Title 55

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…

NRS 672.370 Board of directors: Duties. The directors of a credit union shall: 1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit union with protection against losses from misappropriation, defalcation in breach of…

NRS 672.380 Board of directors: Powers. The directors may: 1. Act upon applications for membership or appoint one or more membership officers from the members of the credit union or from the officers, directors or employees of the credit union to act upon membership applications …

NRS 672.390 Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant. 1. The board may appoint an audit committee to make an annual audit of the financial records of the credit union and any interim audits as may be deemed ne…

NRS 672.400 Credit committee; loan officer. 1. The board may appoint a: (a) Credit committee consisting of an odd number of members of the credit union, but not less than three members; or (b) Loan officer. 2. If a credit committee is appointed by the board, it shall hold such me…

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. …