Title 55

NRS 672.650 Right to setoff against multiple-party accounts. Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, when a party to a multiple-party account is indebted to a credit union, the credit union has a right to setoff aga…

NRS 672.670 Reserve accounts. 1. Except as otherwise provided in subsection 3, each credit union shall establish and maintain a regular reserve account in accordance with the requirements of 12 C.F.R. Part 702 which are applicable to federally insured state-chartered credit union…

NRS 672.680 Special reserves. In addition to regular reserve, special reserves to protect the interest of members must be established when: 1. Required by regulations issued by the Commissioner; or 2. Directed by the board of the credit union. (Added to NRS by 1975, 388; A 1983, …

NRS 672.690 Assets qualified for reserves. For the purpose of establishing the reserves required by NRS 672.670 and 672.680, all assets except the following are considered risk assets: 1. Cash on hand; 2. Deposits or shares in federal or state banks, savings and loan associations…

NRS 672.700 Dividends. 1. The board may, after provision for the required reserves, declare a dividend to be paid from the remaining net earnings at a rate, interval and upon such shares as they determine. Dividends shall be paid on all paid-up shares outstanding at the close of …

NRS 672.710 Loans to members: Application; approval; limitations; participation loans; nonmember participation; payment. 1. Except as otherwise provided in subsection 5, a credit union may make loans to members in accordance with the provisions of the bylaws and policies establis…

NRS 672.720 Loans to members: Extension of previous maximum credit; review. 1. The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extensio…

NRS 672.730 Loans to and guaranties by directors and members of committees. 1. A credit union may make loans to its directors and to members of its committees, except that any loan or aggregate of loans to any one director or member of a committee which is more than $30,000 plus …

NRS 672.740 Security for loans. 1. In addition to generally accepted types of security, the endorsement of a note by a guarantor or assignment of shares or wages, in a manner consistent with the laws of this state, shall be deemed security within the meaning of this chapter. 2. T…

NRS 672.750 Insurance of members and accounts. 1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them. 2. A credit union may enter into cooperative marketing arrangements f…

NRS 672.755 Approval of private insurer and contract of insurance; regulations; reserve. 1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner and the Commissioner of Insurance must consider: (a) The value of…

NRS 672.760 Authorized investments. 1. Money not used in loans to members may be invested in: (a) Securities, obligations, participations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any agency thereof or…

NRS 672.765 Limitation on purchasing, holding and disposing of necessary or incidental property; required notification, approval or waiver. 1. A credit union may, subject to any regulations adopted by the Commissioner and any limitations imposed by 12 C.F.R. §§ 701.36(c) and 701.…

NRS 672.767 Definitions. As used in NRS 672.767 to 672.779, inclusive, unless the context otherwise requires, the words and terms defined in NRS 672.769 to 672.777, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2007, 1494)

NRS 672.769 “Designated reporter” defined. “Designated reporter” means a person designated by a credit union to receive reports of known or suspected exploitation of an older person or vulnerable person pursuant to NRS 672.779. (Added to NRS by 2007, 1494)

NRS 672.771 “Exploitation” defined. “Exploitation” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.773 “Older person” defined. “Older person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.775 “Reasonable cause to believe” defined. “Reasonable cause to believe” has the meaning ascribed to it in NRS 200.50925. (Added to NRS by 2007, 1494)

NRS 672.777 “Vulnerable person” defined. “Vulnerable person” has the meaning ascribed to it in NRS 200.5092. (Added to NRS by 2007, 1494; A 2015, 841)

NRS 672.778 Training; reporting to designated reporter. 1. Each credit union shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each employee of the credit union who: (a) May, as part of his …

NRS 672.779 Designated reporter: Designation; duty to report; immunity. 1. Each credit union shall designate a person or persons to whom an employee of the credit union must report known or suspected exploitation of an older person or vulnerable person. 2. If an employee reports …

NRS 672.780 Annual financial report. Every credit union organized under this chapter shall submit an annual financial report for the calendar year to the Commissioner on or before the first day of February on forms supplied by him or her for that purpose. (Added to NRS by 1975, 3…

NRS 672.790 Examinations and audits; exceptions; fees. 1. The Commissioner shall make a thorough examination of and into the affairs of each credit union organized under the provisions of this chapter, as often as the Commissioner may deem necessary, but at least once within each…

NRS 672.795 Independent audit and examination: Payment of assessment; cooperation. Each credit union 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) MERGER; CONVER…

NRS 672.800 Merger; fees set by regulation; regulations. 1. Any credit union may, with the approval of the Commissioner, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of each cre…

NRS 672.810 Conversions; fee set by regulation. 1. A credit union chartered in accordance with the laws of this state may be converted to a credit union chartered in accordance with the laws of any other state or the laws of the United States, subject to regulations adopted by th…

NRS 672.820 Voluntary dissolution. 1. At a meeting called to consider dissolution, the membership may vote to dissolve a credit union if notice of the meeting is mailed to the members at least 10 days prior thereto. Any member who is not present at the meeting may, within 20 days…

NRS 672.830 Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation. 1. If the Division of Financial Institutions determines that any credit union organized pursuant to the provisions of this chapter is bankrupt or insolvent, …

NRS 672.835 Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency. If a credit union is closed because of bankruptcy or insolvency, the Commissioner may appoint a liquidating agent. (Added to NRS by 1975, 389; A 1981, 1814; …

NRS 672.840 Procedure for liquidation. 1. A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing any other acts required to wind up its business. 2. The board or, in the case of involuntar…

NRS 672.850 Organization and operation; rights and powers. 1. A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within this state. A central credit union is subject to all provisions not inconsistent …

NRS 672.860 Membership. The membership for a central credit union may consist of: 1. Credit unions; 2. The Nevada Credit Union League, Inc.; and 3. Organizations affiliated with the Nevada Credit Union League, Inc. (Added to NRS by 1975, 393; A 1977, 892)

NRS 672.870 Voting representatives. 1. The board of each credit union that becomes a member of a central credit union shall designate one person to be its voting representative in the central credit union. 2. The voting representative of a member credit union is eligible to hold …

NRS 672.875 Regular reserves. 1. Before the payment of any dividend by a central credit union, a regular reserve against loan losses shall be set aside according to the following schedule: (a) Until the regular reserve equals 5 percent of the outstanding loans and risk assets, 2 …

NRS 672.880 Use of words “credit union” or conducting business as credit union by person not organized as credit union; spreading false report concerning management or finances of credit union. 1. Any person, except a credit union organized under the provisions of this chapter or…

NRS 672.890 Administrative fines. In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $10,000 upon a person who: 1. Without a license, conducts any business or activity for which a license is required pursuant to the pro…

NRS 673.001 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 673.0054 to 673.034, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1959, 537; A 1969, 966; 1979, 710; 1983, 1771; 1987, …

NRS 673.0054 “Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. (Added to NRS by 1987, 1956)

NRS 673.0056 “Cooperative housing corporation” defined. “Cooperative housing corporation” means a corporation organized under the laws of this State or any other state for the purpose of the cooperative ownership of real estate whereby each of the stockholders or members is entit…

NRS 673.0057 “Deposit” defined. “Deposit” means that part of the liability of a savings bank which is credited to the account of the holder thereof and is eligible to be insured by the Federal Deposit Insurance Corporation. (Added to NRS by 1969, 961; A 2017, 1921)

NRS 673.00575 “Deposit account” defined. “Deposit account” means an account that holds deposits, whether in a commercial, demand, time, checking, savings or similar type of account, or which is evidenced by a certificate of deposit, investment certificate, certificate of indebted…

NRS 673.00577 “Depository institution” defined. “Depository institution” means any state bank or savings bank, association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, whether chartered by this State, another …

NRS 673.0065 “Director” defined. “Director” means the Director of the Department of Business and Industry. (Added to NRS by 1963, 683; A 1993, 1896)

NRS 673.0075 “Division of Financial Institutions” defined. “Division of Financial Institutions” means the Division of Financial Institutions of the Department of Business and Industry. (Added to NRS by 2017, 1914)

NRS 673.0077 “Federal savings bank” defined. “Federal savings bank” means any type of federal savings association organized pursuant to the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 to 1468, inclusive. (Added to NRS by 2017, 1914)

NRS 673.008 “Foreign” defined. “Foreign,” used in connection with an association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, means an association, limited-liability company, corporation or person organized fo…