All Roll Calls
Yes: 63 • No: 0
NevadaSB37583rd Regular Session (2025)SenateWALLET
AN ACT relating to credit unions; authorizing a credit union which is a low-income credit union to issue shares to nonmembers under certain circumstances; authorizing the Commissioner of Financial Institutions to temporarily suspend certain regulations under certain circumstances; requiring the Commissioner to approve or deny an application to open an additional office within 60 days after receipt of the application; revising requirements for the par value of shares of a credit union; revising provisions relating to certain operations of a credit union; revising requirements for the board of directors of a credit union; revising provisions relating to membership in a credit union; revising provisions relating to certain reserves, loans and investments of a credit union; and providing other matters properly relating thereto.
Sponsored By: Julie Pazina (Democratic)
Signed by Governor
BDR 55-605
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 1 benefits, 0 costs, 6 mixed.
Low-income credit unions can sell to nonmembers
Beginning October 1, 2025, a low-income credit union approved under federal rules may sell shares to nonmembers. Nonmember shares may not be more than 20% of the credit union’s unimpaired capital and surplus unless the Commissioner gives written approval to exceed that limit.
Temporary suspension of credit union rules
Beginning October 1, 2025, the Commissioner may temporarily suspend a credit union regulation during a declared emergency or if in the public interest. An order can last up to 90 days and be extended once for up to 90 more days. The order must name the rule, give reasons, and list start and end dates, and the Commissioner must notify affected credit unions in writing. These orders are exempt from the Nevada Administrative Procedure Act.
Faster approvals to form and add branches
Beginning October 1, 2025, the Commissioner must decide a new credit union organization application within 30 days of receipt. The Commissioner must also decide an application to open an additional office within 60 days of receipt. These firm timelines cut delay for organizers and growing credit unions.
Nonmembers can co-sign but no perks
Beginning October 1, 2025, a credit union may let a nonmember be a joint applicant, co-borrower, surety, guarantor, or joint obligor on a member’s loan. But the credit union cannot give that nonmember other member services just because they helped with the loan. The nonmember can still join to get normal member benefits.
Modernized member and board rules
Beginning October 1, 2025, the board must meet at least six times a year, including once each quarter; the Commissioner may require more after an exam. Board members and credit union members may join meetings and vote by video or phone, unless articles or bylaws say otherwise; remote participation counts as being there. The board fills a director vacancy for the rest of that term, then members elect the seat under normal rules. The board may act on membership applications or appoint membership officers who must report approved or pending applications at each board meeting. A credit union may run a promotion that pays a qualifying prospective member’s entrance fee or initial share payment. Bylaws may fix the share par value or let the board set it by resolution.
New fees and lower share par
Beginning October 1, 2025, anyone applying to organize a credit union must pay an application fee and an investigation fee, set by the Commissioner. At formation, the par value stated for shares must be $1 or a multiple of $1, replacing the old $5 minimum.
Stronger reserves and new investment options
Beginning October 1, 2025, state-chartered credit unions must keep a regular reserve account under the federal 12 C.F.R. Part 702 rules. Private‑insured credit unions must notify or get approval from the Commissioner when a federally insured credit union would notify the NCUA. They may buy municipal bonds from outside Nevada if documented as investment grade and within caps: total municipal bonds at most 75% of net worth and any single issuer at most 25%. They may buy, hold, and sell property for operations, but must follow the Commissioner’s rules and seek notice or approval when federal credit unions would.
Sponsors & Cosponsors
Sponsor
Julie Pazina
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 5/22/2025
Final Passage - Assembly (1st Reprint)
Yes: 42 • No: 0
Senate vote • 4/21/2025
Final Passage - Senate (1st Reprint)
Yes: 21 • No: 0
Actions Timeline
Approved by the Governor. Chapter 206.
5/31/2025legislatureEnrolled and delivered to Governor.
5/27/2025legislatureTo enrollment.
5/23/2025SenateIn Senate.
5/22/2025SenateRead third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.
5/22/2025HouseTaken from General File. Placed on General File for next legislative day.
5/21/2025HouseRead second time.
5/20/2025HouseFrom committee: Do pass.
5/19/2025HouseRead first time. Referred to Committee on Commerce and Labor. To committee.
4/24/2025HouseIn Assembly.
4/24/2025HouseTo Assembly.
4/23/2025SenateFrom printer. To engrossment. Engrossed. First reprint.
4/23/2025SenateRead third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To printer.
4/21/2025SenateReprinting dispensed with.
4/18/2025SenateRead second time. Amended. (Amend. No. 316.)
4/18/2025SenatePlaced on Second Reading File.
4/18/2025SenateFrom committee: Amend, and do pass as amended.
4/18/2025SenateFrom printer. To committee.
3/18/2025SenateRead first time. Referred to Committee on Commerce and Labor. To printer.
3/17/2025Senate
Bill Text
As Enrolled
As Introduced
Reprint 1
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