Nac: Chapter 673 - Savings And Loan Associations

Link to law: http://www.leg.state.nv.us/nac/NAC-673.html
Published: 2015

[Rev. 11/22/2013 10:21:35

AM--2013]



[NAC-673 Revised Date: 10-06]

CHAPTER 673 - SAVINGS AND LOAN ASSOCIATIONS

673.010            Determination of total assets for

purposes of NRS 673.260 and 673.430.

673.020            Fee for supervision and

examination: Collection; determination of amount; failure to pay; additional

costs.

673.030            Annual assessments to cover costs

related to performance of audits and examinations.

673.040            Filing fee for licensure as

association; fee for issuance of license.

673.050            Fee to request approval for removal

of home office or branch office to another location.

673.060            Filing fees for branch office.

673.070            Fees for issuance and renewal of

license for association to sell or issue stock.

673.080            Fees for issuance and renewal of

license for salesman or solicitor.

673.090            Fee for failure to file annual

report.

673.100            Fee for conducting examination

outside State.

673.110            Fee for application to reorganize,

merge or consolidate.

673.120            Fee for filing copy of charter of

authorization for conversion into federal association.

673.130            Prerequisites to conducting

business as association.

673.140            Suspension or revocation of license

of association.

673.150            Inspection of documents filed with

Division of Financial Institutions.

673.160            Complaints: Failure to respond in

timely manner; confidentiality.

 

 

 

      NAC 673.010  Determination of total assets for purposes of NRS 673.260 and 673.430. (NRS 673.043)  Except

as provided in this section, for the purposes of NRS 673.260 and 673.430, “total assets” are the

dollar cost of the various assets appearing in a statement of condition. The

Administrator of Financial Institutions will adjust the cost downward in the

amount of the following items:

     1.  Reserves or allowances for depreciation,

computed in accordance with accepted accounting practice;

     2.  Specific loss reserves established by the

Administrator pursuant to NRS

673.319, but not blanket, unallocated reserves;

     3.  The amount carried as loans in process on

the liability side of the annual statement of condition; and

     4.  The amount of any offset under

liabilities which in effect reduces an asset, purchased at a discount and

carried as an asset at face value, to its amortized cost.

     [Comm’r of Savings Associations, No. 1976-1, eff. 7-2-76]—(NAC

A by Admstr. of Financial Institutions, eff. 6-29-84)

      NAC 673.020  Fee for supervision and examination: Collection; determination of

amount; failure to pay; additional costs. (NRS 658.101, 673.043, 673.430)

     1.  On or before June 30 of each year, the

Commissioner of Financial Institutions will collect a fee from each savings and

loan association for the supervision and examination of the savings and loan

association pursuant to chapter 673 of

NRS.

     2.  The fee is based on the portion of the

annual appropriation from the State General Fund to the Division of Financial

Institutions that is attributable to the supervision and examination of savings

and loan associations. Each savings and loan association shall pay a share of

that amount as determined by the following schedule:

 



          Total Assets





Base

Fee





     + Fee Exceeding Base







 





 





 







Less than $5,000,000





$5,000





N/A







 





 





 







$5,000,000 or more, but





5,000





$.25 per thousand of







less than $10,000,000





 





assets exceeding







 





 





$5,000,000







 





 





 







$10,000,000 or more, but





6,250





$.19 per thousand of







less than $50,000,000





 





assets exceeding







 





 





$10,000,000







 





 





 







$50,000,000 or more, but





13,850





$.12 per thousand of







less than $100,000,000





 





assets exceeding







 





 





$50,000,000







 





 





 







$100,000,000 or more, but





19,850





$.10 per thousand of







less than $500,000,000





 





assets exceeding







 





 





$100,000,000







 





 





 







$500,000,000 or more, but





59,850





$.07 per thousand of







less than $1,000,000,000





 





assets exceeding







 





 





$500,000,000







 





 





 







$1,000,000,000 or more, but





94,850





$.05 per thousand of







less than $3,000,000,000





 





assets exceeding







 





 





$1,000,000,000







 





 





 







$3,000,000,000 or more,





$194,850





$.03 per thousand of







but less than





 





assets exceeding







$10,000,000,000





 





$3,000,000,000







 





 





 







$10,000,000,000 or more,





404,850





$.02 per thousand of







but less than





 





assets exceeding







$20,000,000,000





 





$10,000,000,000





 

Any adjustment to the fee required to account for the

distribution of unused portions of or increases in the annual appropriation

from the State General Fund must be made in a proportionate amount that is

based on the relationship that the fee determined for each savings and loan

association pursuant to paragraph (a) bears to the total fee imposed on all

savings and loan associations licensed pursuant to chapter 673 of NRS.

     3.  If the fee is not paid on or before June

30, the Commissioner will assess a penalty of 10 percent of the amount of the

fee and an additional 1 percent of the fee for each month or portion of a month

that the fee is not paid. The Commissioner may waive the penalty for good

cause.

     4.  The fee does not include the cost of any

extraordinary examination, audit, investigation or hearing conducted by the

Division. The cost of any such examination, audit, investigation or hearing is

$60 per hour.

     (Added to NAC by Comm’r of Financial Institutions, eff.

4-20-88; A 6-17-91)

      NAC 673.030  Annual assessments to cover costs related to performance of audits

and examinations. (NRS 658.055, 673.043, 673.450)

     1.  Except as otherwise provided in NAC 658.030, each savings and loan

association shall pay to the Division of Financial Institutions of the

Department of Business and Industry an annual assessment of $300 to cover the

costs related to the employment of a certified public accountant and the

performance of audits and examinations conducted by the Division.

     2.  The Division will bill each savings and

loan association for the assessment. The assessment must be paid within 30 days

after the date the bill is received.

     3.  A charge of 10 percent of the assessment

will be imposed on any savings and loan association whose assessment is

received by the Division after the date on which the assessment is due.

     (Added to NAC by Comm’r of Financial Institutions, eff.

12-17-87; A 5-27-92)

      NAC 673.040  Filing fee for licensure as association; fee for issuance of

license. (NRS

673.043, 673.080)  The

filing fee for licensure as a savings and loan association pursuant to NRS 673.080 is a nonrefundable fee

of $3,000 for the principal office. Upon approval of the license, the applicant

shall pay a fee of $1,500 before issuance of the license.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.050  Fee to request approval for removal of home office or branch

office to another location. (NRS 673.043, 673.080)  A

licensed savings and loan association that requests approval for the removal of

the home office or a branch office to any other location pursuant to NRS 673.080 shall pay to the

Division of Financial Institutions of the Department of Business and Industry a

fee of $200.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.060  Filing fees for branch office. (NRS 673.043, 673.112)  An

application to establish and maintain a branch office submitted pursuant to NRS 673.112 must be accompanied by

a nonrefundable filing fee of $300 for each branch office. Upon approval of the

license, the applicant shall pay a filing fee of $150 for each branch office

before issuance.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.070  Fees for issuance and renewal of license for association to sell

or issue stock. (NRS 673.043, 673.260)  Upon the

issuance of a license pursuant to NRS

673.250 for an association to sell or issue its stock and for any renewal

of that license, the licensee shall pay to the Division of Financial Institutions

of the Department of Business and Industry:

     1.  For each home office, a fee of $300; and

     2.  For each branch office, a fee of $150.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.080  Fees for issuance and renewal of license for salesman or

solicitor. (NRS

673.043, 673.270)  Upon the

issuance of a license pursuant to NRS

673.270 for a salesman or solicitor and for any renewal of that license,

the licensee shall pay to the Division of Financial Institutions of the

Department of Business and Industry a fee of $10.

     (Added to NAC by Comm’r of Financial Institutions by R109-06,

eff. 6-28-2006)

      NAC 673.090  Fee for failure to file annual report. (NRS 673.043, 673.430)  A

licensed savings and loan association shall pay a fee of $10 for each day that

any report required pursuant to NRS

673.430 is overdue.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.100  Fee for conducting examination outside State. (NRS 673.043, 673.460)  Whenever,

in connection with an examination, it is necessary or expedient that the

Commissioner of Financial Institutions or his deputy, or both, leave this

State, the organization under examination shall pay to the Division of

Financial Institutions of the Department of Business and Industry a fee of $50

per day for each person while without the State in connection with the

examination.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.110  Fee for application to reorganize, merge or consolidate. (NRS 673.043, 673.4845)  An

application to reorganize, merge or consolidate with another state or federal

association submitted pursuant to NRS

673.4845 must be accompanied by a fee of $225.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.120  Fee for filing copy of charter of authorization for conversion

into federal association. (NRS 673.043, 673.630)  A

licensed savings and loan association shall pay to the Division of Financial

Institutions of the Department of Business and Industry a fee of $30 upon

submission of a copy of the charter of authorization pursuant to NRS 673.630.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.130  Prerequisites to conducting business as association. (NRS 673.043)  A person

shall not conduct business as a savings and loan association in this State

unless:

     1.  He possesses each license, certificate

and permit required by this chapter, chapter

673 of NRS and a local governmental entity; and

     2.  The location of the business complies

with any applicable planning and zoning ordinances.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.140  Suspension or revocation of license of association. (NRS 673.043)  The

Commissioner of Financial Institutions may suspend or revoke the license of a

savings and loan association pursuant to procedures provided in NRS 673.045 to 673.050, inclusive, if the savings

and loan association violates any provision of this chapter or chapter 673 of NRS, including, without

limitation, a provision that imposes a fee or assessment on a licensee.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.150  Inspection of documents filed with Division of Financial

Institutions. (NRS

673.043)  Except

as otherwise provided in NRS 673.430

and NAC 673.160, all papers, documents, reports and

other written instruments filed with the Division of Financial Institutions of

the Department of Business and Industry pursuant to this chapter and chapter 673 of NRS are open to public

inspection unless the Commissioner of Financial Institutions determines that

the information is required to be withheld to protect the public welfare or the

welfare of a licensee.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)

      NAC 673.160  Complaints: Failure to respond in timely manner; confidentiality. (NRS 673.043)

     1.  If a licensed savings and loan

association, or an authorized representative of that licensee, fails to respond

to the Commissioner of Financial Institutions within 20 business days after

receipt of a written notice that a complaint has been filed against the

licensee, the licensee is deemed to have admitted to the allegations contained

in the complaint.

     2.  Subject to the discretion of the

Commissioner of Financial Institutions and except as otherwise provided by

specific statute, a complaint filed with the Division of Financial Institutions

of the Department of Business and Industry, any documents filed with the

complaint, and any report or information resulting from an investigation of the

complaint are confidential.

     (Added to NAC by Comm’r of Financial Institutions by

R109-06, eff. 6-28-2006)
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