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
8 provisions identified: 4 benefits, 0 costs, 4 mixed.
New loan limits and co-borrowers
Starting Oct 1, 2025, a credit union cannot lend to one member more than 10% of the credit union’s unimpaired capital and surplus. Starting Oct 1, 2025, nonmembers may co-apply, co-borrow, co-sign, or guarantee a member’s loan, but they do not get other member services unless they later join. Starting Oct 1, 2025, every loan must have records that support collection and regulator review and must follow state rules and regulations.
Regulator can pause rules in emergencies
The Commissioner may temporarily suspend a regulation after a state emergency or disaster is declared, or when the Commissioner finds it is in the public interest. Each order lasts up to 90 days and may be extended once for up to 90 more days. The order must name the rule, state the reason, give start and end dates, and be sent in writing to affected credit unions. These orders are exempt from the state’s Administrative Procedure Act.
More investments and property rules
Starting Oct 1, 2025, credit unions may buy municipal bonds issued outside Nevada if they document the bond is investment grade by a rating the Commissioner approves from Moody’s, S&P, or Fitch. Total municipal holdings cannot be more than 75% of net worth, and no single issuer can be more than 25%. Starting Oct 1, 2025, credit unions may buy, hold, and sell property for operations under the Commissioner’s rules and the limits in federal rule 12 C.F.R. 701.36(c) and (d), and must notify or seek approval in the same cases a federal credit union would with the NCUA.
Stronger reserves and federal alignment
Credit unions must keep a regular reserve that follows federal rule 12 C.F.R. Part 702. If a credit union is privately insured, it must notify or seek approval from the Commissioner in the same cases a federally insured credit union would with the NCUA. Each credit union must also keep special reserves under state law. A board may hold reserves above the minimum unless the Commissioner prohibits it.
Faster decisions on new branches
A credit union may open offices away from its main office with the Commissioner’s approval. The Commissioner must approve or deny an application within 60 days of receiving it. The old rule that a new office had to be reasonably necessary to serve members is removed.
Lower costs to join credit unions
A credit union may run open promotions that pay a new member’s entrance fee or the cost of required shares or the first installment. The minimum par value for a share is $1 or a multiple of $1. The bylaws may set a fixed par value or let the board change it by resolution. Boards may appoint membership officers to act on applications and must get a list of approvals or pending cases at each board meeting.
Modern rules for meetings and voting
Members have a reasonable chance to take part and vote at meetings. Unless the articles or bylaws say otherwise, you may join annual or special meetings by phone, video, or similar tech, and that counts as being present. Directors may also meet by phone or video, and that counts as in-person. The board must meet at least six times a year, with at least one each quarter, and the Commissioner can require more after an examination. If a director seat opens, the board may fill it for the rest of that term, and members elect the director at the next election.
Nonmembers may hold shares
A low‑income credit union approved under 12 C.F.R. 701.34 may issue shares to nonmembers. Nonmember shares cannot be more than 20% of the credit union’s unimpaired capital and surplus unless the Commissioner gives written approval for more.
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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