Nac: Chapter 670 - Development Corporations

Link to law: http://www.leg.state.nv.us/nac/NAC-670.html
Published: 2015

[Rev. 11/22/2013 10:20:22

AM--2013]



[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)
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