Nac: Chapter 673 - Savings And Loan Associations (United States)

Nac: Chapter 673 - Savings And Loan Associations

Published: 2015

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NAC: CHAPTER 673 - SAVINGS AND LOAN ASSOCIATIONS

[Rev. 9/25/2018 2:01:50 PM]

[NAC-673 Revised Date: 9-18]

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 for extraordinary examination.

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 salesperson 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 for extraordinary examination. (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 budget approved by the Legislature for expenses related to the operations of the Commissioner and the Division of Financial Institutions minus all other revenues collected by the Division, not including reserves. 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

$20,000,000,000 or more	604,850	$.01 per thousand of
		assets exceeding
		$20,000,000,000

Any adjustment to the fee must be made in a proportionate amount that is based on the relationship that the fee determined for each savings and loan association bears to the total fee imposed on all savings and loan associations licensed pursuant to chapter 673 of NRS. The fee is calculated as of June 1 of each year based upon the number of savings and loan associations and the total assets of each savings and loan association as of December 31 of the previous year.

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 $75 per hour.

(Added to NAC by Comm’r of Financial Institutions, eff. 4-20-88; A 6-17-91; R054-16, 9-9-2016)

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.