Nev. Rev. Stat. ch. 677 – Thrift Companies | Midpage

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Nevada Revised Statutes

Chapter 677

Nev. Rev. Stat. ch. 677

Thrift Companies

677.010Short title 677.020Definitions 677.030“Amount of cash advance” defined 677.040“Amount of loan obligation” defined 677.050“Borrowings” defined 677.060“Charges” defined 677.065“Commissioner” defined 677.070“Community” defined 677.075“Deposit” defined 677.090“Gross amount” defined 677.100“License” defined 677.110“Licensee” defined 677.115“Loan” defined 677.125“Stockholders’ equity” defined 677.130“Thrift certificate” defined 677.140“Unpaid principal balance” defined 677.145Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship 677.147Applicability of chapters 78 and 92A of NRS 677.148Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation 677.150Authorization by Commissioner 677.160Application for authority to engage in business: Form; contents; filing fee; regulations; withdrawal of application 677.170Fidelity bond 677.175Additional bond 677.180Investigation and examination of applicant 677.190Requisites for approval of application 677.200Qualifications of president and certain managers of corporation 677.210Minimum stockholders’ equity required 677.220Certificate of authorization to transact business 677.230Reserves 677.240Authorization for change of place of business 677.241Power of licensee to obtain benefits of federal programs or enter into contract with private insurer; regulations 677.243Records of employees; confidentiality 677.245Limitation on investment in real property; recording deed or other document; subsidiary ledger or other appropriate record 677.247Applicant required to obtain insurance of deposits; regulations 677.250Establishment and maintenance 677.270Requisites for approval of application; notice of approval or denial 677.290Right to open branch office expires if office not open within 6 months after approval of application 677.300Authorization for change of location; posting of certificate 677.310Specified designation of branch offices by name or number required 677.320Closing or discontinuance of branch office 677.330Mobile offices 677.340Persons ineligible for licensing 677.350Applicability of chapter to persons who seek to evade 677.355Licensee may own interest in bank or savings bank 677.360Expiration, renewal and reinstatement of license; fees; regulations 677.370Posting of license; transferability and assignability of license 677.373Application for license: Additional requirements; fingerprints; grounds for refusal to issue license 677.375Suspension or revocation of license: Additional grounds 677.380Regulations and orders of Commissioner 677.390Disposition of money collected pursuant to chapter 677.400Annual report by licensee; composite reports 677.410Preparation of annual reports and financial statements; special reports; extensions; removal of qualification 677.420Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver 677.430Commissioner to examine licensee’s business at least annually; fee 677.435Independent audit and examination: Payment of assessment; cooperation 677.440Authority of Commissioner to investigate business; free access required; compelling attendance of witnesses 677.450Authority of Commissioner to require attendance of witnesses and production of documents 677.460Charging off assets; regulations and orders 677.470Licensee to pay costs of audit of books and records 677.480Order of Commissioner directing discontinuance of unsafe or injurious practice 677.490Surrender of license by licensee; surrender as affecting licensee’s liability 677.500Temporary suspension of license: Conditions; notice; hearing; term of suspension 677.510Revocation or suspension of license: Grounds; notice; hearing; order 677.520Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license 677.530Order to desist or refrain; action to enjoin violations; appointment and powers of receiver 677.540Taking possession of business by Commissioner: Conditions; resumption of business 677.545Taking possession of business by Commissioner: Acquisition by or merger with another institution 677.550Order suspending or limiting payment of liabilities; effect of order; assignment or hypothecation of indebtedness 677.560Application by licensee to enjoin further proceedings 677.570Authority of Commissioner to liquidate or conserve company 677.580Use of holding company or other device for evading or avoiding chapter prohibited; right to issue preferred stock or debentures not affected 677.590Issuance of thrift certificates prohibited; exception 677.600Permissible depositories 677.610Authorized investments 677.612Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest 677.616Deposit by and payment to minor 677.620Limit on deposits; limit on total borrowings; borrowing money from Federal Home Loan Bank 677.630Permissible transactions in real property 677.640Conduct of business in place where other business being conducted; name under which business may be transacted; loans by mail 677.645Use or change of business name; prohibitions 677.650Making loan to or purchasing contract or chose in action from officer, director or other specified person prohibited; exception; personal liability 677.660Advertising: Prohibitions; insurance of deposits 677.665Formation of bank 677.673Definitions 677.677“Designated reporter” defined 677.683“Exploitation” defined 677.687“Older person” defined 677.693“Reasonable cause to believe” defined 677.697“Vulnerable person” defined 677.703Training; reporting to designated reporter 677.707Designated reporter: Designation; duty to report; immunity 677.720Requirements for making and paying of loans: Duties of licensee 677.730Interest, charges and repayment 677.750Prohibited practices by licensee 677.760Restriction on percentage of loans secured by stocks or bonds of any one obligor; exception 677.770Limitations on amount of secured loans or obligations of any one obligor 677.780Loans may be made to any person; exceptions; property situated outside of State 677.790Powers of licensee 677.795Authority to exercise powers of banks 677.800Violation of provisions of chapter 677.805Administrative fines 677.810Receiving certain compensation or property; making false entry in books or records; embezzlement 677.820Fraudulent insolvency; malfeasance of directors 677.830Making loan or purchasing contract in violation of chapter 677.840Deposit of company’s money on condition of loan or advance 677.850Accepting deposits with knowledge of insolvency of company or violation of chapter