Nrs: Chapter 356 - Depositories Of Public Money And Securities

Link to law: https://www.leg.state.nv.us/NRS/NRS-356.html
Published: 2015

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[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)