Title 55

NRS 677.060 “Charges” defined. “Charges” include: 1. The aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses and other forms of costs charged, contracted for or received by a licensee or any other person in connection with the investigating, arranging, …

NRS 677.065 “Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. (Added to NRS by 1987, 1997)

NRS 677.070 “Community” defined. “Community” means a contiguous area of the same economic unit or metropolitan area, as determined by the Commissioner, and may include all or part of a city or several towns or cities. (Added to NRS by 1975, 1829; A 1983, 1817; 1987, 1997)

NRS 677.075 “Deposit” defined. 1. “Deposit” means that part of the liability of a licensee which is credited to the account of a depositor. 2. The term includes a time deposit evidenced by a certificate of deposit, but does not include an obligation evidenced by a thrift certific…

NRS 677.090 “Gross amount” defined. “Gross amount” means the total amount or value advanced to or on behalf of the borrower, including all payments for interest, principal, expenses and charges of any nature taken substantially contemporaneously with the making of the loan. (Adde…

NRS 677.100 “License” defined. “License” means a license, issued under the authority of this chapter, to accept deposits and make loans in accordance with the provisions of this chapter, at a single place of business. (Added to NRS by 1975, 1830; A 1985, 2196)

NRS 677.110 “Licensee” defined. “Licensee” means a person to whom one or more licenses have been issued. (Added to NRS by 1975, 1830)

NRS 677.115 “Loan” defined. “Loan” does not include a bona fide conditional contract of sale. (Added to NRS by 1979, 995)

NRS 677.125 “Stockholders’ equity” defined. “Stockholders’ equity” means the capital, surplus and retained earnings of a licensee. (Added to NRS by 1997, 1014)

NRS 677.130 “Thrift certificate” defined. “Thrift certificate” means a chose in action, in passbook or certificate form, evidencing the obligation of the licensee to pay money and does not include subordinate debt securities. (Added to NRS by 1975, 1830; A 1979, 995)

NRS 677.140 “Unpaid principal balance” defined. “Unpaid principal balance” means the net amount of money, credit, goods or things in action received by the borrower at the time of entering into the transaction and the decreasing balances thereof after application of each payment …

NRS 677.145 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 677.147 Applicability of chapters 78 and 92A of NRS. The provisions of chapters 78 and 92A of NRS that are not in conflict with this chapter are hereby adopted as part of this chapter. (Added to NRS by 1997, 1014)

NRS 677.148 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 677.150 Authorization by Commissioner. If authorized by the Commissioner, as provided in this chapter, a corporation may be formed in accordance with the laws of this state to engage in business under this chapter. (Added to NRS by 1975, 1830; A 1983, 1817; 1987, 1997; 1997, …

NRS 677.160 Application for authority to engage in business: Form; contents; filing fee; regulations; withdrawal of application. 1. The request for authority to engage in business pursuant to this chapter must be set forth in an application in such form and containing such inform…

NRS 677.170 Fidelity bond. A licensee which proposes to accept deposits shall file with the Commissioner a fidelity bond providing fidelity coverage on each officer, director and employee of at least $100,000. The fidelity bond may be either a banker’s blanket bond or a finance c…

NRS 677.175 Additional bond. If the Commissioner finds that a bond filed pursuant to NRS 677.170 is not sufficient to protect the interests of the public, he or she shall require the applicant to deposit an additional bond. (Added to NRS by 1983, 1605; A 1983, 1644; 1985, 2197; 1…

NRS 677.180 Investigation and examination of applicant. Upon the filing of an application, the Commissioner shall make or cause to be made a careful investigation and examination relative to the following: 1. Character, reputation and financial standing of the organizers or incor…

NRS 677.190 Requisites for approval of application. The Commissioner shall not approve the application unless he or she ascertains to his or her satisfaction: 1. That the public convenience and advantage will be promoted by the establishment of the proposed corporation. 2. That t…

NRS 677.200 Qualifications of president and certain managers of corporation. The president of the corporation must have not less than 10 years of experience in a regulated financial institution in this state, or in any other state or the District of Columbia. The manager of the p…

NRS 677.210 Minimum stockholders’ equity required. The stockholders’ equity of any corporation formed to do business under this chapter must not be less than $325,000, plus an additional $25,000 for each of its branch offices. (Added to NRS by 1975, 1833; A 1997, 1015)

NRS 677.220 Certificate of authorization to transact business. If the Commissioner approves an application for authority to form a corporation to engage in business under this chapter, he or she shall issue a certificate in duplicate authorizing the organization of the corporatio…

NRS 677.230 Reserves. 1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in: (a) Cash and due from federally in…

NRS 677.240 Authorization for change of place of business. If a licensee desires to change its place of business to a street address other than that designated in its authorization, it shall give written notice to the Commissioner who shall issue his or her written authorization …

NRS 677.241 Power of licensee to obtain benefits of federal programs or enter into contract with private insurer; regulations. 1. Subject to the prior approval of the Commissioner, a licensee may, by a majority vote of its board of directors: (a) Enter into a contract, incur an o…

NRS 677.243 Records of employees; confidentiality. 1. Each licensee shall maintain a record that includes for each employee: (a) The employee’s full name; (b) The address of each place at which the employee has resided during the previous 10 years; (c) The name and address of eac…

NRS 677.245 Limitation on investment in real property; recording deed or other document; subsidiary ledger or other appropriate record. 1. Unless the licensee has received a written waiver from the Commissioner, the total amount of money that the licensee has advanced or committe…

NRS 677.247 Applicant required to obtain insurance of deposits; regulations. 1. An applicant for an authorization to engage in the business regulated pursuant to this chapter must obtain: (a) The insurance of deposits provided pursuant to the provisions of the Federal Deposit Ins…

NRS 677.250 Establishment and maintenance. When authorized by the Commissioner as provided in this chapter, a licensee, pursuant to a resolution of its board of directors, may establish and maintain one or more branch offices within or outside the State. (Added to NRS by 1975, 18…

NRS 677.270 Requisites for approval of application; notice of approval or denial. 1. The Commissioner shall not approve an application for a branch office until he or she has ascertained to his or her satisfaction that the facts set forth in the application are true and: (a) That…

NRS 677.290 Right to open branch office expires if office not open within 6 months after approval of application. The failure of a licensee to open and operate a branch office within 6 months after the Commissioner approves the application therefor automatically terminates the ri…

NRS 677.300 Authorization for change of location; posting of certificate. When authorized by the Commissioner, a licensee may change the location of a branch office from one location to another. The Commissioner must give his or her approval or denial to the licensee within 25 da…

NRS 677.310 Specified designation of branch offices by name or number required. A licensee which maintains a branch office or branch offices shall give to each branch office maintained by it a specified designation by name or number and include in the designation the word “branch…

NRS 677.320 Closing or discontinuance of branch office. 1. With the prior written approval of the Commissioner, a licensee may close or discontinue the operation of any branch office if public notice thereof is given in such manner as the Commissioner directs at least 30 days bef…

NRS 677.330 Mobile offices. 1. The Commissioner may authorize a licensee to operate a mobile office. 2. A mobile office must serve its designated area at least once each 30 days. Each mobile office must be licensed as a branch office. 3. Each application for authority to operate …

NRS 677.340 Persons ineligible for licensing. 1. Except as otherwise provided in NRS 677.545 and chapter 666 of NRS, no person doing business under the law of: (a) Any other state; or (b) The United States if the principal office of the business is not located in Nevada, Ê relati…

NRS 677.350 Applicability of chapter to persons who seek to evade. The provisions of this chapter apply to any person who seeks to evade its application by any device, subterfuge or pretense whatever, including, but not thereby limiting the generality of the foregoing: 1. The loa…

NRS 677.355 Licensee may own interest in bank or savings bank. The provisions of this chapter do not prohibit a licensee or a person owning an interest in a licensee from obtaining a license or owning an interest in a corporation licensed under chapter 659 or 673 of NRS. (Added t…

NRS 677.360 Expiration, renewal and reinstatement of license; fees; regulations. 1. A license expires on December 31 of each year. On or before that date, each licensee must pay to the Commissioner a fee of not more than $1,000 for the renewal of each license held by the licensee…

NRS 677.370 Posting of license; transferability and assignability of license. 1. Each licensee shall conspicuously post each license in the place of business to which it pertains. 2. No license is transferable or assignable without the permission of the Commissioner. (Added to NR…

NRS 677.373 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 677.375 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 677.380 Regulations and orders of Commissioner. 1. The Commissioner may adopt regulations and make orders for the administration and enforcement of this chapter, in addition to and not inconsistent with this chapter. 2. Any ruling, demand, requirement or similar administrativ…

NRS 677.390 Disposition of money collected pursuant to chapter. Except as otherwise provided in NRS 677.160, all fees and charges collected under the provisions of this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091. (Added to NRS by 197…