Published: 2015
Key Benefits:
[Rev. 6/8/2018 4:07:32 PM--2017]
[NAC-670 Revised Date: 10-06]
CHAPTER 670 - DEVELOPMENT CORPORATIONS
670.010 Fee for supervision and related activities: Amount; collection; failure to pay.
670.020 Fees: Application for license to conduct business.
670.030 Fees: Renewal of license; reinstatement of expired license.
670.040 Fee for failure to submit required report.
670.050 Annual assessments to cover costs related to performance of audits and examinations.
670.060 Prerequisites to conduct of business.
670.070 Revocation or suspension of license.
670.080 Inspection of documents filed with Division of Financial Institutions.
670.090 Complaints: Failure to respond; confidentiality.
NAC 670.010 Fee for supervision and related activities: Amount; collection; failure to pay. (NRS 658.101, 670.067, 670.250)
1. The Commissioner of Financial Institutions will charge and collect a fee of $30 per hour from each development corporation for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 670 of NRS.
2. The Commissioner will bill each development corporation upon the completion of the activity for the fee established in subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after that date must include a penalty of 10 percent of the fee plus 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.
3. Failure of a development corporation to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.
(Added to NAC by Comm’r of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-19-89)
NAC 670.020 Fees: Application for license to conduct business. (NRS 670.067, 670.115) An application to conduct business as a development corporation submitted pursuant to NRS 670.115 must be accompanied by:
1. A nonrefundable fee of $1,500; and
2. A fee of $300, prorated by the Commissioner of Financial Institutions.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 670.030 Fees: Renewal of license; reinstatement of expired license. (NRS 670.067, 670.240)
1. A licensed development corporation shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $375 for the renewal of the license.
2. If the Commissioner of Financial Institutions reinstates an expired license, the licensee shall pay a reinstatement fee of $300 in addition to the annual renewal fee prescribed in subsection 1.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 670.040 Fee for failure to submit required report. (NRS 670.067, 670.250, 670.320) A licensed development corporation shall pay a fee of $10 for each day that:
1. An annual report due pursuant to NRS 670.250; or
2. Any other report required pursuant to this chapter or chapter 670 of NRS,
Ê is overdue.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 670.050 Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055, 670.067, 670.250)
1. Except as otherwise provided in NAC 658.030, each licensed development corporation 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 of Financial Institutions of the Department of Business and Industry.
2. The Division of Financial Institutions of the Department of Business and Industry will bill each licensed development corporation 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 licensed development corporation whose assessment is received by the Division of Financial Institutions of the Department of Business and Industry after the date on which the assessment is due.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 670.060 Prerequisites to conduct of business. (NRS 670.067) A person shall not conduct business as a development corporation in this State unless:
1. He possesses any license, certificate or permit required by this chapter, chapter 670 of NRS or a local governmental entity; and
2. The location of the development corporation 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 670.070 Revocation or suspension of license. (NRS 670.067) The Commissioner of Financial Institutions may revoke or suspend the license of a development corporation pursuant to procedures provided in chapter 670 of NRS if the development corporation violates any provision of this chapter or chapter 670 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 670.080 Inspection of documents filed with Division of Financial Institutions. (NRS 670.067) Except as otherwise provided in NAC 670.090 or by specific statute, 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 670 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 670.090 Complaints: Failure to respond; confidentiality. (NRS 670.067)
1. If a licensed development corporation, 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)
