Nev. Rev. Stat. ch. 672 – Credit Unions | Midpage

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Nevada Revised Statutes

Chapter 672

Nev. Rev. Stat. ch. 672

Credit Unions

672.010Definitions 672.020“Account” defined 672.030“Beneficiary” defined 672.040“Board” defined 672.050“Chair” defined 672.061“Commissioner” defined 672.070“Credit union” defined 672.080“Demand” defined 672.090“Department” defined 672.100“Deposits” defined 672.110“Director” defined 672.120“Dividend” defined 672.125“Fixed assets” defined 672.130“Immediate family” defined 672.140“Loan officer” defined 672.145“Member” defined 672.150“Merger” defined 672.160“Multiple-party account” defined 672.170“Net contribution” defined 672.180“Party” defined 672.190“Payment” defined 672.210“Proof of death” defined 672.220“Sums on deposit” defined 672.230“Trust account” defined 672.240“Withdrawal” defined 672.250Administration of chapter; regulations of Commissioner; temporary suspension of regulations 672.260Duties of Commissioner; regulations 672.270Powers of Commissioner concerning regulations and legal actions 672.275Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship 672.282Application for license: Additional requirements; fingerprints; grounds for refusal to issue license 672.284Suspension or revocation of license: Additional grounds 672.286Use or change of business name; prohibitions 672.288Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses 672.290Credit Union Advisory Council 672.295Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation 672.300Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence 672.310Procedure for incorporation; fees set by regulation 672.320Amendment of articles of incorporation; bylaws 672.330Offices; principal place of business 672.340Fiscal year 672.342Certificate of authority required 672.343Application for certificate of authority: Filing; form; contents; withdrawal of application 672.3435Fee for initial investigation; annual fees; costs for additional investigations; regulations 672.344Requirements for issuance of certificate 672.345Applicable law; filing of annual report 672.3455Application for certificate of authority to open branch offices 672.346Examination of records; revocation of certificate 672.347Applicability of provisions of chapter 80 of NRS 672.350Board of directors: Number, election and terms of members; procedure for filling vacancy 672.360Board of directors: Responsibilities; meetings; executive committee; alternative means for conducting meeting 672.370Board of directors: Duties 672.380Board of directors: Powers 672.390Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant 672.400Credit committee; loan officer 672.410Removal of director, officer or employee on objection of Commissioner 672.420Officers: Election; designation; bonds; terms; duties 672.430List of directors, officers and committee members 672.440Fiduciary relationship of directors and officers 672.450Compensation and expenses of directors, officers and members 672.460General powers; waiver or modification of law by Commissioner 672.470Receiving and paying out deposits; borrowing, selling and purchasing assets 672.480Fees and assessments 672.490Membership in other credit union or organization; performance of certain services 672.500Donations and contributions 672.510Eligibility for membership 672.520Eligibility of minor; limitations 672.530Subscription to and transfer of shares; lien for sums due; reduction in shares 672.535Issuance of shares to nonmembers 672.540Real and personal property subject to taxation 672.550Meetings of members; alternative means for participating in meeting 672.560Savings deposits; special clubs and accounts 672.570Multiple-party accounts: Authorization; disbursement of money; limitations 672.630Payment of trust accounts 672.650Right to setoff against multiple-party accounts 672.670Reserve accounts 672.680Special reserves 672.690Assets qualified for reserves 672.700Dividends 672.710Loans to members: Application; approval; limitations; participation loans; nonmember participation; payment 672.720Loans to members: Extension of previous maximum credit; review 672.730Loans to and guaranties by directors and members of committees 672.740Security for loans 672.750Insurance of members and accounts 672.755Approval of private insurer and contract of insurance; regulations; reserve 672.760Authorized investments 672.765Limitation on purchasing, holding and disposing of necessary or incidental property; required notification, approval or waiver 672.767Definitions 672.769“Designated reporter” defined 672.771“Exploitation” defined 672.773“Older person” defined 672.775“Reasonable cause to believe” defined 672.777“Vulnerable person” defined 672.778Training; reporting to designated reporter 672.779Designated reporter: Designation; duty to report; immunity 672.780Annual financial report 672.790Examinations and audits; exceptions; fees 672.795Independent audit and examination: Payment of assessment; cooperation 672.800Merger; fees set by regulation; regulations 672.810Conversions; fee set by regulation 672.820Voluntary dissolution 672.830Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation 672.835Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency 672.840Procedure for liquidation 672.850Organization and operation; rights and powers 672.860Membership 672.870Voting representatives 672.875Regular reserves 672.880Use of words “credit union” or conducting business as credit union by person not organized as credit union; spreading false report concerning management or finances of credit union 672.890Administrative fines