reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.210 - Off-site examination: Submission of information and documentation to Division; notice of incorrect or incomplete information or documentation; consequences for late submission

Current through June 11, 2024
1. A licensed
		  family trust company undergoing an off-site examination shall submit, within
		  the time period set forth in the notice of examination provided pursuant to
		  section 21 of this regulation, all information and documentation required for
		  the examination.
2. If the Division
		  determines that incorrect or incomplete information or documentation has been
		  submitted pursuant to subsection 1, the Division will notify the licensed
		  family trust company of the information or documentation that must be provided
		  to complete or correct the initial submission. The licensed family trust
		  company shall provide the information required by the Division pursuant to this
		  subsection within 45 days after the Division issues a notice pursuant to this
		  subsection unless the Commissioner extends the time period for a response for
		  good cause.
3. If a licensed family
		  trust company fails to submit the information and documentation required
		  pursuant to subsection 1 within the time period set forth in the notice of
		  examination or fails to comply with the provisions of subsection 2, the
		  Commissioner may:
(a) Impose a fee of $25 per
		  day for each day after the time period set forth in the notice of examination
		  or in subsection 2, as appropriate, that the licensed family trust company has
		  failed to provide the required information or documentation; or
(b) Require the licensed family trust company
		  to undergo an on-site examination.
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.220 - On-site examination: Company required to provide Division reasonable access to office; provision of information and documentation to Division; notice of incorrect or incomplete information or documentation; fee for failure to submit

Current through June 11, 2024
1. A licensed
		  family trust company undergoing an on-site examination shall provide to the
		  Division reasonable access, as determined by the Commissioner, to its licensed
		  family trust company office during the examination and provide, at the time of
		  the examination and at the location of its licensed family trust company
		  office, all information and documentation required for the
		  examination.
2. If the Division
		  determines that incorrect or incomplete information or documentation has been
		  submitted pursuant to subsection 1, the Division will notify the licensed
		  family trust company of the information or documentation that must be provided
		  to complete or correct the initial submission. The licensed family trust
		  company shall provide the information required by the Division pursuant to this
		  subsection within 45 days after the Division issues a notice pursuant to this
		  subsection unless the Commissioner extends the time period for a response for
		  good cause.
3. If a licensed family
		  trust company fails to submit the information and documentation required
		  pursuant to subsection 1 at the time of the on-site examination or fails to
		  comply with the provisions of subsection 2, the Commissioner may impose a fee
		  of $25 per day for each day after the on-site examination or the time period
		  set forth in subsection 2, as appropriate, that the licensed family trust
		  company has failed to provide the required information or
		  documentation.
Added to NAC
			 by Comm'r of Financial Institutions by
			 R051-16,
			 eff. 1/1/2017
NRS
				669A.270,
				669A.290
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.230 - Independent review: Notice to Division; qualifications of reviewer; compliance with certain professional standards and laws; contents of independent review report; submission of report and financial statements to Division; administrative review of report by Division; fee for review

Current through June 11, 2024
1. A licensed family trust company which
		  received a rating of "satisfactory" on its most recent examination or which has
		  not yet undergone an examination may elect to undergo an independent review. A
		  licensed family trust company that elects to undergo an independent review must
		  provide notification of such an election to the Division within 30 days after
		  receipt of its notice of examination provided pursuant to section 21 of this
		  regulation. The Division will provide written confirmation to the licensed
		  family trust company that its examination will be conducted by means of
		  independent review within 30 days after receiving the licensed family trust
		  company's notification of election.
2. An independent review must be conducted by
		  a person who:
(a) Uses professional standards
		  for conducting the independent review which are promulgated by the American
		  Institute of Certified Public Accountants, the Institute of Internal Auditors
		  or the Bank Administration Institute;
(b) Is independent from the licensed family
		  trust company and is not owned or controlled by any stockholder, member, owner,
		  affiliate, family affiliate, family member, client or employee of the licensed
		  family trust company;
(c) Does not
		  share a material business or financial interest with the licensed family trust
		  company;
(d) Ensures that the
		  independent review is supervised by a certified public accountant in good
		  standing with the American Institute of Certified Public Accountants and in
		  each state in which the accountant is licensed to practice, a certified
		  internal auditor or certified financial services auditor in good standing with
		  the Institute of Internal Auditors or a certified bank auditor in good standing
		  with the Bank Administration Institute; and
(e) Maintains in good standing all licenses
		  and registrations necessary to perform the services included in an independent
		  review.
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.240 - Procedures for conduct of examination

Current through June 11, 2024
The Division will, and a qualified firm shall, perform the
			 examination in accordance with the examination procedures as follows:
1. If applicable, review the results of the
		  most recent examination and confirm with the management of the licensed family
		  trust company that all corrective action has been completed.
2. Confirm the submission of the required
		  financial information to the Division, including any supplementary information
		  requested by the Division.
3. Review
		  the licensed family trust company's compliance with the provisions of this
		  chapter and chapter 669A of NRS.
4.
		  Review the board and the committee structure of the licensed family trust
		  company for compliance with the governing instruments of the licensed family
		  trust company.
5. Review the
		  minutes of the board and any committees and determine whether the minutes are
		  retained permanently at the licensed family trust company office in physical or
		  electronic form and in compliance with the governing instruments of the
		  licensed family trust company.
6. If
		  the licensed family trust company has elected to undergo an independent review
		  pursuant to section 24 of this regulation, determine whether previous matters
		  in the management letter for external financial audits of the financial
		  statements of the licensed family trust company have been resolved, are being
		  addressed by the management of the licensed family trust company in a response
		  to the external auditor or do not require response or action.
7. If the licensed family trust company does
		  not submit audited financial statements to the Division as part of its
		  examination:
(a) Ensure that the licensed
		  family trust company provides an annual report, if required pursuant to NRS
		  NRS
		  669A.255, as amended by section 14 of Senate
		  Bill No. 384, chapter 256, Statutes of Nevada 2015, at page 1213;
(b) Make not more than five selections from
		  licensed family trust company accounts and client accounts and test
		  transactions in the accounts to determine whether the transactions are properly
		  authorized and properly recorded;
(c) Confirm through documentation and review
		  that procedures have been established to address periodic and timely
		  reconciliations of general ledger accounts and subsidiary ledgers of the
		  licensed family trust company, as appropriate; and
(d) Test through documentation and review
		  that:
(1) Controls are in place over suspense
		  accounts;
(2) The accounts are
		  periodically reconciled;
(3) The
		  accounts reflect appropriate items; and
(4) The accounts are promptly
		  cleared.
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.250 - Request for written clarification or modification of examination guidance; issuance of clarification or modification for good cause; examination guidance and any clarification or modification constitutes scope of examination

Current through June 11, 2024
1. A licensed family trust company may seek
		  written clarification or modification of the examination guidance by submitting
		  a written request to the Commissioner. The Commissioner may issue written
		  clarification or modification of the examination guidance applicable to a
		  licensed family trust company for good cause.
2. A licensed family trust company and a
		  qualified firm engaged by a licensed family trust company to perform an
		  independent review may rely upon the examination guidance in effect at the time
		  that a notice of examination is provided pursuant to section 21 of this
		  regulation, as clarified or modified by the response of the Commissioner to a
		  written request submitted by the licensed family trust company pursuant to
		  subsection 1, as the official statement of the Division of the scope of the
		  examination.
Added to NAC
			 by Comm'r of Financial Institutions by
			 R051-16,
			 eff. 1/1/2017
NRS
				669A.270
Nevada Administrative Code › Chapter 669A - Family Trust Companies › Section 669A.260 - Report of examination and independent review report; ratings; authorized enforcement actions and corrective action; retention or destruction of records by Division; confidentiality of reports

Current through June 11, 2024
1. Within 60
		  days after the completion of an on-site examination or off-site examination of
		  a licensed family trust company or the filing of an independent review report,
		  the Division will prepare and deliver to the licensed family trust company a
		  report of examination that:
(a) Identifies
		  any deficiency or weakness which requires corrective action;
(b) Identifies any client complaint which
		  requires further response by the management of the licensed family trust
		  company; and
(c) Assigns a rating of
		  "satisfactory," "needs improvement" or "unsatisfactory" to the licensed family
		  trust company based on the results of the examination, the compliance of the
		  licensed family trust company with the provisions of this chapter and chapter
		  669A of NRS and the capability and willingness of the board and the management
		  of the licensed family trust company to take corrective
		  action.
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.010 - Fee for supervision and related activities: Amount; collection; failure to pay

Current through June 11, 2024
1. The Commissioner of Financial Institutions will charge and collect a fee of $30 per hour from each development corporation for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 670 of NRS.
2. The Commissioner will bill each development corporation upon the completion of the activity for the fee established in subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after that date must include a penalty of 10 percent of the fee plus 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.
3. Failure of a development corporation to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.
Added to NAC by Comm'r of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-19-89
NRS 658.101, 670.067, 670.250
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.020 - Fees: Application for license to conduct business

Current through June 11, 2024
An application to conduct business as a development corporation submitted pursuant to NRS NRS 670.115 must be accompanied by:
1. A nonrefundable fee of $1,500; and
2. A fee of $300, prorated by the Commissioner of Financial Institutions.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670.067, 670.115
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.030 - Fees: Renewal of license; reinstatement of expired license

Current through June 11, 2024
1. A licensed development corporation shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $375 for the renewal of the license.
2. If the Commissioner of Financial Institutions reinstates an expired license, the licensee shall pay a reinstatement fee of $300 in addition to the annual renewal fee prescribed in subsection 1.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670.067, 670.240
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.040 - Fee for failure to submit required report

Current through June 11, 2024
A licensed development corporation shall pay a fee of $10 for each day that:
1. An annual report due pursuant to NRS NRS 670.250; or
2. Any other report required pursuant to this chapter or chapter 670 of NRS, is overdue.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670.067, 670.250, 670.320
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.050 - Annual assessments to cover costs related to performance of audits and examinations

Current through June 11, 2024
1. Except as otherwise provided in NAC 658.030, each licensed development corporation 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 of Financial Institutions of the Department of Business and Industry.
2. The Division of Financial Institutions of the Department of Business and Industry will bill each licensed development corporation 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 licensed development corporation whose assessment is received by the Division of Financial Institutions of the Department of Business and Industry after the date on which the assessment is due.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 658.055, 670.067, 670.250
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.060 - Prerequisites to conduct of business

Current through June 11, 2024
A person shall not conduct business as a development corporation in this State unless:
1. He possesses any license, certificate or permit required by this chapter, chapter 670 of NRS or a local governmental entity; and
2. The location of the development corporation complies with any applicable planning and zoning ordinances.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670.067
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.070 - Revocation or suspension of license

Current through June 11, 2024
The Commissioner of Financial Institutions may revoke or suspend the license of a development corporation pursuant to procedures provided in chapter 670 of NRS if the development corporation violates any provision of this chapter or chapter 670 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 670.067
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.080 - Inspection of documents filed with Division of Financial Institutions

Current through June 11, 2024
Except as otherwise provided in NAC 670.090 or by specific statute, all papers, documents, reports and other written instruments filed with the Division of Financial Institutions of the Department of Business and Industry pursuant to this chapter and chapter 670 of NRS are open to public inspection unless the Commissioner of Financial Institutions determines that the information is required to be withheld to protect the public welfare or the welfare of a licensee.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670.067
Nevada Administrative Code › Chapter 670 - Development Corporations › Section 670.090 - Complaints: Failure to respond; confidentiality

Current through June 11, 2024
1. If a licensed development corporation, 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 670.067
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.010 - Fee for supervision and related activities: Amount; collection; failure to pay

Current through June 11, 2024
1. The Commissioner of Financial Institutions will charge and collect a fee of $30 per hour from each corporation for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 670A of NRS.
2. The Commissioner will bill each corporation upon the completion of the activity for the fee established in subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after that date must include a penalty of 10 percent of the fee plus 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.
3. Failure of a corporation to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.
4. For the purposes of this section, "corporation" means a Nevada corporation for economic revitalization and diversification created pursuant to chapter 670A of NRS.
Added to NAC by Comm'r of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-1-89
NRS 658.101, 670A.060, 670A.260
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.020 - Fee: Application for license to conduct business

Current through June 11, 2024
An application for a license to conduct business as a corporation for economic revitalization and diversification must be accompanied by a nonrefundable fee of $1,500.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670A.060, 670A.130
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.030 - Fee: Renewal of license

Current through June 11, 2024
A licensed corporation for economic revitalization and diversification shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $150 for the renewal of the license.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670A.060, 670A.250
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.040 - Fee: Failure to submit required report

Current through June 11, 2024
A licensed corporation for economic revitalization and diversification shall pay a fee of $10 for each day that any report required pursuant to this chapter or chapter 670A of NRS is overdue.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670A.060, 670A.310
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.050 - Annual assessments to cover costs related to performance of audits and examinations

Current through June 11, 2024
1. Except as otherwise provided in NAC 658.030, each licensed corporation for economic revitalization and diversification 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 of Financial Institutions of the Department of Business and Industry will bill each licensed corporation for economic revitalization and diversification 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 licensed corporation for economic revitalization and diversification whose assessment is received by the Division of Financial Institutions of the Department of Business and Industry after the date on which the assessment is due.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 658.055, 670A.060, 670A.260
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.060 - Prerequisites to conduct of business

Current through June 11, 2024
A person shall not conduct business as a corporation for economic revitalization and diversification in this State unless:
1. He possesses each license, certificate and permit required by this chapter, chapter 670A of NRS and a local governmental entity; and
2. The location of the corporation complies with any applicable planning and zoning ordinances.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670A.060
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.070 - Revocation or suspension of license

Current through June 11, 2024
The Commissioner of Financial Institutions may revoke or suspend the license of a corporation for economic revitalization and diversification pursuant to procedures provided in chapter 670A of NRS if the licensee violates any provision of this chapter or chapter 670A 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 670A.060
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.080 - Inspection of documents filed with Division of Financial Institutions

Current through June 11, 2024
Except as otherwise provided in NAC 670A.090 or by specific statute, all papers, documents, reports and other written instruments filed with the Division of Financial Institutions of the Department of Business and Industry pursuant to this chapter and chapter 670A of NRS are open to public inspection unless the Commissioner of Financial Institutions determines that the information is required to be withheld to protect the public welfare or the welfare of a licensee.
Added to NAC by Comm'r of Financial Institutions by R109-06, eff. 6-28-2006
NRS 670A.060
Nevada Administrative Code › Chapter 670A - Corporations for Economic Revitalization and Diversification › Section 670A.090 - Complaints: Failure to respond in timely manner; confidentiality

Current through June 11, 2024
1. If a licensed corporation for economic revitalization and diversification, 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 670A.060
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.Sec. 2 - NEW

Current through June 11, 2024
1.
		  A licensee shall develop, implement and maintain an information security
		  program to safeguard the nonpublic personal information of a customer as
		  required by the Standards for Safeguarding Customer Information, 16 C.F.R. Part
		  314. The Division may review any information security program, risk assessment,
		  incident response plan or element implemented by a licensee pursuant to the
		  Standards for Safeguarding Customer Information, 16 C.F.R. Part 314.
2. As used in this section, "information
		  security program" means the administrative, technical or physical safeguards
		  used to access, collect, distribute, process, protect, store, use, transmit,
		  dispose of or otherwise handle customer information.
Added
			 to NAC by Comm'r of Financial Institutions by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.Sec. 3 - NEW

Current through June 11, 2024
If any money or credits received for transmission by a licensee
			 or authorized delegate are presumed abandoned pursuant to
			 NRS
			 120A.500, as amended by section 7 of Assembly
			 Bill No. 55, chapter 179, Statutes of Nevada 2023, at page 1052, the licensee
			 or authorized delegate must comply with the provisions of chapter 120A of NRS
			 with respect to the money or credits.
Added
			 to NAC by Comm'r of Financial Institutions by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.005 - "Licensee" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; R by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.007 - Requirements for issuance of license to business entity (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff. 10-15-2010; R by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.010 - Fee for supervision and related activities: Amount; collection; failure to pay

Current through June 11, 2024
1. The Commissioner
		  will charge and collect a fee of $75 per hour from each licensee for any
		  supervision, examination, audit, investigation or hearing conducted pursuant to
		  chapter 671 of NRS.
2. The
		  Commissioner will bill each licensee upon the completion of the activity for
		  the fee established in subsection 1. The fee must be paid within 30 days after
		  the date the bill is received. Except as otherwise provided in this subsection,
		  any payment received after that date must include a penalty of 10 percent of
		  the fee plus 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.
3. Failure of a
		  licensee to pay the fee required in subsection 1 as provided in this section
		  constitutes grounds for revocation of its license.
Added to NAC by Comm'r of
			 Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-1-89; R137-08,
			 10-15-2010; A by
			 R054-16A,
			 eff. 9/9/2016
NRS
			 658.101,
			 671.030,
			 671.120
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.020 - Fees: Application for license

Current through June 11, 2024
An application for a license submitted pursuant to
			 NRS
			 671.050, as amended by section 68 of Assembly
			 Bill No. 21, chapter 23, Statutes of Nevada 2023, at page 119, must be
			 accompanied by:
1. A nonrefundable
		  application fee of $500; and
2. A
		  license fee of $400, prorated by the Commissioner.
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by R137-08, 10-15-2010; A
			 by
			 R121-23A,
			 eff. 6/5/2024
NRS
				671.050, as amended by section 68 of Assembly
				Bill No. 21, chapter 23, Statutes of Nevada 2023, at page 119, NRS 671.355 and
				section 36 of Assembly Bill No. 21, chapter 23, Statutes of Nevada 2023, at
				page 100 (NRS 671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.030 - Fees: Renewal of license; reinstatement of expired license

Current through June 11, 2024
1.
		  A licensee shall pay annually to the Division a fee of $400 for the renewal of
		  his or her license.
2. If the
		  Commissioner reinstates an expired license, the licensee shall pay a late
		  renewal fee of $400 in addition to the renewal fee prescribed in subsection
		  1.
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by R137-08, 10-15-2010; A
			 by
			 R121-23A,
			 eff. 6/5/2024
NRS
				671.070, as amended by section 70 of Assembly
				Bill No. 21, chapter 23, Statutes of Nevada 2023, at page 122 and NRS
				671.355
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.040 - Fees: Application and license for agent of licensee (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by R137-08, 10-15-2010; R
			 by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.050 - Fee: Failure to submit required report

Current through June 11, 2024
A licensee shall pay a fee of $10 for each day that any report
			 required pursuant to this chapter or chapter 671 of NRS is overdue.
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006
NRS 671.030,
				671.183
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.060 - Annual assessments to cover costs related to legal services and performance of audits and examinations; failure to pay assessments

Current through June 11, 2024
1. Except as otherwise provided in NAC
		  658.030, each licensee 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. Each licensee shall
		  pay to the Division the assessment to cover the costs of legal services
		  provided by the Attorney General to the Commissioner and the Division which is
		  imposed pursuant to
		  NRS
		  658.098.
3. The Division shall bill each licensee for
		  the assessments described in subsections 1 and 2. The licensee shall pay the
		  assessments within 30 days after the date on which the licensee receives the
		  bill.
4. A charge of 10 percent of
		  the assessment will be imposed on any licensee if payment for an assessment
		  described in subsection 1 or 2 is received by the Division after the date on
		  which the assessment is due.
5. The
		  failure of a licensee to pay an assessment described in subsection 1 or 2
		  constitutes grounds for the revocation of the license of the
		  licensee.
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by R137-08,
			 10-15-2010
NRS
				658.055,
				658.098,
				671.030,
				671.120,
				671.180
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.070 - Prerequisites to engaging in business

Current through June 11, 2024
A person shall not engage in the business of money transmission
			 in this State unless:
1. The person
		  possesses each license, certificate and permit required by this chapter,
		  chapter 671 of NRS and a local governmental entity; and
2. The location of the business complies with
		  any applicable planning and zoning ordinances.
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.075 - Maintenance of separate custodial or trust account and related records (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff. 10-15-2010; R by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.080 - Revocation, suspension or refusal to renew license

Current through June 11, 2024
The Commissioner may revoke, suspend or refuse to renew a license
			 in accordance with
			 NRS
			 671.180 if a licensee violates any provision
			 of this chapter or chapter 671 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; A by R137-08,
			 10-15-2010
NRS 671.030,
				671.180
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.085 - Administrative fines and orders to cease and desist

Current through June 11, 2024
1. If a
		  person engages in an activity in violation of the provisions of this chapter or
		  chapter 671 of NRS, the Commissioner may issue an order to the person imposing
		  an administrative fine pursuant to
		  NRS 671.185
		  and directing the person to cease and desist from engaging in the
		  activity.
2. An order issued
		  pursuant to subsection 1 must:
(a) Be in
		  writing.
(b) Be served by certified
		  mail on the person to whom the order is directed. For the purposes of this
		  paragraph, proof of attempted service by certified mail to the last known
		  address of the person is sufficient to establish that service was
		  complete.
(c) State that the person
		  has 30 days after the date of the order to request an administrative hearing
		  and that the order shall be deemed final if the Division does not receive a
		  verified petition for a hearing within the prescribed time.
(d) State that, in the opinion of the
		  Commissioner, the person has engaged in an activity:
(1) For which the person has not received a
		  license as required by chapter 671 of NRS; or
(2) In a manner that violates the provisions
		  of this chapter or chapter 671 of NRS.
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.090 - Inspection of documents filed with Division (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r of
			 Financial Institutions by R109-06, eff. 6-28-2006; A by R137-08, 10-15-2010; R
			 by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.095 - Confidentiality of records

Current through June 11, 2024
An application for a license and financial records submitted by
			 an applicant pursuant to the provisions of this chapter and chapter 671 of NRS,
			 financial records or other documents submitted by a licensee pursuant to an
			 audit or examination conducted by the Division and any report of examination
			 made by the Division are confidential and may be disclosed only as authorized
			 pursuant to section 37 of Assembly Bill No. 21, chapter 23, Statutes of Nevada
			 2023, at page 101 (NRS 671.365), and
			 NRS
			 671.170, as amended by section 78 of Assembly
			 Bill No. 21, chapter 23, Statutes of Nevada 2023, at page
			 128.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff. 10-15-2010; A by
			 R121-23A,
			 eff. 6/5/2024
NRS 671.355 and section 36 of Assembly Bill No. 21, chapter 23,
				Statutes of Nevada 2023, at page 100 (NRS
				671.345)
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.100 - 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 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 and except as otherwise provided by specific statute, a complaint
		  filed with the Division, 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; A by R137-08,
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.110 - Hearings: Authority of Commissioner or designee

Current through June 11, 2024
The Commissioner or the designee of the Commissioner may:
1. Conduct hearings;
2. Question witnesses;
3. Make rulings on motions and objections;
		  and
4. Issue findings of fact or
		  conclusions of law at the conclusion of the case.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff.
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.120 - Hearings: Rules of procedure or evidence; records

Current through June 11, 2024
1. The Commissioner or the designee of the
		  Commissioner is not bound by strict rules of procedure or rules of evidence
		  when conducting the hearing, except that the hearing must be conducted pursuant
		  to the provisions of chapter 233B of NRS.
2. A record of the alleged acts which
		  constitute grounds for issuing the order and a copy of any evidence introduced
		  before or during the hearing must be filed with the Division.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff.
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.130 - Hearings: Subpoena; fees for witnesses

Current through June 11, 2024
1. A party to a
		  hearing may compel the attendance of witnesses in the party's behalf at the
		  hearing upon making a request to the Commissioner or the designee of the
		  Commissioner and designating the name and address of the person to be served
		  with a subpoena.
2. A witness
		  required to appear at a hearing before the Commissioner or the designee of the
		  Commissioner is entitled to receive from the party calling the witness the fees
		  and reimbursement for mileage provided to witnesses in civil cases pursuant to
		  NRS
		  50.225.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff.
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.140 - Hearings: Examination of witnesses

Current through June 11, 2024
1. A party to a
		  hearing may call any other party or witness as an adverse witness. The party
		  may question such a witness as if conducting a cross-examination.
2. Any party who is surprised by the
		  testimony of a witness, called in good faith as a witness on the party's
		  behalf, may question the witness as if conducting a
		  cross-examination.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff.
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 671 - Issuers of Instruments for Transmission or Payment of Money › Section 671.150 - Hearings: Failure of party to appear

Current through June 11, 2024
If a party fails to appear at a hearing scheduled by the
			 Commissioner or the designee of the Commissioner and a continuance has not been
			 requested or granted, upon an offer of proof by the Division that the absent
			 party was given proper notice and upon a determination by the Commissioner or
			 the designee of the Commissioner that proper notice was given, the Commissioner
			 or the designee of the Commissioner may proceed to consider the case without
			 the participation of the absent party and may dispose of the matter on the
			 basis of the evidence before the Commissioner or the designee of the
			 Commissioner. If the respondent fails to appear at the hearing or fails to
			 reply to the notice, the charges specified in the order may be considered as
			 true.
Added to NAC by Comm'r of
			 Financial Institutions by R137-08, eff.
			 10-15-2010
NRS 671.030
Nevada Administrative Code › Chapter 673 - Savings and Loan Associations › Section 673.010 - Determination of total assets for purposes of NRS 673.260 and 673.430

Current through June 11, 2024
Except as provided in this section, for the purposes of NRS 673.260 and 673.430, "total assets" are the dollar cost of the various assets appearing in a statement of condition. The Administrator of Financial Institutions will adjust the cost downward in the amount of the following items:
1. Reserves or allowances for depreciation, computed in accordance with accepted accounting practice;
2. Specific loss reserves established by the Administrator pursuant to NRS 673.319, but not blanket, unallocated reserves;
3. The amount carried as loans in process on the liability side of the annual statement of condition; and
4. The amount of any offset under liabilities which in effect reduces an asset, purchased at a discount and carried as an asset at face value, to its amortized cost.
Comm'r of Savings Associations, No. 1976-1, eff. 7-2-76-NAC A by Admstr. of Financial Institutions, eff. 6-29-84
NRS NRS 673.043
Nevada Administrative Code › Chapter 673 - Savings and Loan Associations › Section 673.020 - 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 savings and loan association for the supervision and examination of the savings and loan association pursuant to chapter 673 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 savings and loan association 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 savings and loan association bears to the total fee imposed on all savings and loan associations licensed pursuant to chapter 673 of NRS. The fee is calculated as of June 1 of each year based upon the number of savings and loan associations and the total assets of each savings and loan association 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.
Added to NAC by Comm'r of Financial Institutions, eff. 4-20-88; A 6-17-91; A by R054-16A, eff. 9/9/2016
NRS 658.101, 673.043, 673.430
Nevada Administrative Code › Chapter 673 - Savings and Loan Associations › Section 673.030 - Annual assessments to cover costs related to performance of audits and examinations

Current through June 11, 2024
1. Except as otherwise provided in NAC 658.030, each savings and loan association 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 savings and loan association 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 savings and loan association 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 NRS 658.055, 673.043, 673.450