[Rev. 11/21/2013 1:05:21
PM--2013]
CHAPTER 677 - THRIFT COMPANIES
GENERAL PROVISIONS
NRS 677.010 Short
title.
NRS 677.020 Definitions.
NRS 677.030 “Amount
of cash advance” defined.
NRS 677.040 “Amount
of loan obligation” defined.
NRS 677.050 “Borrowings”
defined.
NRS 677.060 “Charges”
defined.
NRS 677.065 “Commissioner”
defined.
NRS 677.070 “Community”
defined.
NRS 677.075 “Deposit”
defined.
NRS 677.090 “Gross
amount” defined.
NRS 677.100 “License”
defined.
NRS 677.110 “Licensee”
defined.
NRS 677.115 “Loan”
defined.
NRS 677.125 “Stockholders’
equity” defined.
NRS 677.130 “Thrift
certificate” defined.
NRS 677.140 “Unpaid
principal balance” defined.
NRS 677.145 Certain
relationships between employee of Division of Financial Institutions and
licensee prohibited; termination of prohibited relationship.
NRS 677.147 Applicability
of chapters 78 and 92A of NRS.
FORMATION
NRS 677.150 Authorization
by Commissioner.
NRS 677.160 Application
for authority to engage in business: Form; contents; filing fee; regulations; withdrawal
of application.
NRS 677.170 Fidelity
bond.
NRS 677.175 Additional
bond.
NRS 677.180 Investigation
and examination of applicant.
NRS 677.190 Requisites
for approval of application.
NRS 677.200 Qualifications
of president and certain managers of corporation.
NRS 677.210 Minimum
stockholders’ equity required.
NRS 677.220 Certificate
of authorization to transact business.
NRS 677.230 Reserves.
NRS 677.240 Authorization
for change of place of business.
PROTECTION OF INVESTORS
NRS 677.241 Power
of licensee to obtain benefits of federal programs.
NRS 677.243 Records
of employees; confidentiality.
NRS 677.245 Limitation
on investment in real property; recording deed or other document; subsidiary
ledger or other appropriate record.
NRS 677.247 Applicant
required to obtain insurance of deposits; regulations.
BRANCH OFFICES
NRS 677.250 Establishment
and maintenance.
NRS 677.270 Requisites
for approval of application; notice of approval or denial.
NRS 677.290 Right
to open branch office expires if office not open within 6 months after approval
of application.
NRS 677.300 Authorization
for change of location; posting of certificate.
NRS 677.310 Specified
designation of branch offices by name or number required.
NRS 677.320 Closing
or discontinuance of branch office.
NRS 677.330 Mobile
offices.
LICENSING
NRS 677.340 Persons
ineligible for licensing.
NRS 677.350 Applicability
of chapter to persons who seek to evade.
NRS 677.355 Licensee
may own interest in bank or savings and loan association.
NRS 677.360 Expiration,
renewal and reinstatement of license; fees; regulations.
NRS 677.370 Posting
of license; transferability and assignability of license.
NRS 677.373 Application
for license: Additional requirements; fingerprints; grounds for refusal to
issue license.
NRS 677.375 Suspension
or revocation of license: Additional grounds.
ADMINISTRATION AND ENFORCEMENT
Generally
NRS 677.380 Regulations
and orders of Commissioner.
NRS 677.390 Disposition
of money collected pursuant to chapter.
Reports, Examinations and Audits
NRS 677.400 Annual
report by licensee; composite reports.
NRS 677.410 Preparation
of annual reports and financial statements; special reports; extensions;
removal of qualification.
NRS 677.420 Notification
of change in ownership of stock; application for approval after certain
acquisitions; investigation; costs; waiver.
NRS 677.430 Commissioner
to examine licensee’s business at least annually; fee.
NRS 677.435 Independent
audit and examination: Payment of assessment; cooperation.
NRS 677.440 Authority
of Commissioner to investigate business; free access required; compelling
attendance of witnesses.
NRS 677.450 Authority
of Commissioner to require attendance of witnesses and production of documents.
NRS 677.460 Charging
off assets; regulations and orders.
NRS 677.470 Licensee
to pay costs of audit of books and records.
Remedial Actions
NRS 677.480 Order
of Commissioner directing discontinuance of unsafe or injurious practice.
NRS 677.490 Surrender
of license by licensee; surrender as affecting licensee’s liability.
NRS 677.500 Temporary
suspension of license: Conditions; notice; hearing; term of suspension.
NRS 677.510 Revocation
or suspension of license: Grounds; notice; hearing; order.
NRS 677.520 Preexisting
contracts unaffected by revocation, suspension, expiration or surrender of
license.
NRS 677.530 Order
to desist or refrain; action to enjoin violations; appointment and powers of
receiver.
NRS 677.540 Taking
possession of business by Commissioner: Conditions; resumption of business.
NRS 677.545 Taking
possession of business by Commissioner: Acquisition by or merger with another
institution.
NRS 677.550 Order
suspending or limiting payment of liabilities; effect of order; assignment or
hypothecation of indebtedness.
NRS 677.560 Application
by licensee to enjoin further proceedings.
NRS 677.570 Authority
of Commissioner to liquidate or conserve company.
GENERAL REGULATIONS
NRS 677.580 Use
of holding company or other device for evading or avoiding chapter prohibited;
right to issue preferred stock or debentures not affected.
NRS 677.590 Issuance
of thrift certificates prohibited; exception.
NRS 677.600 Permissible
depositories.
NRS 677.610 Authorized
investments.
NRS 677.612 Authority
to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal
value and interest.
NRS 677.616 Deposit
by and payment to minor.
NRS 677.620 Limit
on deposits; limit on total borrowings; borrowing money from Federal Home Loan
Bank.
NRS 677.630 Permissible
transactions in real property.
NRS 677.640 Conduct
of business in place where other business being conducted; name under which
business may be transacted; loans by mail.
NRS 677.645 Use
or change of business name; prohibitions.
NRS 677.650 Making
loan to or purchasing contract or chose in action from officer, director or
other specified person prohibited; exception; personal liability.
NRS 677.660 Advertising:
Prohibitions; insurance of deposits.
NRS 677.665 Formation
of bank.
EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS
NRS 677.673 Definitions.
NRS 677.677 “Designated
reporter” defined.
NRS 677.683 “Exploitation”
defined.
NRS 677.687 “Older
person” defined.
NRS 677.693 “Reasonable
cause to believe” defined.
NRS 677.697 “Vulnerable
person” defined.
NRS 677.703 Training;
reporting to designated reporter.
NRS 677.707 Designated
reporter: Designation; duty to report; immunity.
LOANS; POWERS AND PRIVILEGES
NRS 677.720 Requirements
for making and paying of loans: Duties of licensee.
NRS 677.730 Interest,
charges and repayment.
NRS 677.750 Prohibited
practices by licensee.
NRS 677.760 Restriction
on percentage of loans secured by stocks or bonds of any one obligor;
exception.
NRS 677.770 Limitations
on amount of secured loans or obligations of any one obligor.
NRS 677.780 Loans
may be made to any person; exceptions; property situated outside of State.
NRS 677.790 Powers
of licensee.
NRS 677.795 Authority
to exercise powers of banks.
UNLAWFUL ACTS; PENALTIES
NRS 677.800 Violation
of provisions of chapter.
NRS 677.805 Administrative
fines.
NRS 677.810 Receiving
certain compensation or property; making false entry in books or records;
embezzlement.
NRS 677.820 Fraudulent
insolvency; malfeasance of directors.
NRS 677.830 Making
loan or purchasing contract in violation of chapter.
NRS 677.840 Deposit
of company’s money on condition of loan or advance.
NRS 677.850 Accepting
deposits with knowledge of insolvency of company or violation of chapter.
_________
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GENERAL PROVISIONS
NRS 677.010 Short title. This
chapter may be cited as the Nevada Thrift Companies Act.
(Added to NRS by 1975, 1829)
NRS 677.020 Definitions. As
used in this chapter, unless the context otherwise requires, the words and
terms defined in NRS 677.030 to 677.140, inclusive, have the meanings ascribed to them
in those sections.
(Added to NRS by 1975, 1829; A 1979, 995; 1983, 1817;
1985, 2196;
1987, 1997;
1997, 1014)
NRS 677.030 “Amount of cash advance” defined. “Amount
of cash advance” means the amount of cash or its equivalent actually received
by a borrower or paid out at his or her direction or on his or her behalf.
(Added to NRS by 1975, 1829)
NRS 677.040 “Amount of loan obligation” defined. “Amount
of loan obligation” means the amount of cash advance plus the aggregate of
charges added thereto pursuant to authority of this chapter.
(Added to NRS by 1975, 1829)
NRS 677.050 “Borrowings” defined. “Borrowings”
means liability to any thrift investor or financial institution.
(Added to NRS by 1975, 1829)
NRS 677.060 “Charges” defined. “Charges”
include:
1. The aggregate interest, fees, bonuses,
commissions, brokerage, discounts, expenses and other forms of costs charged,
contracted for or received by a licensee or any other person in connection with
the investigating, arranging, negotiating, procuring, guaranteeing, making,
servicing, collecting or enforcing of a loan, or for forbearance of money,
credit, goods, things in action or any other service or services rendered; and
2. Any profit or advantage of any kind
that any person may contract for, collect, receive or in any manner obtain by a
collateral sale, purchase or agreement in connection with negotiating, making
or otherwise in connection with any loan, except commissions received on
insurance sold.
(Added to NRS by 1975, 1829)
NRS 677.065 “Commissioner” defined. “Commissioner”
means the Commissioner of Financial Institutions.
(Added to NRS by 1987, 1997)
NRS 677.070 “Community” defined. “Community”
means a contiguous area of the same economic unit or metropolitan area, as
determined by the Commissioner, and may include all or part of a city or
several towns or cities.
(Added to NRS by 1975, 1829; A 1983, 1817; 1987, 1997)
NRS 677.075 “Deposit” defined.
1. “Deposit” means that part of the
liability of a licensee which is credited to the account of a depositor.
2. The term includes a time deposit
evidenced by a certificate of deposit, but does not include an obligation
evidenced by a thrift certificate.
(Added to NRS by 1985, 2193; A 1987, 1244)
NRS 677.090 “Gross amount” defined. “Gross
amount” means the total amount or value advanced to or on behalf of the
borrower, including all payments for interest, principal, expenses and charges
of any nature taken substantially contemporaneously with the making of the
loan.
(Added to NRS by 1975, 1829)
NRS 677.100 “License” defined. “License”
means a license, issued under the authority of this chapter, to accept deposits
and make loans in accordance with the provisions of this chapter, at a single
place of business.
(Added to NRS by 1975, 1830; A 1985, 2196)
NRS 677.110 “Licensee” defined. “Licensee”
means a person to whom one or more licenses have been issued.
(Added to NRS by 1975, 1830)
NRS 677.115 “Loan” defined. “Loan”
does not include a bona fide conditional contract of sale.
(Added to NRS by 1979, 995)
NRS 677.125 “Stockholders’ equity” defined. “Stockholders’
equity” means the capital, surplus and retained earnings of a licensee.
(Added to NRS by 1997, 1014)
NRS 677.130 “Thrift certificate” defined. “Thrift
certificate” means a chose in action, in passbook or certificate form,
evidencing the obligation of the licensee to pay money and does not include
subordinate debt securities.
(Added to NRS by 1975, 1830; A 1979, 995)
NRS 677.140 “Unpaid principal balance” defined. “Unpaid
principal balance” means the net amount of money, credit, goods or things in
action received by the borrower at the time of entering into the transaction
and the decreasing balances thereof after application of each payment made on
the obligation.
(Added to NRS by 1975, 1830)
NRS 677.145 Certain relationships between employee of Division of Financial
Institutions and licensee prohibited; termination of prohibited relationship.
1. Except as provided in subsections 3 and
4, an officer or employee of the Division of Financial Institutions shall not:
(a) Be directly or indirectly interested in or
act on behalf of any licensee;
(b) Receive, directly or indirectly, any payment
from any licensee;
(c) Be indebted to any licensee;
(d) Engage in the negotiation of loans for others
with any licensee; or
(e) Obtain credit or services from a licensee
conditioned upon a fraudulent practice or undue or unfair preference over other
customers.
2. An employee of the Division in the
unclassified service of the State shall not obtain new extensions of credit
from a licensee while in office.
3. Any officer or employee of the Division
of Financial Institutions may be indebted to a licensee on the same terms as
are available to the public generally upon:
(a) A mortgage loan on his or her own real
property.
(b) A secured installment debt.
(c) An unsecured debt.
4. Any officer or employee of the Division
of Financial Institutions may establish and maintain savings deposits with
licensees to the greatest amount insured, receive interest on those deposits
and borrow money secured by a pledge of those deposits.
5. If an officer or employee of the
Division of Financial Institutions has a service, a preferred consideration, an
interest or a relationship prohibited by this section at the time of his or her
appointment or employment, or obtains it during his or her employment, he or
she shall terminate it within 120 days after the date of his or her appointment
or employment or the discovery of the prohibited act.
(Added to NRS by 1983, 1816)
NRS 677.147 Applicability of chapters 78
and 92A of NRS. The
provisions of chapters 78 and 92A of NRS that are not in conflict with this
chapter are hereby adopted as part of this chapter.
(Added to NRS by 1997, 1014)
FORMATION
NRS 677.150 Authorization by Commissioner. If
authorized by the Commissioner, as provided in this chapter, a corporation may
be formed in accordance with the laws of this state to engage in business under
this chapter.
(Added to NRS by 1975, 1830; A 1983, 1817; 1987, 1997; 1997, 1014)
NRS 677.160 Application for authority to engage in business: Form; contents;
filing fee; regulations; withdrawal of application.
1. The request for authority to engage in
business pursuant to this chapter must be set forth in an application in such
form and containing such information as the Commissioner requires.
2. The filing fees are:
(a) For filing an original application, not more
than $2,000 for the principal office and not more than $300 for each branch
office. The applicant shall also pay such additional expenses incurred in the
process of investigation as the Commissioner deems necessary. All money
received by the Commissioner pursuant to this paragraph must be placed in the
Investigative Account created by NRS
232.545.
(b) If the license is approved for issuance, not
more than $1,000 for the principal office and not more than $200 for each
branch office before issuance.
3. The Commissioner shall adopt
regulations establishing the amount of the fees required pursuant to this
section.
4. The Commissioner shall consider an
application to be withdrawn if the Commissioner has not received all
information and fees required to complete the application within 12 months
after the date the application is first submitted to the Commissioner or within
such later period as the Commissioner determines in accordance with any
existing policies of joint regulatory partners. If an application is deemed to
be withdrawn pursuant to this subsection or if the applicant otherwise
withdraws the application, the Commissioner may not issue a license to the
applicant unless the applicant submits a new application and pays any required
fees.
(Added to NRS by 1975, 1830; A 1983, 1327, 1817; 1987, 1997; 1991, 1816; 2005, 1888)
NRS 677.170 Fidelity bond. A
licensee which proposes to accept deposits shall file with the Commissioner a
fidelity bond providing fidelity coverage on each officer, director and
employee of at least $100,000. The fidelity bond may be either a banker’s blanket
bond or a finance company’s blanket bond, but must be written by an insurer who
has been approved by the Commissioner.
(Added to NRS by 1975, 1830; A 1977, 1045; 1983,
1605, 1637, 1817; 1985, 2196, 2197; 1987, 1998)
NRS 677.175 Additional bond. If
the Commissioner finds that a bond filed pursuant to NRS
677.170 is not sufficient to protect the interests of the public, he or she
shall require the applicant to deposit an additional bond.
(Added to NRS by 1983, 1605; A 1983, 1644; 1985, 2197; 1987, 1998)
NRS 677.180 Investigation and examination of applicant. Upon the filing of an application, the
Commissioner shall make or cause to be made a careful investigation and
examination relative to the following:
1. Character, reputation and financial
standing of the organizers or incorporators.
2. The need for a thrift company or an
additional thrift company, as the case may be, in the community where the
proposed licensee is to be located, giving particular consideration to the
adequacy of existing thrift company services and the need for additional
services of this kind in the community.
3. The ability of the community to support
the proposed licensee, giving consideration to:
(a) The competition offered by existing
licensees;
(b) Whether a thrift company has previously
operated in the community; and
(c) The opportunities for profitable employment
of the licensee’s money as indicated by the average demand for credit, the
number of potential investors, the volume of transactions where the services of
a thrift company would be appropriate, and the business and industries of the
community with particular regard to their stability, diversification and size.
4. The character, banking, industrial
loan, finance or thrift company or other experience and business qualifications
of the proposed officers and managers of the licensee.
5. The character, financial
responsibility, business experience and standing of the proposed stockholders
and directors.
6. Any other facts and circumstances
bearing on the proposed licensee as in the opinion of the Commissioner may be
relevant.
(Added to NRS by 1975, 1830; A 1979, 995; 1983, 1818;
1987, 1998)
NRS 677.190 Requisites for approval of application. The
Commissioner shall not approve the application unless he or she ascertains to
his or her satisfaction:
1. That the public convenience and
advantage will be promoted by the establishment of the proposed corporation.
2. That the corporation is being formed
for no other purpose than the legitimate objectives contemplated by this
chapter.
3. That the proposed capital structure is
adequate.
4. That the financial responsibility,
character and general fitness of the proposed officers, directors, stockholders
and other investors are such as to command the confidence of the community and
to warrant belief that the business will be operated honestly and fairly within
the purpose of this chapter, and that the proposed officers and directors have
sufficient banking, industrial loan or other experience, ability and standing
to afford reasonable promise of successful operation.
5. That the applicant has complied with
all the applicable provisions of this chapter.
(Added to NRS by 1975, 1831; A 1983, 1818; 1985, 2197; 1987, 1999; 1997, 1014)
NRS 677.200 Qualifications of president and certain managers of corporation. The president of the corporation must have not
less than 10 years of experience in a regulated financial institution in this
state, or in any other state or the District of Columbia. The manager of the
principal office and any branch office must have not less than 2 years of
experience in a regulated financial institution in this state, or in any other
state or the District of Columbia.
(Added to NRS by 1975, 1831; A 1977, 1045; 1985, 2198; 1995, 1564; 1997, 1014)
NRS 677.210 Minimum stockholders’ equity required. The
stockholders’ equity of any corporation formed to do business under this
chapter must not be less than $325,000, plus an additional $25,000 for each of
its branch offices.
(Added to NRS by 1975, 1833; A 1997, 1015)
NRS 677.220 Certificate of authorization to transact business. If the Commissioner approves an application
for authority to form a corporation to engage in business under this chapter,
he or she shall issue a certificate in duplicate authorizing the organization
of the corporation and the operation of a thrift company, specifying the date
on which and the conditions under which its place of business may be opened,
including the place where it will be located. The Commissioner shall deliver
one copy to the applicant and retain the other copy.
(Added to NRS by 1975, 1831; A 1983, 1819; 1987, 1999)
NRS 677.230 Reserves.
1. Except as otherwise provided in
subsection 2, the Commissioner may establish the basis upon which reasonable
and adequate reserves must be created and maintained, which must be no less
than 3 percent of the deposits, in:
(a) Cash and due from federally insured financial
institutions in this state, financial institutions insured by a private insurer
approved pursuant to NRS 678.755, or
any Federal Reserve Bank;
(b) United States treasury bills or notes;
(c) Short-term obligations of the federal or
state government; or
(d) Money deposited in federally insured
financial institutions in this state, financial institutions insured by a
private insurer approved pursuant to NRS
678.755, or any Federal Reserve Bank.
Ê For the
purposes of this subsection, “short-term” means having a maturity of 2 years or
less.
2. The Commissioner shall require a
licensee who is insured by the Federal Deposit Insurance Corporation to comply
with the reserve requirements established by that insurer.
(Added to NRS by 1975, 1833; A 1979, 996; 1983, 1819;
1985, 2198;
1987, 1999;
1989, 1097;
1993, 2815;
1999, 1451)
NRS 677.240 Authorization for change of place of business. If a licensee desires to change its place of
business to a street address other than that designated in its authorization,
it shall give written notice to the Commissioner who shall issue his or her
written authorization of the change, if the Commissioner finds such change of
place of business would not justify a negative finding.
(Added to NRS by 1975, 1831; A 1983, 1819; 1987, 1999)
PROTECTION OF INVESTORS
NRS 677.241 Power of licensee to obtain benefits of federal programs. Subject to the prior approval of the
Commissioner, a licensee may, by a majority vote of its board of directors:
1. Enter into a contract, incur an
obligation and perform other acts necessary to obtain a membership or other
benefit that is available to a thrift company or its customers, stockholders,
conservators, receivers or liquidators pursuant to the provisions of:
(a) The Federal Deposit Insurance Act (12 U.S.C.
§§ 1811 et seq.); or
(b) The National Housing Act (12 U.S.C. §§ 1701
to 1743, inclusive).
2. Subscribe for and acquire any stock,
debentures, bonds or other types of securities of the Federal Deposit Insurance
Corporation.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015)
NRS 677.243 Records of employees; confidentiality.
1. Each licensee shall maintain a record
that includes for each employee:
(a) The employee’s full name;
(b) The address of each place at which the
employee has resided during the previous 10 years;
(c) The name and address of each employer during
the previous 10 years;
(d) A recent photograph of the employee measuring
3 by 5 inches; and
(e) Any alias used by the employee.
2. A licensee may comply with the
provisions of subsection 1 by maintaining the employee identification
information required pursuant to 26 C.F.R. Part 31.
3. The information contained in the record
required pursuant to this section must be provided to the Commissioner upon his
or her request, but is otherwise confidential.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015)
NRS 677.245 Limitation on investment in real property; recording deed or
other document; subsidiary ledger or other appropriate record.
1. Unless the licensee has received a
written waiver from the Commissioner, the total amount of money that the
licensee has advanced or committed for the real property that it has developed
or constructed may not exceed twice the sum of its stockholders’ equity and any
other reserves required by the Commissioner.
2. If a licensee acquires title to any
real property pursuant to the provisions of subsection 1 of NRS 677.630, the deed or other document representing
the transaction must be recorded within a reasonable time after the acquisition
of that property.
3. An account must be established for the
acquired property with a separate subsidiary ledger or other appropriate
record. The amount carried in the account must be the sum of the unpaid
principal balance of any loan made by the licensee that was secured by the
foreclosed property plus the cost of the foreclosure less any advance payments
held in the account for loans in progress at the time of acquisition, together
with:
(a) Any amount paid after acquisition for taxes
on the property that accrued before the acquisition;
(b) Assessments that are due or delinquent at the
time of acquisition;
(c) Any other costs of acquisition; and
(d) The cost of insurance on the property.
4. The subsidiary ledger or other
appropriate record must indicate as to each property:
(a) The type and character of the property;
(b) All the capitalized items of investment and
their cost; and
(c) The account number of the former loan or
contract of sale.
(Added to NRS by 1985, 2193; A 1987, 2000; 1997, 1015)
NRS 677.247 Applicant required to obtain insurance of deposits; regulations.
1. Except as otherwise provided in
subsection 2, an applicant for an authorization to engage in the business
regulated pursuant to this chapter must obtain:
(a) The insurance of deposits provided pursuant
to the provisions of the Federal Deposit Insurance Act (12 U.S.C. §§ 1811 et
seq.); or
(b) The insurance of deposits provided pursuant
to the provisions of the National Housing Act (12 U.S.C. §§ 1701 to 1743,
inclusive).
2. A person who:
(a) Is licensed pursuant to this chapter before
October 1, 1997; and
(b) Has not obtained the insurance of deposits
provided in subsection 1,
Ê may obtain a
contract for the insurance of deposits that is issued by a private insurer. The
contract must be approved by the Commissioner and the Commissioner of
Insurance.
3. The Commissioner shall adopt
regulations prescribing the requirements that must be complied with before a
contract issued pursuant to subsection 2 will be approved by him or her.
(Added to NRS by 1985, 2194; A 1987, 2001; 1997, 1016)
BRANCH OFFICES
NRS 677.250 Establishment and maintenance. When
authorized by the Commissioner as provided in this chapter, a licensee,
pursuant to a resolution of its board of directors, may establish and maintain
one or more branch offices within or outside the State.
(Added to NRS by 1975, 1832; A 1983, 1819; 1987, 2002; 1997, 1017)
NRS 677.270 Requisites for approval of application; notice of approval or
denial.
1. The Commissioner shall not approve an
application for a branch office until he or she has ascertained to his or her
satisfaction that the facts set forth in the application are true and:
(a) That public convenience and advantage will be
promoted by the establishment of the proposed branch office.
(b) That the licensee has the stockholders’
equity required by this chapter.
2. The Commissioner must give his or her
approval or denial for an application for a branch office to the licensee
within 45 days after the date of application to open a branch office unless the
Commissioner gives notice within the original 45-day period that he or she is
extending the period for decision for a period not to exceed an additional 45
days.
(Added to NRS by 1975, 1832; A 1979, 996; 1983, 1819;
1987, 2002;
1997, 1017)
NRS 677.290 Right to open branch office expires if office not open within 6
months after approval of application. The
failure of a licensee to open and operate a branch office within 6 months after
the Commissioner approves the application therefor automatically terminates the
right of the licensee to open the branch office.
(Added to NRS by 1975, 1832; A 1979, 996; 1983, 1820;
1987, 2002)
NRS 677.300 Authorization for change of location; posting of certificate. When authorized by the Commissioner, a
licensee may change the location of a branch office from one location to
another. The Commissioner must give his or her approval or denial to the
licensee within 25 days from the date of application for a change in branch
location unless the Commissioner gives notice within the original 25-day period
that he or she is extending the period for decision for a term not to exceed an
additional 25 days. Every licensee shall keep posted in a conspicuous place in
each branch office the certificate issued by the Commissioner permitting the
operating of the branch office.
(Added to NRS by 1975, 1832; A 1979, 997; 1983, 1820;
1987, 2002)
NRS 677.310 Specified designation of branch offices by name or number
required. A licensee which
maintains a branch office or branch offices shall give to each branch office
maintained by it a specified designation by name or number and include in the
designation the word “branch” or the word “office” and shall prominently
display the designation at the place of business of the branch.
(Added to NRS by 1975, 1832)
NRS 677.320 Closing or discontinuance of branch office.
1. With the prior written approval of the
Commissioner, a licensee may close or discontinue the operation of any branch
office if public notice thereof is given in such manner as the Commissioner
directs at least 30 days before the date of closing or discontinuance.
2. After a branch office has been closed
or discontinued it may not be reopened without the approval of the
Commissioner.
(Added to NRS by 1975, 1832; A 1983, 1820; 1987, 2003)
NRS 677.330 Mobile offices.
1. The Commissioner may authorize a
licensee to operate a mobile office.
2. A mobile office must serve its
designated area at least once each 30 days. Each mobile office must be licensed
as a branch office.
3. Each application for authority to
operate a mobile office must specify the permanent office of the licensee,
either its main office or one of its branches, at which the records of the
mobile office will be kept.
(Added to NRS by 1975, 1833; A 1979, 557; 1983, 1820;
1985, 2198;
1987, 2003)
LICENSING
NRS 677.340 Persons ineligible for licensing.
1. Except as otherwise provided in NRS 677.545 and chapter
666 of NRS, no person doing business under the law of:
(a) Any other state; or
(b) The United States if the principal office of
the business is not located in Nevada,
Ê relating to
banks, savings and loan associations or persons licensed under chapter 675 of NRS is eligible to become a
licensee under this chapter. This chapter does not apply to any business
transacted by any such person under the authority of and as permitted by any
such law.
2. Except as otherwise provided in
subsection 3 and chapter 666 of NRS, a
subsidiary of a parent corporation:
(a) One or more of whose other subsidiaries is
engaged in any of the activities listed in subsection 1; or
(b) Whose parent corporation is prohibited from
obtaining a license under this chapter,
Ê is not
eligible to be licensed under this chapter.
3. Subsection 2 does not apply to a bank
which is doing business under the law of the United States if its principal
office is located in Nevada.
(Added to NRS by 1975, 1833; A 1981, 1594; 1983, 153,
1606; 1985, 2159,
2199; 1995, 1564)
NRS 677.350 Applicability of chapter to persons who seek to evade. The provisions of this chapter apply to any
person who seeks to evade its application by any device, subterfuge or pretense
whatever, including, but not thereby limiting the generality of the foregoing:
1. The loan, forbearance, use or sale of
credit as guarantor, surety, endorser, comaker or otherwise, money, goods or
things in action.
2. The use of collateral or related sales
or purchases of goods or services, or agreements to sell or purchase, whether
real or pretended.
3. Receiving or charging compensation for
goods or services, whether or not sold, delivered or provided.
4. The real or pretended negotiation,
arrangement or procurement of a loan through any use or activity of a third
person, whether real or fictitious.
(Added to NRS by 1975, 1834)
NRS 677.355 Licensee may own interest in bank or savings and loan
association. The provisions of
this chapter do not prohibit a licensee or a person owning an interest in a
licensee from obtaining a license or owning an interest in a corporation
licensed under chapter 659 or 673 of NRS.
(Added to NRS by 1983, 1605)
NRS 677.360 Expiration, renewal and reinstatement of license; fees;
regulations.
1. A license expires on December 31 of
each year. On or before that date, each licensee must pay to the Commissioner a
fee not more than $1,000 for the renewal of each license held by the licensee.
The Commissioner may reinstate an expired license upon receipt of the fee for
renewal and a fee of not more than $400 for reinstatement.
2. The Commissioner shall adopt
regulations establishing the amount of the fees required pursuant to this
section.
(Added to NRS by 1975, 1834; A 1979, 962; 1983, 1328,
1821; 1987,
2003; 1989,
923; 2005,
1888)
NRS 677.370 Posting of license; transferability and assignability of
license.
1. Each licensee shall conspicuously post
each license in the place of business to which it pertains.
2. No license is transferable or
assignable without the permission of the Commissioner.
(Added to NRS by 1975, 1834; A 1983, 1821; 1987, 2003)
NRS 677.373 Application for license: Additional requirements; fingerprints;
grounds for refusal to issue license.
1. In addition to any other requirements
set forth in this chapter, each applicant must submit:
(a) Proof satisfactory to the Commissioner that
the applicant:
(1) Has a good reputation for honesty,
trustworthiness and integrity and is competent to transact the business for
which the applicant seeks to be licensed in a manner which protects the
interests of the general public.
(2) Has not made a false statement of
material fact on the application for the license.
(3) Has not committed any of the acts
specified in subsection 2.
(4) Has not had a license issued pursuant
to this chapter suspended or revoked within the 10 years immediately preceding
the date of the application.
(5) Has not been convicted of, or entered
a plea of nolo contendere to, a felony or any crime involving fraud,
misrepresentation or moral turpitude.
(b) A complete set of his or her fingerprints and
written permission authorizing the Division of Financial Institutions of the
Department of Business and Industry to forward the fingerprints to the Central
Repository for Nevada Records of Criminal History for submission to the Federal
Bureau of Investigation for its report.
2. In addition to any other lawful
reasons, the Commissioner may refuse to issue a license to an applicant if the
applicant:
(a) Has committed or participated in any act
which, if committed or done by a holder of a license, would be grounds for the
suspension or revocation of the license.
(b) Has previously been refused a license
pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis
for the refusal or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information
submitted to the Commissioner in support of the application for the license.
(Added to NRS by 2005, 1886)
NRS 677.375 Suspension or revocation of license: Additional grounds. In addition to any other lawful reasons, the
Commissioner may suspend or revoke a license if the licensee has engaged in any
act that would be grounds for denying a license pursuant this chapter.
(Added to NRS by 2005, 1887)
ADMINISTRATION AND ENFORCEMENT
Generally
NRS 677.380 Regulations and orders of Commissioner.
1. The Commissioner may adopt regulations
and make orders for the administration and enforcement of this chapter, in
addition to and not inconsistent with this chapter.
2. Any ruling, demand, requirement or
similar administrative act may be promulgated by an order.
3. Every order must be in writing, must
state its effective date and the date of its promulgation, and must be entered
in an indexed permanent book which is a public record.
4. A copy of every order containing a
requirement of general application must be mailed to each licensee at least 20
days before the effective date thereof.
(Added to NRS by 1975, 1834; A 1983, 1822; 1987, 2003)
NRS 677.390 Disposition of money collected pursuant to chapter. Except as otherwise provided in NRS 677.160, all fees and charges collected under the
provisions of this chapter must be deposited in the State Treasury pursuant to
the provisions of NRS 658.091.
(Added to NRS by 1975, 1834; A 1977, 102; 1983, 1328;
1985, 2199;
2003, 3234)
Reports, Examinations and Audits
NRS 677.400 Annual report by licensee; composite reports.
1. Annually, on or before May 15, unless
the Commissioner grants a written extension, each licensee shall file with the
Commissioner a report of operations of the licensed business for the preceding
calendar year.
2. The report must give information with
respect to the financial condition of the licensee, including, without
limitation:
(a) Balance sheets at the beginning and end of
the year;
(b) A statement of income and expenses for the
period;
(c) A reconciliation of the surplus or net worth
with the balance sheets;
(d) A schedule of the assets used and useful in
the licensed business;
(e) The size of loans and an analysis of charges,
including the monthly average number and amount of loans outstanding;
(f) An analysis of delinquent accounts;
(g) Any court actions undertaken to effect
collection; and
(h) Any further statistical information
reasonably prescribed by the Commissioner.
3. The report must be made under oath and
be in the form prescribed by the Commissioner.
4. If any person or affiliated group holds
more than one license in this state, that person or group may file a composite
annual report, if a short form of report applicable to each licensed office
accompanies the report.
5. A licensee may comply with the
provisions of this section by filing with the Commissioner a copy of the annual
audit report filed by the licensee with the Federal Deposit Insurance
Corporation pursuant to 12 U.S.C. § 1831m.
(Added to NRS by 1975, 1837; A 1979, 997; 1983, 1822;
1987, 2003;
1997, 1017)
NRS 677.410 Preparation of annual reports and financial statements; special
reports; extensions; removal of qualification.
1. The annual reports and financial
statements required by this chapter must be prepared in accordance with
generally accepted accounting principles and must be accompanied by a report,
certificate, or opinion of an independent certified public accountant or
independent public accountant, and must contain such relevant information as
the Commissioner may require. The audits must be conducted in accordance with
generally accepted auditing standards and the regulations of the Commissioner.
2. A licensee shall make other special
reports to the Commissioner as the Commissioner may from time to time require.
3. For good cause and upon written
request, the Commissioner may extend the time for compliance with the
provisions of this chapter.
4. If the report, certificate or opinion
of the independent accountant is in any way qualified, the Commissioner may
require the company to take such action as he or she deems appropriate to
permit an independent accountant to remove such qualification from the report,
certificate or opinion.
(Added to NRS by 1975, 1838; A 1983, 1822; 1987, 2004)
NRS 677.420 Notification of change in ownership of stock; application for
approval after certain acquisitions; investigation; costs; waiver.
1. A licensee shall notify the
Commissioner of any change in the ownership of 10 percent or more of the
outstanding voting stock of the licensee within 3 business days after the
licensee has knowledge of the change.
2. An application for approval must be
submitted to the Commissioner by a person who acquires:
(a) At least 25 percent of a licensee’s
outstanding voting stock; or
(b) Any outstanding voting stock of a licensee if
the change will result in a change in the control of the licensee.
Ê Except as
otherwise provided in subsection 4, the Commissioner shall conduct an
investigation in accordance with NRS 677.180. If
the Commissioner denies the application, he or she may forbid the applicant
from participating in the business of the licensee.
3. The licensee with which the applicant
is affiliated shall pay such a portion of the cost of the investigation as the
Commissioner requires. All money received by the Commissioner pursuant to this
subsection must be placed in the Investigative Account created by NRS 232.545.
4. A licensee may submit a written request
to the Commissioner to waive an investigation pursuant to subsection 2. The
Commissioner may grant a waiver if the applicant has undergone a similar
investigation by a state or federal agency in connection with the licensing of
or his or her employment with a financial institution.
(Added to NRS by 1975, 1838; A 1983, 1823; 1985, 1348; 1987, 2004; 1991, 1816; 1997, 1018)
NRS 677.430 Commissioner to examine licensee’s business at least annually;
fee.
1. At least once each year, the
Commissioner or his or her authorized representatives shall make an examination
of the place of business of each licensee and of the loans, transactions,
books, papers and records of such licensee so far as they pertain to the
business licensed under this chapter.
2. For each examination the Commissioner
shall charge and collect from the licensee a fee for conducting the examination
and preparing and typing the report of the examination at the rate established
pursuant to NRS 658.101.
(Added to NRS by 1975, 1835; A 1977, 102; 1983, 1823;
1987, 2005,
2227)
NRS 677.435 Independent audit and examination: Payment of assessment;
cooperation. Each licensee shall
pay the assessment levied pursuant to NRS
658.055 and cooperate fully with the audits and examinations performed
pursuant thereto.
(Added to NRS by 1987, 827)
NRS 677.440 Authority of Commissioner to investigate business; free access
required; compelling attendance of witnesses.
1. For the purpose of discovering
violations of this chapter or of securing information lawfully required under
this chapter, the Commissioner or his or her duly authorized representatives
may at any time investigate the business and examine the books, accounts,
papers and records used therein of:
(a) A licensee;
(b) Any other person engaged in the business
described in this chapter, participating in the business as a principal, agent,
broker or otherwise;
(c) Any other person engaged in an activity for
which a license is required pursuant to the provisions of this chapter;
(d) Any person whom the Commissioner has
reasonable cause to believe is violating or is about to violate any provision
of this chapter, whether or not the person claims to be within the authority or
beyond the scope of this chapter; and
(e) Any company which is a subsidiary of,
affiliated with or owned or controlled by a licensee.
2. For the purpose of examination, the
Commissioner or his or her authorized representatives shall have and be given
free access to the offices and places of business, files, safes and vaults of
such persons.
3. The Commissioner may require the
attendance of any person and examine him or her under oath regarding:
(a) Any transaction or business regulated
pursuant to the provisions of this chapter; or
(b) The subject matter of any audit, examination,
investigation or hearing.
(Added to NRS by 1975, 1834; A 1983, 1606, 1637,
1823; 1987,
2005; 2005,
1887)
NRS 677.450 Authority of Commissioner to require attendance of witnesses and
production of documents. The
Commissioner may require the attendance of any person and may examine him or
her under oath relative to loans or business regulated by this chapter or the
subject matter of any examination, investigation or hearing, and may require
the production of books, accounts, papers and records.
(Added to NRS by 1975, 1835; A 1983, 1823; 1987, 2005)
NRS 677.460 Charging off assets; regulations and orders. The Commissioner may provide by regulation or
order for the charging off of assets considered to be of little or no value.
(Added to NRS by 1975, 1834; A 1983, 1824; 1987, 2006)
NRS 677.470 Licensee to pay costs of audit of books and records. In addition to the annual fee provided by this
chapter, the Commissioner shall assess and collect from each licensee the
reasonable cost of auditing the books and records of a licensee.
(Added to NRS by 1975, 1834; A 1983, 1824; 1987, 2006)
Remedial Actions
NRS 677.480 Order of Commissioner directing discontinuance of unsafe or
injurious practice. If it appears
to the Commissioner any company is conducting business in an unsafe or
injurious manner, he or she may by written order direct the discontinuance of
any unsafe or injurious practices.
(Added to NRS by 1975, 1835; A 1983, 1824; 1987, 2006)
NRS 677.490 Surrender of license by licensee; surrender as affecting
licensee’s liability. Any licensee
may surrender any license by delivering it to the Commissioner with written
notice of its surrender, but a surrender does not affect his or her civil or
criminal liability for acts committed before the surrender.
(Added to NRS by 1975, 1835; A 1983, 1824; 1987, 2006)
NRS 677.500 Temporary suspension of license: Conditions; notice; hearing;
term of suspension. If the
Commissioner finds that probable cause for revocation of any license exists and
that enforcement of this chapter requires immediate suspension of a license
pending investigation, he or she may, upon 5 days’ written notice and without a
hearing, enter an order suspending a license for a period not exceeding 20 days
pending the holding of a hearing.
(Added to NRS by 1975, 1835; A 1977, 96; 1983, 1824; 1987, 2006)
NRS 677.510 Revocation or suspension of license: Grounds; notice; hearing;
order.
1. If the Commissioner has reason to
believe that grounds for revocation or suspension of a license exist, he or she
shall give 20 days’ written notice to the licensee stating the contemplated
action and, in general, the grounds therefor and set a date for a hearing.
2. At the conclusion of a hearing, the
Commissioner shall:
(a) Enter a written order either dismissing the
charges, or revoking the license, or suspending the license for a period of not
more than 60 days, which period must include any prior temporary suspension. A
copy of the order must be sent by registered or certified mail to the licensee.
(b) Impose upon the licensee an administrative
fine of not more than $10,000 for each violation by the licensee of any
provision of this chapter or any lawful regulation adopted pursuant thereto.
(c) If a fine is imposed pursuant to this
section, enter such order as is necessary to recover the costs of the
proceeding, including his or her investigative costs and attorney’s fees.
3. The grounds for revocation or
suspension of a license are that:
(a) The licensee has failed to pay the annual
license fee;
(b) The licensee, either knowingly or without any
exercise of due care to prevent it, has violated any provision of this chapter,
or any lawful regulation adopted pursuant thereto;
(c) The licensee has failed to pay a tax as
required pursuant to the provisions of chapter
363A of NRS;
(d) Any fact or condition exists which would have
justified the Commissioner in denying the licensee’s original application for a
license hereunder; or
(e) The applicant failed to open an office for
the conduct of the business authorized under this chapter within 120 days after
the date the license was issued, or has failed to remain open for the conduct
of the business for a period of 120 days without good cause therefor.
4. Any revocation or suspension applies
only to the license granted to a person for the particular office for which
grounds for revocation or suspension exist.
5. An order suspending or revoking a
license becomes effective 5 days after being entered unless the order specifies
otherwise or a stay is granted.
(Added to NRS by 1975, 1836; A 1983, 1824; 1987, 2006; 1993, 902; 2003,
20th Special Session, 227; 2005, 1888)
NRS 677.520 Preexisting contracts unaffected by revocation, suspension,
expiration or surrender of license. The
revocation, suspension, expiration or surrender of any license does not impair
or affect the obligation of any preexisting lawful contract between the
licensee and any obligors. Such a contract and all lawful charges thereon may
be collected by the licensee, its successors or assigns.
(Added to NRS by 1975, 1837; A 1989, 923)
NRS 677.530 Order to desist or refrain; action to enjoin violations;
appointment and powers of receiver.
1. Whenever the Commissioner has
reasonable cause to believe that any person is violating or is threatening to
or intends to violate any provision of this chapter, he or she may, in addition
to all actions provided for in this chapter and without prejudice thereto,
enter an order requiring the person to desist or to refrain from such
violation.
2. An action may be brought on the
relation of the Attorney General and the Commissioner to enjoin a person from
engaging in or continuing a violation or from doing any act or acts in
furtherance thereof. In any such action, an order or judgment may be entered
awarding such preliminary or final injunction as may be deemed proper.
3. In addition to all other means provided
by law for the enforcement of a restraining order or injunction, the court in
which an action is brought may impound, and appoint a receiver for, the
property and business of the defendant, including books, papers, documents and
records pertaining thereto, or so much thereof as the court deems reasonably
necessary to prevent violations of this chapter through or by means of the use
of the property and business. Such receiver, when appointed and qualified, has
such powers and duties as to custody, collection, administration, winding up
and liquidation of such property and business as are from time to time
conferred upon the receiver by the court.
(Added to NRS by 1975, 1835; A 1983, 1825; 1987, 2007)
NRS 677.540 Taking possession of business by Commissioner: Conditions;
resumption of business. Whenever
it appears to the Commissioner that:
1. The stockholders’ equity of any
licensee is less than its initial stockholders’ equity;
2. Any licensee has violated its articles
of incorporation or any law of this state;
3. Any licensee is conducting its business
in an unsafe or unauthorized manner;
4. Any licensee refuses to submit its
books, papers and affairs to the inspection of any examiner;
5. Any officer of any licensee refuses to
be examined upon oath touching the concerns of the licensee;
6. Any licensee has suspended payment of its
obligations;
7. Any licensee is in a condition that it
is unsound or unsafe for it to transact business;
8. Any licensee neglects or refuses to
observe any order of the Commissioner made pursuant to this chapter unless the
enforcement of the order is restrained in a proceeding brought by the licensee;
9. Any licensee has accepted deposits in
violation of the provisions of this chapter; or
10. Any fact or condition exists which, if
it had existed at the time of the original application for authority to
organize and establish a corporation to engage in business under this chapter,
it reasonably would have warranted the disapproval of the application by the
Commissioner,
Ê the
Commissioner may forthwith take possession of the property and business of the
licensee and retain possession until it resumes business or its affairs are
finally liquidated as provided in this chapter. The licensee, with the consent
of the Commissioner, may resume business upon such conditions as the
Commissioner may prescribe.
(Added to NRS by 1975, 1836; A 1983, 1825; 1985, 2199, 2200; 1987, 2007; 1997, 1018)
NRS 677.545 Taking possession of business by Commissioner: Acquisition by or
merger with another institution.
1. Except as limited by subsection 2, if
the Commissioner has taken possession of the property and business of a
corporation licensed under this chapter pursuant to NRS
677.540, or a receiver, other than the State, has been appointed for and
taken possession of the property and business of a corporation, the
Commissioner may solicit offers from and authorize or require the acquisition
of the corporation by or its merger with another institution or company in the
following order of priority:
(a) A corporation which is licensed pursuant to
this chapter.
(b) Any other depository institution licensed
under the laws of this state or of the United States if its principal office is
located in this state, including institutions whose parent corporation has
offices or operations in other states.
(c) A bank, savings and loan association or
thrift company, or its parent corporation, licensed pursuant to the laws of the
United States or of another state, whose operations are principally conducted
within the state of Alaska, Arizona, Colorado, Hawaii, Idaho, Montana, New
Mexico, Oregon, Utah, Washington or Wyoming.
(d) A bank, savings and loan association or
thrift company, or its parent corporation, licensed pursuant to the laws of the
United States or of another state, whether or not its principal place of
business is in another state.
Ê The
Commissioner shall solicit written offers from all eligible institutions,
regardless of the order of priority established by this subsection, and wait at
least 30 days after solicitation before selecting the institution to be
approved.
2. The selection of an institution must be
made in accordance with the order of priority established in subsection 1 only
if a selection affords the greatest financial recovery by the corporation’s
depositors of all offers received. The Commissioner may not accept any offer
which affords the corporation’s depositors a smaller financial recovery than
they would receive if the corporation were liquidated. If the Commissioner
receives one or more acceptable offers he or she may negotiate with the
institutions submitting acceptable offers, following that order of priority,
and accept that offer which would afford the greatest financial recovery by the
corporation’s depositors.
(Added to NRS by 1985, 2195; A 1987, 1315, 2008)
NRS 677.550 Order suspending or limiting payment of liabilities; effect of
order; assignment or hypothecation of indebtedness.
1. The Commissioner may order a licensee
to suspend the payment of its liabilities or limit the payment of its
liabilities in such manner as he or she prescribes, if it appears to the
Commissioner that this action is necessary for the protection of the licensee,
its depositors or creditors, or in the public interest. The order is effective
upon receipt of notice by the licensee and continues in effect until rescinded
or modified by the Commissioner in a writing delivered to the manager or
executive officer of the licensee.
2. Subsection 1 does not affect the right
of any licensee to pay its current operating expenses and liabilities incurred
during the period of suspension or limitation.
3. After an order suspending or limiting
the payment of liabilities is effective and until that order is rescinded, the
licensee shall make no assignment or hypothecation of any indebtedness due to
it from a depositor without first crediting thereon the liability of the
licensee to the depositor.
4. The authority granted to the
Commissioner by this section may be exercised by him or her in conjunction with
all other powers granted by this chapter, or independently from them.
(Added to NRS by 1975, 1837; A 1983, 1826; 1985, 2200, 2201; 1987, 2009)
NRS 677.560 Application by licensee to enjoin further proceedings. Whenever the Commissioner has taken possession
of the property and business of any licensee, a licensee, within 10 days after
a taking, if it deems itself aggrieved thereby, may apply to the district court
in the county in which the main office of the licensee is located to enjoin
further proceedings. The court, after citing the Commissioner to show cause why
further proceedings should not be enjoined and after a hearing and a
determination of the facts upon the merits may dismiss such application or
enjoin the Commissioner from further proceedings and direct him or her to
surrender the property and business to such licensee, or make such further
order as may be just.
(Added to NRS by 1975, 1837; A 1983, 1826; 1987, 2009)
NRS 677.570 Authority of Commissioner to liquidate or conserve company. When the Commissioner takes possession of the
property and business of any company for the purpose of liquidation or
conservation, he or she may liquidate or conserve the company. In such a
liquidation or conservation the Commissioner has the same authority with
reference to licensees as are vested in the Commissioner by title 55 of NRS
with reference to banks and in addition may deposit money coming into his or
her hands in the course of liquidation in one or more state or national banks
or credit unions.
(Added to NRS by 1975, 1837; A 1983, 1827; 1987, 2010; 1999, 1452)
GENERAL REGULATIONS
NRS 677.580 Use of holding company or other device for evading or avoiding
chapter prohibited; right to issue preferred stock or debentures not affected. A holding company or any other device may not
be used for the purpose of evading or avoiding any of the provisions of this
chapter. This section does not affect the right of a company to issue preferred
stock or debentures when permitted to do so under the laws of this state.
(Added to NRS by 1975, 1838)
NRS 677.590 Issuance of thrift certificates prohibited; exception.
1. Except as otherwise provided in
subsection 2, this chapter does not permit a licensee to issue thrift
certificates.
2. A licensee who maintains a branch
office located outside this state may issue thrift certificates and any other
securities that are permitted to be issued by a licensee pursuant to the laws
of the state in which the branch office is located.
(Added to NRS by 1975, 1844; A 1985, 2201; 1997, 1019)
NRS 677.600 Permissible depositories. A
licensee shall not deposit any of its money with any other moneyed corporation,
unless that corporation has been designated as a depository by a majority vote
of the directors or the executive committee, exclusive of any director who is
an officer, director or trustee of the depository so designated. Such a
depository must be a federally insured financial institution, a financial
institution insured by a private insurer approved pursuant to NRS 678.755 or any Federal Reserve Bank.
(Added to NRS by 1975, 1844; A 1985, 2202; 1997, 1019; 1999, 1452)
NRS 677.610 Authorized investments. A
licensee shall not invest any of its money, except:
1. As authorized in this chapter;
2. In legal investments for banks, credit
unions or savings associations; or
3. To the extent of 5 percent or less of
its total assets, in preferred stock of corporations which have been given a
rating of “A” or better by a national rating service and which are not in
default in the payment of dividends.
(Added to NRS by 1975, 1844; A 1981, 1025; 1987, 1244; 1999, 1452)
NRS 677.612 Authority to accept deposit by fiduciary in trust; payment to
fiduciary of withdrawal value and interest.
1. A deposit may be made with a licensee
by any administrator, executor or guardian of an estate, a trustee or other
fiduciary in trust for a named beneficiary or beneficiaries.
2. The fiduciary may make additional
deposits and withdraw the deposit, in whole or in part.
3. The withdrawal value of the deposit and
the interest thereon, or other rights relating to the deposit, may be paid or
delivered to the fiduciary, and the payment or delivery to the fiduciary or a
receipt or acquittance signed by the fiduciary to whom any payment or delivery
of rights is made, is a valid and sufficient release and discharge of the
licensee for the payment or delivery so made.
(Added to NRS by 1987, 1243)
NRS 677.616 Deposit by and payment to minor.
1. If a deposit is made with a licensee by
a minor, the licensee may pay to the depositor such sums as may be due him or
her, and the receipt of the minor to the licensee is valid.
2. A licensee may operate a deposit account
in the name of a minor or in the name of two or more persons one or more of
whom are minors with the same effect upon its liability as if the minors were
of lawful age.
(Added to NRS by 1987, 1243)
NRS 677.620 Limit on deposits; limit on total borrowings; borrowing money
from Federal Home Loan Bank.
1. Except as otherwise provided in
subsections 2 and 3, a licensee shall not have at any time deposits in an
aggregate sum in excess of 10 times the aggregate amount of its stockholders’
equity.
2. A licensee insured by the Federal
Deposit Insurance Corporation shall comply with the limits imposed by that
insurer, if any.
3. If a licensee has operated under this
chapter for 1 year or more and during its most recent fiscal year has been
profitable, the Commissioner may increase the ratio of deposits to
stockholders’ equity prescribed in subsection 1 to not more than the greatest
net worth to savings ratio permitted for any savings and loan association
operating in this state. The Commissioner shall give his or her approval or
denial of the application for an increased ratio to the licensee in writing
with supporting reasons within 30 days after the date of the application
submitted by the licensee unless the Commissioner gives notice within the
original 30-day period that he or she is extending the period for decision for
a period not to exceed an additional 30 days. The Commissioner may, for
reasonable cause, decrease the ratio authorized under this subsection at any
time, but not below the ratio prescribed in subsection 1.
4. A licensee may not have total
borrowings, exclusive of deposits, which exceed the larger of:
(a) Five times its stockholders’ equity; or
(b) The face amount of total deposits at the time
a borrowing is made.
5. A licensee may borrow money from a
Federal Home Loan Bank. Money borrowed pursuant to this subsection shall not be
deemed borrowed money for the purposes of the limitations prescribed in
subsection 4. A licensee may pledge any of its assets as collateral security
for money borrowed pursuant to this subsection.
(Added to NRS by 1975, 1844; A 1977, 1045; 1979, 997;
1981, 1025; 1983, 1607, 1638, 1827; 1985, 2202, 2203; 1987, 2010; 1989, 1098; 1993, 2816; 1997, 1019)
NRS 677.630 Permissible transactions in real property.
1. A licensee may purchase, hold, develop
and convey real property, including apartments and other buildings, for the
following purposes only:
(a) Real property conveyed to it in satisfaction
of debts contracted in the course of its business.
(b) Real property purchased at sale under
judgments, decrees or mortgage foreclosures or foreclosures of or trustees’
sales under deeds of trust, or pursuant to an order of a bankruptcy court. A
licensee shall not bid against its debtor at any such sale in a larger amount
than is necessary to satisfy its debt and costs.
(c) Real property necessary as premises for the
transaction of its business. A licensee shall not invest directly or indirectly
an amount exceeding one-third of its stockholders’ equity in the lot and
building in which the business of the company is carried on, furniture and
fixtures, and vaults, necessary and proper to carry on its business.
(d) Real property purchased or held for the
purpose of development. An investment for this purpose must not exceed the
market value of the property as evidenced by an appraisal prepared by a member
of the American Institute of Real Estate Appraisers, the National Association
of Review Appraisers and Mortgage Underwriters, the Society of Real Estate
Appraisers or the Independent Fee Appraisers Society or an appraiser approved
by the Commissioner. Within 120 days after the investment is made:
(1) The licensee shall provide the
Commissioner with a certified copy of one or more appraisal reports and a
report from a title insurer which shows, for not less than the immediately
preceding 3 years, the chain of title and the amount of consideration for which
the title was transferred, if that information is available.
(2) The Commissioner may require a
statement from the licensee disclosing whether any director, officer or
employee of the licensee has, or has had within the immediately preceding 3
years, any direct or indirect interest in the property. For the purposes of
this subparagraph, “interest” includes ownership of stock in a corporation
which has an interest in the property.
Ê If the total
amount to be invested in real property for residential development, excluding
any real property which is mortgaged to the licensee as security for money
owing to the licensee, exceeds the stockholders’ equity of the licensee, the
investment may not be made without the written approval of the Commissioner.
Any person who fails to make a disclosure required by this section is guilty of
a misdemeanor.
2. No real estate acquired pursuant to
paragraph (a) or (b) of subsection 1 may be held for a longer period than 5
years unless it has been improved by the licensee and is producing a fair
income based upon the appraised value.
(Added to NRS by 1975, 1844; A 1981, 1026; 1983,
1828; 1985,
2204, 2205;
1987, 1244,
2011; 1989, 1099; 1997, 1020)
NRS 677.640 Conduct of business in place where other business being
conducted; name under which business may be transacted; loans by mail. A licensee shall not make loans or accept
deposits under this chapter:
1. Within any office, suite, room or place
of business in which any other business is solicited or engaged in, except an
insurance agency or notary public, or in association or conjunction with any
other business unless authority to do so is given by the Commissioner.
2. Under any name or at any place other
than that stated in the license.
Ê This section
does not prevent the making of loans by mail or prohibit accommodations to
individual borrowers when necessitated by hours of employment, sickness or
other emergency situations.
(Added to NRS by 1975, 1832; A 1983, 1828; 1985, 2205, 2206; 1987, 2011)
NRS 677.645 Use or change of business name; prohibitions.
1. A licensee must obtain the approval of
the Commissioner before using or changing a business name.
2. A licensee shall not:
(a) Use any business name which is identical or
similar to a business name used by another licensee under this chapter or which
may mislead or confuse the public.
(b) Use any printed forms which may mislead or
confuse the public.
(Added to NRS by 2005, 1887)
NRS 677.650 Making loan to or purchasing contract or chose in action from
officer, director or other specified person prohibited; exception; personal
liability.
1. Except as otherwise provided in subsection
2, a licensee shall not directly or indirectly make any loan to, or purchase a
contract or chose in action from:
(a) A person who is an officer, director or
holder of record or beneficiary of 10 percent or more of the shares of the
licensee;
(b) A person in which an officer, director or
holder of record or beneficiary of 10 percent or more of the shares of the
licensee directly or indirectly is financially interested; or
(c) A person who acquired the contract directly
or indirectly or through intervening assignments from a person described in
paragraph (a) or (b),
Ê unless the
licensee has been authorized by the Commissioner to make that loan or purchase
that contract or chose in action from that person.
2. Loans may be made to an officer, director
or stockholder of the licensee, upon collateral of his or her deposits with the
licensee, of not more than 90 percent of the amount of his or her deposits, at
the same rates of interest and under the same terms as loans secured by
deposits are offered to members of the general public.
3. Any officer, director or stockholder of
a licensee who:
(a) Knowingly and intentionally makes or procures
or participates in making or procuring, directly or indirectly, a loan or
contract in violation of this section; or
(b) Knowingly approves a loan or contract in
violation of this section,
Ê is
personally liable for any loss resulting to the licensee from the loan or
contract, in addition to any other penalties provided by law.
(Added to NRS by 1975, 1845; A 1981, 1027; 1985, 2206; 1997, 1021)
NRS 677.660 Advertising: Prohibitions; insurance of deposits.
1. A person shall not advertise, print,
display, publish, distribute or broadcast or cause or permit to be advertised,
printed, displayed, published, distributed or broadcast, in any manner, any
statement or representation with regard to the rates, terms or conditions for
making or negotiating loans, or with regard to deposits, which is false,
misleading or deceptive.
2. Except as otherwise provided in this
subsection, a licensee shall not use any advertising or make any
representations which indicate, imply or might lead a person to believe that it
is a bank, a thrift company or a savings bank, unless it is insured by the
Federal Deposit Insurance Corporation. The provisions of this subsection do not
apply to a thrift company that does not accept money for deposit.
3. A licensee whose deposits are insured
by the Federal Deposit Insurance Corporation shall include that information in
its advertising relating to deposits.
(Added to NRS by 1975, 1844; A 1985, 348, 2207; 1989, 1099; 1993, 2817; 1997, 1022)
NRS 677.665 Formation of bank. A
corporation authorized to engage in business pursuant to this chapter may form
a bank pursuant to the provisions of subsection 2 of NRS 659.015.
(Added to NRS by 1997, 1014)
EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS
NRS 677.673 Definitions. As
used in NRS 677.673 to 677.707,
inclusive, unless the context otherwise requires, the words and terms defined
in NRS 677.677 to 677.697,
inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 1492)
NRS 677.677 “Designated reporter” defined. “Designated
reporter” means a person designated by a licensee to receive reports of known
or suspected exploitation of an older person or vulnerable person pursuant to NRS 677.707.
(Added to NRS by 2007, 1492)
NRS 677.683 “Exploitation” defined. “Exploitation”
has the meaning ascribed to it in subsection 2 of NRS 200.5092.
(Added to NRS by 2007, 1492)
NRS 677.687 “Older person” defined. “Older
person” has the meaning ascribed to it in subsection 5 of NRS 200.5092.
(Added to NRS by 2007, 1492)
NRS 677.693 “Reasonable cause to believe” defined. “Reasonable
cause to believe” has the meaning ascribed to it in NRS 200.50925.
(Added to NRS by 2007, 1492)
NRS 677.697 “Vulnerable person” defined. “Vulnerable
person” has the meaning ascribed to it in subsection 7 of NRS 200.5092.
(Added to NRS by 2007, 1492)
NRS 677.703 Training; reporting to designated reporter.
1. Each licensee shall provide training
concerning the identification and reporting of the suspected exploitation of an
older person or vulnerable person to each officer and employee of the licensee
who:
(a) May, as part of his or her regular duties for
the licensee, come into direct contact with an older person or vulnerable
person; or
(b) May review or approve the financial
documents, records or transactions of an older person or vulnerable person in
connection with providing financial services to the older person or vulnerable
person.
2. The training required pursuant to
subsection 1 must be provided as soon as reasonably practicable, but not later
than 6 months after the officer or employee is employed by the licensee.
3. The training required pursuant to
subsection 1 must include, without limitation:
(a) An explanation of the conduct which
constitutes exploitation of an older person or vulnerable person;
(b) The manner in which exploitation of an older
person or vulnerable person may be recognized;
(c) Information concerning the manner in which
reports of exploitation are investigated; and
(d) Instruction concerning when and how to report
known or suspected exploitation of an older person or vulnerable person.
4. An officer or employee who has observed
or has knowledge of an incident that is directly related to a transaction or
matter which is within his or her scope of practice and which reasonably
appears to be exploitation of an older person or vulnerable person shall report
the known or suspected exploitation to the designated reporter.
(Added to NRS by 2007, 1492)
NRS 677.707 Designated reporter: Designation; duty to report; immunity.
1. Each licensee shall designate a person
or persons to whom an officer or employee of the licensee must report known or
suspected exploitation of an older person or vulnerable person.
2. If an officer or employee reports known
or suspected exploitation of an older person to a designated reporter and,
based on such a report or based on his or her own observations or knowledge,
the designated reporter knows or has reasonable cause to believe that an older
person has been exploited, the designated reporter shall:
(a) Except as otherwise provided in subsection 3,
report the known or suspected exploitation of the older person to:
(1) The local office of the Aging and
Disability Services Division of the Department of Health and Human Services;
(2) A police department or sheriff’s
office;
(3) The county’s office for protective
services, if one exists in the county where the suspected action occurred; or
(4) A toll-free telephone service designated
by the Aging and Disability Services Division of the Department of Health and
Human Services; and
(b) Make such a report as soon as reasonably
practicable.
3. If the designated reporter knows or has
reasonable cause to believe that the exploitation of the older person involves
an act or omission of the Aging and Disability Services Division, another
division of the Department of Health and Human Services or a law enforcement
agency, the designated reporter shall make the report to an agency other than
the one alleged to have committed the act or omission.
4. If an officer or employee reports known
or suspected exploitation of a vulnerable person to a designated reporter and,
based on such a report or based on his or her own observations or knowledge,
the designated reporter knows or has reasonable cause to believe that a
vulnerable person has been exploited, the designated reporter shall:
(a) Except as otherwise provided in subsection 5,
report the known or suspected exploitation of the vulnerable person to a law
enforcement agency; and
(b) Make such a report as soon as reasonably
practicable.
5. If the designated reporter knows or has
reasonable cause to believe that the exploitation of the vulnerable person
involves an act or omission of a law enforcement agency, the designated
reporter shall make the report to a law enforcement agency other than the one
alleged to have committed the act or omission.
6. In accordance with the provisions of
subsection 3 of NRS 239A.070, in
making a report pursuant to this section, a designated reporter may:
(a) Disclose any facts or information that form
the basis of the determination that the designated reporter knows or has
reasonable cause to believe that an older person or vulnerable person has been
exploited, including, without limitation, the identity of any person believed
to be involved in the exploitation of the older person or vulnerable person;
and
(b) Provide any financial records or other
documentation relating to the exploitation of the older person or vulnerable
person.
7. An officer, employee and the designated
reporter are entitled to the immunity from liability set forth in NRS 200.5096 for making a report in good
faith.
(Added to NRS by 2007, 1493)
LOANS; POWERS AND PRIVILEGES
NRS 677.720 Requirements for making and paying of loans: Duties of licensee.
1. Every licensee shall:
(a) Deliver to the borrower, or if more than one,
to one of them, at the time of making a loan under this chapter a copy of the
loan obligation or, in lieu thereof, a statement showing in clear and distinct
terms the date of the loan and amount of loan obligation and the date of its
maturity, the nature of the security, if any, for the loan, the name and
address of the borrower and of the licensee, and the description or schedule of
payments on the loan.
(b) Except as otherwise provided in subsection 2,
give to the person making any cash payment on account of any loan a receipt at
the time the payment is made, which receipt must show the balance due, if any,
after application of the payment. A receipt for the amount of the payment only
may be given temporarily and replaced within a reasonable time with a receipt
as prescribed in this paragraph.
(c) Permit payment in advance in an amount equal to
one or more full installments at any time during the regular business hours of
the licensee.
(d) Upon repayment of a loan in full, mark
plainly every note or other evidence of the indebtedness or assignment signed
by any obligor with the word “paid” or “cancelled,” and release or provide the
borrower with evidence to release any mortgage or security instrument no longer
securing any indebtedness to the licensee.
2. In lieu of the receipt mentioned in
paragraph (b) of subsection 1, the licensee may issue a coupon payment
book to the borrower setting forth the amount and due date of each installment
and containing a payment record stub corresponding to each coupon.
(Added to NRS by 1975, 1842; A 1989, 1100)
NRS 677.730 Interest, charges and repayment. A
licensee may lend any amount of money:
1. At any rate of interest;
2. Subject to the imposition of any charge
in any amount; and
3. Upon any schedule of repayment,
Ê to which the
parties may agree.
(Added to NRS by 1975, 1842; A 1979, 1000; 1985, 2208; 1989, 1100; 1997, 1022)
NRS 677.750 Prohibited practices by licensee. A
licensee shall not:
1. Take any confession of judgment or any
power of attorney running to himself or herself or to any third person to confess
judgment or to appear for the borrower in a judicial proceeding.
2. Take any note or promise to pay which
does not disclose the date and amount of the loan obligation, a schedule or
description of the payments to be made thereon, and the rate or aggregate
amount of agreed charges.
3. Take any instrument in which blanks are
left to be filled in after the loan is made.
(Added to NRS by 1975, 1843)
NRS 677.760 Restriction on percentage of loans secured by stocks or bonds of
any one obligor; exception.
1. A
licensee shall not lend in the aggregate more than 10 percent of its
stockholders’ equity upon:
(a) The security of the stock of any one
corporation, which stock, except as otherwise provided in subsection 2, may not
exceed 10 percent of the outstanding stock of that corporation.
(b) The security of the bonds of any one obligor
except:
(1) Bonds of the United States or for the
payment of which the credit of the United States is pledged;
(2) Bonds of the State of Nevada, or for
the payment of which the credit of the State of Nevada is pledged; and
(3) Bonds which are general obligations of
any county, city, metropolitan water district, school district or irrigation
district of the State of Nevada.
2. The stock of a corporation upon the security
of which a licensee loans money pursuant to paragraph (a) of subsection 1 may
exceed 10 percent of the outstanding stock of that corporation if:
(a) The licensee has secured collateral, other
than deposits with the licensee, which has a market value of not less than 115
percent of the amount loaned; or
(b) The loans are secured by deposits with the
licensee and the amount of the money loaned does not exceed 90 percent of the
deposits used as collateral.
(Added to NRS by 1975, 1843; A 1989, 1101; 1997, 1022)
NRS 677.770 Limitations on amount of secured loans or obligations of any one
obligor. Secured loans or
obligations of any one person as primary obligor made or held by a licensee may
not, in any event, exceed in the aggregate 25 percent of the stockholders’
equity of the licensee. Loans secured by deposits with the licensee must not be
included in applying this limitation.
(Added to NRS by 1975, 1843; A 1985, 2208; 1987, 1245; 1989, 1101; 1993, 2817; 1997, 1023)
NRS 677.780 Loans may be made to any person; exceptions; property situated
outside of State.
1. Except as provided in NRS 677.770 and 677.790, a
licensee may make loans to any person, secured by real or personal property,
without regard to the location or nature of the security.
2. Any loan made on property situated
outside this state which is lawful under the laws of the state in which the
property is situated may be collected or otherwise enforced in this state in
accordance with its terms.
(Added to NRS by 1975, 1843; A 1985, 2209)
NRS 677.790 Powers of licensee. Except
as provided in NRS 677.770, a licensee may:
1. Make loans secured by, and purchase,
sell or discount in any amount:
(a) Bona fide trust receipts;
(b) Secured choses in action;
(c) Chattel mortgages;
(d) Conditional sales contracts;
(e) Security agreements;
(f) Leases;
(g) Lien contracts; and
(h) Deeds of trust.
2. Accept deposits, including deposits
payable on demand and time deposits, and issue certificates of deposit.
3. Enter into leases and purchase
equipment for those leases.
(Added to NRS by 1975, 1843; A 1979, 1000; 1983,
1608; 1985,
2209; 1987,
1245)
NRS 677.795 Authority to exercise powers of banks. A
licensee may, with the approval of the Commissioner, exercise any authority,
right, power and privilege, and perform any act and enjoy the same immunities
as banks licensed pursuant to chapter 659 of
NRS.
(Added to NRS by 1987, 1243; A 1987, 2024)
UNLAWFUL ACTS; PENALTIES
NRS 677.800 Violation of provisions of chapter. Any
person and the members, officers, directors, agents and employees thereof who
knowingly and intentionally violate or participate in the violation of any
provision of this chapter are guilty of a misdemeanor, unless a greater penalty
is provided in this chapter.
(Added to NRS by 1975, 1845; A 1997, 1023)
NRS 677.805 Administrative fines. In
addition to any other remedy or penalty, the Commissioner may impose an
administrative fine of not more than $10,000 upon a person who, without a
license, conducts any business or activity for which a license is required
pursuant to the provisions of this chapter.
(Added to NRS by 2005, 1887)
NRS 677.810 Receiving certain compensation or property; making false entry
in books or records; embezzlement. A
director, officer or employee of a licensee who:
1. Asks for or receives or consents or
agrees to receive any commission, emolument or gratuity or any money, property
or thing of value for procuring or endeavoring to procure for a person any loan
from the licensee, or the purchase or discount of any note, contract or other
obligation or property by the licensee;
2. Knowingly receives or possesses himself
or herself of any of its property otherwise than in payment of a just demand,
or with the intent to defraud omits to make or cause to be made a full and true
entry thereof in its books and accounts or concurs in omitting to make any
material entry thereof;
3. Knowingly makes or concurs in making or
publishing any false entry in its books or records, any written report, exhibit
or statement of its affairs or pecuniary condition containing any material
statement which is false, or having the custody of its books willfully refuses
or neglects to make any proper entry in the books as required by law, or to
exhibit or allow them to be inspected or extracts to be taken therefrom by the
Commissioner or his or her deputies or investigators, or alters, conceals,
destroys or removes any book or record;
4. Embezzles, abstracts or willfully
misapplies the money, securities or credits of a licensee, or who, with the
intent to injure or defraud the licensee or a customer of the licensee:
(a) Issues or puts forth a deposit;
(b) Draws a draft, bill of exchange or mortgage;
or
(c) Otherwise uses his or her position or
employment with a licensee; or
5. Knowingly aids or abets the commission
of an act prohibited by this section,
Ê is guilty of
a category C felony and shall be punished as provided in NRS 193.130, or by a fine of not more than
$50,000, or by both fine and the punishment provided in NRS 193.130. In addition to any other
penalty, the court shall order the person to pay restitution.
(Added to NRS by 1975, 1845; A 1983, 1829; 1985, 2210; 1987, 2012; 1995, 1317)
NRS 677.820 Fraudulent insolvency; malfeasance of directors. Every director of a licensee who:
1. In case of the fraudulent insolvency of
such company, participated in such fraud; or
2. Willfully does any act as such director
which is expressly forbidden by law or willfully omits to perform any duty
imposed upon him or her as such director by law,
Ê is guilty of
a misdemeanor. The insolvency of a licensee is fraudulent for the purposes of this
section, unless its affairs appear upon investigation to have been administered
clearly, legally and with the same care and diligence that agents receiving a
compensation for their services are bound by law to observe.
(Added to NRS by 1975, 1845)
NRS 677.830 Making loan or purchasing contract in violation of chapter. A director, officer or employee of a licensee
who concurs in any vote or act by which it is intended to make a loan or
purchase a contract in violation of this chapter is guilty of a misdemeanor.
(Added to NRS by 1975, 1846)
NRS 677.840 Deposit of company’s money on condition of loan or advance. Any director, officer or employee of any
licensee who makes or maintains, or attempts to make or maintain, a deposit of
such company’s funds with any other person on condition, or with the
understanding, express or implied, that the person receiving such deposit make
a loan or advance, directly or indirectly, to any director, officer or employee
of the licensee so making or maintaining or attempting to make or maintain such
deposit, is guilty of a misdemeanor.
(Added to NRS by 1975, 1846)
NRS 677.850 Accepting deposits with knowledge of insolvency of company or
violation of chapter. Each officer
or employee of any company who accepts deposits knowing:
1. That the company is insolvent; or
2. That the acceptance violates any
provision of this chapter or any order or regulation of the Commissioner,
Ê is guilty of
a category D felony and shall be punished as provided in NRS 193.130.
(Added to NRS by 1975, 1846; A 1983, 1829; 1985, 2211; 1987, 2012; 1995, 1318)
