reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 677 - Thrift Companies › REQUIRED ACQUIESCENCE AND APPROVAL OF COMMISSIONER › Section 677.180 - Voting trusts, pooling agreements and proxy agreements

Current through June 11, 2024
1. Any voting trusts or pooling agreements by and between shareholders must be in writing and submitted to the Commissioner for acquiescence before they become effective. A copy of the voting trust or pooling agreement will be retained by the Commissioner.
2. All proxy agreements must be in writing and submitted to the Commissioner for acquiescence before they become effective. A copy of all proxy agreements will be retained by the Commissioner.
Dep't of Commerce, Thrift Companies Reg. § 3 subsecs. 3.6 & 3.7, eff. 1-4-76; A 1-4-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.190 - Requirements for acquiescence

Current through June 11, 2024
The Commissioner will not acquiesce in the capital structure of a thrift company unless the structure:
1. Is based on par value stock;
2. Provides that the holders of all issued and outstanding common voting stock are assessable in accordance with the provisions of this chapter, or in accordance with any order, directive or demand of the Commissioner; and
3. Provides that all borrowings, exclusive of thrift certificates, are subordinate to the claims of the thrift certificate holders.
Dep't of Commerce, Thrift Companies Reg. § 4 subsecs. 4.1-4.3, eff. 1-4-76; A and renumbered as subsec. 4.1, 1-4-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.200 - Capital accounts required

Current through June 11, 2024
All thrift companies must maintain three capital accounts, which must be respectively entitled "Capital Stock," "Capital Surplus" and "Undivided Profits."
Dep't of Commerce, Thrift Companies Reg. § 4 subsec. 4.4, eff. 1-4-76; A and renumbered as subsec. 4.2, 1-4-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.220 - Capital sources and requirements

Current through June 11, 2024
1. Appropriate proof that the minimum capital requirements of NRS 677.210 have been paid to the corporation in cash must be presented to the Commissioner before a thrift company license is issued.
2. No money obtained from the sale of debt securities may be used for meeting the initial minimum capital requirements of NRS 677.210.
3. For purposes of subsection 1 of NRS 677.540 and NRS 677.620, any money obtained from the sale of debt securities may not be considered part of the company's capital structure without the express written permission of the Commissioner, and no repayment of debt securities that are considered part of the company's capital structure may be made without the express written permission of the Commissioner.
4. The Commissioner will not give his permission to consider money obtained from the sale of debt securities as part of the company's capital structure unless the rights of the holders of the debt securities are subordinated to the rights of the holders of the thrift certificates.
5. The Commissioner may refuse to give his permission to consider money obtained from the sale of debt securities as part of the company's capital structure if he reasonably believes that a refusal is in the best interests of the company or the holders of the thrift certificates or that a refusal is needed to accomplish the purposes of chapter 677 of NRS.
Dep't of Commerce, Thrift Companies Reg. § 4 subsecs. 4.6-4.8, eff. 1-4-76; A and renumbered as subsecs. 4.4-4.6, 1-4-78; A and renumbered as subsecs. 4.4-4.8, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.230 - Capital surplus accounts

Current through June 11, 2024
1. The capital surplus account may consist of money contributed to the company, money transferred to it from the company's undivided profits account or money obtained through the sale of shares.
2. Money contributed must be earmarked "contributions," money transferred from the company's undivided profit account must be earmarked "transferred from undivided profits," and money obtained through the sale of shares must be earmarked "sales."
Dep't of Commerce, Thrift Companies Reg. § 4 subsec. 4.10, eff. 1-4-76; A and renumbered as subsec. 4.8, 1-4-78; Renumbered as subsec. 4.10, 12-14-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.240 - Capital surplus account: Dividends and transfers

Current through June 11, 2024
1. Dividends may not be paid from the capital surplus account.
2. No funds may be transferred from the capital surplus account once they have been credited to it unless:
(a) The transfer represents payment for the redemption of shares; and
(b) The Commissioner has acquiesced to the transfer in writing.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.250 - Dividends

Current through June 11, 2024
1. Dividends may be paid only from the undivided profits account.
2. No dividends may be declared or paid if the declaration or payment would reduce the undivided profits account below 10 percent of the balance in the capital stock account.
3. No thrift company may declare any dividend to its shareholders except on April 30, July 31, October 31, or January 31.
4. No dividend may be paid to the company's shareholders unless all interest due for the previous quarter has been paid to the company's certificate holders, and unless all interest due has been paid to the holders of the company's debt securities.
5. No dividend may be paid to the company's shareholders unless all lawful claims and demands for withdrawal by certificate holders for the previous quarter have been paid.
Dep't of Commerce, Thrift Companies Reg. § 5, eff. 1-4-76; A 1-4-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.260 - Remedies if capital impaired, excess certificates issued or limitation of borrowing exceeded

Current through June 11, 2024
1. If the capital of the company is impaired, or if the company has issued thrift certificates in excess of the limitation of subsection 1 of NRS 677.620 or if the company has exceeded the borrowings as limited by subsection 4 of NRS 677.620, the Commissioner may require that:
(a) Money sufficient to cure the impairment or violation be transferred from the company's undivided profit account to the capital or capital surplus account within 30 days after receipt of the order of the Commissioner to do so;
(b) The company cease issuing thrift certificates until such time as the impairment or violation is cured; or
(c) The holders of all common voting stock pay to the corporation on a pro rata basis enough money to cure the impairment or violation within 30 days after receipt of the order of the Commissioner to do so. The company must notify each common voting stockholder of the amount and terms of the assessment.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CAPITAL STRUCTURE › Section 677.270 - Limitations on lending

Current through June 11, 2024
No thrift company may have outstanding total amounts of cash advanced as defined in NRS 677.030 plus the net amount owed to the thrift company on any item listed in subsection 1 of NRS 677.790 which in the aggregate exceeds 11 times its unimpaired capital.
Dep't of Commerce, Thrift Companies Reg. § 7, eff. 2-7-76; A 1-4-78; 12-14-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › SHARES › Section 677.275 - Consideration for sale

Current through June 11, 2024
No shares may be sold for any consideration other than cash without the express written permission of the Commissioner.
Dep't of Commerce, Thrift Companies Reg. § 4 subsec. 4.5, eff. 1-4-76; Renumbered as subsec. 4.3, 1-4-78; A 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84-Substituted in revision for NAC 677.210
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › SHARES › Section 677.280 - Expenses and commissions of sale

Current through June 11, 2024
1. A thrift company may not incur a selling expense in connection with the sale of its shares in an amount in excess of 10 percent of the amount of cash paid by the purchaser on the selling price thereof.
2. A thrift company may not pay commissions for the sale of its shares to an officer or director of the company nor to anyone directly or indirectly who is not a broker or an agent licensed under chapter 90 of NRS.
Dep't of Commerce, Thrift Companies Reg. § 8, eff. 1-4-76; A 1-4-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › SHARES › Section 677.290 - Sales or transfer

Current through June 11, 2024
1. Every sale, transfer, encumbrance or pledge of shares as a security interest, or other hypothecation, of a company's voting stock and every sale, transfer, encumbrance or pledge of shares, or other hypothecation, of more than 10 percent of a company's issued nonvoting stock must be acquiesced in by the Commissioner before such sale, transfer, encumbrance or pledge, or other hypothecation, becomes effective.
2. A sale, transfer, encumbrance or pledge of a share as a security interest, or other hypothecation of a company's nonvoting stock that results in any natural person, company or other entities owning more than 10 percent of a thrift company's issued nonvoting stock must be acquiesced in by the Commissioner before such sale, transfer, encumbrance or pledge, or other hypothecation, becomes effective.
Dep't of Commerce, Thrift Companies Reg. § 9, eff. 1-4-76; A 2-7-76; 1-4-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › AUDITS, EXAMINATIONS AND APPRAISALS › Section 677.310 - Fee for supervision and examination: Collection; determination of amount; failure to pay; additional costs

Current through June 11, 2024
1. On or before June 30 of each year, the Commissioner of Financial Institutions will collect a fee from each thrift company for the supervision and examination of the thrift company pursuant to chapter 677 of NRS.
2. The fee is based on the portion of the annual budget approved by the Legislature for expenses related to the operations of the Commissioner and the Division of Financial Institutions minus all other revenues collected by the Division, not including reserves. Each thrift company shall pay a share of that amount as determined by the following schedule:
Total Assets
Base Fee
+ Fee Exceeding Base
Less than $5,000,000
$5,000
N/A
$5,000,000 or more, but less than $10,000,000
5,000
$.25 per thousand of assets exceeding $5,000,000
$10,000,000 or more, but less than $50,000,000
6,250
$.19 per thousand of assets exceeding $10,000,000
$50,000,000 or more, but less than $100,000,000
13,850
$.12 per thousand of assets exceeding $50,000,000
$100,000,000 or more, but less than $500,000,000
19,850
$.10 per thousand of assets exceeding $100,000,000
$500,000,000 or more, but less than $1,000,000,000
59,850
$.07 per thousand of assets exceeding $500,000,000
$1,000,000,000 or more, but less than $3,000,000,000
94,850
$.05 per thousand of assets exceeding $1,000,000,000
$3,000,000,000 or more, but less than $10,000,000,000
194,850
$.03 per thousand of assets exceeding $3,000,000,000
$10,000,000,000 or more, but less than $20,000,000,000
404,850
$.02 per thousand of assets exceeding $10,000,000,000
$20,000,000,000 or more
604,850
$.01 per thousand of assets exceeding $20,000,000,000
Any adjustment to the fee must be made in a proportionate amount that is based on the relationship that the fee determined for each thrift company bears to the total fee imposed on all thrift companies licensed pursuant to chapter 677 of NRS. The fee is calculated as of June 1 of each year based upon the number of thrift companies and the total assets of each thrift company as of December 31 of the previous year.
3. If the fee is not paid on or before June 30, the Commissioner will assess a penalty of 10 percent of the amount of the fee and an additional 1 percent of the fee for each month or portion of a month that the fee is not paid. The Commissioner may waive the penalty for good cause.
4. The fee does not include the cost of any extraordinary examination, audit, investigation or hearing conducted by the Division. The cost of any such examination, audit, investigation or hearing is $75 per hour.
Dep't of Commerce, Thrift Companies Reg. § 11, eff. 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions, 4-20-88; 6-17-91; A by R054-16A, eff. 9/9/2016
NRS 658.101, 677.380, 677.430
Nevada Administrative Code › Chapter 677 - Thrift Companies › AUDITS, EXAMINATIONS AND APPRAISALS › Section 677.315 - Assessment for costs related to audits and examinations

Current through June 11, 2024
1. Except as otherwise provided in NAC 658.030, each licensee shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.
2. The Division will bill each licensee for the assessment. The assessment must be paid within 30 days after the date the bill is received.
3. A charge of 10 percent of the assessment will be imposed on any licensee whose assessment is received by the Division after the date on which the assessment is due.
Added to NAC by Comm'r of Financial Institutions, eff. 12-17-87; A 5-27-92
NRS 658.055, 677.380, 677.435
Nevada Administrative Code › Chapter 677 - Thrift Companies › AUDITS, EXAMINATIONS AND APPRAISALS › Section 677.320 - Appraisers

Current through June 11, 2024
1. Only those employees of a thrift company and independent appraisers who have received prior letters of acquiescence from the Commissioner may appraise collateral taken by the company as security for a loan.
2. Before the Commissioner will acquiesce in the making of such appraisals by an employee of a thrift company or an independent appraiser, the employee or independent appraiser must submit an application to the Commissioner for his acquiescence. The application must be on a form provided by the Commissioner.
3. Before the Commissioner will acquiesce in the making of such appraisals by an employee of a thrift company, the employee must submit adequate proof to the Commissioner that he has completed a qualified course in appraisals or that he has substantial prior experience or that he has completed at least 20 appraisals under the direction of a company employee who has received a letter of acquiescence from the Commissioner to make appraisals.
4. A copy of the Commissioner's letter of acquiescence for each appraiser must be kept on file by the thrift company in each office in which his appraisals are being used.
Dep't of Commerce, Thrift Companies Reg. § 12, eff. 1-4-76; A 1-4-78; A and renumbered as subsecs. 12.1-12.4, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › AUDITS, EXAMINATIONS AND APPRAISALS › Section 677.330 - Market value of security

Current through June 11, 2024
The market value of any collateral taken as security for a loan, or of any item listed in subsection 1 of NRS 677.790, which is purchased, sold or discounted by the company must be determined by:
1. Reference to a standard publication in general use by the trade;
2. A copy of the bill of sale or purchase invoice;
3. In the case of household goods, the value of which is not relied upon by the licensee to secure the net amount of the loan, a statement of value represented as true and correct by the borrower and signed by him; or
4. An adequate written appraisal.
Dep't of Commerce, Thrift Companies Reg. § 13 subsec. 13.1, eff. 1-4-76; A 1-4-78; 12-14-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › AUDITS, EXAMINATIONS AND APPRAISALS › Section 677.340 - Adequate appraisal; reappraisal

Current through June 11, 2024
1. A written appraisal is adequate if it:
(a) Is prepared by a company employee or an independent appraiser who has been acquiesced in by the Commissioner to make appraisals;
(b) Is in writing and signed by the appraiser;
(c) States the fair market value of the property and the basis for arriving at the valuation of the property;
(d) Sufficiently identifies the collateral and the transaction to which it pertains; and
(e) Describes the work done by the appraiser.
Nevada Administrative Code › Chapter 677 - Thrift Companies › REPORTS › Section 677.370 - Monthly financial reports

Current through June 11, 2024
1. Each licensee shall file with the Commissioner a monthly financial report for its entire operation.
2. The monthly financial report shall include:
(a) The amount of loans outstanding at the beginning of the month;
(b) The payments received on loans during the month;
(c) The amount of new loans made during the month;
(d) The balance of loans outstanding at the end of each month; and
(e) The number of loans outstanding at the beginning and end of each month.
Nevada Administrative Code › Chapter 677 - Thrift Companies › REPORTS › Section 677.380 - Semiannual financial reports

Current through June 11, 2024
1. Each licensee shall file with the Commissioner a semiannual financial report for its entire operation.
2. The semiannual report must include:
(a) A statement of income and expenses for the period;
(b) A balance sheet;
(c) The monthly average number, size and amount of loans outstanding;
(d) An analysis of delinquent accounts;
(e) An identification of any court actions undertaken to effect collection; and
(f) The detail of the total borrowings outstanding, exclusive of thrift certificates.
Nevada Administrative Code › Chapter 677 - Thrift Companies › REPORTS › Section 677.390 - Annual financial reports

Current through June 11, 2024
The annual report required by NRS 677.400 must include, in addition to the information required by subsection 2 of NRS 677.400, a statement of changes in the company's capital accounts and the detail of the total borrowings outstanding, exclusive of thrift certificates.
Dep't of Commerce, Thrift Companies Reg. § 15 subsec. 15.6, eff. 5-20-76; A 1-4-78; A and renumbered as § 14 subsec. 14.6, 12-14-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › REPORTS › Section 677.400 - Waiver; confidentiality of reports; method for ascertaining amount of hypothecated certificates

Current through June 11, 2024
1. The Commissioner may waive filing any of the reports required by this chapter upon specific application of the licensee.
2. All of the reports required by this chapter will be held in confidence between the Commissioner and the licensee.
3. Each licensee shall establish and maintain a method for readily ascertaining the amount of its thrift certificates which have been hypothecated to it for loans to the owners of the certificates.
Dep't of Commerce, Thrift Companies Reg. § 15 subsecs. 15.7-15.8, eff. 5-20-76; A 1-4-78; A and renumbered as § 14 subsecs. 14.7-14.9, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › RECEIVABLES › Section 677.410 - Chargeoffs

Current through June 11, 2024
Receivables must be charged to the allowance for losses when the receivables fall within any one of the following classifications:
1. Accounts on which no full contractual payment has been made within the past 90 days or 90 days from the due date of the first installment that is past due and unpaid. Before an account is charged to the allowance for losses pursuant to this subsection, the balance may be reduced by:
(a) The amount of any applicable insurance claim which is pending if the claim is verified in writing by the insurance company.
(b) The recoverable value of any collateral, other than real property, which has been repossessed by the licensee if he disposes of the collateral within 90 days after it is repossessed.
Nevada Administrative Code › Chapter 677 - Thrift Companies › RECEIVABLES › Section 677.420 - Chargeoffs of real property

Current through June 11, 2024
1. When an account is secured by real property and its status places it in a chargeoff classification, the amount charged to the allowance for credit losses may be reduced by the value of the real property, if any.
2. The value of such real property must be its estimated sales price on a "forced-sale" basis, less estimated costs of sale and any senior encumbrances.
Dep't of Commerce, Thrift Companies Reg. § 16 subsec. 16.2, eff. 5-20-76; Renumbered as § 15 subsec. 15.2, 12-14-78
NRS 677.380, 677.460
Nevada Administrative Code › Chapter 677 - Thrift Companies › RECEIVABLES › Section 677.430 - Review and chargeoffs

Current through June 11, 2024
1. Receivables must be reviewed at least once each month, and accounts subject to chargeoff must be charged to the allowance for credit losses not later than the 15th day of the succeeding month.
2. When a licensee is able to satisfy the Commissioner that facts exist concerning an account which justify a smaller chargeoff than is provided for in this chapter, the chargeoff may be reduced or eliminated as determined by the Commissioner.
Dep't of Commerce, Thrift Companies Reg. § 16 subsecs. 16.3 & 16.4, eff. 5-20-76; Renumbered as § 15 subsecs. 15.3 & 15.4, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS 677.380, 677.460
Nevada Administrative Code › Chapter 677 - Thrift Companies › LOANS › Section 677.450 - Disclosure of fees and charges

Current through June 11, 2024
The terms and conditions of all potential charges to a borrower, including any charge for a default on an installment due, a deferment, a prepayment of the loan, and a returned check, must be disclosed to the borrower in writing prior to closing any loan.
Dep't of Commerce, Thrift Companies Reg. § 17, eff. 12-14-78
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.500 - Requirements of licensee for approval of contract; withdrawal of approval; hearing

Current through June 11, 2024
1. Before the Commissioner will approve a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247, the licensee must, in addition to satisfying the requirements of subsection 2 of NRS 677.247:
(a) Create and maintain reserves of not less than 5 percent of deposits in a form set forth in subsection 1 of NRS 677.230;
(b) File with the Commissioner a fidelity bond pursuant to NRS 677.170 that provides fidelity coverage on each officer, director and employee of at least $300,000;
(c) Maintain stockholders' equity of not less than $500,000 plus an additional $50,000 for each branch office of the thrift company of the licensee;
(d) Agree to forego entering into a contract for the insurance of deposits with a private insurer that is an affiliated business organization unless the contract has been approved by the Commissioner and the Commissioner of Insurance; and
(e) Comply with any applicable provisions of federal law.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.510 - Requirements of private insurer for approval of contract

Current through June 11, 2024
1. Before the Commissioner will approve a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247, a private insurer must:
(a) Be licensed in this State by the Commissioner of Insurance;
(b) Be rated within one of the five highest rating categories by a national rating service or hold a certificate of authority as an acceptable surety on federal bonds issued by the Secretary of the Treasury pursuant to 31 C.F.R. §
										223.3; and
(c) Agree to:
(1) Submit quarterly and annual financial statements to the Commissioner and the Commissioner of Insurance;
(2) Maintain an investment portfolio that includes assets of sufficient liquidity to reimburse depositors fully and promptly for any losses which the depositors may incur, including, without limitation, cash, reinsurance and lines of credit; and
(3) Create and maintain reserves of not less than 15 percent of the amount of the insured deposits in the form of:
(I) Cash;
(II) United States treasury bills or notes;
(III) Short-term certificates of deposit;
(IV) Money market accounts;
(V) Lines of credit; or
(VI) The investments set forth in NRS 355.140.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.520 - Considerations in determination of acceptability of private insurer to issue contract; additional reserve

Current through June 11, 2024
1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner will consider:
(a) The value of the insurer's capital;
(b) The qualifications of the directors, officers and managers of the insurance company;
(c) The insurer's articles of incorporation and its bylaws and all amendments thereto;
(d) The insurer's policies for investments; and
(e) The form of all insurance contracts entered into by the insurer, including contracts for reinsurance.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.530 - Disclosure required before licensee accepts deposit

Current through June 11, 2024
1. A licensee who has obtained a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247 shall, before accepting a deposit from a person, require that person to sign and date a form which contains a disclosure written in substantially the following form:
Your deposit is not insured by the Federal Deposit Insurance Corporation or any other federal or state entity. The deposits with this thrift company are insured only by a private insurer. The name of the private insurer that is insuring your deposit is......(insert name of private insurer). You are advised to fully consider this issue before depositing money with this company.
2. The disclosure set forth in subsection 1 must be printed in at least 8-point bold type. The licensee may place the disclosure on a form that contains other information if the block for the signature and date are in close proximity to the text of the disclosure.
3. The licensee shall:
(a) Provide a copy of the form with the signed disclosure to each person who deposits money with the thrift company of the licensee;
(b) Retain the original form with the signed disclosure for at least 6 years after the form is signed;
(c) Present the original or a copy of the disclosure upon request by the Commissioner or an employee of the Division of Financial Institutions designated by the Commissioner;
(d) Post a placard with the disclosure printed on it in at least 14-point bold type:
(1) At the main entrance to the principal office and each branch office of the thrift company of the licensee; and
(2) In a conspicuous place at each teller's window located at the principal office and each branch office of the thrift company of the licensee; and
(e) Comply with any other applicable disclosure requirements set forth in federal law.
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.540 - Examination by Commissioner of Insurance

Current through June 11, 2024
The Commissioner may request that the Commissioner of Insurance:
1. Conduct an examination, in the manner set forth in chapter 679B of NRS, of a private insurer that issues a contract for the insurance of deposits pursuant to subsection 2 of NRS 677.247; and
2. Report the results of the examination to the Commissioner within 60 days of receipt of such a request.
Added to NAC by Comm'r of Financial Institutions by R101-01, eff. 11-15-2001
NRS 677.247, 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › CONTRACT FOR INSURANCE OF DEPOSITS ISSUED BY PRIVATE INSURER › Section 677.550 - Notification of change; approval or disapproval by Commissioner; hearing

Current through June 11, 2024
1. A private insurer that issues a contract for the insurance of deposits pursuant to subsection 2 of NRS 677.247 shall notify the Commissioner within 3 business days after the private insurer has knowledge of any change:
(a) In the ownership of 10 percent or more of the outstanding voting stock of the private insurer if the private insurer is a corporation; or
(b) Of the partners of the private insurer if the private insurer is a partnership.
Nevada Administrative Code › Chapter 677 - Thrift Companies › REMEDIAL ACTIONS › Section 677.610 - Complaints: Failure to respond in timely manner; confidentiality

Current through June 11, 2024
1. If a licensee, or an authorized representative of that licensee, fails to respond to the Commissioner of Financial Institutions within 20 business days after receipt of a written notice that a complaint has been filed against the licensee, the licensee is deemed to have admitted to the allegations contained in the complaint.
2. Subject to the discretion of the Commissioner of Financial Institutions and except as otherwise provided by specific statute, a complaint filed with the Division of Financial Institutions of the Department of Business and Industry, any documents filed with the complaint, and any report or information resulting from an investigation of the complaint are confidential.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 677.380
Nevada Administrative Code › Chapter 677 - Thrift Companies › REMEDIAL ACTIONS › Section 677.620 - Suspension or revocation of license

Current through June 11, 2024
The Commissioner of Financial Institutions may suspend or revoke a license in accordance with NRS 677.480 to 677.570, inclusive, if the licensee violates any provision of this chapter or chapter 677 of NRS, including, without limitation, a provision that imposes a fee or assessment on a licensee.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 677.380, 677.510
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.002 - Definitions (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Financial Institutions by R002-00, eff. 3-13-2000;	R by
			 R098-23A,
			 eff. 6/6/2024
NRS 628B.210, 658.105, 662.115, 672.250, 676A.370, 676A.410  and
				677.380
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.004 - "Commissioner" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of Financial Institutions by R002-00, eff. 3-13-2000;	R by
			 R098-23A,
			 eff. 6/6/2024
NRS 628B.210, 658.105, 662.115, 672.250, 676A.370, 676A.410  and
				677.380
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.006 - "Division" defined

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
			 "Division" means the Division of Financial Institutions of the Department of
			 Business and Industry.
Added to NAC by Comm'r of Financial Institutions by R002-00, eff. 3-13-2000;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.008 - "Unimpaired capital and surplus" interpreted

Current through June 11, 2024
For the purposes of this chapter and NRS 672.710, the Division
			 shall interpret the term "unimpaired capital and surplus" to mean shares plus
			 postclosing, undivided earnings. The term does not include regular reserves or
			 special reserves required by this chapter or chapter 672 of
			 NRS.
Added to NAC by Comm'r of Financial Institutions by R110-06, eff. 6-28-2006;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250  and
				672.710
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.010 - Formation

Current through June 11, 2024
1. Any person desiring to form a credit union
		  pursuant to chapter 672 of NRS must:
(a)
		  Complete the Organization Certificate, Confidential Report of Officials,
		  Agreement by Director and Committeemen to Serve, Report of Officials and Credit
		  Union Investigation Report provided by the Commissioner.
(b) Submit the forms required by paragraph
		  (a) to the Commissioner, together with an investigation fee of $750 and a
		  charter fee of $300.
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.020 - Surety bonds: Annual review; minimum coverage

Current through June 11, 2024
1. The board of directors of each credit union shall annually review the surety bond coverage it has in force in order to determine its adequacy in relation to the credit union's exposure to potential cash losses.
2. A credit union's minimum potential cash losses must be determined by the following table:
Assets
Minimum Coverage
$0
to
$5,000
..................................................................... $1,000
5,001
to
10,000
...................................................................... 2,000
10,001
to
20,000
...................................................................... 4,000
20,001
to
30,000
...................................................................... 6,000
30,001
to
40,000
...................................................................... 8,000
40,001
to
50,000
..................................................................... 10,000
50,001
to
75,000
..................................................................... 15,000
$75,001
to
$100,000
..................................................................... $20,000
100,001
to
150,000
..................................................................... 30,000
150,001
to
200,000
..................................................................... 40,000
200,001
to
300,000
..................................................................... 50,000
300,001
to
400,000
..................................................................... 60,000
400,001
to
500,000
..................................................................... 70,000
500,001
to
750,000
..................................................................... 85,000
750,000
to
1,000,000
................................................................... 100,000
1,000,001
to
50,000,000
............ $100,000 plus $50,000 for each $1,000,000 or fraction thereof of assets over $1,000,000
$50,000,001
to
$150,000,000
......... $2,500,000 plus $25,000 for each $1,000,000 or fraction thereof of assets over $50,000,000
Over $150,000,000.......................................................................................................... $5,000,000
3. Any credit union whose cash change funds exceed the amounts of minimum coverage required for a credit union of its size, as set forth in subsection 2, shall maintain surety bond coverage adequate to cover its actual potential cash loss.
Comm'r of Credit Unions, § B subsecs. 1 & 7, eff. 8-12-76; A and renumbered as § C subsecs. 1-3, 12-14-78
NRS 678.250, 678.260
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.030 - Fidelity bonds: General requirements

Current through June 11, 2024
1. All fidelity
		  bonds must provide coverage for the faithful performance of any officer or
		  employee while carrying out any of the duties of the treasurer as prescribed in
		  chapter 672 of NRS, the bylaws, or rules and regulations.
2. No form of fidelity bond coverage may be
		  used by a credit union except a form which is approved by the
		  Commissioner.
3. For the purpose of
		  this section, forms of fidelity bond coverage for credit unions that are
		  provided by surety companies authorized to do business in this State are
		  approved.
4. The Commissioner may
		  require additional fidelity bond coverage for any credit union when, in his or
		  her opinion, the bonds in force are insufficient to provide adequate coverage.
		  The board of directors of the credit union shall obtain such additional
		  coverage within 30 days after the date of written notice from the
		  Commissioner.
5. All surety
		  companies writing credit union fidelity bonds must hold a Certificate of
		  Authority from the Secretary of the Treasury pursuant to  31 U.S.C. §§
								9304-9308  as an acceptable surety on federal bonds in this State.
6. The board of directors of each credit
		  union shall provide proper protection to meet any circumstance described in
		  subsection 1 of NRS 672.370  by obtaining adequate bond and insurance
		  coverage.
Comm'r of Credit Unions, § B, subsecs. 2-6, eff. 8-12-76; A and renumbered as §C subsecs. 4-8, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250, 672.370  and
				672.420
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.035 - Disclosure of fees charged for services provided

Current through June 11, 2024
A credit union may charge for services it provides if it discloses such fees to the customer before imposing the fees on the customer.
Added to NAC by Comm'r of Financial Institutions by R002-00, eff. 3-13-2000
NRS 678.250, 678.480
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.050 - Reserve for liquidity; demand deposits

Current through June 11, 2024
1. A credit union shall hold liquid assets in an amount equal to at least 5 percent of its members' accounts.
2. The Commissioner may issue an order requiring a credit union to cease and desist from offering demand deposit accounts if it fails to maintain the reserve for liquidity as required by subsection 1.
3. Every credit union which maintains a demand deposit program shall post a notice in the manner prescribed by subsection 1 of NRS NRS 205.134 concerning issuance of a check or draft without funds or with intent to defraud.
Comm'r of Credit Unions, § C, eff. 8-12-76; A and renumbered as § D, 12-14-78; A 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000
NRS 678.250, 678.680
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.060 - Borrowings

Current through June 11, 2024
No credit union, with the exception of a central credit union, may have at any one time outstanding borrowings which exceed 50 percent of its unimpaired capital and surplus.
Comm'r of Credit Unions, § E, eff. 8-12-76; A and renumbered as § F, 12-14-78
NRS 678.250
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.070 - Special reserves against losses

Current through June 11, 2024
If the Commissioner deems the reserves required by NRS 672.670  inadequate to cover a credit union's delinquent loans, the Commissioner will
			 require, upon 5 days' written notice, that the credit union maintain a special
			 reserve against losses equal to 10 percent of the loan balance on all accounts
			 that are between 2 and 6 months delinquent, plus 25 percent of the loan
			 balances on all accounts that are between 7 and 12 months delinquent, plus 80
			 percent of the loan balances on all accounts that are more than 12 months
			 delinquent.
Comm'r of Credit Unions, § D, eff. 8-12-76; A and renumbered as §E, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250  and
				672.680
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.100 - Investments

Current through June 11, 2024
The stocks and bonds which the Commissioner approves as
			 investments for credit unions pursuant to subsection 8 of NRS 672.760  are the
			 stocks and bonds which are accorded one of the top two ratings by a statistical
			 rating organization that is nationally recognized by the Securities and
			 Exchange Commission. Investment by a credit union in securities which are
			 provisionally rated is prohibited.
Comm'r of Credit Unions, §P, eff. 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250  and
				672.760
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.110 - Financial reports

Current through June 11, 2024
Each credit union shall file with the Commissioner a financial report that is substantially similar to the report provided by the credit union to the National Credit Union Administration or the private insurer of the credit union, as applicable. Such a report must be submitted:
1. For the first 6 months of the calendar year which ends on June 30; and
2. For the entire calendar year.
Comm'r of Credit Unions, § L, eff. 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000
NRS 678.250, 678.780
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.120 - Accounting Manual for Federal Credit Unions

Current through June 11, 2024
The
Accounting Manual for Federal Credit Unions
must be used as the standard for accounting practices for state chartered credit unions.
Comm'r of Credit Unions, § A subsec. 4, eff. 8-12-76; A and renumbered as § K, 12-14-78
NRS 678.250
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.130 - Examinations

Current through June 11, 2024
Any examination required by the provisions of chapter 672 of NRS
			 must be conducted in accordance with the procedures established by the
			 Commissioner.
Comm'r of Credit Unions, § I, eff. 8-12-76; A and renumbered as §J, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250  and
				672.790
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.140 - Notification and revision of schedule of fees

Current through June 11, 2024
1. Each credit union will be notified at least 30 days before the effective date of any schedule of fees fixed pursuant to this chapter.
2. Upon receipt of such notification, interested persons may submit written data, views and arguments for consideration by the Commissioner. The Commissioner may, after consideration, make such revisions in the proposed schedule or such change in the effective date as he deems necessary and proper, with the advice and consent of the Credit Union Advisory Council.
3. Each credit union will be notified not less than 15 days before the final effective date.
Comm'r of Credit Unions, § A subsec. 8, eff. 8-12-76-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000
NRS 678.250
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.155 - Assessment for costs related to audits and examinations

Current through June 11, 2024
1. Except as otherwise provided in NAC 658.030, each credit union shall pay to the Division an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.
2. The Division will bill each credit union for the assessment. The assessment must be paid within 30 days after the date the bill is received.
3. A charge of 10 percent of the assessment will be imposed on any credit union whose assessment is received by the Division after the date on which the assessment is due.
Added to NAC by Comm'r of Financial Institutions, eff. 12-17-87; A 5-27-92; R002-00, 3-13-2000
NRS 678.250, 678.795
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.160 - Fee for license

Current through June 11, 2024
1. Not later than January 31 of each year, each credit union shall pay to the Division a license fee of $300.
2. A credit union which has been chartered under the laws of another jurisdiction and converts to a credit union chartered under the laws of this State shall pay a percentage of the license fee based on the number of days remaining in the year, assuming a 360-day year, and the total assets of the credit union as of the end of the month before the conversion. The prorated fee is due within 30 days after the conversion.
3. A credit union which receives a new charter, other than by conversion, is not required to pay the license fee until January 31 following its receipt of the charter.
Comm'r of Credit Unions, § A subsec. 5; A and renumbered as § B, 12-14-78; A 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions, eff. 4-20-88; R002-00, 3-13-2000; R110-06, 6-28-2006
NRS 678.250, 678.270
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.165 - Fees for foreign credit unions

Current through June 11, 2024
1. An application
		  for an initial certificate of authority submitted by a foreign credit union
		  pursuant to NRS 672.343  must be accompanied by a nonrefundable fee of
		  $750.
2. The annual fee for renewal
		  for:
(a) The initial office is $750;
		  and
(b) Each branch office is
		  $150.
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.170 - Conversion from another state charter to Nevada charter

Current through June 11, 2024
A credit union chartered by another state may apply for provisional acceptance by the Commissioner by submitting all the items listed in subsection 1 of NAC 678.180 and:
1. A copy of the last examination report of its present state supervisory authority; and
2. If it is uninsured, a copy of its application for insurance of its members' accounts.
Comm'r of Credit Unions, § N, eff. 12-14-78; A and renumbered as § O, 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000
NRS 678.250, 678.810
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.180 - Conversion from federal to state charter

Current through June 11, 2024
1. A federal credit union desiring to convert to a state-chartered credit union must provide the Commissioner with the following:
(a) A confidential report of the credit union's officials, with their social security numbers;
(b) The completed forms for filing articles of incorporation with the Secretary of State;
(c) An agreement to serve, executed by the board of directors, and, if applicable, by the credit committee and supervisory committee;
(d) A copy of the last three monthly financial and statistical reports;
(e) A copy of the last two year-end financial and statistical reports furnished to the National Credit Union Administration;
(f) A copy of the delinquent loan schedule as of the last month's end, accompanied by notations on the collectibility of each loan;
(g) A copy of the last audit report of the credit union's supervisory committee;
(h) A copy of the last examination report of the National Credit Union Administration; and
(i) Any other information the Commissioner may consider necessary or desirable.
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.190 - Voluntary dissolution

Current through June 11, 2024
The board of directors shall give the Commissioner 10 days' written notice of its intention to put the question of voluntary dissolution to the members of its credit union.
Comm'r of Credit Unions, § P, eff. 12-14-78; renumbered as § R, 2-6-81-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000
NRS 678.250, 678.820
Nevada Administrative Code › Chapter 678 - Credit Unions › Section 678.200 - Regular reserves of central credit unions: "Risk assets" defined

Current through June 11, 2024
For the purpose of NRS 672.875, "risk assets" has the meaning
			 ascribed to it in NRS 672.690.
Comm'r of Credit Unions, § O, eff. 12-14-78; renumbered as §Q, 2-6-81;	A by
			 R098-23A,
			 eff. 6/6/2024
NRS 672.250  and
				672.875