Nev. Rev. Stat. ch. 671 – Money Transmission | Midpage

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Nevada Revised Statutes

Chapter 671

Nev. Rev. Stat. ch. 671

Money Transmission

671.004Definitions 671.0045“Authorized delegate” defined 671.005“Average daily money transmission liability” defined 671.0055“Bank Secrecy Act” defined 671.006“Calendar quarter” defined 671.0065“Closed loop stored value” defined 671.007“Control” defined 671.0075“Eligible rating” defined 671.008“Eligible rating service” defined 671.0085“Federally insured depository financial institution” defined 671.009“Key individual” defined 671.0095“Licensee” defined 671.0105“Material litigation” defined 671.011“Monetary value” defined 671.0115“Money” defined 671.012“Money or credits received for transmission” defined 671.0125“Money services business accredited state” defined 671.013“Money transmission” defined 671.0135Multistate licensing process” defined 671.014“Nationwide Multistate Licensing System and Registry” or “Registry” defined 671.0145“Outstanding money transmission obligation” defined 671.015“Passive investor” defined 671.0155“Payment instrument” defined 671.016“Payroll processing services” defined 671.0165“Person” defined 671.017Privately insured depository financial institution” defined 671.0175“Receiving money or credits for transmission” defined 671.018Stored value” defined 671.0185“Tangible net worth” defined 671.019“USA Patriot Act” defined 671.0195Application and construction of chapter 671.020Applicability of chapter: Generally 671.0205Applicability of chapter: Authority of Commissioner to exempt additional persons 671.021Applicability of chapter: Authority of Commissioner to require demonstration of qualification for exemption 671.030Regulations 671.040Prohibition against engaging in business of money transmission without being licensed or authorized delegate and regardless of location or method used 671.050Application for license: Form and medium; contents; bond or securities; financial statement; fees and expenses; regulations; withdrawal of application 671.060Completion of application for license; conduct and cost of investigation of applicant; issuance of license; denial of application; appeal 671.070Expiration and renewal of license; fees; regulations 671.080License not transferable or assignable; business must be conducted at location specified in application or operated by authorized delegate; changes in location, name or operation of business 671.092Authority of Commissioner to take certain action to establish consistent licensing between states; authority of Commissioner to participate in Nationwide Multistate Licensing System and Registry; use of Registry for implementation of requirements of chapter; charges for use of Registry; regulations; provisions do not replace or affect authority of Commissioner regarding licensing 671.094Authority of Commissioner to require submission of fingerprints; use of Nationwide Multistate Licensing System and Registry for submission and processing of fingerprints 671.096Nationwide Multistate Licensing System and Registry: Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements 671.098Additional materials required to be submitted to Commissioner by certain persons through Nationwide Multistate Licensing System and Registry 671.099Licensee required to register and maintain unique identifier with Nationwide Multistate Licensing System and Registry; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry 671.0995Suspension or revocation of license for failure to meet qualifications or satisfy requirements applicable to applicant; applicant required to demonstrate compliance with certain requirements 671.100Bond: Amounts; form; notice to Commissioner of action or judgment; replenishment; liability of surety; increase in amount; cancellation or alteration 671.110Deposits in lieu of bond 671.115Tangible net worth: Amount required to be maintained 671.120Examination of licensee by Commissioner; entry upon premises and access to documents; fee; audit in lieu of examination 671.125Permissible investments: Duty of licensee to maintain; amount; establishment and termination of statutory trust; powers and duties of Commissioner 671.135Permissible investments: Types; limitations 671.145Permissible investments: Letter of credit 671.155Acquisition of control of licensee: Approval of Commissioner required; application; investigation; conditions for approval; authority of Commissioner if applicant is subject to multistate licensing process; denial; appeal; applicability 671.160Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver 671.165Acquisition of control of licensee: Request for determination of whether person will be considered person in control upon consummation of proposed transaction; authority of Commissioner if requester is subject to multistate licensing process 671.170Investigations and hearings; fee; required reports; confidential communications 671.175Acquisition of control of licensee: Exceptions from requirements for approval 671.180Suspension, revocation or denial of renewal of license: Notice; hearing; order; grounds; judicial review 671.183Failure to submit required report; fees; regulations 671.185Administrative fines 671.190Unlawful acts; penalty; other remedies 671.195Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process 671.205Required actions of licensee before engaging in money transmission through or allowing person to act as authorized delegate; authorized delegate to operate in compliance with chapter; required contract between licensee and authorized delegate; procedures upon suspension, revocation, surrender or expiration of license of licensee; money held in trust; use of subdelegate prohibited 671.215Engaging in money transmission on behalf of unlicensed or nonexempt person prohibited; liability 671.225Failure to remit money as required: Relief authorized in action by licensee against authorized delegate; notification by licensee required upon issuance of order prohibiting person from acting as authorized delegate; penalty 671.235Circumstances under which transaction involving money transmission is deemed to take place in this State 671.245Money or credit received for transmission required to be forwarded in accordance with agreement between licensee and sender; licensee required to respond to inquiries upon failure to forward; exceptions 671.255Refund required upon written request; exceptions; applicability 671.265Receipt required for all money or credits received for transmission; exceptions; requirements for receipt 671.275Duties of licensee providing payroll processing services; exception 671.285Annual filing of financial statement and other information with Commissioner; requirements for financial statement; order to remove qualification in financial statement 671.295Filing of reports required by Bank Secrecy Act and other laws pertaining to money laundering 671.305Quarterly report of condition: Submission; contents; authority of Commissioner to waive, modify or alter requirements 671.315Quarterly report concerning authorized delegates: Submission; contents 671.325Filing of report upon occurrence of certain events 671.335Records: Maintenance; open to inspection by Commissioner 671.345Administration, interpretation and enforcement of chapter: Powers and duties of Commissioner; regulations 671.355Regulations 671.365Confidentiality of certain information and documents; authority of Commissioner to disclose confidential information to certain persons; information that is not confidential authorized to be made available on Internet website of Division of Financial Institutions 671.375Examination of licensee or authorized delegate by Commissioner; authorized actions to administer and enforce chapter; authorized actions to conduct examination; provision of records required; use of multistate standards and procedures; fees 671.385Authority of Commissioner to participate in multistate supervisory processes; authority to conduct examination or investigation or otherwise take action not waived; fees not waived 671.395Inconsistencies between provisions of chapter and federal law governed by federal law; authority of Commissioner to provide interpretive guidance concerning inconsistencies 671.400Compliance with federal regulations; maintenance of information security program; notification of Commissioner of notification events 671.405Duty of Commissioner to report certain information and material to Nationwide Multistate Licensing System and Registry; confidentiality of information or material provided; authority of Commissioner to enter into certain agreements and arrangements 671.415Investigations and hearings; fee; confidential communications 671.425Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver 671.435Suspension, revocation or denial of renewal of license: Notice; hearing; order; grounds; considerations in determining whether practice is unsafe or unsound; judicial review 671.445Suspension or revocation of designation of authorized delegate: Grounds; considerations in determining whether practice is unsafe or unsound; relief 671.455Order to cease and desist violation: Issuance; hearing; petition to set aside, limit or suspend 671.465Consent order 671.475Failure to submit required report; fees; regulations 671.485Administrative fines 671.495Unlawful acts; penalty; other remedies