Title 55

NRS 672.061 “Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. (Added to NRS by 1987, 2013)

NRS 672.070 “Credit union” defined. “Credit union” means a cooperative, nonprofit corporation, organized for the purposes of promoting thrift among its members and creating a source of credit for such members at a fair and reasonable rate of interest. (Added to NRS by 1975, 376)

NRS 672.080 “Demand” defined. “Demand” means a request for withdrawal or payment in accordance with all conditions of the account and bylaws of the credit union. (Added to NRS by 1975, 376)

NRS 672.090 “Department” defined. “Department” means the Department of Business and Industry. (Added to NRS by 1975, 376; A 1993, 1896)

NRS 672.100 “Deposits” defined. “Deposits” means that part of the savings liability of a credit union which is credited to the account of the holder thereof. (Added to NRS by 1975, 377)

NRS 672.110 “Director” defined. “Director” means the Director of the Department. (Added to NRS by 1975, 377; A 1993, 1897)

NRS 672.120 “Dividend” defined. “Dividend” means that part of the net earnings of an association which is declared payable by the board to the holders of record of permanent capital stock. (Added to NRS by 1975, 377)

NRS 672.125 “Fixed assets” defined. “Fixed assets” means the real property which constitutes the premises of a credit union or any of its offices, and the furniture, fixtures and equipment of the credit union. (Added to NRS by 1985, 783)

NRS 672.130 “Immediate family” defined. “Immediate family” includes any relative, by consanguinity or marriage, of a member living in the member’s household and includes foster and adopted children. (Added to NRS by 1975, 377)

NRS 672.140 “Loan officer” defined. “Loan officer” means the officer appointed by the board of directors or by the credit committee to process all applications for loans from the members of the credit union. (Added to NRS by 1975, 377)

NRS 672.145 “Member” defined. “Member” means a person who has an account with a credit union and meets the qualifications for membership specified in the articles of incorporation and bylaws of the credit union. (Added to NRS by 1985, 783)

NRS 672.150 “Merger” defined. “Merger” means that consolidation of corporate structures which results in the uniting of substantially all the assets and liabilities of one state-chartered corporation with those of another such corporation or with those of a federal corporation. (…

NRS 672.160 “Multiple-party account” defined. 1. “Multiple-party account” means: (a) An account in the name of two or more persons, any one or more of whom may make withdrawals; (b) An account in the name of one or more persons as trustee for one or more beneficiaries; (c) An acc…

NRS 672.170 “Net contribution” defined. “Net contribution” means the sum of all deposits which a party to a multiple-party account has made added to any dividends or interest due, less all withdrawals. It includes, in addition, any deposit life insurance proceeds added to the acc…

NRS 672.180 “Party” defined. “Party” means any person who, by the terms of the account, has a present right of withdrawal in a multiple-party account. Unless the context indicates otherwise, it includes a guardian, conservator-trustee, personal representative, assignee, an attach…

NRS 672.190 “Payment” defined. “Payment” means the withdrawal and payment of sums on deposit on the directive of a party. (Added to NRS by 1975, 377)

NRS 672.210 “Proof of death” defined. “Proof of death” means a death certificate or other statement issued by an appropriate official which indicates that a named person is deceased. (Added to NRS by 1975, 377)

NRS 672.220 “Sums on deposit” defined. “Sums on deposit” means the balance payable on a multiple-party account including interest, dividends and any deposit life insurance proceeds added to the account because of the death of a party. (Added to NRS by 1975, 377)

NRS 672.230 “Trust account” defined. “Trust account” means any account which states that a party is a trustee for one or more identified persons, including but not limited to minors. (Added to NRS by 1975, 378)

NRS 672.240 “Withdrawal” defined. “Withdrawal” means payment to a party or a third person pursuant to a directive of a party. (Added to NRS by 1975, 378) ADMINISTRATION

NRS 672.250 Administration of chapter; regulations of Commissioner; temporary suspension of regulations. 1. Except as otherwise provided in this section, the Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. 2. Th…

NRS 672.260 Duties of Commissioner; regulations. The Commissioner shall: 1. Adopt a regulation establishing the minimum surety bond required of credit unions in relation to the amount of property under their control. 2. Adopt a regulation that sets forth the records a credit unio…

NRS 672.270 Powers of Commissioner concerning regulations and legal actions. The Commissioner may: 1. Adopt regulations, subject to the advice of the Credit Union Advisory Council, establishing chartering, supervisory and examination fees; and 2. Cause appropriate legal action to…

NRS 672.275 Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship. 1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not: (a) …

NRS 672.282 Application for license: Additional requirements; fingerprints; grounds for refusal to issue license. 1. In addition to any other requirements set forth in this chapter, each applicant must submit: (a) Proof satisfactory to the Commissioner that the applicant: (1) Has…

NRS 672.284 Suspension or revocation of license: Additional grounds. In addition to any other lawful reasons, the Commissioner may suspend or revoke a license if the licensee has engaged in any act that would be grounds for denying a license pursuant this chapter. (Added to NRS b…

NRS 672.286 Use or change of business name; prohibitions. 1. A licensee must obtain the approval of the Commissioner before using or changing a business name. 2. A licensee shall not: (a) Use any business name which is identical or similar to a business name used by another licen…

NRS 672.288 Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses. 1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this chapter, the Commissioner or his or he…

NRS 672.290 Credit Union Advisory Council. 1. The Credit Union Advisory Council, consisting of five members appointed by the Governor, is hereby created to consult with, advise and make recommendations to the Commissioner in all matters pertaining to credit unions. 2. The Governo…

NRS 672.295 Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation. Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply …

NRS 672.300 Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence. 1. Except for a credit union organized under the Federal Credit Union Act or a foreign credit union which has been issued a certificate of authority by the…

NRS 672.310 Procedure for incorporation; fees set by regulation. 1. The Secretary of State shall not issue any certificate of incorporation to any credit union authorizing it to do business in this state until the articles of incorporation are approved by the Commissioner. 2. An …

NRS 672.320 Amendment of articles of incorporation; bylaws. 1. The articles of incorporation or bylaws may be amended as provided in the bylaws. Any amendment to the articles of incorporation or bylaws do not become effective until approved in writing by the Commissioner. 2. The …

NRS 672.330 Offices; principal place of business. 1. A credit union may maintain, with the approval of the Commissioner, offices at locations other than its main office. The Commissioner shall approve or deny any application to open an additional office within 60 days after the d…

NRS 672.340 Fiscal year. The fiscal year of all credit unions organized under this chapter shall end on the last day of December. (Added to NRS by 1975, 380) FOREIGN CREDIT UNIONS

NRS 672.342 Certificate of authority required. No credit union organized under the laws of another state may commence or transact any business or maintain an office in this state without first obtaining a certificate of authority from the Commissioner. (Added to NRS by 1983, 2014…

NRS 672.343 Application for certificate of authority: Filing; form; contents; withdrawal of application. Each application for an initial certificate of authority submitted by a foreign credit union must be filed with the Commissioner on a form prescribed by him or her and must in…

NRS 672.3435 Fee for initial investigation; annual fees; costs for additional investigations; regulations. 1. The Commissioner shall charge and collect a fee of not more than $1,000 for an initial investigation from each foreign credit union which applies for certification. The f…

NRS 672.344 Requirements for issuance of certificate. The Commissioner shall issue a certificate of authority to a foreign credit union if he or she is satisfied that: 1. The members of the credit union to be served in this State are adequately protected by any form of security w…

NRS 672.345 Applicable law; filing of annual report. A foreign credit union which has been issued a certificate of authority shall: 1. Serve its members in this state in accordance with its bylaws and the laws of the state in which it was organized, except where those laws confli…

NRS 672.3455 Application for certificate of authority to open branch offices. A foreign credit union which has been issued a certificate of authority may apply to the Commissioner for a certificate of authority to open one or more branch offices in this state. Such an application…

NRS 672.346 Examination of records; revocation of certificate. The Commissioner may: 1. Examine the records of any foreign credit union which holds a certificate of authority issued by the Commissioner at any time he or she deems necessary. 2. Revoke a certificate of authority is…

NRS 672.347 Applicability of provisions of chapter 80 of NRS. The provisions of chapter 80 of NRS which are not in conflict with the provisions of this chapter apply to any foreign credit union which holds a certificate of authority to transact business or maintain an office in t…

NRS 672.350 Board of directors: Number, election and terms of members; procedure for filling vacancy. 1. The business affairs of a credit union shall be directed by an odd-numbered board of not fewer than five directors to be elected at the annual meetings by and from the members…

NRS 672.360 Board of directors: Responsibilities; meetings; executive committee; alternative means for conducting meeting. 1. Except as otherwise provided in subsection 2, the board of directors is responsible for the general direction of the affairs, funds and records of the cre…