NAC: CHAPTER 670A - CORPORATIONS FOR ECONOMIC REVITALIZATION AND DIVERSIFICATION

[Rev. 6/8/2018 4:07:33 PM--2017]

 

[NAC-670A Revised Date: 10-06]

CHAPTER 670A - CORPORATIONS FOR ECONOMIC REVITALIZATION AND DIVERSIFICATION

670A.010         Fee for supervision and related activities: Amount; collection; failure to pay.

670A.020         Fee: Application for license to conduct business.

670A.030         Fee: Renewal of license.

670A.040         Fee: Failure to submit required report.

670A.050         Annual assessments to cover costs related to performance of audits and examinations.

670A.060         Prerequisites to conduct of business.

670A.070         Revocation or suspension of license.

670A.080         Inspection of documents filed with Division of Financial Institutions.

670A.090         Complaints: Failure to respond in timely manner; confidentiality.

 

 

 

      NAC 670A.010  Fee for supervision and related activities: Amount; collection; failure to pay. (NRS 658.101, 670A.060, 670A.260)

     1.  The Commissioner of Financial Institutions will charge and collect a fee of $30 per hour from each corporation for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 670A of NRS.

     2.  The Commissioner will bill each 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 corporation to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.

     4.  For the purposes of this section, “corporation” means a Nevada corporation for economic revitalization and diversification created pursuant to chapter 670A of NRS.

     (Added to NAC by Comm’r of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-1-89)

      NAC 670A.020  Fee: Application for license to conduct business. (NRS 670A.060, 670A.130)  An application for a license to conduct business as a corporation for economic revitalization and diversification must be accompanied by a nonrefundable fee of $1,500.

     (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

      NAC 670A.030  Fee: Renewal of license. (NRS 670A.060, 670A.250)  A licensed corporation for economic revitalization and diversification shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $150 for the renewal of the license.

     (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

      NAC 670A.040  Fee: Failure to submit required report. (NRS 670A.060, 670A.310)  A licensed corporation for economic revitalization and diversification shall pay a fee of $10 for each day that any report required pursuant to this chapter or chapter 670A of NRS is overdue.

     (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

      NAC 670A.050  Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055, 670A.060, 670A.260)

     1.  Except as otherwise provided in NAC 658.030, each licensed corporation for economic revitalization and diversification shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.

     2.  The Division of Financial Institutions of the Department of Business and Industry will bill each licensed corporation for economic revitalization and diversification 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 corporation for economic revitalization and diversification 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 670A.060  Prerequisites to conduct of business. (NRS 670A.060)  A person shall not conduct business as a corporation for economic revitalization and diversification in this State unless:

     1.  He possesses each license, certificate and permit required by this chapter, chapter 670A of NRS and a local governmental entity; and

     2.  The location of the 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 670A.070  Revocation or suspension of license. (NRS 670A.060)  The Commissioner of Financial Institutions may revoke or suspend the license of a corporation for economic revitalization and diversification pursuant to procedures provided in chapter 670A of NRS if the licensee violates any provision of this chapter or chapter 670A 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 670A.080  Inspection of documents filed with Division of Financial Institutions. (NRS 670A.060)  Except as otherwise provided in NAC 670A.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 670A 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 670A.090  Complaints: Failure to respond in timely manner; confidentiality. (NRS 670A.060)

     1.  If a licensed corporation for economic revitalization and diversification, 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)