Title 55

NRS 677.435 Independent audit and examination: Payment of assessment; cooperation. Each licensee 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)

NRS 677.440 Authority 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 her du…

NRS 677.450 Authority of Commissioner to require attendance of witnesses and production of documents. The Commissioner may require the attendance of any person and may examine him or her under oath relative to loans or business regulated by this chapter or the subject matter of a…

NRS 677.460 Charging off assets; regulations and orders. The Commissioner may provide by regulation or order for the charging off of assets considered to be of little or no value. (Added to NRS by 1975, 1834; A 1983, 1824; 1987, 2006)

NRS 677.470 Licensee to pay costs of audit of books and records. In addition to the annual fee provided by this chapter, the Commissioner shall assess and collect from each licensee the reasonable cost of auditing the books and records of a licensee. (Added to NRS by 1975, 1834; …

NRS 677.480 Order of Commissioner directing discontinuance of unsafe or injurious practice. If it appears to the Commissioner any company is conducting business in an unsafe or injurious manner, he or she may by written order direct the discontinuance of any unsafe or injurious p…

NRS 677.490 Surrender of license by licensee; surrender as affecting licensee’s liability. Any licensee may surrender any license by delivering it to the Commissioner with written notice of its surrender, but a surrender does not affect his or her civil or criminal liability for …

NRS 677.500 Temporary suspension of license: Conditions; notice; hearing; term of suspension. If the Commissioner finds that probable cause for revocation of any license exists and that enforcement of this chapter requires immediate suspension of a license pending investigation, …

NRS 677.510 Revocation or suspension of license: Grounds; notice; hearing; order. 1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he or she shall give 20 days’ written notice to the licensee stating the contemplated actio…

NRS 677.520 Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. The revocation, suspension, expiration or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any …

NRS 677.530 Order to desist or refrain; action to enjoin violations; appointment and powers of receiver. 1. Whenever the Commissioner has reasonable cause to believe that any person is violating or is threatening to or intends to violate any provision of this chapter, he or she m…

NRS 677.540 Taking possession of business by Commissioner: Conditions; resumption of business. Whenever it appears to the Commissioner that: 1. The stockholders’ equity of any licensee is less than its initial stockholders’ equity; 2. Any licensee has violated its articles of inc…

NRS 677.545 Taking possession of business by Commissioner: Acquisition by or merger with another institution. 1. Except as limited by subsection 2, if the Commissioner has taken possession of the property and business of a corporation licensed under this chapter pursuant to NRS 6…

NRS 677.550 Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness. 1. The Commissioner may order a licensee to suspend the payment of its liabilities or limit the payment of its liabilities in such manner as he or she pr…

NRS 677.560 Application by licensee to enjoin further proceedings. Whenever the Commissioner has taken possession of the property and business of any licensee, a licensee, within 10 days after a taking, if it deems itself aggrieved thereby, may apply to the district court in the …

NRS 677.570 Authority of Commissioner to liquidate or conserve company. When the Commissioner takes possession of the property and business of any company for the purpose of liquidation or conservation, he or she may liquidate or conserve the company. In such a liquidation or con…

NRS 677.580 Use of holding company or other device for evading or avoiding chapter prohibited; right to issue preferred stock or debentures not affected. A holding company or any other device may not be used for the purpose of evading or avoiding any of the provisions of this cha…

NRS 677.590 Issuance of thrift certificates prohibited; exception. 1. Except as otherwise provided in subsection 2, this chapter does not permit a licensee to issue thrift certificates. 2. A licensee who maintains a branch office located outside this state may issue thrift certif…

NRS 677.600 Permissible depositories. A licensee shall not deposit any of its money with any other moneyed corporation, unless that corporation has been designated as a depository by a majority vote of the directors or the executive committee, exclusive of any director who is an …

NRS 677.610 Authorized investments. A licensee shall not invest any of its money, except: 1. As authorized in this chapter; 2. In legal investments for banks, credit unions or savings associations; or 3. To the extent of 5 percent or less of its total assets, in preferred stock o…

NRS 677.612 Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest. 1. A deposit may be made with a licensee by any administrator, executor or guardian of an estate, a trustee or other fiduciary in trust for a named beneficiary or…

NRS 677.616 Deposit by and payment to minor. 1. If a deposit is made with a licensee by a minor, the licensee may pay to the depositor such sums as may be due him or her, and the receipt of the minor to the licensee is valid. 2. A licensee may operate a deposit account in the nam…

NRS 677.620 Limit on deposits; limit on total borrowings; borrowing money from Federal Home Loan Bank. 1. Except as otherwise provided in subsections 2 and 3, a licensee shall not have at any time deposits in an aggregate sum in excess of 10 times the aggregate amount of its stoc…

NRS 677.630 Permissible transactions in real property. 1. A licensee may purchase, hold, develop and convey real property, including apartments and other buildings, for the following purposes only: (a) Real property conveyed to it in satisfaction of debts contracted in the course…

NRS 677.640 Conduct of business in place where other business being conducted; name under which business may be transacted; loans by mail. A licensee shall not make loans or accept deposits under this chapter: 1. Within any office, suite, room or place of business in which any ot…

NRS 677.645 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 677.650 Making loan to or purchasing contract or chose in action from officer, director or other specified person prohibited; exception; personal liability. 1. Except as otherwise provided in subsection 2, a licensee shall not directly or indirectly make any loan to, or purch…

NRS 677.660 Advertising: Prohibitions; insurance of deposits. 1. A person shall not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast, in any manner, any statement or representa…

NRS 677.665 Formation of bank. A corporation authorized to engage in business pursuant to this chapter may form a bank pursuant to the provisions of subsection 2 of NRS 659.015. (Added to NRS by 1997, 1014) EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS

NRS 677.673 Definitions. As used in NRS 677.673 to 677.707, inclusive, unless the context otherwise requires, the words and terms defined in NRS 677.677 to 677.697, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 1492)

NRS 677.677 “Designated reporter” defined. “Designated reporter” means a person designated by a licensee to receive reports of known or suspected exploitation of an older person or vulnerable person pursuant to NRS 677.707. (Added to NRS by 2007, 1492)

NRS 677.683 “Exploitation” defined. “Exploitation” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1492; A 2015, 840)

NRS 677.687 “Older person” defined. “Older person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1492; A 2015, 840)

NRS 677.693 “Reasonable cause to believe” defined. “Reasonable cause to believe” has the meaning ascribed to it in NRS 200.50925. (Added to NRS by 2007, 1492)

NRS 677.697 “Vulnerable person” defined. “Vulnerable person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1492; A 2015, 841)

NRS 677.703 Training; reporting to designated reporter. 1. Each licensee shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each officer and employee of the licensee who: (a) May, as part of …

NRS 677.707 Designated reporter: Designation; duty to report; immunity. 1. Each licensee shall designate a person or persons to whom an officer or employee of the licensee must report known or suspected exploitation of an older person or vulnerable person. 2. If an officer or emp…

NRS 677.720 Requirements for making and paying of loans: Duties of licensee. 1. Every licensee shall: (a) Deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this chapter a copy of the loan obligation or, in lieu thereof, a statement s…

NRS 677.730 Interest, charges and repayment. A licensee may lend any amount of money: 1. At any rate of interest; 2. Subject to the imposition of any charge in any amount; and 3. Upon any schedule of repayment, Ê to which the parties may agree. (Added to NRS by 1975, 1842; A 1979…

NRS 677.750 Prohibited practices by licensee. A licensee shall not: 1. Take any confession of judgment or any power of attorney running to himself or herself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding. 2. Take any note or pro…

NRS 677.760 Restriction on percentage of loans secured by stocks or bonds of any one obligor; exception. 1. A licensee shall not lend in the aggregate more than 10 percent of its stockholders’ equity upon: (a) The security of the stock of any one corporation, which stock, except …

NRS 677.770 Limitations on amount of secured loans or obligations of any one obligor. Secured loans or obligations of any one person as primary obligor made or held by a licensee may not, in any event, exceed in the aggregate 25 percent of the stockholders’ equity of the licensee…

NRS 677.780 Loans may be made to any person; exceptions; property situated outside of State. 1. Except as provided in NRS 677.770 and 677.790, a licensee may make loans to any person, secured by real or personal property, without regard to the location or nature of the security. …

NRS 677.790 Powers of licensee. Except as provided in NRS 677.770, a licensee may: 1. Make loans secured by, and purchase, sell or discount in any amount: (a) Bona fide trust receipts; (b) Secured choses in action; (c) Chattel mortgages; (d) Conditional sales contracts; (e) Secur…

NRS 677.795 Authority to exercise powers of banks. A licensee may, with the approval of the Commissioner, exercise any authority, right, power and privilege, and perform any act and enjoy the same immunities as banks licensed pursuant to chapter 659 of NRS. (Added to NRS by 1987,…

NRS 677.800 Violation of provisions of chapter. Any person and the members, officers, directors, agents and employees thereof who knowingly and intentionally violate or participate in the violation of any provision of this chapter are guilty of a misdemeanor, unless a greater pen…