Nevada Administrative Code

NAC 676A.210 Order to cease and desist issued by Commissioner; contested hearing. (NRS 676A.730, 676A.740) 1. An order issued by the Commissioner pursuant to NRS 676A.740 to cease and desist from engaging in an activity in violation of the provisions of this chapter or chapter 67…

NAC 676A.220 Conduct of hearing. (NRS 676A.730) 1. The Commissioner or the Commissioner’s designee 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 N…

NAC 676A.230 Subpoena of witnesses. (NRS 676A.730) 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 Commissioner’s designee and designating the name and address of the person to be…

NAC 676A.240 Examination of witnesses. (NRS 676A.730) 1. A party 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. A party who is surprised by the testimony of a witness, called in good faith …

NAC 676A.250 Failure to appear at hearing. (NRS 676A.730) If a party fails to appear at a hearing scheduled by the Commissioner or the Commissioner’s designee and a continuance has not been requested or granted, upon an offer of proof by the Division that the absent party was giv…

NAC 676A.260 Fee for examination and related activities: Amount; collection; failure to pay. (NRS 676A.730) 1. The Commissioner will charge and collect a fee of $75 per hour from each registered provider for any examination, audit, investigation or hearing of the registered provi…

NAC 677.010 Definitions. (NRS 677.380) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 677.020 to 677.110, inclusive, have the meanings ascribed to them in those sections. (Supplied in codification; A by Comm’r of Financial Insti…

NAC 677.020 “Acquiescence” defined. (NRS 677.380) “Acquiescence” means the procedure of reviewing forms, documents, plans of business and other submissions, and the notice given by the Commissioner to thrift companies in writing that he or she does not object to their use. [Dep’t…

NAC 677.030 “Borrowings” defined. (NRS 677.380) “Borrowings” under subsection 4 of NRS 677.620 includes all debt securities, no matter to whom they are issued. [Dep’t of Commerce, Thrift Companies Reg. § 4 subsec. 4.9, eff. 1-4-76; A and renumbered as subsec. 4.7, 1-4-78; A and r…

NAC 677.040 “Capital and surplus” defined. (NRS 677.380) “Capital and surplus,” as used in NRS 677.540, subsection 3 of NRS 677.620 and NRS 677.770 means the sum of capital stock, capital surplus and undivided profits. [Dep’t of Commerce, Thrift Companies Reg. § 1 subsecs. 1.6, 1…

NAC 677.050 “Capital and surplus not available for dividends” defined. (NRS 677.380) “Capital and surplus not available for dividends” as used in NRS 677.760 means the sum of capital stock, capital surplus and undivided profits to the extent of 10 percent of the capital stock. [D…

NAC 677.060 “Capital stock” defined. (NRS 677.380) “Capital stock” means the aggregate par value of all issued and outstanding shares. [Dep’t of Commerce, Thrift Companies Reg. § 1 subsec. 1.2, eff. 1-4-76; A 12-14-78]

NAC 677.070 “Capital surplus” defined. (NRS 677.380) “Capital surplus” means that amount paid or contributed by the shareholders in accordance with the requirements of this chapter and chapter 677 of NRS. [Dep’t of Commerce, Thrift Companies Reg. § 1 subsec. 1.3, eff. 1-4-76; A a…

NAC 677.074 “Commissioner” defined. (NRS 677.380) “Commissioner” has the meaning ascribed to it in NRS 677.065. (Added to NAC by Comm’r of Financial Institutions by R101-01, eff. 11-15-2001)

NAC 677.076 “Deposit” defined. (NRS 677.380) “Deposit” has the meaning ascribed to it in NRS 677.075. (Added to NAC by Comm’r of Financial Institutions by R101-01, eff. 11-15-2001)

NAC 677.080 “Impaired capital” defined. (NRS 677.380) “Impaired capital” means that the minimum amount of capital, required by NRS 677.210 to be maintained in the capital stock and capital surplus accounts, is reduced by a deficit balance in the company’s undivided profit account…

NAC 677.085 “Licensee” defined. (NRS 677.380) “Licensee” has the meaning ascribed to it in NRS 677.110. (Added to NAC by Comm’r of Financial Institutions, eff. 12-17-87)

NAC 677.090 “Paid-in capital” defined. (NRS 677.380) “Paid-in capital” for the purposes of NRS 677.210 means capital stock. [Dep’t of Commerce, Thrift Companies Reg. § 1 subsec. 1.4, eff. 1-4-76; A and renumbered as subsec. 1.10, 1-4-78]

NAC 677.100 “Paid-up capital and surplus” defined. (NRS 677.380) “Paid-up capital and surplus” as used in subsection 3 of NRS 677.630 means the sum of capital stock, capital surplus and undivided profits. [Dep’t of Commerce, Thrift Companies Reg. § 1 subsec. 1.10, eff. 1-4-76; A …

NAC 677.110 “Paid-up and unimpaired capital and unimpaired surplus” defined. (NRS 677.380) “Paid-up and unimpaired capital and unimpaired surplus” as used in subsection 1 of NRS 677.620 means the sum of capital stock, capital surplus and undivided profits, so long as this total d…

NAC 677.121 Prerequisites to engaging in business. (NRS 677.380) A person shall not engage in business in this State pursuant to the provisions of this chapter and chapter 677 of NRS unless: 1. The person possesses each license, certificate and permit required by this chapter, ch…

NAC 677.125 Notice of intent to license. (NRS 677.380) 1. The Commissioner will send to each licensee a written notice of intent to license any new thrift company or new branch of an existing thrift company. 2. The notice will be sent at least 30 days before the intended action. …

NAC 677.131 Fees: Application for authority to engage in business; issuance of license. (NRS 677.160, 677.380) 1. An original application submitted pursuant to NRS 677.160 must be accompanied by: (a) A fee of $1,500 for the principal office; and (b) A fee of $225 for each branch …

NAC 677.135 Fees: Renewal of license; reinstatement of expired license. (NRS 677.360, 677.380) 1. A licensee shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $750 for the renewal of his or her license. 2. If the Comm…

NAC 677.150 Approval required to pledge assets. (NRS 677.380) No assets of the thrift company may be pledged to secure payment of the bond or letter of credit without the express written permission of the Commissioner. [Dep’t of Commerce, Thrift Companies Reg. § 2 subsec. 2.3, ef…

NAC 677.160 Articles of incorporation and amendments. (NRS 677.380) 1. Before the articles of incorporation of a thrift company are filed with the Secretary of State, a draft of the articles must be submitted to the Commissioner for acquiescence. 2. Any proposed amendments to the…

NAC 677.170 Bylaws and amendments. (NRS 677.380) 1. A draft of the bylaws must be submitted to the Commissioner for acquiescence before adoption. Any proposed amendments to the bylaws must also be submitted to the Commissioner for acquiescence before adoption. 2. Within 10 days a…

NAC 677.180 Voting trusts, pooling agreements and proxy agreements. (NRS 677.380) 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 …

NAC 677.190 Requirements for acquiescence. (NRS 677.380) 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 asses…

NAC 677.200 Capital accounts required. (NRS 677.380) 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; …

NAC 677.220 Capital sources and requirements. (NRS 677.380) 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 fr…

NAC 677.230 Capital surplus accounts. (NRS 677.380) 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 earm…

NAC 677.240 Capital surplus account: Dividends and transfers. (NRS 677.380) 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 paymen…

NAC 677.250 Dividends. (NRS 677.380) 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.…

NAC 677.260 Remedies if capital impaired, excess certificates issued or limitation of borrowing exceeded. (NRS 677.380) 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 …

NAC 677.270 Limitations on lending. (NRS 677.380) 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 tim…

NAC 677.275 Consideration for sale. (NRS 677.380) 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 1…

NAC 677.280 Expenses and commissions of sale. (NRS 677.380) 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 com…

NAC 677.290 Sales or transfer. (NRS 677.380) 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 per…

NAC 677.310 Fee for supervision and examination: Collection; determination of amount; failure to pay; additional costs for extraordinary examination. (NRS 658.101, 677.380, 677.430) 1. On or before June 30 of each year, the Commissioner of Financial Institutions will collect a fe…

NAC 677.315 Assessment for costs related to audits and examinations. (NRS 658.055, 677.380, 677.435) 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 o…

NAC 677.320 Appraisers. (NRS 677.380) 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 …

NAC 677.330 Market value of security. (NRS 677.380) 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 publi…

NAC 677.340 Adequate appraisal; reappraisal. (NRS 677.380) 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;…

NAC 677.370 Monthly financial reports. (NRS 677.380) 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 pa…

NAC 677.380 Semiannual financial reports. (NRS 677.380) 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)…

NAC 677.390 Annual financial reports. (NRS 677.380) 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 outs…