Title 55

NRS 672.410 Removal of director, officer or employee on objection of Commissioner. If the Commissioner notifies the board in writing that he or she has information that any director, officer or employee of a credit union is failing in the performance of his or her duties, the boa…

NRS 672.420 Officers: Election; designation; bonds; terms; duties. 1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as: (…

NRS 672.430 List of directors, officers and committee members. Within 30 days following the election of the executive officers, the secretary shall submit to the Commissioner a list of the names and addresses of the directors, officers and committee members who have been elected …

NRS 672.440 Fiduciary relationship of directors and officers. Directors and officers of an association shall be deemed to stand in a fiduciary relation to the credit union and shall discharge the duties of their respective positions in good faith and with the diligence, care and …

NRS 672.450 Compensation and expenses of directors, officers and members. 1. A director or committee member may not be compensated for his or her services except that he or she may be provided reasonable life, health, accident and similar insurance protection. 2. Any member of th…

NRS 672.460 General powers; waiver or modification of law by Commissioner. Every credit union organized under the provisions of this chapter: 1. Has all the powers granted by NRS 81.500 that are not inconsistent with the provisions of this chapter and in addition thereto, the pow…

NRS 672.470 Receiving and paying out deposits; borrowing, selling and purchasing assets. A credit union may, subject to the regulations or approval of the Commissioner: 1. Receive from its members or from the members of another credit union deposits which are payable on demand an…

NRS 672.480 Fees and assessments. A credit union may: 1. Require, at the discretion of the directors, the payment of an entrance fee or annual membership fee of any person admitted to membership; 2. Collect, receive and disburse moneys and charge a fee for services rendered in co…

NRS 672.490 Membership in other credit union or organization; performance of certain services. A credit union may: 1. Hold membership in other credit unions organized under this chapter, in the Nevada Credit Union League and in other organizations composed of credit unions; 2. Pe…

NRS 672.500 Donations and contributions. A credit union may: 1. Contribute to, support or participate in any nonprofit service facility whose services will benefit the credit union or its membership; and 2. Make donations or contributions to any nonprofit civic, charitable or com…

NRS 672.510 Eligibility for membership. 1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have: (a) The common bond set forth in the bylaws; (b) Except as otherwise provided in subsection…

NRS 672.520 Eligibility of minor; limitations. 1. Shares may be issued to and deposits received from a minor and such minor may withdraw the shares and deposits, including the dividends and interest thereon. For purposes of making deposits, share investments and withdrawals a min…

NRS 672.530 Subscription to and transfer of shares; lien for sums due; reduction in shares. 1. Shares may be subscribed to, paid for and transferred in such manner as the bylaws may prescribe. The bylaws may specify a dollar amount for the par value of a share or require the par …

NRS 672.535 Issuance of shares to nonmembers. A credit union that qualifies and is approved for designation as a low-income credit union pursuant to 12 C.F.R. § 701.34, as amended, may issue shares to nonmembers. The total number of shares issued by the credit union to nonmembers…

NRS 672.540 Real and personal property subject to taxation. The real property and any tangible personal property owned by a credit union organized pursuant to this chapter or any other provision of law is subject to taxation to the same extent as other similar property is taxed. …

NRS 672.550 Meetings of members; alternative means for participating in meeting. 1. The annual meeting and any special meetings of the members of the credit union shall be held at the time and place and in the manner indicated in the bylaws. 2. The credit union shall provide memb…

NRS 672.560 Savings deposits; special clubs and accounts. 1. A credit union may receive savings deposits from its members, subject to such conditions and such return as may be established by the board. 2. Christmas clubs, vacation clubs and other thrift accounts may be operated i…

NRS 672.570 Multiple-party accounts: Authorization; disbursement of money; limitations. 1. A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on demand, to any one or mor…

NRS 672.630 Payment of trust accounts. 1. Any account payable to a trustee for another person may be paid to the trustee on demand. 2. The protection provided a credit union in subsection 1 has no bearing on the rights of parties in disputes between themselves or their successors…

NRS 672.650 Right to setoff against multiple-party accounts. Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, when a party to a multiple-party account is indebted to a credit union, the credit union has a right to setoff aga…

NRS 672.670 Reserve accounts. 1. Except as otherwise provided in subsection 3, each credit union shall establish and maintain a regular reserve account in accordance with the requirements of 12 C.F.R. Part 702 which are applicable to federally insured state-chartered credit union…

NRS 672.680 Special reserves. In addition to regular reserve, special reserves to protect the interest of members must be established when: 1. Required by regulations issued by the Commissioner; or 2. Directed by the board of the credit union. (Added to NRS by 1975, 388; A 1983, …

NRS 672.690 Assets qualified for reserves. For the purpose of establishing the reserves required by NRS 672.670 and 672.680, all assets except the following are considered risk assets: 1. Cash on hand; 2. Deposits or shares in federal or state banks, savings and loan associations…

NRS 672.700 Dividends. 1. The board may, after provision for the required reserves, declare a dividend to be paid from the remaining net earnings at a rate, interval and upon such shares as they determine. Dividends shall be paid on all paid-up shares outstanding at the close of …

NRS 672.710 Loans to members: Application; approval; limitations; participation loans; nonmember participation; payment. 1. Except as otherwise provided in subsection 5, a credit union may make loans to members in accordance with the provisions of the bylaws and policies establis…

NRS 672.720 Loans to members: Extension of previous maximum credit; review. 1. The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extensio…

NRS 672.730 Loans to and guaranties by directors and members of committees. 1. A credit union may make loans to its directors and to members of its committees, except that any loan or aggregate of loans to any one director or member of a committee which is more than $30,000 plus …

NRS 672.740 Security for loans. 1. In addition to generally accepted types of security, the endorsement of a note by a guarantor or assignment of shares or wages, in a manner consistent with the laws of this state, shall be deemed security within the meaning of this chapter. 2. T…

NRS 672.750 Insurance of members and accounts. 1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them. 2. A credit union may enter into cooperative marketing arrangements f…

NRS 672.755 Approval of private insurer and contract of insurance; regulations; reserve. 1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner and the Commissioner of Insurance must consider: (a) The value of…

NRS 672.760 Authorized investments. 1. Money not used in loans to members may be invested in: (a) Securities, obligations, participations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any agency thereof or…

NRS 672.765 Limitation on purchasing, holding and disposing of necessary or incidental property; required notification, approval or waiver. 1. A credit union may, subject to any regulations adopted by the Commissioner and any limitations imposed by 12 C.F.R. §§ 701.36(c) and 701.…

NRS 672.767 Definitions. As used in NRS 672.767 to 672.779, inclusive, unless the context otherwise requires, the words and terms defined in NRS 672.769 to 672.777, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 1494)

NRS 672.769 “Designated reporter” defined. “Designated reporter” means a person designated by a credit union to receive reports of known or suspected exploitation of an older person or vulnerable person pursuant to NRS 672.779. (Added to NRS by 2007, 1494)

NRS 672.771 “Exploitation” defined. “Exploitation” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.773 “Older person” defined. “Older person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.775 “Reasonable cause to believe” defined. “Reasonable cause to believe” has the meaning ascribed to it in NRS 200.50925. (Added to NRS by 2007, 1494)

NRS 672.777 “Vulnerable person” defined. “Vulnerable person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.778 Training; reporting to designated reporter. 1. Each credit union shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each employee of the credit union who: (a) May, as part of his …

NRS 672.779 Designated reporter: Designation; duty to report; immunity. 1. Each credit union shall designate a person or persons to whom an employee of the credit union must report known or suspected exploitation of an older person or vulnerable person. 2. If an employee reports …

NRS 672.780 Annual financial report. Every credit union organized under this chapter shall submit an annual financial report for the calendar year to the Commissioner on or before the first day of February on forms supplied by him or her for that purpose. (Added to NRS by 1975, 3…

NRS 672.790 Examinations and audits; exceptions; fees. 1. The Commissioner shall make a thorough examination of and into the affairs of each credit union organized under the provisions of this chapter, as often as the Commissioner may deem necessary, but at least once within each…

NRS 672.795 Independent audit and examination: Payment of assessment; cooperation. Each credit union shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto. (Added to NRS by 1987, 827) MERGER; CONVER…

NRS 672.800 Merger; fees set by regulation; regulations. 1. Any credit union may, with the approval of the Commissioner, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of each cre…

NRS 672.810 Conversions; fee set by regulation. 1. A credit union chartered in accordance with the laws of this state may be converted to a credit union chartered in accordance with the laws of any other state or the laws of the United States, subject to regulations adopted by th…

NRS 672.820 Voluntary dissolution. 1. At a meeting called to consider dissolution, the membership may vote to dissolve a credit union if notice of the meeting is mailed to the members at least 10 days prior thereto. Any member who is not present at the meeting may, within 20 days…