Title 55

NRS 671.013 “Money transmission” defined. 1. “Money transmission” means any of the following: (a) Selling or issuing payment instruments to a person located in this State. (b) Selling or issuing stored value to a person located in this State. (c) Receiving money or credits for tr…

NRS 671.0135 “Multistate licensing process” defined. “Multistate licensing process” means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a …

NRS 671.014 “Nationwide Multistate Licensing System and Registry” or “Registry” defined. “Nationwide Multistate Licensing System and Registry” or “Registry” has the meaning ascribed to it in NRS 604A.083. (Added to NRS by 2023, 98)

NRS 671.0145 “Outstanding money transmission obligation” defined. 1. “Outstanding money transmission obligation” means: (a) Any payment instrument or stored value issued or sold by a licensee to a person located in the United States or reported as sold by an authorized delegate o…

NRS 671.015 “Passive investor” defined. “Passive investor” means a person that: 1. Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a lice…

NRS 671.0155 “Payment instrument” defined. 1. “Payment instrument” means a written or electronic check, draft, money order, traveler’s check or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable. 2. The ter…

NRS 671.016 “Payroll processing services” defined. “Payroll processing services” means receiving money or credits for transmission pursuant to a contract with a person to: 1. Deliver wages or salaries; 2. Make payment of payroll taxes to a state or federal agency; 3. Make payment…

NRS 671.0165 “Person” defined. “Person” means any natural person, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the Commissioner. (Added to NRS by 2023, 99)

NRS 671.017 “Privately insured depository financial institution” defined. “Privately insured depository financial institution” means a credit union, thrift company or industrial loan company organized and regulated under the laws of this State, when such a credit union, thrift co…

NRS 671.0175 “Receiving money or credits for transmission” defined. “Receiving money or credits for transmission” means the act of receiving money, credits or monetary value in the United States for transmission within or outside the United States by electronic or other means. (A…

NRS 671.018 “Stored value” defined. 1. “Stored value” means monetary value representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value or payment for goods or …

NRS 671.0185 “Tangible net worth” defined. “Tangible net worth” means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with generally accepted accounting principles in the United States. (Added to NRS by 2023, 100)

NRS 671.019 “USA Patriot Act” defined. “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. (Added to NRS by 2023, 100)

NRS 671.0195 Application and construction of chapter. In applying and construing the provisions of this chapter, consideration must be given to the need to promote uniformity of the law with respect to money transmission among states that enact laws concerning money transmission …

NRS 671.020 Applicability of chapter: Generally. [Effective through December 31, 2029.] Except as otherwise provided in NRS 671.155, this chapter does not apply to any: 1. Federally insured depository financial institution, privately insured depository financial institution, bank…

NRS 671.0205 Applicability of chapter: Authority of Commissioner to exempt additional persons. The Commissioner may, by regulation or order, exempt a person who is not specified in NRS 671.020 from the provisions of this chapter if the Commissioner determines that the exemption i…

NRS 671.021 Applicability of chapter: Authority of Commissioner to require demonstration of qualification for exemption. The Commissioner may require any person claiming to be exempt from the provisions of this chapter pursuant to NRS 671.020 to provide to the Commissioner inform…

NRS 671.030 Regulations. [Replaced in revision by NRS 671.355.] LICENSING

NRS 671.040 Prohibition against engaging in business of money transmission without being licensed or authorized delegate and regardless of location or method used. 1. A person shall not engage in the business of money transmission or advertise, solicit or hold himself, herself or…

NRS 671.050 Application for license: Form and medium; contents; bond or securities; financial statement; fees and expenses; regulations; withdrawal of application. 1. Every application for a license required pursuant to this chapter must be in writing, signed by the applicant, an…

NRS 671.060 Completion of application for license; conduct and cost of investigation of applicant; issuance of license; denial of application; appeal. 1. When an applicant for a license has submitted the application required pursuant to NRS 671.050 which appears to include all th…

NRS 671.070 Expiration and renewal of license; fees; regulations. 1. Except as otherwise provided in this subsection, a license issued pursuant to this chapter expires on December 31 of each year, unless it is earlier surrendered, suspended or revoked. A license which is initiall…

NRS 671.080 License not transferable or assignable; business must be conducted at location specified in application or operated by authorized delegate; changes in location, name or operation of business. 1. A license issued under this chapter is not transferable or assignable. 2.…

NRS 671.092 Authority of Commissioner to take certain action to establish consistent licensing between states; authority of Commissioner to participate in Nationwide Multistate Licensing System and Registry; use of Registry for implementation of requirements of chapter; charges f…

NRS 671.094 Authority of Commissioner to require submission of fingerprints; use of Nationwide Multistate Licensing System and Registry for submission and processing of fingerprints. 1. The Commissioner may require an applicant for a license or a licensee to submit a complete set…

NRS 671.096 Nationwide Multistate Licensing System and Registry: Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements. [Replaced in revision …

NRS 671.098 Additional materials required to be submitted to Commissioner by certain persons through Nationwide Multistate Licensing System and Registry. 1. In addition to any other requirements set forth in this chapter, each natural person who is an applicant for the issuance o…

NRS 671.099 Licensee required to register and maintain unique identifier with Nationwide Multistate Licensing System and Registry; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry. 1. Each licensee shall register …

NRS 671.0995 Suspension or revocation of license for failure to meet qualifications or satisfy requirements applicable to applicant; applicant required to demonstrate compliance with certain requirements. 1. If a licensee does not continue to meet the qualifications or satisfy th…

NRS 671.100 Bond: Amounts; form; notice to Commissioner of action or judgment; replenishment; liability of surety; increase in amount; cancellation or alteration. 1. Except as provided in NRS 671.110, each licensee shall have in force a surety bond payable to the State of Nevada …

NRS 671.110 Deposits in lieu of bond. 1. In lieu of any surety bond, or any portion of the principal sum thereof as required by this chapter, a licensee may deposit with the State Treasurer or with any bank, credit union or trust company authorized to do business in this state as…

NRS 671.115 Tangible net worth: Amount required to be maintained. A licensee shall maintain at all times a tangible net worth of the greater of: 1. One hundred thousand dollars; or 2. Three percent of total assets for the first $100,000,000 in assets, 2 percent of additional asse…

NRS 671.120 Examination of licensee by Commissioner; entry upon premises and access to documents; fee; audit in lieu of examination. [Replaced in revision by NRS 671.375.]

NRS 671.125 Permissible investments: Duty of licensee to maintain; amount; establishment and termination of statutory trust; powers and duties of Commissioner. 1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with g…

NRS 671.135 Permissible investments: Types; limitations. 1. The following are permissible investments for the purposes of NRS 671.125: (a) Cash, including demand deposits, savings deposits and money in accounts held for the benefit of the customers of the licensee in a federally …

NRS 671.145 Permissible investments: Letter of credit. 1. A letter of credit described in paragraph (g) of subsection 1 of NRS 671.135 must: (a) Be issued by a federally insured depository financial institution, privately insured depository institution, a foreign bank that is aut…

NRS 671.155 Acquisition of control of licensee: Approval of Commissioner required; application; investigation; conditions for approval; authority of Commissioner if applicant is subject to multistate licensing process; denial; appeal; applicability. 1. Except as otherwise provide…

NRS 671.160 Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver. [Replaced in revision by NRS 671.425.]

NRS 671.165 Acquisition of control of licensee: Request for determination of whether person will be considered person in control upon consummation of proposed transaction; authority of Commissioner if requester is subject to multistate licensing process. 1. Before filing an appli…

NRS 671.170 Investigations and hearings; fee; required reports; confidential communications. [Replaced in revision by NRS 671.415.]

NRS 671.175 Acquisition of control of licensee: Exceptions from requirements for approval. The requirements of NRS 671.155 do not apply to a person who has previously complied with and received approval to engage in money transmission pursuant to this chapter or was identified as…

NRS 671.180 Suspension, revocation or denial of renewal of license: Notice; hearing; order; grounds; judicial review. [Replaced in revision by NRS 671.435.]

NRS 671.183 Failure to submit required report; fees; regulations. [Replaced in revision by NRS 671.475.]

NRS 671.185 Administrative fines. [Replaced in revision by NRS 671.485.]

NRS 671.190 Unlawful acts; penalty; other remedies. [Replaced in revision by NRS 671.495.]

NRS 671.195 Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process. 1. If a licensee adds or replaces any key indivi…