# Nevada AB500: AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; making an appropriation; providing penalties; and providing other matters properly relating thereto. Nevada AB500, AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; making an appropriation; providing penalties; and providing other matters properly relating thereto., is a 83rd Regular Session (2025) House bill sponsored by Steve Yeager (Democratic); status failed, last action 2025-06-03 ((No further action taken.)) (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/NV-AB500-83rd2025 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Nevada AB500 - State: Nevada - Session: 83rd Regular Session (2025) - Title: AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; making an appropriation; providing penalties; and providing other matters properly relating thereto. - Status: failed - Chamber: House - Introduced: 2025-03-24 - Last action: 2025-06-03, (No further action taken.) - Sponsor: Steve Yeager (Democratic) - Cosponsors: 0 - Subjects: BDR 55-999 - Touches household money: no - Roll calls: 2 (45 yes, 39 no in all) - Economic provisions PRIA read: 29 ## Summary No summary available. ## Bill overview: provisions PRIA read - Banks must report suspected financial exploitation: benefit, low. Payments-bank staff must report suspected exploitation of older or vulnerable people when the incident directly relates to their work. Each bank must name one or more designated reporters. Those reporters must notify listed aging-services offices, protective services, law enforcement, or a hotline… - Payments banks train to protect vulnerable customers: benefit, low. Payments banks must train directors, officers, and employees whose regular duties may involve older or vulnerable people. This includes direct contact or reviewing or approving those customers’ financial records, documents, or transactions. Training must cover how to spot, investigate, and report s… - Payments bank workers can get benefits: benefit, low. Nevada payments banks can offer pensions, retirement plans, and other benefits to their officers and employees. Banks can also help pay for these benefits. The bank’s board must approve the plan. The law does not require banks to offer benefits. - Merchants gain protection when payments banks fail: benefit, low. The Commissioner can require a payments bank to provide an irrevocable letter of credit for its merchants. It must last at least one year and come from an approved financial institution in an approved form. It is payable to the Commissioner for merchants' benefit if the bank becomes bankrupt, enter… - Nevada can run a government-only payments bank: benefit, low. The Nevada Secretary of State can obtain a license to run a payments bank. It can serve only governments, including state, local, and tribal governments—not household customers. The Commissioner can waive or change requirements by regulation when they do not fit this government-operated bank. - Nevada funds new payments bank oversight: benefit, low. Beginning July 1, 2025, Nevada provides State General Fund money to the Division of Financial Institutions for implementation. Funding is $3.035862 million for fiscal year 2025–2026 and $2.778095 million for fiscal year 2026–2027. It covers staff, operations, equipment, and information services. Re… - Payments banks avoid certain audit charges: benefit, low. Payments banks licensed under this law are exempt from the Commissioner’s assessment for independent certified public accountant audits and examinations. This exemption does not remove all audit or supervision costs. The law does not state the assessment amount or provide a direct payment to househ… - Payments bank directors face eligibility limits: cost, low. Certain bankruptcy or creditor proceedings require written Commissioner permission before a person can serve as a payments bank director. So does a qualifying unpaid judgment lasting more than three months. Specified jobs at unaffiliated payments banks or Nevada commercial banks also require permis… - Payments banks face stock sale rules: cost, low. Payments banks cannot organize under Nevada's general corporation law and need a license before issuing common or preferred stock. Additional authorized but unissued stock sales or purchase options require written approval. Permanent capital stock needs at least $1 in par value; lowering it below $… - Payments bank customers get insurance options: mixed, low. Before opening, payments banks must prove their deposits have federal insurance, approved private insurance, or permission to operate uninsured. Private insurance needs approval from both Nevada's financial institutions and insurance commissioners. They must review financial, management, contract,… - Bank certificate investors gain repayment priority: mixed, low. Payments banks can issue fully paid, accumulative, minimum-term, and other Commissioner-approved investment certificates. Holders are not liable for bank debts or assessments. In liquidation, they receive full payment before stockholders receive a distribution, but they do not share in profits. The… - Families and agents gain account options: mixed, low. Minors can hold payments-bank accounts or investment certificates with written consent from a parent, trustee, or guardian. For minors age 14 or older, specified payments and signed receipts release the bank from responsibility for that transaction. Married people can hold these accounts in their o… - Bank records gain privacy and legal coverage: mixed, low. Bank examination and supervisory records are generally confidential, and covered records are exempt from general public-records access. The Commissioner can share them with specified officials or institutions only with comparable protections against further disclosure. Covered criminal-investigatio… - Payments bank names and ads face limits: mixed, low. Regulated payments banks can use banking terms; prospective corporations need approved filings to use "bank" or "trust." Licensees need approval before using or changing business names, and names and forms cannot mislead the public. Banks cannot make prohibited state-supervision claims, use Nevada'… - Bank borrowing options include insurance safeguards: mixed, low. Payments banks can issue capital notes to document borrowing. Those notes can rank behind investment certificates and other liabilities for repayment. Banks with insured deposit accounts cannot borrow so much that they impair the accounts' insurance. - Bank insiders face limits and safeguards: mixed, low. Division regulators cannot hold bank interests, act for a payments bank, receive its payments, owe it money, or obtain services through fraud or unfair preference. Bank insiders cannot accept specified personal benefits, except benefits from the bank or its affiliate. They cannot buy bank debts bel… - Bank mergers and closures require approvals: mixed, low. Payments-bank merger or reorganization plans need board approval, a majority of voting power at a stockholder meeting, and Commissioner approval. Banks must provide requested review information; unauthorized mergers, liability transfers, and asset purchases are barred. Voluntary liquidation after a… - Bank offices expand with spending limits: mixed, low. Nevada payments banks can open offices beyond their main office. They must report office location changes in writing within 30 days. Land and office-building costs cannot exceed 70% of the bank's capital, surplus, and reserves. The law does not require banks to open more offices. - Banks gain investments but must protect deposits: mixed, low. Payments banks can invest customer deposits only in categories allowed by law. These include high-quality liquid assets, specified insured deposits, and specified government or agency investments. Banks can invest their own equity in related service companies and operating or financial subsidiaries… - Failed banks get resolution and trustee rules: mixed, low. For distressed payments banks, the Commissioner can borrow from the FDIC against bank assets; receivers and liquidators need Commissioner permission. Asset sales to the FDIC need a court order; loans need court approval when the FDIC serves as receiver or liquidator. A liquidated bank's trustee dut… - Failed payments banks get resolution rules: mixed, low. The FDIC can accept appointment without bond to resolve an insured bank taken over and closed for unmet depositor demands. Its acceptance transfers the bank's assets, business, and property automatically; federal law controls where state powers conflict. A court can order enforcement of owners' or… - Payments bank leaders face accountability rules: mixed, low. Payments banks need 5–25 directors, with most not serving as full-time bank officers. Directors and officers must act in good faith with prudent care and skill; boards elect officers and approve institutions holding bank funds. Boards must meet quarterly, have a majority present to conduct business… - Payments bank oversight allows limited exceptions: mixed, low. Nevada product innovation program participants are exempt from this chapter unless the Director requires it to apply under state law. Payments banks leave the general financial-institution fee framework, but remain subject to their own supervision and examination fees. The Commissioner publishes th… - Payments bank violations trigger corrective action: mixed, low. The Commissioner can order payments banks to stop violations of governing documents or state law, and unsafe or harmful practices. Continued noncompliance can trigger an ordered directors' meeting within 60 days, unless restrained by a court or the board. Actions taken at that meeting bind bank off… - Payments banks face licensing and ownership checks: mixed, low. Beginning October 1, 2025, Nevada's payments banks must get approval to organize and a license before issuing permanent stock. Applicants must show competence, submit fingerprints, and allow state and federal background checks; specified misconduct, crimes, or licensing actions within 10 years can… - Payments banks gain powers with limits: mixed, low. Licensed Nevada payments banks can offer deposit accounts, money transfers, merchant payment services, and certain trust services. They gain state and federal banking powers, but specified loan activities remain barred. The Commissioner can limit powers after notice and a hearing; federal law gener… - Payments banks must keep financial bonds: mixed, low. Payments banks must maintain bond coverage in an amount and form accepted by the Commissioner. The Commissioner can require proof that bond premiums were paid. Before opening, an approved uninsured bank must provide a surety bond or irrevocably pledge eligible assets covering likely liquidation or… - Payments banks must maintain capital cushions: mixed, low. Payments banks must continuously maintain a leverage capital ratio of at least 10% and the required capital stock and paid-in surplus. The Commissioner sets that capital amount after reviewing the application; its minimum is the lesser of $3 million or the Commissioner-determined amount. Payment-vo… - Payments banks pay for yearly audits: mixed, low. Payments banks must pay for an independent audit at least once each year, using an accountant approved by the Commissioner. The Commissioner can set its scope and must receive a certified copy, including management and internal-control letters. Each bank must also be examined at least once every tw… ## Sponsors and cosponsors - Sponsor: Steve Yeager (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-01 | House | Final Passage - Assembly (2nd Reprint) | pass | 20 | 22 | | | 2025-05-30 | House | Final Passage - Assembly (1st Reprint) | pass | 25 | 17 | | ## Actions (23) - 2025-06-03: (No further action taken.) (House) - 2025-06-02: From printer. To reengrossment. Reengrossed. Second reprint. (House) - 2025-06-01: To printer. (House) - 2025-06-01: Read third time. Lost. (Yeas: 20, Nays: 22.) (House) - 2025-06-01: Dispensed with reprinting. (House) - 2025-06-01: Read third time. Amended. (Amend. No. 966.) (House) - 2025-06-01: Placed on General File. (House) - 2025-06-01: Taken from Chief Clerk's desk. (House) - 2025-05-30: Placed on Chief Clerk's desk. (House) - 2025-05-30: Taken from General File. (House) - 2025-05-30: Action reconsidered. (House) - 2025-05-30: Read third time. Lost. (Yeas: 25, Nays: 17.) (House) - 2025-05-30: From printer. To engrossment. Engrossed. First reprint. (House) - 2025-05-29: Read third time. Amended. (Amend. No. 890.) To printer. (House) - 2025-05-29: Placed on General File. (House) - 2025-05-29: From committee: Amend, and do pass as amended. (House) - 2025-04-14: Rereferred to Committee on Ways and Means. Exemption effective. To committee. (House) - 2025-04-14: Taken from General File. (House) - 2025-04-14: Read second time. (House) - 2025-04-10: Notice of eligibility for exemption. (House) - 2025-04-10: From committee: Do pass. (House) - 2025-03-25: From printer. To committee. (House) - 2025-03-24: Read first time. Referred to Committee on Commerce and Labor. To printer. (House) ## Bill text - As Introduced: [PDF](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500.pdf) - Reprint 1: [PDF](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500_R1.pdf) - Reprint 2: [PDF](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500_R2.pdf) ## Related bills - AB499: AN ACT relating to elections; requiring, with certain exceptions, a registered voter show photo identification to vote in person; requiring the Department of M… (vetoed) - AB397: AN ACT relating to higher education; revising provisions governing certain waivers of fees provided by the Board of Regents of the University of Nevada; revisi… (vetoed) - AB259: AN ACT relating to health care; prohibiting certain actions related to pricing and reimbursement for certain drugs; creating a cause of action for violating su… (vetoed) - AB188: AN ACT relating to the Public Employees' Benefits Program; requiring the Board of the Public Employees' Benefits Program to report certain information relating… (vetoed) - SB217: AN ACT relating to health care; prohibiting a governmental entity from substantially burdening certain activity relating to assisted reproduction under certain… (vetoed) - AB471: AN ACT relating to taxation; revising provisions governing the taxation of remote sales of cigars and pipe tobacco; revising provisions governing the licensing… (signed) ## Sources - [As Introduced (PDF)](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500.pdf) - [Reprint 1 (PDF)](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500_R1.pdf) - [Reprint 2 (PDF)](https://www.leg.state.nv.us/Session/83rd2025/Bills/AB/AB500_R2.pdf) ## Related - [AB499: AN ACT relating to elections; requiring, with certain exceptions, a registered…](https://policyrisk.com/state-bill/NV-AB499-83rd2025) - [AB397: AN ACT relating to higher education; revising provisions governing certain waiv…](https://policyrisk.com/state-bill/NV-AB397-83rd2025) - [AB259: AN ACT relating to health care; prohibiting certain actions related to pricing…](https://policyrisk.com/state-bill/NV-AB259-83rd2025) - [AB188: AN ACT relating to the Public Employees' Benefits Program; requiring the Board…](https://policyrisk.com/state-bill/NV-AB188-83rd2025) - [SB217: AN ACT relating to health care; prohibiting a governmental entity from substant…](https://policyrisk.com/state-bill/NV-SB217-83rd2025) - [AB471: AN ACT relating to taxation; revising provisions governing the taxation of remo…](https://policyrisk.com/state-bill/NV-AB471-83rd2025) - [Nevada bills](https://policyrisk.com/states/nevada/bills) - [Nevada state hub](https://policyrisk.com/states/nevada) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/NV-AB500-83rd2025 (as of 2026-11-01).