[Rev. 11/21/2013 11:01:26
AM--2013]
CHAPTER 356 - DEPOSITORIES OF PUBLIC MONEY
AND SECURITIES
GENERAL PROVISIONS
NRS 356.005 Deposit
of public money in bank, credit union or savings and loan association.
NRS 356.007 Preference
for bank, credit union or savings and loan association within specially benefited
zone.
DEPOSIT OF STATE MONEY IN BANK, CREDIT UNION OR SAVINGS AND
LOAN ASSOCIATION
NRS 356.010 Conditions;
compensation.
NRS 356.011 Requirements
for account of state agency in bank, credit union or savings and loan
association.
NRS 356.015 Time
certificates of deposit: Establishment of rate of interest; warrants; inactive
deposits.
NRS 356.020 Collateral
for uninsured deposits.
NRS 356.025 Requirements
for use of first mortgage or first deed of trust as collateral.
NRS 356.030 Procedure
for sale of securities when depository fails to pay deposit.
NRS 356.040 Depository
to furnish statements of account and evidence of checks.
NRS 356.050 Liability
of State Treasurer if depository fails or becomes insolvent; deposit of
securities for safekeeping.
NRS 356.070 Withdrawal
of active deposits from depository.
NRS 356.080 State
Controller’s warrant.
NRS 356.083 Calls
from inactive deposits; waiver of interest.
NRS 356.085 Interest
on deposits: Contract; amount.
NRS 356.087 Interest
to be deposited in State General Fund; exceptions.
NRS 356.090 Depository
at state capital may be relieved of payment of interest on deposits.
NRS 356.105 Depository
not required to accept state deposits.
NRS 356.110 Penalties.
DEPOSIT OF COUNTY MONEY IN BANK, CREDIT UNION OR SAVINGS AND
LOAN ASSOCIATION
NRS 356.120 Conditions
for deposit in demand accounts.
NRS 356.125 Written
consent of board of county commissioners required for deposits in time
accounts; contracts for time accounts.
NRS 356.130 Release
of county treasurer’s bondsmen.
NRS 356.133 Collateral
required for uninsured deposits: Types; pledge; fair market value; review;
reports by depository; deposit of additional securities.
NRS 356.135 Collateral
required for uninsured deposits: Sale of securities if depository fails to pay
deposit on demand; use of proceeds of sale; redemption.
NRS 356.140 Demand
and time accounts to be kept in name of county; balances accounted for as cash.
NRS 356.150 Withdrawal
of deposits.
NRS 356.160 Requirements
for payment of warrant of county auditor.
NRS 356.170 Contents
of register of checks and orders required to be kept by county treasurer.
NRS 356.180 Endorsement
of county auditor’s warrant by county treasurer.
NRS 356.190 Liability
of county treasurer if depository fails or becomes insolvent; safekeeping of
security or collateral.
NRS 356.200 Deposit
of county money in bank, credit union or savings and loan association by other
county officers.
DEPOSITORY BONDS OF SURETY COMPANIES
NRS 356.210 Stockholder,
member or director of bank, credit union or savings and loan association may
not be stockholder or director of surety company.
NRS 356.220 Certificate
to be attached to depository bond.
NRS 356.230 Penalty.
ADMINISTRATIVE OVERSIGHT OF DEPOSITORIES; LEVY OF ASSESSMENT
NRS 356.300 Definitions.
NRS 356.305 “Acceptable
securities” defined.
NRS 356.310 “Depository”
defined.
NRS 356.330 “Public
money” defined.
NRS 356.340 “Third-party
depository” defined.
NRS 356.350 Program
for monitoring collateral maintained by depositories: Establishment.
NRS 356.360 Program
for monitoring collateral maintained by depositories: Amount of required
collateral; limitation on amount of public money held; reports; administrative
fine.
NRS 356.370 Levy
of assessment against depositories; notice of amount of assessment.
NRS 356.380 Payment
of assessment; administrative fine for failure to pay.
NRS 356.390 Regulations.
_________
GENERAL PROVISIONS
NRS 356.005 Deposit of public money in bank, credit union or savings and
loan association.
1. The State, a local government or an
agency of either, if specifically authorized by statute or a state agency if
approved by the State Board of Finance, may deposit public money in any insured
state or national bank, in any insured credit union or in any insured savings
and loan association.
2. Deposits made by the State in an
insured credit union or savings and loan association which is a mutual
association must be evidenced by an instrument which acknowledges that the
State is not a member of the association by virtue of the deposit.
(Added to NRS by 1975, 1795; A 1979, 11, 1889; 1981,
1364)
NRS 356.007 Preference for bank, credit union or savings and loan
association within specially benefited zone. The
State, and the city or county within whose jurisdiction is located a specially
benefited zone designated and approved under chapter
274 of NRS, shall give preference in its deposits of public money to banks,
credit unions and savings and loan associations qualified to receive public
money which are located within the specially benefited zone and are making
loans to businesses located within the zone.
(Added to NRS by 1983, 1996)
DEPOSIT OF STATE MONEY IN BANK, CREDIT UNION OR SAVINGS AND
LOAN ASSOCIATION
NRS 356.010 Conditions; compensation. All
money under the control of the State Treasurer belonging to the State must be
deposited in any state or national banks, any insured credit unions or in any
insured savings and loan associations in this State or, if approved by the
State Board of Finance, in any banks, insured credit unions or insured savings
and loan associations outside of this State. The depository banks, credit
unions or savings and loan associations may, if authorized by a contract
negotiated with the State Treasurer, receive compensation for handling,
collecting and paying all checks, drafts and other exchange. The compensation
may be provided through the use of a compensating balance or a fixed-rate fee,
or any combination thereof.
[1:161:1935; A 1937, 365; 1931 NCL § 7029.01]—(NRS A
1959, 568; 1969, 647; 1975, 1802; 1979, 725, 1889; 1981, 344, 1364; 1995, 929; 2009, 2656)
NRS 356.011 Requirements for account of state agency in bank, credit union
or savings and loan association.
1. A state agency which opens an account
in a bank, credit union or savings and loan association must first obtain the
approval of the State Board of Finance, except in cases where the account is
specifically authorized by statute.
2. The titles of the accounts must
indicate that the account is in the name of the State of Nevada.
3. The State Treasurer shall keep a list
of all state accounts in banks, credit unions or savings and loan associations,
whether they are maintained within or outside the State. The list must contain:
(a) The names of those financial institutions
with which state agencies have accounts, and the names of those agencies.
(b) The names of those state agencies which have
accounts with banks, credit unions and savings and loan associations, and the
names of those financial institutions.
4. Each state agency shall send to the
State Controller at the end of each fiscal year a copy of the statement of
account for each account it maintains with a bank, credit union or savings and
loan association, and other related documents which reconcile the account to
the agency’s books.
(Added to NRS by 1979, 11; A 1981, 1365)
NRS 356.015 Time certificates of deposit: Establishment of rate of interest;
warrants; inactive deposits.
1. The State Treasurer shall establish the
rate of interest to be paid on the maturity of each time certificate of
deposit.
2. The State Treasurer shall make all such
deposits through warrants of the State Controller.
3. The State Controller shall maintain
accurate records of inactive deposits. Time certificates of deposit which are
placed with insured banks, credit unions and savings and loan associations shall
be deemed to constitute inactive deposits.
(Added to NRS by 1959, 571; A 1965, 35; 1969, 889;
1979, 725; 1981, 343; 1983, 750; 1999, 1485)
NRS 356.020 Collateral for uninsured deposits.
1. All money deposited by the State
Treasurer which is not within the limits of insurance provided by an
instrumentality of the United States must be secured by collateral composed of
the following types of securities:
(a) United States treasury notes, bills, bonds or
obligations as to which the full faith and credit of the United States are
pledged for the payment of principal and interest, including the guaranteed
portions of Small Business Administration loans if the full faith and credit of
the United States is pledged for the payment of the principal and interest;
(b) Bonds of this state;
(c) Bonds of any county, municipality or school
district within this state;
(d) Promissory notes secured by first mortgages
or first deeds of trust which meet the requirements of NRS
356.025;
(e) Mortgage-backed pass-through securities
guaranteed by the Federal National Mortgage Association, the Federal Home Loan
Mortgage Corporation or the Government National Mortgage Association;
(f) Collateralized mortgage obligations or real
estate mortgage investment conduits that are rated “AAA,” “Aaa” or its
equivalent by a nationally recognized rating service;
(g) Instruments in which the State is permitted
by NRS 355.140 to invest; or
(h) Irrevocable letters of credit from any
Federal Home Loan Bank with the State Treasurer named as the beneficiary.
2. Collateral deposited by the depository
bank, credit union or savings and loan association must be pledged with the
State Treasurer or with any Federal Home Loan Bank, any bank or any insured
credit union or savings and loan association, other than the depository bank,
credit union or savings and loan association, which will accept the securities
in trust for the purposes of this section.
3. The fair market value of the deposit of
securities as collateral by each depository bank, credit union or savings and
loan association must be at least the amount required pursuant to NRS 356.300 to 356.390,
inclusive. The fair market value of any collateral consisting of promissory
notes with first mortgages or first deeds of trust shall be deemed to be 75
percent of the unpaid principal of the notes.
4. All securities to be used as such
collateral are subject to review by the State Treasurer. The depository bank,
credit union or savings and loan association shall submit reports to the State
Treasurer as required pursuant to NRS 356.300 to 356.390, inclusive.
5. The State Treasurer may, from time to
time, require the deposit of additional securities as collateral if, in his or
her judgment, the additional securities are necessary to secure the State
Treasurer’s deposit.
[2:161:1935; A 1937, 365; 1931 NCL § 7029.02]—(NRS A
1959, 568; 1969, 889; 1975, 1803; 1979, 726, 1889; 1981, 848, 1365; 1983, 962; 1985, 2112; 1989, 1270, 2181, 2182; 1997, 1285; 2003,
20th Special Session, 286)
NRS 356.025 Requirements for use of first mortgage or first deed of trust as
collateral.
1. To be accepted as collateral for a deposit
of money by the State Treasurer, first mortgages or first deeds of trust must
be on real property which is located in this state and is used for residences
of single families.
2. Each such first mortgage or first deed
of trust must be accompanied by the promissory note which it secures.
3. No first mortgage or first deed of
trust may be accepted for such collateral if:
(a) Any payment on the related promissory note is
more than 30 days past due;
(b) A prior lien is on the mortgage or deed;
(c) In the case of a mortgage, an action to
foreclose has been commenced or, in the case of a deed of trust, a notice of
default and election to sell has been recorded;
(d) In the case of a loan which is not insured or
guaranteed by the Federal Government, the initial amount lent was greater than
80 percent of the appraised value of the real property at the time the loan was
made;
(e) The loan has been outstanding for less than 1
year;
(f) The grantor of the property resides on the
property; or
(g) The loan does not meet the requirements for
eligibility of the Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association or the Government National Mortgage Association, although
it is not necessary that any of those agencies have participated in the loan.
4. If any collateral consisting of a
promissory note with a mortgage or deed of trust is found not to meet the
requirements of this section, the depository bank, credit union or savings and
loan association shall substitute a note of equal or greater value which does
meet the requirements.
5. The financial institution shall assign
the pledged mortgages and deeds of trust to the depositor and deliver them with
their promissory notes to the trust company. The assignment must be recorded
when the financial institution fails to pay any part of the deposit for which
the security is pledged.
(Added to NRS by 1981, 849; A 1999, 1485)
NRS 356.030 Procedure for sale of securities when depository fails to pay
deposit.
1. If any insured banks, insured credit
unions or insured savings and loan associations fail to pay any deposit or
deposits, or any part thereof, on demand of the State Treasurer, then the State
Treasurer, with the written approval of the State Board of Finance, forthwith
shall:
(a) Advertise the securities for sale for not
less than 10 days in a newspaper of general circulation published within this
state.
(b) Sell the securities, or a sufficient amount
thereof, to repay the deposit, at public or private sale to the highest and
best bidder.
(c) Apply the proceeds of the sale, including
accrued interest, if any, toward the cancellation of the deposit.
2. If there is an excess of the proceeds
or of security, or both, after the satisfaction of the deposit, the excess must
be returned to the depository bank, credit union or savings and loan
association or its successor in interest.
3. Nothing in this section prevents the depository
bank, credit union or savings and loan association, or the Commissioner of
Financial Institutions in charge thereof, or the legally constituted receiver
or liquidator thereof from redeeming the securities within a reasonable time,
as determined by the State Board of Finance, at such a price as will repay to
the State Treasurer the full amount of the deposit in the depository.
[3:161:1935; A 1937, 365; 1931 NCL § 7029.03]—(NRS A
1959, 569; 1975, 1803; 1979, 1890; 1981, 1366; 1983, 1699; 1987, 1876)
NRS 356.040 Depository to furnish statements of account and evidence of
checks. At the close of business
at the end of each month and at any other time, upon demand of the State
Treasurer, every depository bank, credit union or savings and loan association
shall:
1. Furnish the State Treasurer with a
statement of the account, verified or certified by an officer of the depository,
upon a form to be fixed by the State Treasurer.
2. Return to the State Treasurer:
(a) All paid checks;
(b) Microfilmed copies of such checks; or
(c) Any other evidence of such checks which may
be transmitted by a computer and is approved by the State Treasurer.
[4:161:1935; A 1937, 365; 1931 NCL § 7029.04]—(NRS A
1959, 569; 1975, 1804; 1981, 1366; 1983, 750; 1991, 252)
NRS 356.050 Liability of State Treasurer if depository fails or becomes
insolvent; deposit of securities for safekeeping.
1. Where the State Treasurer, in
accordance with the terms and provisions of NRS 356.010
to 356.110, inclusive, has deposited and kept on
deposit any public money in depositories so designated, the State Treasurer is
not liable personally or upon his or her official bond for any public money
that may be lost by reason of the failure or insolvency of any such depository;
but the State Treasurer is chargeable with the safekeeping, management and
disbursement of the bonds deposited with the State Treasurer as security for
deposits of state money and with interest thereon, and with the proceeds of any
sale under the provisions of NRS 356.010 to 356.110, inclusive.
2. The State Treasurer may deposit for
safekeeping with any insured bank, credit union or savings and loan association
or a trust company within or without this state any securities or bonds pledged
with him or her, as State Treasurer, as collateral or as security for any
purpose, but the securities or bonds may only be so deposited by the State
Treasurer with the joint consent and approval, in writing, of the pledgor
thereof and the State Board of Finance. Any bonds or securities so deposited by
the State Treasurer must be deposited under a written deposit agreement between
the pledgor and the State Treasurer, to be held and released only upon a
written order of the State Treasurer or his or her deputy, and signed by the
Governor or acting governor and by one additional member of the State Board of
Finance.
[5:161:1935; A 1937, 365; 1931 NCL § 7029.05]—(NRS A
1959, 570; 1975, 1804; 1979, 1890; 1999, 1486)
NRS 356.070 Withdrawal of active deposits from depository.
1. Deposits are subject to withdrawal upon
demand of the State Treasurer at any time without previous notice, but no
withdrawal of such deposit or deposits, except by a State Controller’s warrant
in the manner set forth in NRS 356.080, may be made
by the State Treasurer without the written consent of the State Board of
Finance.
2. A warrant of the State Controller is a
check or order of the State Treasurer, and must be paid by the depository bank,
credit union or savings and loan association designated thereon when
registered, countersigned, and the bank, credit union or savings and loan
association has been designated for payment thereof as provided in NRS 356.080.
3. The State Treasurer shall keep a
register which shows separately the amount of state money on deposit with every
insured depository bank, insured credit union or insured savings and loan
association and lists separately each check or order drawn upon the respective
depositories, numbering the checks or orders against each depository
consecutively.
[7:161:1935; A 1937, 365; 1953, 55]—(NRS A 1959, 570;
1975, 1804; 1979, 1891; 1981, 1366)
NRS 356.080 State Controller’s warrant.
1. Whenever any warrant of the State
Controller is presented to the State Treasurer for payment, the warrant becomes
a check or order of the State Treasurer if the State Treasurer endorses thereon
the name of the insured depository bank, insured credit union or insured
savings and loan association, where payable, and a number, as provided by NRS 356.070, and countersigns his or her name thereto
as State Treasurer.
2. The warrant must be drawn, as near as
may be, upon the insured depository bank, insured credit union or insured
savings and loan association nearest the residence, if known, of the payee
named in the warrant.
[8:161:1935; A 1937, 365; 1931 NCL § 7029.08]—(NRS A
1975, 1805; 1979, 1891; 1981, 1367)
NRS 356.083 Calls from inactive deposits; waiver of interest. Subject to the applicable contract with the
depositary, the State Treasurer may call in money from inactive deposits,
waiving interest thereon if required, and place it in active deposits when
necessary to meet current requirements.
(Added to NRS by 1959, 571)
NRS 356.085 Interest on deposits: Contract; amount. The
interest to be paid by a depository bank, credit union or savings and loan
association must be paid in accordance with the contract made with the State
Treasurer and in an amount determined by the rates established pursuant to NRS 356.015 or by any Act of Congress.
(Added to NRS by 1959, 571; A 1960, 74; 1969, 890;
1975, 1805; 1981, 1367)
NRS 356.087 Interest to be deposited in State General Fund; exceptions.
1. Except as provided in subsections 2, 3
and 4 or in a specific statute, all interest paid on money belonging to this
State must be deposited in the State General Fund.
2. Interest earned and received on any
gift or bequest to an agency of the State must be credited to the agency unless
the gift or bequest provides otherwise. An agency, when depositing a gift or
bequest, shall notify the State Treasurer whether it is a gift or bequest which
entitles the agency to the interest earned.
3. For each fund or account which by
specific statute is credited with the interest earned on money deposited in it,
the State Treasurer shall determine the proportionate share of interest and
income earned by it and credit that amount to it.
4. The State Treasurer shall pay the
interest due to any contractor pursuant to NRS
338.515.
(Added to NRS by 1959, 571; A 1973, 588, 1378; 1975,
212, 822; 1977, 752; 1979, 908, 1105, 1306; 1981, 228, 236, 399, 551, 1014,
1015, 1447, 1526, 1559, 1827, 1834; 1983, 1581, 1592)
NRS 356.090 Depository at state capital may be relieved of payment of
interest on deposits. In
consideration of no exchange or collection charges being made on checks or
coupons of, or remittance to, the State, any banks, insured credit unions or
insured savings and loan associations at the state capital may be relieved by
the State Treasurer, with the approval of the State Board of Finance, from the
payment of any interest on amounts deposited with them.
[9:161:1935; A 1937, 365; 1931 NCL § 7029.09]—(NRS A
1959, 571; 1975, 1805; 1979, 1891; 1981, 1367)
NRS 356.105 Depository not required to accept state deposits. The provisions of NRS
356.010 to 356.090, inclusive, do not require
any depository to accept state deposits.
(Added to NRS by 1959, 571; A 1979, 11; 2009, 2656)
NRS 356.110 Penalties. A state
officer or employee who willfully violates:
1. NRS 356.011
is guilty of a misdemeanor.
2. Any of the other provisions of NRS 356.010 to 356.090,
inclusive, is guilty of malfeasance in office which is a category D felony and
shall be punished as provided in NRS
193.130.
[11:161:1935; A 1937, 365; 1931 NCL § 7029.11]—(NRS A
1967, 556; 1979, 12, 1465; 1995, 1270; 2009, 2656)
DEPOSIT OF COUNTY MONEY IN BANK, CREDIT UNION OR SAVINGS
AND LOAN ASSOCIATION
NRS 356.120 Conditions for deposit in demand accounts. A county treasurer may:
1. When one or more insured banks, insured
credit unions or insured savings and loan associations are located in the
county, deposit county money in such insured banks, credit unions or savings
and loan associations in demand accounts.
2. When no such banks, credit unions or
savings and loan associations exist in the county, deposit county money in any
insured bank, insured credit union or insured savings and loan association in
the State of Nevada in demand accounts.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1973, 183; 1975, 1806; 1979, 1892; 1999, 193; 2001, 601)
NRS 356.125 Written consent of board of county commissioners required for
deposits in time accounts; contracts for time accounts.
1. A county treasurer may deposit county
money in insured depository banks, insured credit unions or insured savings and
loan associations in time accounts only with the written consent of the board
of county commissioners.
2. The time accounts so established are
subject to the applicable contract between the depository and the county.
3. The provisions of this section do not
require any depository to accept county deposits.
(Added to NRS by 1959, 397; A 1975, 1806; 1977, 561;
1979, 1892; 1981, 848; 1983, 964; 1999, 193; 2001, 601)
NRS 356.130 Release of county treasurer’s bondsmen. Whenever
the written consent of any bondsman or bondsmen to deposit the county money in
any insured banks, credit unions or savings and loan associations has not been
obtained, the bondsman or bondsmen must, upon giving notice as required by law,
be released from all responsibility on the bond of the county treasurer.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1975, 1806; 1999,
1486)
NRS 356.133 Collateral required for uninsured deposits: Types; pledge; fair
market value; review; reports by depository; deposit of additional securities.
1. All money deposited by a county
treasurer that is not within the limits of insurance provided by an
instrumentality of the United States must be secured by collateral composed of
the following types of securities:
(a) United States treasury notes, bills, bonds or
obligations as to which the full faith and credit of the United States are
pledged for the payment of principal and interest, including the guaranteed
portions of Small Business Administration loans if the full faith and credit of
the United States is pledged for the payment of the principal and interest;
(b) Bonds of this state;
(c) Bonds of a county, municipality or school
district within this state;
(d) Mortgage-backed pass-through securities
guaranteed by the Federal National Mortgage Association, the Federal Home Loan
Mortgage Corporation or the Government National Mortgage Association;
(e) Instruments in which the county is authorized
by NRS 355.170 to invest; or
(f) Irrevocable letters of credit from any
Federal Home Loan Bank with the State Treasurer named as the beneficiary.
2. Collateral deposited by the depository
bank, credit union or savings and loan association must be pledged with the
county treasurer or with a Federal Home Loan Bank, or any insured bank, insured
credit union or insured savings and loan association, other than the depository
bank, credit union or savings and loan association, which will accept the
securities in trust for the purposes of this section.
3. The fair market value of the deposit of
securities as collateral by each depository bank, credit union or savings and
loan association must be at least the amount required pursuant to NRS 356.300 to 356.390,
inclusive.
4. All securities to be used as such
collateral are subject to review by the county treasurer and the board of
county commissioners. The depository bank, credit union or savings and loan
association shall submit reports to the State Treasurer as required pursuant to
NRS 356.300 to 356.390,
inclusive. The State Treasurer will provide periodic reports to the county
treasurer showing the securities which constitute the collateral and their fair
market value.
5. The county treasurer or the board of
county commissioners may, from time to time, require the deposit of additional
securities as collateral if, in their judgment, the additional securities are
necessary to secure the county treasurer’s deposit.
(Added to NRS by 1999, 192; A 2003,
20th Special Session, 287)
NRS 356.135 Collateral required for uninsured deposits: Sale of securities
if depository fails to pay deposit on demand; use of proceeds of sale;
redemption.
1. If an insured bank, insured credit
union or insured savings and loan association fails to pay a deposit, or any
part thereof, on demand of the county treasurer, the county treasurer, with the
written approval of the board of county commissioners, forthwith shall:
(a) Advertise the securities for sale for not
less than 10 days in a newspaper of general circulation published within this
state.
(b) Sell the securities, or a sufficient amount
thereof, to repay the deposit, at public or private sale to the highest and
best bidder.
(c) Apply the proceeds of the sale, including
accrued interest, if any, toward the cancellation of the deposit.
2. If there is an excess of the proceeds
or of security, or both, after the satisfaction of the deposit, the excess must
be returned to the depository bank, credit union or savings and loan
association or its successor in interest.
3. This section does not prevent the
depository bank, credit union or savings and loan association, or the
commissioner of financial institutions in charge thereof, or the legally
constituted receiver or liquidator thereof from redeeming the securities within
a reasonable time, as determined by the board of county commissioners, at such
a price as will repay to the county treasurer the full amount of the deposit in
the depository.
(Added to NRS by 1999, 193)
NRS 356.140 Demand and time accounts to be kept in name of county; balances
accounted for as cash.
1. Demand accounts and time accounts
respectively authorized by NRS 356.120 and 356.125 must be kept in the name of the county in such
manner as the board of county commissioners may prescribe.
2. The balance in each such account, as
certified to by the proper officer of the bank, credit union or savings and
loan association in which the money is deposited, and by oath of the county
treasurer, may be accounted for by the county as cash.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1975, 1806; 1999,
194; 2001,
602)
NRS 356.150 Withdrawal of deposits. All
money deposited in an insured bank, insured credit union or insured savings and
loan association by the county treasurer may be drawn out by a check or order
of the county treasurer at any time without previous notice, but no withdrawal
of such a deposit may be made by the county treasurer except by:
1. A check or order that has been
countersigned by the county auditor; or
2. The warrant of the county auditor in
the manner set forth in NRS 356.180.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1975, 1806; 1979, 1892; 1999, 194)
NRS 356.160 Requirements for payment of warrant of county auditor. A warrant of the county auditor is a check or
order of the county treasurer, and must be paid by the depository bank, credit
union or savings and loan association designated thereon, if the warrant is
registered and countersigned, and the bank, credit union or savings and loan
association has been designated for payment thereof as provided in NRS 356.180.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1975, 1806; 1999,
194)
NRS 356.170 Contents of register of checks and orders required to be kept by
county treasurer. The county
treasurer shall keep a register that shows separately the amount of county
money on deposit with every insured depository bank, credit union or savings
and loan association, and shall list separately each check or order drawn upon
the respective depositories, numbering the checks or orders against each
depository consecutively.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A
1975, 1807; 1999,
194)
NRS 356.180 Endorsement of county auditor’s warrant by county treasurer. If a warrant of the county auditor is presented
to the county treasurer for payment, the warrant becomes a check or order of
the county treasurer if the county treasurer endorses thereon the name of the
insured depository bank, credit union or savings and loan association, where
payable, and a number, as provided in NRS 356.170,
and countersigns his or her name thereto as county treasurer.
[2:80:1885; A 1941, 42; 1931 NCL § 2188]—(NRS A 1975,
1807; 1979, 1892; 1999,
194, 1486;
2001, 91)
NRS 356.190 Liability of county treasurer if depository fails or becomes
insolvent; safekeeping of security or collateral.
1. Where the county treasurer, in
accordance with the terms and provisions of NRS 356.120
to 356.180, inclusive, has deposited and kept on
deposit any public money in depositories so designated, he or she:
(a) Is not liable personally on or upon his or
her official bond for any public money that may be lost by reason of the
failure or insolvency of any such depository.
(b) Is chargeable with the safekeeping,
management and disbursement of any bonds that may be deposited with the county
treasurer as security for deposits of county money, and with interest thereon,
and with the proceeds of any sale of such bonds.
2. The county treasurer may deposit for
safekeeping with an insured bank, insured credit union, insured savings and
loan association or trust company within or without this state any securities
or bonds pledged with him or her, as county treasurer, as collateral or as
security for any purpose, but the securities or bonds may only be so deposited
by the county treasurer with the joint consent and approval, in writing, of the
pledgor thereof and the board of county commissioners. Any bonds or securities
so deposited must be deposited under a written deposit agreement between the
pledgor and the county treasurer, to be held and released only upon a written
order of the county treasurer that has been approved by the board of county
commissioners.
[3:80:1885; added 1941, 42; 1931 NCL § 2188.01]—(NRS
A 1999, 194)
NRS 356.200 Deposit of county money in bank, credit union or savings and
loan association by other county officers.
1. With unanimous consent of his or her
bondsmen, a county officer, other than a county treasurer, may deposit county
money received by the office of the county officer in an insured bank, insured
credit union or insured savings and loan association located in the State of
Nevada.
2. If the written consent of any bondsman
to such a deposit has not been obtained, the bondsman must, upon giving notice
as required by law, be released from all responsibility on the bond of the
officer.
3. The accounts must be kept in the name
of the county in such manner as the board of county commissioners may
prescribe.
4. The balance in each such account, as
certified by the proper officer of the bank, credit union or savings and loan
association in which the money is deposited, and by oath of the county
treasurer, may be accounted for by the county as cash.
5. All money deposited in any depository
bank, credit union or savings and loan association by such a county officer may
be drawn out by him or her on check or order payable only to the county
treasurer or his or her order, but every county assessor may also withdraw
money received in payment for license fees for motor vehicles by check or order
payable to the Department of Motor Vehicles, and may also withdraw money
received in payment for use taxes for motor vehicles by check or order payable
to the Department of Taxation.
6. The county officer shall keep a
register which shows the amount of county money on deposit and lists every
check or order drawn upon the depository bank, credit union or savings and loan
association, numbering the items consecutively.
7. The county officer maintaining a
deposit in any depository bank, credit union or savings and loan association
shall draw upon the deposit not later than the first Monday of each month and
whenever the deposit exceeds $100 for the full amount of county money deposited
therein, a withdrawal to be by check or order payable to the county treasurer, and
shall thereupon deliver the withdrawal to the county treasurer.
8. This section does not apply to any
deposit made by the clerk of any court pursuant to NRS 355.210.
[6:80:1885; added 1953, 73]—(NRS A 1959, 189, 693;
1971, 657; 1973, 183; 1975, 1690, 1787, 1807; 1979, 1892; 1985, 1985; 1999, 195, 1487; 2001, 2599)
DEPOSITORY BONDS OF SURETY COMPANIES
NRS 356.210 Stockholder, member or director of bank, credit union or savings
and loan association may not be stockholder or director of surety company. It is unlawful for any person, firm, company
or corporation knowingly to deliver to any public officer of this State or of
any political subdivision thereof, or for any such public officer knowingly to
accept, any depository bond of any surety company for the security of any
public money deposited or to be deposited by the officer in any banking or
trust company, insured credit union or insured savings and loan association any
stockholder, member or director of which, at the time of the execution of the
depository bond, is a stockholder or director in the surety company.
[1:98:1933; 1931 NCL § 5232]—(NRS A 1975, 1808; 1979,
1893; 1981, 1368)
NRS 356.220 Certificate to be attached to depository bond. A public officer shall not accept any such
depository bond unless there is attached thereto a certificate, under oath, of
some authorized officer or agent of the surety company to the effect that, at
the time of executing the bond, no stockholder or director of the surety
company furnishing the bond is a stockholder, member or director in any banking
or trust company, insured credit union or any insured savings and loan
association in which the public money is or is to be deposited knowingly.
[2:98:1933; 1931 NCL § 5232.01]—(NRS A 1975, 1808;
1979, 1893; 1981, 1368)
NRS 356.230 Penalty. Any
person, firm, company or corporation violating any of the provisions of NRS 356.210 and 356.220
shall be guilty of a misdemeanor.
[3:98:1933; 1931 NCL § 5232.02]
ADMINISTRATIVE OVERSIGHT OF DEPOSITORIES; LEVY OF
ASSESSMENT
NRS 356.300 Definitions. As
used in NRS 356.300 to 356.390,
inclusive, unless the context otherwise requires, the words and terms defined
in NRS 356.305 to 356.340,
inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2003,
20th Special Session, 285; A 2007, 918)
NRS 356.305 “Acceptable securities” defined. “Acceptable
securities” means the securities described in:
1. Subsection 1 of NRS
356.020; and
2. Subsection 1 of NRS
356.133.
(Added to NRS by 2007, 918)
NRS 356.310 “Depository” defined. “Depository”
means an insured state or national bank, insured savings and loan association,
or insured credit union in this State in which public money is held on deposit.
The term does not include a third-party depository.
(Added to NRS by 2003,
20th Special Session, 285)
NRS 356.330 “Public money” defined.
1. “Public money” means all money
deposited with a depository by any of the following:
(a) The State Treasurer.
(b) An official custodian with plenary authority,
including control over money belonging to, or held for the benefit of, the
State or any of its political subdivisions, public corporations, municipal
corporations, courts, or public agencies, boards, commissions or committees. If
the exercise of plenary authority over public money requires action by or the
consent of two or more recognized official custodians, the official custodians
shall be treated as one official custodian having plenary authority over the
public money. For the purposes of this paragraph:
(1) “Control” means the possession of
public money and the authority to establish accounts of public money in public
depository institutions and to make deposits, withdrawals and disbursements of
public money.
(2) “Official custodian” means the State
or any of its political subdivisions, public corporations, municipal corporations,
courts, or public agencies, boards, commissions or committees.
(c) A public administrator acting as a trustee,
agent or bailee.
2. The term does not include money
deposited with a depository by:
(a) A Native American tribe or an agent or
representative thereof;
(b) The Federal Government or an agent or
representative thereof; or
(c) The Public Employees’ Retirement System or an
agent or representative thereof.
(Added to NRS by 2003,
20th Special Session, 285; A 2007, 918)
NRS 356.340 “Third-party depository” defined. “Third-party
depository” means a trust company or trust department of a state, national or
federal reserve district bank which is authorized to hold acceptable securities
on behalf of a depository for the benefit of a collateral pool pursuant to
regulations adopted by the State Treasurer under NRS
356.390.
(Added to NRS by 2003,
20th Special Session, 285; A 2007, 919)
NRS 356.350 Program for monitoring collateral maintained by depositories:
Establishment. The State Treasurer
shall establish a program for the monitoring of collateral maintained by
depositories.
(Added to NRS by 2003,
20th Special Session, 285)
NRS 356.360 Program for monitoring collateral maintained by depositories:
Amount of required collateral; limitation on amount of public money held;
reports; administrative fine. The
program established pursuant to NRS 356.350 must
provide that:
1. Each depository is required to maintain
as collateral acceptable securities having a fair market value that is at least
102 percent of the amount of the uninsured balances of the public money held by
the depository;
2. A depository may satisfy the
requirement set forth in subsection 1 by arranging for a third-party depository
to hold acceptable securities on behalf of the depository for the benefit of a
collateral pool pursuant to regulations adopted by the State Treasurer under NRS 356.390;
3. No depository may, at any one time,
hold public money in an amount exceeding the total equity of the depository, as
reflected on the financial statement of the depository;
4. Each depository is required to submit
to the State Treasurer, in the form and manner prescribed by the State
Treasurer, the following reports:
(a) A daily report of the total amount of public
money held by the depository;
(b) If requested by the State Treasurer, a weekly
summary report of the total fair market value of acceptable securities held by
a third-party depository on behalf of the depository;
(c) A monthly report setting forth a list of
acceptable securities, including, without limitation, the fair market value of
those securities, held by the depository or held by any third-party depository
on behalf of the depository; and
(d) A current annual report containing the
financial statement of the depository; and
5. The State Treasurer may impose an
administrative fine not to exceed:
(a) One hundred dollars per day against a
depository that fails to submit in a timely manner a report required by
subsection 4; and
(b) Two hundred fifty dollars per day against a
depository that fails to maintain the collateral required by subsection 1.
(Added to NRS by 2003,
20th Special Session, 285; A 2007, 919)
NRS 356.370 Levy of assessment against depositories; notice of amount of
assessment.
1. Once each fiscal year, the State
Treasurer shall levy a pro rata assessment against each depository that held
public money at any time during the immediately preceding fiscal year.
2. The amount of the assessment levied
pursuant to subsection 1 must be based on the average weekly deposits of public
money held by a depository.
3. The State Treasurer shall provide to
each depository a notice setting forth:
(a) The amount of the assessment levied against
the depository pursuant to subsection 1; and
(b) The provisions of NRS
356.380.
(Added to NRS by 2003,
20th Special Session, 286)
NRS 356.380 Payment of assessment; administrative fine for failure to pay.
1. A depository shall, within 45 days
after the date on which the depository received the notice provided pursuant to
subsection 3 of NRS 356.370, remit to the State
Treasurer the amount of the assessment levied against the depository.
2. The State Treasurer may impose an
administrative fine not exceeding $500 per day against a depository that fails
to comply with the provisions of subsection 1.
(Added to NRS by 2003,
20th Special Session, 286)
NRS 356.390 Regulations. The
State Treasurer shall adopt such regulations as he or she determines are
necessary to carry out the provisions of NRS 356.300
to 356.390, inclusive.
(Added to NRS by 2003,
20th Special Session, 286)
