reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.247 - Applicant required to obtain insurance of deposits; regulations.

1. An applicant for an authorization to engage in the business regulated pursuant to this chapter must obtain:
(a) The insurance of deposits provided pursuant to the provisions of the Federal Deposit Insurance Act, 12 U.S.C. §§ 1811 et seq.;
(b) The insurance of deposits provided pursuant to the provisions of the National Housing Act, 12 U.S.C. §§ 1701 to 1743, inclusive; or
(c) A contract for the insurance of deposits that is issued by a private insurer and approved by the Commissioner and the Commissioner of Insurance.
2. The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to paragraph (c) of subsection 1 will be approved by the Commissioner.
(Added to NRS by 1985, 2194; A 1987, 2001; 1997, 1016; 2015, 2813)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.250 - Establishment and maintenance.

When authorized by the Commissioner as provided in this chapter, a licensee, pursuant to a resolution of its board of directors, may establish and maintain one or more branch offices within or outside the State.
(Added to NRS by 1975, 1832; A 1983, 1819; 1987, 2002; 1997, 1017)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.270 - Requisites for approval of application; notice of approval or denial.

1. The Commissioner shall not approve an application for a branch office until he or she has ascertained to his or her satisfaction that the facts set forth in the application are true and:
(a) That public convenience and advantage will be promoted by the establishment of the proposed branch office.
(b) That the licensee has the stockholders’ equity required by this chapter.
2. The Commissioner must give his or her approval or denial for an application for a branch office to the licensee within 45 days after the date of application to open a branch office unless the Commissioner gives notice within the original 45-day period that he or she is extending the period for decision for a period not to exceed an additional 45 days.
(Added to NRS by 1975, 1832; A 1979, 996; 1983, 1819; 1987, 2002; 1997, 1017)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.290 - Right to open branch office expires if office not open within 6 months after approval of application.

The failure of a licensee to open and operate a branch office within 6 months after the Commissioner approves the application therefor automatically terminates the right of the licensee to open the branch office.
(Added to NRS by 1975, 1832; A 1979, 996; 1983, 1820; 1987, 2002)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.300 - Authorization for change of location; posting of certificate.

When authorized by the Commissioner, a licensee may change the location of a branch office from one location to another. The Commissioner must give his or her approval or denial to the licensee within 25 days from the date of application for a change in branch location unless the Commissioner gives notice within the original 25-day period that he or she is extending the period for decision for a term not to exceed an additional 25 days. Every licensee shall keep posted in a conspicuous place in each branch office the certificate issued by the Commissioner permitting the operating of the branch office.
(Added to NRS by 1975, 1832; A 1979, 997; 1983, 1820; 1987, 2002)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.310 - Specified designation of branch offices by name or number required.

A licensee which maintains a branch office or branch offices shall give to each branch office maintained by it a specified designation by name or number and include in the designation the word "branch" or the word "office" and shall prominently display the designation at the place of business of the branch.
(Added to NRS by 1975, 1832)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.320 - Closing or discontinuance of branch office.

1. With the prior written approval of the Commissioner, a licensee may close or discontinue the operation of any branch office if public notice thereof is given in such manner as the Commissioner directs at least 30 days before the date of closing or discontinuance.
2. After a branch office has been closed or discontinued it may not be reopened without the approval of the Commissioner.
(Added to NRS by 1975, 1832; A 1983, 1820; 1987, 2003)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.330 - Mobile offices.

1. The Commissioner may authorize a licensee to operate a mobile office.
2. A mobile office must serve its designated area at least once each 30 days. Each mobile office must be licensed as a branch office.
3. Each application for authority to operate a mobile office must specify the permanent office of the licensee, either its main office or one of its branches, at which the records of the mobile office will be kept.
(Added to NRS by 1975, 1833; A 1979, 557; 1983, 1820; 1985, 2198; 1987, 2003)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.340 - Persons ineligible for licensing.

1. Except as otherwise provided in NRS 677.545 and chapter 666 of NRS, no person doing business under the law of:
(a) Any other state; or
(b) The United States if the principal office of the business is not located in Nevada,
relating to banks, savings and loan associations, savings banks, or persons licensed under chapter 675 of NRS is eligible to become a licensee under this chapter. This chapter does not apply to any business transacted by any such person under the authority of and as permitted by any such law.
2. Except as otherwise provided in subsection 3 and chapter 666 of NRS, a subsidiary of a parent corporation:
(a) One or more of whose other subsidiaries is engaged in any of the activities listed in subsection 1; or
(b) Whose parent corporation is prohibited from obtaining a license under this chapter,
is not eligible to be licensed under this chapter.
3. Subsection 2 does not apply to a bank which is doing business under the law of the United States if its principal office is located in Nevada.
(Added to NRS by 1975, 1833; A 1981, 1594; 1983, 153, 1606; 1985, 2159, 2199; 1995, 1564)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.350 - Applicability of chapter to persons who seek to evade.

The provisions of this chapter apply to any person who seeks to evade its application by any device, subterfuge or pretense whatever, including, but not thereby limiting the generality of the foregoing:
1. The loan, forbearance, use or sale of credit as guarantor, surety, endorser, comaker or otherwise, money, goods or things in action.
2. The use of collateral or related sales or purchases of goods or services, or agreements to sell or purchase, whether real or pretended.
3. Receiving or charging compensation for goods or services, whether or not sold, delivered or provided.
4. The real or pretended negotiation, arrangement or procurement of a loan through any use or activity of a third person, whether real or fictitious.
(Added to NRS by 1975, 1834)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.355 - Licensee may own interest in bank or savings bank.

The provisions of this chapter do not prohibit a licensee or a person owning an interest in a licensee from obtaining a license or owning an interest in a corporation licensed under chapter 659 or 673 of NRS.
(Added to NRS by 1983, 1605)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.360 - Expiration, renewal and reinstatement of license; fees; regulations.

1. A license expires on December 31 of each year. On or before that date, each licensee must pay to the Commissioner a fee of not more than $1,000 for the renewal of each license held by the licensee. The Commissioner may reinstate an expired license upon receipt of the fee for renewal and a fee of not more than $400 for reinstatement.
2. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.
(Added to NRS by 1975, 1834; A 1979, 962; 1983, 1328, 1821; 1987, 2003; 1989, 923; 2005, 1888)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.370 - Posting of license; transferability and assignability of license.

1. Each licensee shall conspicuously post each license in the place of business to which it pertains.
2. No license is transferable or assignable without the permission of the Commissioner.
(Added to NRS by 1975, 1834; A 1983, 1821; 1987, 2003)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.373 - Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.

1. In addition to any other requirements set forth in this chapter, each applicant must submit:
(a) Proof satisfactory to the Commissioner that the applicant:
(1) Has a good reputation for honesty, trustworthiness and integrity and is competent to transact the business for which the applicant seeks to be licensed in a manner which protects the interests of the general public.
(2) Has not made a false statement of material fact on the application for the license.
(3) Has not committed any of the acts specified in subsection 2.
(4) Has not had a license issued pursuant to this chapter suspended or revoked within the 10 years immediately preceding the date of the application.
(5) Has not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.
(b) A complete set of his or her fingerprints and written permission authorizing the Division of Financial Institutions of the Department of Business and Industry to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report.
2. In addition to any other lawful reasons, the Commissioner may refuse to issue a license to an applicant if the applicant:
(a) Has committed or participated in any act which, if committed or done by a holder of a license, would be grounds for the suspension or revocation of the license.
(b) Has previously been refused a license pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis for the refusal or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information submitted to the Commissioner in support of the application for the license.
(Added to NRS by 2005, 1886)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.380 - Regulations and orders of Commissioner.

1. The Commissioner may adopt regulations and make orders for the administration and enforcement of this chapter, in addition to and not inconsistent with this chapter.
2. Any ruling, demand, requirement or similar administrative act may be promulgated by an order.
3. Every order must be in writing, must state its effective date and the date of its promulgation, and must be entered in an indexed permanent book which is a public record.
4. A copy of every order containing a requirement of general application must be mailed to each licensee at least 20 days before the effective date thereof.
(Added to NRS by 1975, 1834; A 1983, 1822; 1987, 2003)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.390 - Disposition of money collected pursuant to chapter.

Except as otherwise provided in NRS 677.160, all fees and charges collected under the provisions of this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
(Added to NRS by 1975, 1834; A 1977, 102; 1983, 1328; 1985, 2199; 2003, 3234)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.400 - Annual report by licensee; composite reports.

1. Annually, on or before May 15, unless the Commissioner grants a written extension, each licensee shall file with the Commissioner a report of operations of the licensed business for the preceding calendar year.
2. The report must give information with respect to the financial condition of the licensee, including, without limitation:
(a) Balance sheets at the beginning and end of the year;
(b) A statement of income and expenses for the period;
(c) A reconciliation of the surplus or net worth with the balance sheets;
(d) A schedule of the assets used and useful in the licensed business;
(e) The size of loans and an analysis of charges, including the monthly average number and amount of loans outstanding;
(f) An analysis of delinquent accounts;
(g) Any court actions undertaken to effect collection; and
(h) Any further statistical information reasonably prescribed by the Commissioner.
3. The report must be made under oath and be in the form prescribed by the Commissioner.
4. If any person or affiliated group holds more than one license in this state, that person or group may file a composite annual report, if a short form of report applicable to each licensed office accompanies the report.
5. A licensee may comply with the provisions of this section by filing with the Commissioner a copy of the annual audit report filed by the licensee with the Federal Deposit Insurance Corporation pursuant to 12 U.S.C. § 1831m.
(Added to NRS by 1975, 1837; A 1979, 997; 1983, 1822; 1987, 2003; 1997, 1017)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.410 - Preparation of annual reports and financial statements; special reports; extensions; removal of qualification.

1. The annual reports and financial statements required by this chapter must be prepared in accordance with generally accepted accounting principles and must be accompanied by a report, certificate, or opinion of an independent certified public accountant or independent public accountant, and must contain such relevant information as the Commissioner may require. The audits must be conducted in accordance with generally accepted auditing standards and the regulations of the Commissioner.
2. A licensee shall make other special reports to the Commissioner as the Commissioner may from time to time require.
3. For good cause and upon written request, the Commissioner may extend the time for compliance with the provisions of this chapter.
4. If the report, certificate or opinion of the independent accountant is in any way qualified, the Commissioner may require the company to take such action as he or she deems appropriate to permit an independent accountant to remove such qualification from the report, certificate or opinion.
(Added to NRS by 1975, 1838; A 1983, 1822; 1987, 2004)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.420 - Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver.

1. A licensee shall notify the Commissioner of any change in the ownership of 10 percent or more of the outstanding voting stock of the licensee within 3 business days after the licensee has knowledge of the change.
2. An application for approval must be submitted to the Commissioner by a person who acquires:
(a) At least 25 percent of a licensee’s outstanding voting stock; or
(b) Any outstanding voting stock of a licensee if the change will result in a change in the control of the licensee.
Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation in accordance with NRS 677.180. If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the licensee.
3. The licensee 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 subsection must be placed in the Investigative Account created by NRS 232.545.
4. A licensee 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 1975, 1838; A 1983, 1823; 1985, 1348; 1987, 2004; 1991, 1816; 1997, 1018)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.430 - Commissioner to examine licensee’s business at least annually; fee.

1. At least once each year, the Commissioner or his or her authorized representatives shall make an examination of the place of business of each licensee and of the loans, transactions, books, papers and records of such licensee so far as they pertain to the business licensed under this chapter.
2. For each examination the Commissioner shall charge and collect from the licensee a fee for conducting the examination and preparing and typing the report of the examination at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
(Added to NRS by 1975, 1835; A 1977, 102; 1983, 1823; 1987, 2005, 2227; 2017, 401)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.440 - Authority of Commissioner to investigate business; free access required; compelling attendance of witnesses.

1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this chapter, the Commissioner or his or her duly authorized representatives may at any time investigate the business and examine the books, accounts, papers and records used therein of:
(a) A licensee;
(b) Any other person engaged in the business described in this chapter, participating in the business as a principal, agent, broker or otherwise;
(c) Any other person engaged in an activity for which a license is required pursuant to the provisions of this chapter;
(d) Any person whom the Commissioner has reasonable cause to believe is violating or is about to violate any provision of this chapter, whether or not the person claims to be within the authority or beyond the scope of this chapter; and
(e) Any company which is a subsidiary of, affiliated with or owned or controlled by a licensee.
2. For the purpose of examination, the Commissioner or his or her authorized representatives shall have and be given free access to the offices and places of business, files, safes and vaults of such persons.
3. The Commissioner may require the attendance of any person and examine him or her under oath regarding:
(a) Any transaction or business regulated pursuant to the provisions of this chapter; or
(b) The subject matter of any audit, examination, investigation or hearing.
(Added to NRS by 1975, 1834; A 1983, 1606, 1637, 1823; 1987, 2005; 2005, 1887)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.450 - Authority of Commissioner to require attendance of witnesses and production of documents.

The Commissioner may require the attendance of any person and may examine him or her under oath relative to loans or business regulated by this chapter or the subject matter of any examination, investigation or hearing, and may require the production of books, accounts, papers and records.
(Added to NRS by 1975, 1835; A 1983, 1823; 1987, 2005)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.470 - Licensee to pay costs of audit of books and records.

In addition to the annual fee provided by this chapter, the Commissioner shall assess and collect from each licensee the reasonable cost of auditing the books and records of a licensee.
(Added to NRS by 1975, 1834; A 1983, 1824; 1987, 2006)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.480 - Order of Commissioner directing discontinuance of unsafe or injurious practice.

If it appears to the Commissioner any company is conducting business in an unsafe or injurious manner, he or she may by written order direct the discontinuance of any unsafe or injurious practices.
(Added to NRS by 1975, 1835; A 1983, 1824; 1987, 2006)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.490 - Surrender of license by licensee; surrender as affecting licensee’s liability.

Any licensee may surrender any license by delivering it to the Commissioner with written notice of its surrender, but a surrender does not affect his or her civil or criminal liability for acts committed before the surrender.
(Added to NRS by 1975, 1835; A 1983, 1824; 1987, 2006)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.500 - Temporary suspension of license: Conditions; notice; hearing; term of suspension.

If the Commissioner finds that probable cause for revocation of any license exists and that enforcement of this chapter requires immediate suspension of a license pending investigation, he or she may, upon 5 days’ written notice and without a hearing, enter an order suspending a license for a period not exceeding 20 days pending the holding of a hearing.
(Added to NRS by 1975, 1835; A 1977, 96; 1983, 1824; 1987, 2006)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.510 - Revocation or suspension of license: Grounds; notice; hearing; order.

1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he or she shall give 20 days’ written notice to the licensee stating the contemplated action and, in general, the grounds therefor and set a date for a hearing.
2. At the conclusion of a hearing, the Commissioner shall:
(a) Enter a written order either dismissing the charges, or revoking the license, or suspending the license for a period of not more than 60 days, which period must include any prior temporary suspension. A copy of the order must be sent by registered or certified mail to the licensee.
(b) Impose upon the licensee an administrative fine of not more than $10,000 for each violation by the licensee of any provision of this chapter or any lawful regulation adopted pursuant thereto.
(c) If a fine is imposed pursuant to this section, enter such order as is necessary to recover the costs of the proceeding, including his or her investigative costs and attorney’s fees.
3. The grounds for revocation or suspension of a license are that:
(a) The licensee has failed to pay the annual license fee;
(b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this chapter, or any lawful regulation adopted pursuant thereto;
(c) The licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS;
(d) Any fact or condition exists which would have justified the Commissioner in denying the licensee’s original application for a license hereunder; or
(e) The applicant failed to open an office for the conduct of the business authorized under this chapter within 120 days after the date the license was issued, or has failed to remain open for the conduct of the business for a period of 120 days without good cause therefor.
4. Any revocation or suspension applies only to the license granted to a person for the particular office for which grounds for revocation or suspension exist.
5. An order suspending or revoking a license becomes effective 5 days after being entered unless the order specifies otherwise or a stay is granted.
(Added to NRS by 1975, 1836; A 1983, 1824; 1987, 2006; 1993, 902; 2003, 20th Special Session, 227; 2005, 1888; 2015, 2949)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.520 - Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license.

The revocation, suspension, expiration or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any obligors. Such a contract and all lawful charges thereon may be collected by the licensee, its successors or assigns.
(Added to NRS by 1975, 1837; A 1989, 923)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.530 - Order to desist or refrain; action to enjoin violations; appointment and powers of receiver.

1. Whenever the Commissioner has reasonable cause to believe that any person is violating or is threatening to or intends to violate any provision of this chapter, he or she may, in addition to all actions provided for in this chapter and without prejudice thereto, enter an order requiring the person to desist or to refrain from such violation.
2. An action may be brought on the relation of the Attorney General and the Commissioner to enjoin a person from engaging in or continuing a violation or from doing any act or acts in furtherance thereof. In any such action, an order or judgment may be entered awarding such preliminary or final injunction as may be deemed proper.
3. In addition to all other means provided by law for the enforcement of a restraining order or injunction, the court in which an action is brought may impound, and appoint a receiver for, the property and business of the defendant, including books, papers, documents and records pertaining thereto, or so much thereof as the court deems reasonably necessary to prevent violations of this chapter through or by means of the use of the property and business. Such receiver, when appointed and qualified, has such powers and duties as to custody, collection, administration, winding up and liquidation of such property and business as are from time to time conferred upon the receiver by the court.
(Added to NRS by 1975, 1835; A 1983, 1825; 1987, 2007)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.540 - Taking possession of business by Commissioner: Conditions; resumption of business.

Whenever it appears to the Commissioner that:
1. The stockholders’ equity of any licensee is less than its initial stockholders’ equity;
2. Any licensee has violated its articles of incorporation or any law of this state;
3. Any licensee is conducting its business in an unsafe or unauthorized manner;
4. Any licensee refuses to submit its books, papers and affairs to the inspection of any examiner;
5. Any officer of any licensee refuses to be examined upon oath touching the concerns of the licensee;
6. Any licensee has suspended payment of its obligations;
7. Any licensee is in a condition that it is unsound or unsafe for it to transact business;
8. Any licensee neglects or refuses to observe any order of the Commissioner made pursuant to this chapter unless the enforcement of the order is restrained in a proceeding brought by the licensee;
9. Any licensee has accepted deposits in violation of the provisions of this chapter; or
10. Any fact or condition exists which, if it had existed at the time of the original application for authority to organize and establish a corporation to engage in business under this chapter, it reasonably would have warranted the disapproval of the application by the Commissioner,
the Commissioner may forthwith take possession of the property and business of the licensee and retain possession until it resumes business or its affairs are finally liquidated as provided in this chapter. The licensee, with the consent of the Commissioner, may resume business upon such conditions as the Commissioner may prescribe.
(Added to NRS by 1975, 1836; A 1983, 1825; 1985, 2199, 2200; 1987, 2007; 1997, 1018)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.545 - Taking possession of business by Commissioner: Acquisition by or merger with another institution.

1. Except as limited by subsection 2, if the Commissioner has taken possession of the property and business of a corporation licensed under this chapter pursuant to NRS 677.540, or a receiver, other than the State, has been appointed for and taken possession of the property and business of a corporation, the Commissioner may solicit offers from and authorize or require the acquisition of the corporation by or its merger with another institution or company in the following order of priority:
(a) A corporation which is licensed pursuant to this chapter.
(b) Any other depository institution licensed under the laws of this state or of the United States if its principal office is located in this state, including institutions whose parent corporation has offices or operations in other states.
(c) A bank, savings and loan association, savings bank or thrift company, or its parent corporation, licensed pursuant to the laws of the United States or of another state, whose operations are principally conducted within the state of Alaska, Arizona, Colorado, Hawaii, Idaho, Montana, New Mexico, Oregon, Utah, Washington or Wyoming.
(d) A bank, savings and loan association, savings bank or thrift company, or its parent corporation, licensed pursuant to the laws of the United States or of another state, whether or not its principal place of business is in another state.
The Commissioner shall solicit written offers from all eligible institutions, regardless of the order of priority established by this subsection, and wait at least 30 days after solicitation before selecting the institution to be approved.
2. The selection of an institution must be made in accordance with the order of priority established in subsection 1 only if a selection affords the greatest financial recovery by the corporation’s depositors of all offers received. The Commissioner may not accept any offer which affords the corporation’s depositors a smaller financial recovery than they would receive if the corporation were liquidated. If the Commissioner receives one or more acceptable offers he or she may negotiate with the institutions submitting acceptable offers, following that order of priority, and accept that offer which would afford the greatest financial recovery by the corporation’s depositors.
(Added to NRS by 1985, 2195; A 1987, 1315, 2008)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.550 - Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness.

1. The Commissioner may order a licensee to suspend the payment of its liabilities or limit the payment of its liabilities in such manner as he or she prescribes, if it appears to the Commissioner that this action is necessary for the protection of the licensee, its depositors or creditors, or in the public interest. The order is effective upon receipt of notice by the licensee and continues in effect until rescinded or modified by the Commissioner in a writing delivered to the manager or executive officer of the licensee.
2. Subsection 1 does not affect the right of any licensee to pay its current operating expenses and liabilities incurred during the period of suspension or limitation.
3. After an order suspending or limiting the payment of liabilities is effective and until that order is rescinded, the licensee shall make no assignment or hypothecation of any indebtedness due to it from a depositor without first crediting thereon the liability of the licensee to the depositor.
4. The authority granted to the Commissioner by this section may be exercised by him or her in conjunction with all other powers granted by this chapter, or independently from them.
(Added to NRS by 1975, 1837; A 1983, 1826; 1985, 2200, 2201; 1987, 2009)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.560 - Application by licensee to enjoin further proceedings.

Whenever the Commissioner has taken possession of the property and business of any licensee, a licensee, within 10 days after a taking, if it deems itself aggrieved thereby, may apply to the district court in the county in which the main office of the licensee is located to enjoin further proceedings. The court, after citing the Commissioner to show cause why further proceedings should not be enjoined and after a hearing and a determination of the facts upon the merits may dismiss such application or enjoin the Commissioner from further proceedings and direct him or her to surrender the property and business to such licensee, or make such further order as may be just.
(Added to NRS by 1975, 1837; A 1983, 1826; 1987, 2009)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.570 - Authority of Commissioner to liquidate or conserve company.

When the Commissioner takes possession of the property and business of any company for the purpose of liquidation or conservation, he or she may liquidate or conserve the company. In such a liquidation or conservation the Commissioner has the same authority with reference to licensees as are vested in the Commissioner by chapters 657 to 671, inclusive, of NRS with reference to banks and in addition may deposit money coming into his or her hands in the course of liquidation in one or more state or national banks or credit unions.
(Added to NRS by 1975, 1837; A 1983, 1827; 1987, 2010; 1999, 1452)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.580 - Use of holding company or other device for evading or avoiding chapter prohibited; right to issue preferred stock or debentures not affected.

A holding company or any other device may not be used for the purpose of evading or avoiding any of the provisions of this chapter. This section does not affect the right of a company to issue preferred stock or debentures when permitted to do so under the laws of this state.
(Added to NRS by 1975, 1838)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.590 - Issuance of thrift certificates prohibited; exception.

1. Except as otherwise provided in subsection 2, this chapter does not permit a licensee to issue thrift certificates.
2. A licensee who maintains a branch office located outside this state may issue thrift certificates and any other securities that are permitted to be issued by a licensee pursuant to the laws of the state in which the branch office is located.
(Added to NRS by 1975, 1844; A 1985, 2201; 1997, 1019)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.600 - Permissible depositories.

A licensee shall not deposit any of its money with any other moneyed corporation, unless that corporation has been designated as a depository by a majority vote of the directors or the executive committee, exclusive of any director who is an officer, director or trustee of the depository so designated. Such a depository must be a federally insured financial institution, a financial institution insured by a private insurer approved pursuant to NRS 672.755 or any Federal Reserve Bank.
(Added to NRS by 1975, 1844; A 1985, 2202; 1997, 1019; 1999, 1452)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.610 - Authorized investments.

A licensee shall not invest any of its money, except:
1. As authorized in this chapter;
2. In legal investments for banks, credit unions or savings associations; or
3. To the extent of 5 percent or less of its total assets, in preferred stock of corporations which have been given a rating of "A" or better by a national rating service and which are not in default in the payment of dividends.
(Added to NRS by 1975, 1844; A 1981, 1025; 1987, 1244; 1999, 1452)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.612 - Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest.

1. A deposit may be made with a licensee by any administrator, executor or guardian of an estate, a trustee or other fiduciary in trust for a named beneficiary or beneficiaries.
2. The fiduciary may make additional deposits and withdraw the deposit, in whole or in part.
3. The withdrawal value of the deposit and the interest thereon, or other rights relating to the deposit, may be paid or delivered to the fiduciary, and the payment or delivery to the fiduciary or a receipt or acquittance signed by the fiduciary to whom any payment or delivery of rights is made, is a valid and sufficient release and discharge of the licensee for the payment or delivery so made.
(Added to NRS by 1987, 1243)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.616 - Deposit by and payment to minor.

1. If a deposit is made with a licensee by a minor, the licensee may pay to the depositor such sums as may be due him or her, and the receipt of the minor to the licensee is valid.
2. A licensee may operate a deposit account in the name of a minor or in the name of two or more persons one or more of whom are minors with the same effect upon its liability as if the minors were of lawful age.
(Added to NRS by 1987, 1243)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.620 - Limit on deposits; limit on total borrowings; borrowing money from Federal Home Loan Bank.

1. Except as otherwise provided in subsections 2 and 3, a licensee shall not have at any time deposits in an aggregate sum in excess of 10 times the aggregate amount of its stockholders’ equity.
2. A licensee insured by the Federal Deposit Insurance Corporation shall comply with the limits imposed by that insurer, if any.
3. If a licensee has operated under this chapter for 1 year or more and during its most recent fiscal year has been profitable, the Commissioner may increase the ratio of deposits to stockholders’ equity prescribed in subsection 1 to not more than the greatest net worth to savings ratio permitted for any savings and loan association or savings bank operating in this state. The Commissioner shall give his or her approval or denial of the application for an increased ratio to the licensee in writing with supporting reasons within 30 days after the date of the application submitted by the licensee unless the Commissioner gives notice within the original 30-day period that he or she is extending the period for decision for a period not to exceed an additional 30 days. The Commissioner may, for reasonable cause, decrease the ratio authorized under this subsection at any time, but not below the ratio prescribed in subsection 1.
4. A licensee may not have total borrowings, exclusive of deposits, which exceed the larger of:
(a) Five times its stockholders’ equity; or
(b) The face amount of total deposits at the time a borrowing is made.
5. A licensee may borrow money from a Federal Home Loan Bank. Money borrowed pursuant to this subsection shall not be deemed borrowed money for the purposes of the limitations prescribed in subsection 4. A licensee may pledge any of its assets as collateral security for money borrowed pursuant to this subsection.
(Added to NRS by 1975, 1844; A 1977, 1045; 1979, 997; 1981, 1025; 1983, 1607, 1638, 1827; 1985, 2202, 2203; 1987, 2010; 1989, 1098; 1993, 2816; 1997, 1019)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.630 - Permissible transactions in real property.

1. A licensee may purchase, hold, develop and convey real property, including apartments and other buildings, for the following purposes only:
(a) Real property conveyed to it in satisfaction of debts contracted in the course of its business.
(b) Real property purchased at sale under judgments, decrees or mortgage foreclosures or foreclosures of or trustees’ sales under deeds of trust, or pursuant to an order of a bankruptcy court. A licensee shall not bid against its debtor at any such sale in a larger amount than is necessary to satisfy its debt and costs.
(c) Real property necessary as premises for the transaction of its business. A licensee shall not invest directly or indirectly an amount exceeding one-third of its stockholders’ equity in the lot and building in which the business of the company is carried on, furniture and fixtures, and vaults, necessary and proper to carry on its business.
(d) Real property purchased or held for the purpose of development. An investment for this purpose must not exceed the market value of the property as evidenced by an appraisal prepared by a member of the American Institute of Real Estate Appraisers, the National Association of Review Appraisers and Mortgage Underwriters, the Society of Real Estate Appraisers or the Independent Fee Appraisers Society or an appraiser approved by the Commissioner. Within 120 days after the investment is made:
(1) The licensee shall provide the Commissioner with a certified copy of one or more appraisal reports and a report from a title insurer which shows, for not less than the immediately preceding 3 years, the chain of title and the amount of consideration for which the title was transferred, if that information is available.
(2) The Commissioner may require a statement from the licensee disclosing whether any director, officer or employee of the licensee has, or has had within the immediately preceding 3 years, any direct or indirect interest in the property. For the purposes of this subparagraph, "interest" includes ownership of stock in a corporation which has an interest in the property.
If the total amount to be invested in real property for residential development, excluding any real property which is mortgaged to the licensee as security for money owing to the licensee, exceeds the stockholders’ equity of the licensee, the investment may not be made without the written approval of the Commissioner. Any person who fails to make a disclosure required by this section is guilty of a misdemeanor.
2. No real estate acquired pursuant to paragraph (a) or (b) of subsection 1 may be held for a longer period than 5 years unless it has been improved by the licensee and is producing a fair income based upon the appraised value.
(Added to NRS by 1975, 1844; A 1981, 1026; 1983, 1828; 1985, 2204, 2205; 1987, 1244, 2011; 1989, 1099; 1997, 1020)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.640 - Conduct of business in place where other business being conducted; name under which business may be transacted; loans by mail.

A licensee shall not make loans or accept deposits under this chapter:
1. Within any office, suite, room or place of business in which any other business is solicited or engaged in, except an insurance agency or notary public, or in association or conjunction with any other business unless authority to do so is given by the Commissioner.
2. Under any name or at any place other than that stated in the license.
This section does not prevent the making of loans by mail or prohibit accommodations to individual borrowers when necessitated by hours of employment, sickness or other emergency situations.
(Added to NRS by 1975, 1832; A 1983, 1828; 1985, 2205, 2206; 1987, 2011)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.645 - Use or change of business name; prohibitions.

1. A licensee must obtain the approval of the Commissioner before using or changing a business name.
2. A licensee shall not:
(a) Use any business name which is identical or similar to a business name used by another licensee under this chapter or which may mislead or confuse the public.
(b) Use any printed forms which may mislead or confuse the public.
(Added to NRS by 2005, 1887)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.650 - Making loan to or purchasing contract or chose in action from officer, director or other specified person prohibited; exception; personal liability.

1. Except as otherwise provided in subsection 2, a licensee shall not directly or indirectly make any loan to, or purchase a contract or chose in action from:
(a) A person who is an officer, director or holder of record or beneficiary of 10 percent or more of the shares of the licensee;
(b) A person in which an officer, director or holder of record or beneficiary of 10 percent or more of the shares of the licensee directly or indirectly is financially interested; or
(c) A person who acquired the contract directly or indirectly or through intervening assignments from a person described in paragraph (a) or (b),
unless the licensee has been authorized by the Commissioner to make that loan or purchase that contract or chose in action from that person.
2. Loans may be made to an officer, director or stockholder of the licensee, upon collateral of his or her deposits with the licensee, of not more than 90 percent of the amount of his or her deposits, at the same rates of interest and under the same terms as loans secured by deposits are offered to members of the general public.
3. Any officer, director or stockholder of a licensee who:
(a) Knowingly and intentionally makes or procures or participates in making or procuring, directly or indirectly, a loan or contract in violation of this section; or
(b) Knowingly approves a loan or contract in violation of this section,
is personally liable for any loss resulting to the licensee from the loan or contract, in addition to any other penalties provided by law.
(Added to NRS by 1975, 1845; A 1981, 1027; 1985, 2206; 1997, 1021)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.660 - Advertising: Prohibitions; insurance of deposits.

1. A person shall not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast, in any manner, any statement or representation with regard to the rates, terms or conditions for making or negotiating loans, or with regard to deposits, which is false, misleading or deceptive.
2. Except as otherwise provided in this subsection, a licensee shall not use any advertising or make any representations which indicate, imply or might lead a person to believe that it is a bank, a thrift company or a savings bank, unless it is insured by the Federal Deposit Insurance Corporation. The provisions of this subsection do not apply to a thrift company that does not accept money for deposit.
3. A licensee whose deposits are insured by the Federal Deposit Insurance Corporation shall include that information in its advertising relating to deposits.
(Added to NRS by 1975, 1844; A 1985, 348, 2207; 1989, 1099; 1993, 2817; 1997, 1022)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.673 - Definitions.

As used in NRS 677.673 to 677.707, inclusive, unless the context otherwise requires, the words and terms defined in NRS 677.677 to 677.697, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 1492)
2023 Nevada Revised Statutes › Chapter 677 - Thrift Companies › NRS 677.703 - Training; reporting to designated reporter.

1. Each licensee shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each officer and employee of the licensee who:
(a) May, as part of his or her regular duties for the licensee, come into direct contact with an older person or vulnerable person; or
(b) May review or approve the financial documents, records or transactions of an older person or vulnerable person in connection with providing financial services to the older person or vulnerable person.
2. The training required pursuant to subsection 1 must be provided as soon as reasonably practicable, but not later than 6 months after the officer or employee is employed by the licensee.
3. The training required pursuant to subsection 1 must include, without limitation:
(a) An explanation of the conduct which constitutes exploitation of an older person or vulnerable person;
(b) The manner in which exploitation of an older person or vulnerable person may be recognized;
(c) Information concerning the manner in which reports of exploitation are investigated; and
(d) Instruction concerning when and how to report known or suspected exploitation of an older person or vulnerable person.
4. An officer or employee who has observed or has knowledge of an incident that is directly related to a transaction or matter which is within his or her scope of practice and which reasonably appears to be exploitation of an older person or vulnerable person shall report the known or suspected exploitation to the designated reporter.
(Added to NRS by 2007, 1492)