the investment by a member of the Appraisal Institute or the National Association of Independent Fee Appraisers, or by such other appraiser as may be approved by the Commissioner.
2. The Commissioner may require a statement from the savings bank disclosing whether any director, officer or employee of the savings bank has a direct or indirect interest in the real property involved or has had an interest at any time during the past 3 years. Stock ownership in an interested corporation may be considered the direct or indirect interest of the investor. Failure to make a required disclosure is unlawful.
(Added to NRS by 1969, 962; A 1983, 1784; 1985, 2250; 1987, 1968; 2017, 1936)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.278 - Power to make loans includes power to purchase loans and make loans upon security of other loans.

The power of a savings bank to make loans shall include:
1. The power to purchase loans of any type that the savings bank may make.
2. The power to make loans upon the security of loans of any type that the savings bank may make.
(Added to NRS by 1957, 761; A 1959, 543; 2017, 1937)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.279 - Purchases of real property contracts; conditions.

A savings bank may invest its funds in the purchase of real property contracts under the following conditions only:
1. That it must acquire the merchantable title to the property covered by such contracts.
2. That the type of property be such as would be eligible for a mortgage or deed of trust loan under this chapter.
3. Before making any such purchase, the property shall be appraised or evaluated and the purchase approved in the same manner as in the case of the purchase of loans secured using a mortgage or deed of trust on real estate.
(Added to NRS by 1957, 761; A 2017, 1937)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.280 - Certain federal obligations are legal investments.

Any savings bank may invest its funds, or money in its custody, in the bonds of any Federal Home Loan Bank or Federal Reserve Bank, or in consolidated Federal Home Loan Bank or Federal Reserve Bank bonds, debentures or notes, or in farm loan bonds, consolidated farm loan bonds, debentures, consolidated debentures and other obligations issued by federal land banks and federal intermediate credit banks under the authority of the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as amended or supplemented, and the bonds, debentures, consolidated debentures and other obligations issued by banks for cooperatives under the authority of the Farm Credit Act, formerly 12 U.S.C. §§ 1131 to 1138e, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as amended or supplemented.
[Part 1:61:1935; 1931 NCL § 3695.01]—(NRS A 1959, 32; 1973, 1093; 1977, 494; 1991, 496; 2017, 1937)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.300 - Savings bank may become member and stockholder of Federal Home Loan Bank, borrow money and invest in bonds.

1. Any savings bank which may now or hereafter be eligible to become a member of any Federal Home Loan Bank according to the terms of the Federal Home Loan Bank Act of 1932, 12 U.S.C. §§ 1421 to 1449, inclusive, as amended or supplemented, may:
(a) Subscribe for, purchase, own and hold stock in such Federal Home Loan Bank, and become a member thereof.
(b) Borrow money from any Federal Home Loan Bank pursuant to the Federal Home Loan Bank Act, as amended or supplemented.
(c) Invest in the bonds of any Federal Home Loan Bank.
(d) Give its obligations and pledge securities and conform to the provisions of the Federal Home Loan Bank Act, and to the rules and regulations from time to time fixed and prescribed either by the Federal Home Loan Bank Board or the Federal Home Loan Bank of which it is a member.
(e) Perform any acts and execute any instruments authorized or required by the Federal Home Loan Bank Act, as amended or supplemented, or by rules and regulations adopted pursuant to the Act.
2. All acts authorized by subsection 1 performed prior to March 18, 1935, are hereby validated and confirmed.
[Part 1:59:1935; 1931 NCL § 972.01] + [2:59:1935; 1931 NCL § 972.02]—(NRS A 1977, 494; 2017, 1938)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.301 - Savings bank may issue capital notes; voting rights of holders.

The power of a savings bank to borrow money and contract debts shall include the power to issue capital notes evidencing such borrowings and to subordinate the same to investment certificates and other liabilities. A savings bank may confer upon the holders of any capital notes, issued or to be issued by the savings bank, such rights to vote in the election of directors and on any other matters as shall be stated and expressed in the articles of incorporation, or in any amendment thereto.
(Added to NRS by 1967, 1022; A 2017, 1938)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.302 - Limitation on borrowing.

The aggregate amount of all borrowings of any savings bank shall not exceed an amount which would impair the insurance of the accounts of the savings bank by the Federal Deposit Insurance Corporation.
(Added to NRS by 1967, 1022; A 1983, 656, 1785; 1987, 1969; 1993, 2812; 2017, 1938)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.310 - Loans and advances of credit insured by Federal Housing Administration or Department of Veterans Affairs.

1. Subject to such regulations as may be prescribed by the Federal Housing Administration or Department of Veterans Affairs, savings banks may:
(a) Make such loans and advances of credit, and purchases of obligations representing the loans and advances of credit, as are eligible for insurance by the Federal Housing Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance.
(b) Make such loans secured by mortgages on real property as are eligible for insurance by the Federal Housing Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance.
(c) Purchase, invest in and dispose of notes or bonds secured by mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, securities of national mortgage associations, and debentures issued by the Department of Veterans Affairs or the Federal Housing Administration.
2. No law of this State, nor any articles of incorporation or bylaws of any savings bank, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, applies to loans, advances of credit or purchases made pursuant to subsection 1.
3. All loans, advances of credit, and purchases of obligations described in this section made and insured pursuant to the terms of the National Housing Act, 12 U.S.C. §§ 1701 et seq., are hereby validated and confirmed.
[Part 1:58:1935; A 1937, 147; 1939, 43; 1931 NCL § 3652.01] + [Part 2:58:1935; 1931 NCL § 3652.02] + [3:58:1935; 1931 NCL § 3652.03]—(NRS A 1959, 544; 1977, 495; 1995, 1100; 2017, 1938)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.315 - Investment in Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and SLM Corporation.

1. Notwithstanding any other provision of law, any savings bank organized under the laws of this State, which has as one of its principal purposes the making or purchasing of loans secured by real property mortgages, is authorized to sell such mortgage loans to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, a corporation chartered by an Act of Congress, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock.
2. Any savings bank organized under the laws of this State, which engages in the making or purchasing of federally guaranteed student loans is authorized to sell such student loans to SLM Corporation, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of SLM Corporation, or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock.
(Added to NRS by 1957, 527; A 1977, 495; 2017, 1939)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.316 - Additional advances or loans to borrower; renewal or extension of loans; loans on property sold by savings bank.

1. Any savings bank may:
(a) Make additional advances or loans for the purpose of preserving the security of the loan or for the purpose of protecting the property securing the loan.
(b) Make any renewal, extension, advance or loan to the borrower or to any successor in interest in the property securing the loan.
(c) Make loans on property sold by a savings bank or extend credit thereon for the purpose of facilitating the sale of the property regardless of any other provision of this chapter.
2. No advance or loan may be made under the provisions of this section if the advance or loan would increase the total liability to the savings bank making the advance or loan to a level that would be prohibited pursuant to regulations applicable to federally chartered banks as set forth by the Office of the Comptroller of the Currency.
3. For the purpose of preserving the security of any loan or of protecting the property securing any loan made in compliance with this chapter, a savings bank may make additional advances or loans to the borrower or any successor in interest in the property securing the loan. Regardless of any other provision of this chapter, a savings bank may make loans or extend credit for the purpose of facilitating the sale of property acquired by repossession, foreclosure or conveyance in lieu of foreclosure if that activity conforms to generally accepted accounting practices.
(Added to NRS by 1959, 540; A 1963, 467; 1983, 656, 1785; 1987, 1969; 2017, 1939)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.318 - Appraisal or evaluation of real estate at time of acquisition.

Every savings bank shall appraise or evaluate each parcel of real estate at the time of acquisition thereof, except where such appraisal or evaluation is not required under federal law.
(Added to NRS by 1959, 540; A 1961, 770; 1963, 468; 1965, 1139; 1983, 1786; 1987, 1970; 2003, 3233; 2017, 1940)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.324 - Permissible loans.

1. A savings bank may make any loan which:
(a) Is secured by real property;
(b) Is secured by personal property, including, without limitation, stock or other securities;
(c) Results from a credit card issued by the savings bank;
(d) Is unsecured;
(e) Is made to the United States, its agencies or any governmental agency of the State of Nevada; or
(f) Is made at the discretion of the directors of the savings bank if the loan will not impair the insurability of the accounts of the savings bank by the Federal Deposit Insurance Corporation.
2. Additional loans or advances on the same property, without intervening liens, shall be deemed to be first liens for the purpose of this chapter.
(Added to NRS by 1957, 759; A 1969, 975; 1977, 496; 1983, 657; 1993, 2812; 2017, 1940)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.3244 - Loans to directors, officers, shareholders or company owned or controlled by savings bank.

No savings bank may make any loan to a director, officer or principal shareholder of the savings bank or any company owned or controlled by the savings bank if such a loan would be prohibited for a bank that is subject to 12 C.F.R. Part 215, commonly known as Regulation O.
(Added to NRS by 1967, 1022; A 1983, 658, 1787; 1987, 1971; 2017, 1940)
2023 Nevada Revised Statutes › Chapter 673 - Savings Banks › NRS 673.3255 - Loans to finance interest in cooperative housing corporation; first security interests.

1. A savings bank may make or invest in a loan to finance a borrower’s interest in or to refinance his or her existing interest in a cooperative housing corporation if the loan is secured by:
(a) A first security interest in stock or a certificate of membership in the cooperative housing corporation; and
(b) An assignment of or lien on the borrower’s interest in the lease or other right of tenancy to a dwelling unit of the cooperative housing corporation.
2. A first security interest may exist even though a mortgage or deed of trust encumbers the property owned by the cooperative housing corporation if the stock or certificate of membership in the corporation and the borrower’s lease or other right of tenancy are not encumbered with a prior security interest. For purposes of this chapter, additional loans or advances on the same interest in a cooperative housing corporation, without intervening liens, shall be deemed to be first security interests. For purposes of this chapter, the interest in a cooperative housing corporation which is encumbered by a security interest shall be deemed to be real property and security interest shall be deemed to be a mortgage on real property.
(Added to NRS by 1983, 660; A 2017, 1941)