Nevada Administrative Code

NAC 677.430 Review and chargeoffs. (NRS 677.380, 677.460) 1. Receivables must be reviewed at least once each month, and accounts subject to chargeoff must be charged to the allowance for credit losses not later than the 15th day of the succeeding month. 2. When a licensee is able…

NAC 677.450 Disclosure of fees and charges. (NRS 677.380) The terms and conditions of all potential charges to a borrower, including any charge for a default on an installment due, a deferment, a prepayment of the loan, and a returned check, must be disclosed to the borrower in w…

NAC 677.500 Requirements of licensee for approval of contract; withdrawal of approval; hearing. (NRS 677.247, 677.380) 1. Before the Commissioner will approve a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247, the…

NAC 677.510 Requirements of private insurer for approval of contract. (NRS 677.247, 677.380) 1. Before the Commissioner will approve a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247, a private insurer must: (a) B…

NAC 677.520 Considerations in determination of acceptability of private insurer to issue contract; additional reserve. (NRS 677.247, 677.380) 1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner will conside…

NAC 677.530 Disclosure required before licensee accepts deposit. (NRS 677.247, 677.380) 1. A licensee who has obtained a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247 shall, before accepting a deposit from a per…

NAC 677.540 Examination by Commissioner of Insurance. (NRS 677.247, 677.380) The Commissioner may request that the Commissioner of Insurance: 1. Conduct an examination, in the manner set forth in chapter 679B of NRS, of a private insurer that issues a contract for the insurance o…

NAC 677.550 Notification of change; approval or disapproval by Commissioner; hearing. (NRS 677.247, 677.380) 1. A private insurer that issues a contract for the insurance of deposits pursuant to subsection 2 of NRS 677.247 shall notify the Commissioner within 3 business days afte…

NAC 677.610 Complaints: Failure to respond in timely manner; confidentiality. (NRS 677.380) 1. If a licensee, 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…

NAC 677.620 Suspension or revocation of license. (NRS 677.380, 677.510) The Commissioner of Financial Institutions may suspend or revoke a license in accordance with NRS 677.480 to 677.570, inclusive, if the licensee violates any provision of this chapter or chapter 677 of NRS, i…

NAC 678.002 Definitions. (NRS 678.250) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 678.004 and 678.006 have the meanings ascribed to them in those sections. (Added to NAC by Comm’r of Financial Institutions by R002-00, eff. 3…

NAC 678.004 “Commissioner” defined. (NRS 678.250) “Commissioner” means the Commissioner of Financial Institutions. (Added to NAC by Comm’r of Financial Institutions by R002-00, eff. 3-13-2000)

NAC 678.006 “Division” defined. (NRS 678.250) “Division” means the Division of Financial Institutions of the Department of Business and Industry. (Added to NAC by Comm’r of Financial Institutions by R002-00, eff. 3-13-2000)

NAC 678.008 “Unimpaired capital and surplus” interpreted. (NRS 678.250, 678.710) For the purposes of this chapter and NRS 678.710, the Division shall interpret the term “unimpaired capital and surplus” to mean shares plus postclosing, undivided earnings. The term does not include…

NAC 678.010 Formation. (NRS 678.250, 678.270, 678.310) 1. Any person desiring to form a credit union pursuant to chapter 678 of NRS must: (a) Complete the Organization Certificate, Confidential Report of Officials, Agreement by Director and Committeemen to Serve, Report of Offici…

NAC 678.020 Surety bonds: Annual review; minimum coverage. (NRS 678.250, 678.260) 1. The board of directors of each credit union shall annually review the surety bond coverage it has in force in order to determine its adequacy in relation to the credit union’s exposure to potenti…

NAC 678.030 Fidelity bonds: General requirements. (NRS 678.250, 678.370, 678.420) 1. All fidelity bonds must provide coverage for the faithful performance of any officer or employee while carrying out any of the duties of the treasurer as prescribed in chapter 678 of NRS, the byl…

NAC 678.035 Disclosure of fees charged for services provided. (NRS 678.250, 678.480) A credit union may charge for services it provides if it discloses such fees to the customer before imposing the fees on the customer. (Added to NAC by Comm’r of Financial Institutions by R002-00…

NAC 678.050 Reserve for liquidity; demand deposits. (NRS 678.250, 678.680) 1. A credit union shall hold liquid assets in an amount equal to at least 5 percent of its members’ accounts. 2. The Commissioner may issue an order requiring a credit union to cease and desist from offeri…

NAC 678.060 Borrowings. (NRS 678.250) No credit union, with the exception of a central credit union, may have at any one time outstanding borrowings which exceed 50 percent of its unimpaired capital and surplus. [Comm’r of Credit Unions, § E, eff. 8-12-76; A and renumbered as § F…

NAC 678.070 Special reserves against losses. (NRS 678.250, 678.680) If the Commissioner deems the reserves required by NRS 678.670 inadequate to cover a credit union’s delinquent loans, the Commissioner will require, upon 5 days’ written notice, that the credit union maintain a s…

NAC 678.100 Investments. (NRS 678.250, 678.760) The stocks and bonds which the Commissioner approves as investments for credit unions pursuant to subsection 8 of NRS 678.760 are the stocks and bonds which are accorded one of the top two ratings by a statistical rating organizatio…

NAC 678.110 Financial reports. (NRS 678.250, 678.780) Each credit union shall file with the Commissioner a financial report that is substantially similar to the report provided by the credit union to the National Credit Union Administration or the private insurer of the credit un…

NAC 678.120 Accounting Manual for Federal Credit Unions. (NRS 678.250) The Accounting Manual for Federal Credit Unions must be used as the standard for accounting practices for state chartered credit unions. [Comm’r of Credit Unions, § A subsec. 4, eff. 8-12-76; A and renumbered …

NAC 678.130 Examinations. (NRS 678.250, 678.790) Any examination required by the provisions of chapter 678 of NRS must be conducted in accordance with the procedures established by the Commissioner. [Comm’r of Credit Unions, § I, eff. 8-12-76; A and renumbered as § J, 12-14-78]—(…

NAC 678.140 Notification and revision of schedule of fees. (NRS 678.250) 1. Each credit union will be notified at least 30 days before the effective date of any schedule of fees fixed pursuant to this chapter. 2. Upon receipt of such notification, interested persons may submit wr…

NAC 678.150 Fee for supervision and examination: Collection; determination of amount; failure to pay; penalty; additional costs for extraordinary examination. (NRS 678.250, 678.270) 1. On or before June 30 of each year, the Commissioner will collect a fee from each credit union f…

NAC 678.155 Assessment for costs related to audits and examinations. (NRS 678.250, 678.795) 1. Except as otherwise provided in NAC 658.030, each credit union shall pay to the Division an annual assessment of $300 to cover the costs related to the employment of a certified public …

NAC 678.160 Fee for license. (NRS 678.250, 678.270) 1. Not later than January 31 of each year, each credit union shall pay to the Division a license fee of $300. 2. A credit union which has been chartered under the laws of another jurisdiction and converts to a credit union chart…

NAC 678.165 Fees for foreign credit unions. (NRS 678.250, 678.3435) 1. An application for an initial certificate of authority submitted by a foreign credit union pursuant to NRS 678.343 must be accompanied by a nonrefundable fee of $750. 2. The annual fee for renewal for: (a) The…

NAC 678.170 Conversion from another state charter to Nevada charter. (NRS 678.250, 678.810) A credit union chartered by another state may apply for provisional acceptance by the Commissioner by submitting all the items listed in subsection 1 of NAC 678.180 and: 1. A copy of the l…

NAC 678.180 Conversion from federal to state charter. (NRS 678.250, 678.810) 1. A federal credit union desiring to convert to a state-chartered credit union must provide the Commissioner with the following: (a) A confidential report of the credit union’s officials, with their soc…

NAC 678.190 Voluntary dissolution. (NRS 678.250, 678.820) The board of directors shall give the Commissioner 10 days’ written notice of its intention to put the question of voluntary dissolution to the members of its credit union. [Comm’r of Credit Unions, § P, eff. 12-14-78; ren…

NAC 678.200 Regular reserves of central credit unions: “Risk assets” defined. (NRS 678.250, 678.875) For the purpose of NRS 678.875, “risk assets” has the meaning ascribed to it in NRS 678.690. [Comm’r of Credit Unions, § O, eff. 12-14-78; renumbered as § Q, 2-6-81]

NAC 678.210 Retention of records. (NRS 678.250, 678.260) 1. Except as otherwise provided in this section, a credit union may destroy a record 1 year after the date on which the record is created. 2. A credit union shall retain permanently the following records: (a) The charter an…

NAC 678.220 Failure to respond to complaint; confidentiality of complaint and certain related information. (NRS 678.250) 1. If a licensed credit union, or an authorized representative of that credit union, fails to respond to the Commissioner within 20 business days after receivi…

NAC 678A.005 Short title. (NRS 678A.450, 678B.650, 678C.490, 678D.500) This chapter and chapters 678B and 678D of NAC may be known and cited as Nevada Cannabis Compliance Regulations, or abbreviated N.C.C.R. or NCCR. [Cannabis Compliance Bd., §1.000, eff. 8-5-2020]

NAC 678A.010 Definitions. As used in this chapter and chapters 678B and 678D of NAC, unless the context otherwise requires, the words and terms defined in NAC 678A.015 to 678A.260, inclusive, have the meanings ascribed to them in those sections. (Supplied in codification)

NAC 678A.015 “Act” defined. (NRS 678A.450, 678B.650, 678C.490, 678D.500) “Act” means chapters 678A, 678B, 678C and 678D of NRS. [Cannabis Compliance Bd., §1.050, eff. 8-5-2020]

NAC 678A.020 “Advertise” and “advertising” defined. (NRS 678A.450, 678B.650) 1. “Advertise” or “advertising” means an attempt by written, electronic or graphic representation to promote a company or company products or services. The term includes, without limitation, such represe…

NAC 678A.025 “Analyte” defined. (NRS 678A.450, 678B.650) “Analyte” means any compound, element, contaminant organism, species or other substance for which a cannabis sample is tested by a cannabis independent testing laboratory. [Cannabis Compliance Bd., §1.053, eff. 8-5-2020] RE…

NAC 678A.030 “Analytical portion” defined. (NRS 678A.450, 678B.650) “Analytical portion” means the portion of a test sample that is being processed for a particular laboratory test. [Cannabis Compliance Bd., §1.055, eff. 8-5-2020]

NAC 678A.035 “Applicant” defined. (NRS 678A.450, 678B.650) “Applicant” means any person who has applied for the licensing of a cannabis establishment, for the issuance of a license to a business entity or for the issuance of a registration card. [Cannabis Compliance Bd., §1.057, …

NAC 678A.040 “Application” defined. (NRS 678A.450, 678B.650, 678C.490, 678D.500) “Application” means a request for the issuance of a license for a cannabis establishment, for the issuance of a license to a business entity, for the issuance of a registration card or for approval o…

NAC 678A.045 “Batch” defined. (NRS 678A.450, 678B.650, 678C.490, 678D.500) “Batch” means the usable flower and trim contained within one or more specific lots of cannabis grown by a cannabis cultivation facility from one or more seeds or cuttings of the same strain of cannabis an…

NAC 678A.050 “Batch number” defined. (NRS 678A.450, 678B.650, 678C.490, 678D.500) “Batch number” means a unique numeric or alphanumeric identifier assigned to a batch by a cannabis establishment when the batch is planted. [Cannabis Compliance Bd., §1.065, eff. 8-5-2020] REVISER’S…

NAC 678A.055 “Board agent” defined. (NRS 678A.450, 678B.650, 678C.490, 678D.500) “Board agent” means an employee of the Board, including, without limitation, inspectors, auditors and investigators. [Cannabis Compliance Bd., §1.068, eff. 8-5-2020]