CREDIT UNIONS

Nev. Rev. Stat. 672
in effect

Nev. Rev. Stat. § 672.010 Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 672.020 to 672.240, inclusive, have the meanings ascribed to them in those sections.

Nev. Rev. Stat. § 672.020 “Account” defined.

“Account” means a contract of deposit of funds between a member and a credit union and includes deposits, member or share accounts and other like arrangements regardless of whether they may be characterized as refundable capital investments.

Nev. Rev. Stat. § 672.030 “Beneficiary” defined.

“Beneficiary” means any person to whom the deposits of an account are to be paid upon the occurrence of a specified condition.

Nev. Rev. Stat. § 672.040 “Board” defined.

“Board” means the board of directors of a credit union formed pursuant to the provisions of this chapter.

Nev. Rev. Stat. § 672.070 “Credit union” defined.

“Credit union” means a cooperative, nonprofit corporation, organized for the purposes of promoting thrift among its members and creating a source of credit for such members at a fair and reasonable rate of interest.

Nev. Rev. Stat. § 672.080 “Demand” defined.

“Demand” means a request for withdrawal or payment in accordance with all conditions of the account and bylaws of the credit union.

Nev. Rev. Stat. § 672.100 “Deposits” defined.

“Deposits” means that part of the savings liability of a credit union which is credited to the account of the holder thereof.

Nev. Rev. Stat. § 672.120 “Dividend” defined.

“Dividend” means that part of the net earnings of an association which is declared payable by the board to the holders of record of permanent capital stock.

Nev. Rev. Stat. § 672.125 “Fixed assets” defined.

“Fixed assets” means the real property which constitutes the premises of a credit union or any of its offices, and the furniture, fixtures and equipment of the credit union.

Nev. Rev. Stat. § 672.130 “Immediate family” defined.

“Immediate family” includes any relative, by consanguinity or marriage, of a member living in the member’s household and includes foster and adopted children.

Nev. Rev. Stat. § 672.140 “Loan officer” defined.

“Loan officer” means the officer appointed by the board of directors or by the credit committee to process all applications for loans from the members of the credit union.

Nev. Rev. Stat. § 672.145 “Member” defined.

“Member” means a person who has an account with a credit union and meets the qualifications for membership specified in the articles of incorporation and bylaws of the credit union.

Nev. Rev. Stat. § 672.150 “Merger” defined.

“Merger” means that consolidation of corporate structures which results in the uniting of substantially all the assets and liabilities of one state-chartered corporation with those of another such corporation or with those of a federal corporation.

Nev. Rev. Stat. § 672.160 “Multiple-party account” defined.

1. “Multiple-party account” means: (a) An account in the name of two or more persons, any one or more of whom may make withdrawals; (b) An account in the name of one or more persons as trustee for one or more beneficiaries; (c) An account established for deposit of funds of a partnership, joint venture or other association; or (d) An account controlled by two or more persons as the duly authorized agents or trustees for a corporation, unincorporated association, charitable or civil organization or any trust, except trusts of deposits evidenced solely by the form of the deposit. 2. At least one party to a multiple-party account shall be a member of the credit union in which the account is established.

Nev. Rev. Stat. § 672.170 “Net contribution” defined.

“Net contribution” means the sum of all deposits which a party to a multiple-party account has made added to any dividends or interest due, less all withdrawals. It includes, in addition, any deposit life insurance proceeds added to the account because of the death of a party whose net contribution is in question.

Nev. Rev. Stat. § 672.180 “Party” defined.

“Party” means any person who, by the terms of the account, has a present right of withdrawal in a multiple-party account. Unless the context indicates otherwise, it includes a guardian, conservator-trustee, personal representative, assignee, an attaching creditor of a party or a trustee. This term does not include any named beneficiary.

Nev. Rev. Stat. § 672.190 “Payment” defined.

“Payment” means the withdrawal and payment of sums on deposit on the directive of a party.

Nev. Rev. Stat. § 672.210 “Proof of death” defined.

“Proof of death” means a death certificate or other statement issued by an appropriate official which indicates that a named person is deceased.

Nev. Rev. Stat. § 672.220 “Sums on deposit” defined.

“Sums on deposit” means the balance payable on a multiple-party account including interest, dividends and any deposit life insurance proceeds added to the account because of the death of a party.

Nev. Rev. Stat. § 672.230 “Trust account” defined.

“Trust account” means any account which states that a party is a trustee for one or more identified persons, including but not limited to minors.

Nev. Rev. Stat. § 672.240 “Withdrawal” defined.

“Withdrawal” means payment to a party or a third person pursuant to a directive of a party.

Nev. Rev. Stat. § 672.250 Administration of chapter; regulations of Commissioner; temporary suspension of regulations.

1. Except as otherwise provided in this section, the Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. 2. The Commissioner shall make the decisions and determinations and adopt regulations which are necessary or reasonably appropriate to accomplish the purposes of this chapter. 3. The Commissioner may issue an order to temporarily suspend a regulation of the Commissioner adopted pursuant to this chapter, in accordance with the requirements of this section, if: (a) The Governor or the Legislature proclaims the existence of a state of emergency or issues a declaration of disaster pursuant to NRS 414.070 ; or (b) The Commissioner determines that the order is in the public interest. 4. An order issued pursuant to subsection 3: (a) Is effective for not more than 90 days unless the Commissioner extends the order for one additional period of not more than 90 days. The Commissioner shall not extend an order issued pursuant to paragraph (b) of subsection 3 more than once. (b) Must include: (1) The regulation that the order suspends; (2) The specific reason for the order, including, without limitation, the public interest which is served by the order, if applicable; and (3) The date on which the order becomes effective and the date on which the order terminates. 5. If the Commissioner issues an order to temporarily suspend a regulation pursuant to subsection 3, the Commissioner shall promptly provide written notice and a copy of the order to any credit union subject to the provisions of this chapter.

Nev. Rev. Stat. § 672.260 Duties of Commissioner; regulations.

The Commissioner shall: 1. Adopt a regulation establishing the minimum surety bond required of credit unions in relation to the amount of property under their control. 2. Adopt a regulation that sets forth the records a credit union must keep and prescribes the period for which those records must be retained. 3. Maintain the original application of every credit union in a permanent file. 4. Maintain for at least 6 years, every report filed by a credit union with the Division of Financial Institutions. 5. Except as otherwise provided in NRS 672.800 and 672.810 , deposit all fees, charges for expenses, assessments and other money which is collected pursuant to the provisions of this chapter or any regulation adopted pursuant thereto in the State Treasury pursuant to the provisions of NRS 658.091 . 6. Prepare copies of articles of incorporation and bylaws consistent with the provisions of this chapter which may be used by persons interested in organizing a credit union.

Nev. Rev. Stat. § 672.270 Powers of Commissioner concerning regulations and legal actions.

The Commissioner may: 1. Adopt regulations, subject to the advice of the Credit Union Advisory Council, establishing chartering, supervisory and examination fees; and 2. Cause appropriate legal action to be taken in the district court of any county to secure an injunction or order restraining a violation of this chapter.

Nev. Rev. Stat. § 672.275 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 credit union chartered by this state; (b) Receive, directly or indirectly, any payment from any such credit union; (c) Be indebted to any state credit union; (d) Engage in the negotiation of loans for others with any such credit union; or (e) Obtain credit or services from a state credit union conditioned upon a fraudulent practice or undue or unfair preference over other customers. 2. An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a state credit union while in office. 3. Any officer or employee of the Division of Financial Institutions may be indebted to a credit union 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 or share accounts with credit unions to the greatest amount insured, receive interest on those deposits or shares and borrow money secured by a pledge of those deposits or shares. 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.

Nev. Rev. Stat. § 672.282 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.

Nev. Rev. Stat. § 672.284 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.

Nev. Rev. Stat. § 672.286 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.

Nev. Rev. Stat. § 672.288 Authorization 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) Any credit union; (b) Any other person engaged in an activity for which a license is required pursuant to the provisions of this chapter; and (c) 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. 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.

Nev. Rev. Stat. § 672.290 Credit Union Advisory Council.

1. The Credit Union Advisory Council, consisting of five members appointed by the Governor, is hereby created to consult with, advise and make recommendations to the Commissioner in all matters pertaining to credit unions. 2. The Governor shall appoint members who have tested credit union experience from a list of recommended names submitted by the Nevada Credit Union League. 3. After the initial terms, members serve terms of 4 years, except when appointed to fill unexpired terms. 4. The Chair of the Advisory Council must be elected annually by and from the members thereof. 5. The meetings of the Advisory Council may be held at such times and places as the Chair or Commissioner determines and the Advisory Council may meet at least once every 6 months.

Nev. Rev. Stat. § 672.295 Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation.

Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply to a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.

Nev. Rev. Stat. § 672.300 Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540 , inclusive; perpetual existence.

1. Except for a credit union organized under the Federal Credit Union Act or a foreign credit union which has been issued a certificate of authority by the Commissioner, any credit union whose principal business is to borrow, loan and invest money on behalf of its members and which issues membership certificates must be incorporated under the provisions of this chapter. For that purpose, the provisions of NRS 81.410 to 81.540 , inclusive, which are not in conflict with the provisions of this chapter, apply to such corporations and to the officers and stockholders thereof, except as otherwise provided in NRS 672.342 to 672.347 , inclusive. 2. A credit union organized under the provisions of this chapter has perpetual existence, subject to dissolution as provided in this chapter.

Nev. Rev. Stat. § 672.310 Procedure for incorporation; fees set by regulation.

1. The Secretary of State shall not issue any certificate of incorporation to any credit union authorizing it to do business in this state until the articles of incorporation are approved by the Commissioner. 2. An amendment to the articles of incorporation may not be filed by the Secretary of State without the written approval of the Commissioner. 3. Not less than seven persons who are residents of Nevada, have a common bond and are of legal age who desire to organize a credit union under this chapter shall first execute in triplicate an application, upon forms to be issued by the Commissioner, for permission to organize an association. The applicants shall submit with or include in their application: (a) A copy of the articles of incorporation which must comply with the provisions of NRS 81.440 except where those provisions conflict with the provisions of this chapter. (b) The par value of the shares, which must be $1 or some multiple thereof. (c) The names and addresses of the applicants and an itemized account of the financial condition of the applicants and the proposed credit union. (d) The name, which must include the words “credit union,” and the principal place of business. (e) Any additional information which the Commissioner may require to determine the character and responsibility of the applicants and the need for a credit union in the community to be served. Ê The incorporators shall submit a set of proposed bylaws to the Commissioner with their application and the bylaws when approved by the Commissioner are effective upon filing the articles of incorporation. The Commissioner shall approve or disapprove the application within 30 days following its receipt. 4. Every application for permission to organize, as provided for in this section, must be accompanied by an application fee and a fee payment to cover expenses attendant upon the investigation required for approval. The amount of the fees must be established by regulation adopted by the Commissioner. 5. The subscribers for a credit union charter shall not transact any business until formal approval of the charter has been received.

Nev. Rev. Stat. § 672.320 Amendment of articles of incorporation; bylaws.

1. The articles of incorporation or bylaws may be amended as provided in the bylaws. Any amendment to the articles of incorporation or bylaws do not become effective until approved in writing by the Commissioner. 2. The Commissioner shall not charge any fee for approving amendments to the articles of incorporation or bylaws of any credit union organized pursuant to this chapter.

Nev. Rev. Stat. § 672.330 Offices; principal place of business.

1. A credit union may maintain, with the approval of the Commissioner, offices at locations other than its main office. The Commissioner shall approve or deny any application to open an additional office within 60 days after the date on which the Commissioner receives the application. 2. A credit union may change its principal place of business within this state upon providing written notice to the Division of Financial Institutions. 3. A credit union may share office space with one or more credit unions and contract with a corporation to provide facilities or personnel.

Nev. Rev. Stat. § 672.340 Fiscal year.

The fiscal year of all credit unions organized under this chapter shall end on the last day of December.

Nev. Rev. Stat. § 672.342 Certificate of authority required.

No credit union organized under the laws of another state may commence or transact any business or maintain an office in this state without first obtaining a certificate of authority from the Commissioner.

Nev. Rev. Stat. § 672.343 Application for certificate of authority: Filing; form; contents; withdrawal of application.

Each application for an initial certificate of authority submitted by a foreign credit union must be filed with the Commissioner on a form prescribed by him or her and must include: 1. A copy of the instrument or authority by which the credit union was created and a copy of its bylaws. 2. A statement of its membership, if not contained in its bylaws. 3. A copy of the most recent report submitted by the credit union to the authorized officer of the state in which it was organized. 4. Any other information required by the Commissioner. 5. 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.

Nev. Rev. Stat. § 672.344 Requirements for issuance of certificate.

The Commissioner shall issue a certificate of authority to a foreign credit union if he or she is satisfied that: 1. The members of the credit union to be served in this State are adequately protected by any form of security which is comparable to that required of credit unions organized under the provisions of this chapter. 2. The officer who supervises the credit union in the state in which it was organized has authorized it to do business in Nevada and agrees to furnish, upon request, copies of reports relating to the credit union. 3. The members to be served in this State have a need for the service and adequate service is not available through existing credit unions. 4. A registered agent has been designated. 5. The state in which the credit union was organized issues comparable authorization to credit unions organized under the provisions of this chapter.

Nev. Rev. Stat. § 672.345 Applicable law; filing of annual report.

A foreign credit union which has been issued a certificate of authority shall: 1. Serve its members in this state in accordance with its bylaws and the laws of the state in which it was organized, except where those laws conflict with the provisions of this chapter. 2. File with the Commissioner a copy of its annual report at the time it files a similar report with the officer of the state in which it was organized.

Nev. Rev. Stat. § 672.346 Examination of records; revocation of certificate.

The Commissioner may: 1. Examine the records of any foreign credit union which holds a certificate of authority issued by the Commissioner at any time he or she deems necessary. 2. Revoke a certificate of authority issued to a credit union if he or she finds that the credit union has violated any provision of this chapter or the regulations of the Commissioner.

Nev. Rev. Stat. § 672.347 Applicability of provisions of chapter 80 of NRS.

The provisions of chapter 80 of NRS which are not in conflict with the provisions of this chapter apply to any foreign credit union which holds a certificate of authority to transact business or maintain an office in this State.

Nev. Rev. Stat. § 672.350 Board of directors: Number, election and terms of members; procedure for filling vacancy.

1. The business affairs of a credit union shall be directed by an odd-numbered board of not fewer than five directors to be elected at the annual meetings by and from the members, and an audit and credit committee if appointed by the board. The persons designated in the articles of incorporation shall be the first directors. 2. All members of the board and such committees shall hold office for such terms as the bylaws may provide. 3. Vacancies in the board of directors shall be filled by vote of the board of directors for the remainder of the unexpired term, after which the seat shall be filled by vote of the members according to the established procedures of the credit union for nomination and election. 4. The board shall also fill vacancies in the credit and audit committees.

Nev. Rev. Stat. § 672.360 Board of directors: Responsibilities; meetings; executive committee; alternative means for conducting meeting.

1. Except as otherwise provided in subsection 2, the board of directors is responsible for the general direction of the affairs, funds and records of the credit union and shall meet as often as necessary to accomplish their duties, but not less than six times during each calendar year, including not less than one time during each calendar quarter. 2. The Commissioner may require the board to meet more frequently than six times during any calendar year if the Commissioner determines it is necessary to address matters relating to an examination conducted pursuant to this chapter. 3. The board may appoint an executive committee of not less than three directors who may be authorized, by a majority vote of the whole board, to act for the board subject to any conditions or limitations the board may prescribe. 4. Except as otherwise provided in the articles of incorporation or the bylaws, the board of directors may conduct a meeting through electronic communications, videoconferencing, teleconferencing or other available technology which allows the directors to communicate simultaneously or sequentially. Participating in a meeting pursuant to this subsection constitutes presence in person at the meeting.

Nev. Rev. Stat. § 672.370 Board of directors: Duties.

The directors of a credit union shall: 1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit union with protection against losses from misappropriation, defalcation in breach of trust, negligence, acts of God or nature, fire, burglary, robbery or other cause over which the bonded officers, employers and agents had no control; 2. Declare dividends in the manner prescribed in the bylaws; 3. Determine the interest rate to be charged on loans and paid on deposits; 4. Limit the number of shares and the amount of deposits which may be owned by any member; 5. Establish the compensation of all employees and officers; 6. Establish the maximum secured and unsecured loan which may be made to any one member; 7. Designate a depository or depositories for the money of the credit union; 8. Suspend or remove any member who fails to perform or negligently performs his or her assigned duties; 9. Establish compensation to be paid any employee, officer or other persons performing services on behalf of the credit union; 10. Determine from time to time the interest rate, consistent with the provisions of this chapter, which will be charged on loans; and 11. Authorize interest refunds to members from income earned and received in proportion to interest paid by them on such classes of loans. Such refunds are subject to conditions imposed by the board.

Nev. Rev. Stat. § 672.380 Board of directors: Powers.

The directors may: 1. Act upon applications for membership or appoint one or more membership officers from the members of the credit union or from the officers, directors or employees of the credit union to act upon membership applications subject to conditions imposed by the board. If membership officers are appointed they shall submit at each board meeting a list of approved or pending applications for membership. 2. Invest surplus funds or designate an officer or committee to be responsible for making investments subject to rules and procedures established by the board of directors. 3. Authorize the employment of persons necessary to carry on the business of the credit union. 4. Authorize the conveyance of property. 5. Borrow or lend money to carry on the functions of the credit union. 6. Appoint any special committees which the board feels necessary to carry on the business of the credit union. 7. Perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members. 8. Employ a general manager to be in charge of operations or, in lieu thereof, designate the treasurer to act as general manager and be in active charge of the affairs of the credit union. 9. Amend the bylaws of the credit union.

Nev. Rev. Stat. § 672.390 Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant.

1. The board may appoint an audit committee to make an annual audit of the financial records of the credit union and any interim audits as may be deemed necessary by the board or as may be directed by the Commissioner. A copy of the report must be submitted to the board and the Commissioner and a summary presented to the members at the next annual meeting. 2. The audit committee may by unanimous vote suspend any director, officer or member of the credit union following an audit, for any violation of this chapter, the charter or bylaws or for any other practice which the audit committee deems to be unsafe or unauthorized. In such cases, the audit committee shall call a special meeting of the members not less than 7 nor more than 21 days following the suspension and the suspension must be ratified or overturned by the members. 3. Any member of the audit committee may be suspended by the board for the same reasons and in the same manner as provided in subsection 2. 4. The audit committee may by a majority vote call a special meeting of the members to consider any violation of this chapter, the charter or bylaws or any practice of the credit union deemed by the audit committee to be unsafe or unauthorized. 5. The board of directors or the audit committee may employ the services of a certified public accountant to complete the necessary audit of the records of the credit union.

Nev. Rev. Stat. § 672.400 Credit committee; loan officer.

1. The board may appoint a: (a) Credit committee consisting of an odd number of members of the credit union, but not less than three members; or (b) Loan officer. 2. If a credit committee is appointed by the board, it shall hold such meetings as the business of the credit union may require but it shall meet at least once a month to consider applications for loans. A loan may not be made unless it is approved by a majority of the members of the committee who are present at the meeting at which the application is considered. 3. The credit committee may appoint a loan officer from among its members and delegate to him or her the power to approve loans. Only one member of the credit committee may be appointed as loan officer or assistant loan officer. 4. If a loan is not approved by a loan officer, the application for the loan must be reviewed by the credit committee or the board of directors, whomever appointed the loan officer. All the members of the credit committee or the board present at the review must approve the application before the loan may be made. 5. For purposes of internal control, a loan officer may not disburse funds of the credit union for any loan which has been approved by him or her in his or her capacity as loan officer.

Nev. Rev. Stat. § 672.410 Removal of director, officer or employee on objection of Commissioner.

If the Commissioner notifies the board in writing that he or she has information that any director, officer or employee of a credit union is failing in the performance of his or her duties, the board shall meet and consider such matter forthwith. The Commissioner must have notice of the time and place of the meeting. If the board of directors finds the Commissioner’s objection to be well founded, such director, officer or employee shall be removed immediately.

Nev. Rev. Stat. § 672.420 Officers: Election; designation; bonds; terms; duties.

1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as: (a) Chair of the board; (b) Vice chair of the board; (c) Treasurer; and (d) Secretary. Ê The treasurer and secretary may be the same person. 2. The treasurer or general manager shall give a fidelity bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the Commissioner. 3. Each officer shall serve a term of 1 year or until such time as successors are chosen and have qualified. 4. The duties of each office must be as prescribed in the bylaws of the credit union.

Nev. Rev. Stat. § 672.430 List of directors, officers and committee members.

Within 30 days following the election of the executive officers, the secretary shall submit to the Commissioner a list of the names and addresses of the directors, officers and committee members who have been elected or appointed.

Nev. Rev. Stat. § 672.440 Fiduciary relationship of directors and officers.

Directors and officers of an association shall be deemed to stand in a fiduciary relation to the credit union and shall discharge the duties of their respective positions in good faith and with the diligence, care and skill which ordinary, prudent persons would exercise under similar circumstances in similar positions.

Nev. Rev. Stat. § 672.450 Compensation and expenses of directors, officers and members.

1. A director or committee member may not be compensated for his or her services except that he or she may be provided reasonable life, health, accident and similar insurance protection. 2. Any member of the credit union may be reimbursed for necessary expenses incidental to the performance of credit union business. All such expenses shall be approved by the board. 3. Subsection 1 does not apply to officers of the credit union who also serve as members of the board or a committee.

Nev. Rev. Stat. § 672.460 General powers; waiver or modification of law by Commissioner.

Every credit union organized under the provisions of this chapter: 1. Has all the powers granted by NRS 81.500 that are not inconsistent with the provisions of this chapter and in addition thereto, the powers enumerated in NRS 672.470 to 672.500 , inclusive; and 2. May exercise any authority and perform all acts that a federal credit union may exercise or perform, with the consent and written approval of the Commissioner. The Commissioner may, by regulation, waive or modify a requirement of Nevada law if the corresponding requirement for federal credit unions has been or is eliminated or modified.

Nev. Rev. Stat. § 672.470 Receiving and paying out deposits; borrowing, selling and purchasing assets.

A credit union may, subject to the regulations or approval of the Commissioner: 1. Receive from its members or from the members of another credit union deposits which are payable on demand and honor requests for withdrawals in the form of checks or drafts. 2. Receive deposits from the State Treasurer which are payable on demand pursuant to the provisions of chapter 356 of NRS. 3. Borrow from any source in accordance with the policy established by the board of directors and discount and sell any eligible obligations. 4. Sell all or any part of its assets or purchase all or any part of the assets of another credit union.

Nev. Rev. Stat. § 672.480 Fees and assessments.

A credit union may: 1. Require, at the discretion of the directors, the payment of an entrance fee or annual membership fee of any person admitted to membership; 2. Collect, receive and disburse moneys and charge a fee for services rendered in connection with the sale of negotiable checks, money orders and other money-type instruments and for such other purposes as may provide benefit or convenience to its members; and 3. Assess charges to members in accordance with the bylaws for failure to promptly meet their obligations to the credit union.

Nev. Rev. Stat. § 672.490 Membership in other credit union or organization; performance of certain services.

A credit union may: 1. Hold membership in other credit unions organized under this chapter, in the Nevada Credit Union League and in other organizations composed of credit unions; 2. Perform such tasks and missions as may be requested by the Federal Government, the State of Nevada or any agency or political subdivision thereof, including, without limitation, a city, county or school district, when approved by the board of directors and not inconsistent with the provisions of this chapter; 3. Act as fiscal agent for and receive deposits from the Federal Government, the State of Nevada or an agency or political subdivision thereof, including, without limitation, a city, county or school district; and 4. Perform trust services for its members, including the trust estates of deceased members, and act as a custodian of qualified pension funds of self-employed individuals under the provisions of 26 U.S.C. §§ 861 et seq.

Nev. Rev. Stat. § 672.500 Donations and contributions.

A credit union may: 1. Contribute to, support or participate in any nonprofit service facility whose services will benefit the credit union or its membership; and 2. Make donations or contributions to any nonprofit civic, charitable or community organization as authorized by the board of directors.

Nev. Rev. Stat. § 672.510 Eligibility for membership.

1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have: (a) The common bond set forth in the bylaws; (b) Except as otherwise provided in subsection 2, paid an entrance fee, if an entrance fee is provided for in the bylaws; (c) Except as otherwise provided in subsection 2, subscribed for one or more shares and have paid the initial installment thereon; and (d) Complied with other requirements specified in the articles of incorporation or bylaws. 2. A credit union may, in connection with a promotion that is equally available to any prospective member, pay either or both of the following for any prospective member who otherwise qualifies for membership: (a) Any entrance fee required by paragraph (b) of subsection 1; or (b) The cost of the shares or the initial installment required by paragraph (c) of subsection 1. 3. The common bond required for membership in credit unions organized under the provisions of this chapter may include, but are not limited to persons who: (a) Have a similar occupation, association or interest; (b) Reside within a well-defined neighborhood, community or rural district; or (c) Are employed by the same employer, Ê and members of the immediate families of such persons. 4. Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his or her membership in the credit union at the discretion of the board of directors.

Nev. Rev. Stat. § 672.520 Eligibility of minor; limitations.

1. Shares may be issued to and deposits received from a minor and such minor may withdraw the shares and deposits, including the dividends and interest thereon. For purposes of making deposits, share investments and withdrawals a minor shall be deemed of legal age. 2. A minor under 16 years of age is not entitled to vote in the meeting of the members either personally or through his or her parent or guardian. A person may not become a director until he or she has reached the age of majority.

Nev. Rev. Stat. § 672.530 Subscription to and transfer of shares; lien for sums due; reduction in shares.

1. Shares may be subscribed to, paid for and transferred in such manner as the bylaws may prescribe. The bylaws may specify a dollar amount for the par value of a share or require the par value of a share to be determined from time to time by resolution of the board of directors. A certificate shall not be issued to denote ownership of a share in a credit union. 2. The credit union may impress a lien on the shares, deposits, accumulated dividends or interest of a member in his or her individual, joint or trust account for any sum due the credit union from such member or for any loan endorsed by him or her. 3. If the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may, by a majority vote of the entire membership, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members. If thereafter the credit union realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided among the shareholders whose assets were reduced, but only to the extent of such reduction.

Nev. Rev. Stat. § 672.535 Issuance of shares to nonmembers.

A credit union that qualifies and is approved for designation as a low-income credit union pursuant to 12 C.F.R. § 701.34, as amended, may issue shares to nonmembers. The total number of shares issued by the credit union to nonmembers must not exceed 20 percent of the unimpaired capital and surplus of the credit union unless the credit union obtains written authorization from the Commissioner.

Nev. Rev. Stat. § 672.540 Real and personal property subject to taxation.

The real property and any tangible personal property owned by a credit union organized pursuant to this chapter or any other provision of law is subject to taxation to the same extent as other similar property is taxed.

Nev. Rev. Stat. § 672.550 Meetings of members; alternative means for participating in meeting.

1. The annual meeting and any special meetings of the members of the credit union shall be held at the time and place and in the manner indicated in the bylaws. 2. The credit union shall provide members with a reasonable opportunity to participate in a meeting and to vote. Except as otherwise provided in the articles of incorporation or the bylaws, members may participate in a meeting through electronic communications, videoconferencing, teleconferencing or other available technology which allows the members to communicate simultaneously or sequentially. Participating in a meeting pursuant to this subsection constitutes presence in person at the meeting. 3. A member may not vote by proxy, but a society, association, copartnership or corporation having membership in the credit union may be represented and vote by one of its members or shareholders if such person has been fully authorized by the governing body of the society, association, copartnership or corporation to represent it. 4. At all meetings a member has but one vote irrespective of his or her share holdings.

Nev. Rev. Stat. § 672.560 Savings deposits; special clubs and accounts.

1. A credit union may receive savings deposits from its members, subject to such conditions and such return as may be established by the board. 2. Christmas clubs, vacation clubs and other thrift accounts may be operated in accordance with the provisions of the bylaws.

Nev. Rev. Stat. § 672.570 Multiple-party accounts: Authorization; disbursement of money; limitations.

1. A credit union may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on demand, to any one or more of the parties unless the terms of the account expressly stipulate that joint signatures are required. 2. A credit union is not required to inquire as to the source of funds received for deposit to a multiple-party account or to inquire as to the proposed application of any sum withdrawn from an account. 3. A multiple-party account may be created with any person designated by the credit union member, but a joint tenant shall not be permitted to vote, obtain loans or hold office unless he or she is a qualified member.

Nev. Rev. Stat. § 672.630 Payment of trust accounts.

1. Any account payable to a trustee for another person may be paid to the trustee on demand. 2. The protection provided a credit union in subsection 1 has no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.

Nev. Rev. Stat. § 672.650 Right to setoff against multiple-party accounts.

Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, when a party to a multiple-party account is indebted to a credit union, the credit union has a right to setoff against the entire amount of the account.

Nev. Rev. Stat. § 672.670 Reserve accounts.

1. Except as otherwise provided in subsection 3, each credit union shall establish and maintain a regular reserve account in accordance with the requirements of 12 C.F.R. Part 702 which are applicable to federally insured state-chartered credit unions. A credit union that is insured by a private insurer shall give notice to or seek approval from the Commissioner under any circumstances in which a federally insured credit union is required to give such notice or seek such approval from the National Credit Union Administration. 2. In addition to the regular reserve account required by subsection 1, each credit union shall establish special reserves in accordance with the requirements of NRS 672.680 . 3. Except as otherwise prohibited by the Commissioner, if the board of directors of a credit union determines it is necessary or desirable, the board may establish a reserve account which exceeds the minimum required pursuant to subsection 1.

Nev. Rev. Stat. § 672.680 Special reserves.

In addition to regular reserve, special reserves to protect the interest of members must be established when: 1. Required by regulations issued by the Commissioner; or 2. Directed by the board of the credit union.

Nev. Rev. Stat. § 672.690 Assets qualified for reserves.

For the purpose of establishing the reserves required by NRS 672.670 and 672.680, all assets except the following are considered risk assets: 1. Cash on hand; 2. Deposits or shares in federal or state banks, savings and loan associations, savings banks and credit unions; 3. Assets which are insured by, fully guaranteed as to principal and interest by, or due from the United States Government, its agencies, the Federal National Mortgage Association or the Government National Mortgage Association; 4. Loans to other credit unions; 5. Loans to members of the credit union which are fully secured by the shares of the member applying therefor; 6. Loans to students insured under the provisions of the Higher Education Act of 1965, 20 U.S.C. §§ 1071 et seq., or similar state insurance programs; 7. Loans insured under the National Housing Act, as amended, 12 U.S.C. § 1703, by the Federal Housing Administration; 8. Shares or deposits in central credit unions organized under the provisions of NRS 672.850 , or of any other state law or the Federal Credit Union Act of 1934, as amended, 12 U.S.C. §§ 1751 et seq.; 9. Common trust investments which deal in investments authorized by this chapter; 10. Prepaid expenses; 11. Accrued interest on nonrisk investments; 12. Furniture and equipment; 13. Land and buildings; and 14. A deposit for insurance for members’ accounts required pursuant to subsection 3 of NRS 672.750 .

Nev. Rev. Stat. § 672.700 Dividends.

1. The board may, after provision for the required reserves, declare a dividend to be paid from the remaining net earnings at a rate, interval and upon such shares as they determine. Dividends shall be paid on all paid-up shares outstanding at the close of the period for which the dividend is declared. 2. Shares which become fully paid-up during such dividend period and are outstanding at the close of the period are entitled to a proportional part of such dividend. 3. Dividend credit for a month may be accrued on shares which are or become fully paid up during that month.

Nev. Rev. Stat. § 672.710 Loans to members: Application; approval; limitations; participation loans; nonmember participation; payment.

1. Except as otherwise provided in subsection 5, a credit union may make loans to members in accordance with the provisions of the bylaws and policies established by the board of directors upon receipt of approval by the credit committee or loan officer at a rate of interest agreed upon by the credit union and member. 2. Every loan must be evidenced by a record which is adequate to support enforcement or collection of the loan and any review of the loan by the credit union or the Commissioner. Any such loan must comply with the requirements of this chapter and any regulations adopted pursuant thereto. 3. A loan must not be made to any member in an aggregate amount in excess of 10 percent of the credit union’s unimpaired capital and surplus. 4. A credit union may participate with other credit unions, corporations or financial institutions in making loans to credit union members. 5. A credit union may permit a nonmember to participate in an obligation or extension of credit to a member as a joint applicant, joint obligor, co-borrower, surety or guarantor. Except as otherwise provided by law, a credit union shall not extend any other benefit or service of the credit union to a nonmember solely as a result of participation as a joint applicant, joint obligor, co-borrower, surety or guarantor unless the nonmember is thereafter admitted as a member of the credit union. 6. A member may receive a loan in installments or in one sum and may pay the whole or any part of his or her loan on any day on which the office of the credit union is open for business.

Nev. Rev. Stat. § 672.720 Loans to members: Extension of previous maximum credit; review.

1. The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extension of credit is permitted, applications for loans within the credit limitation need no further consideration so long as the aggregate obligation of the member does not exceed the credit limit. 2. The credit committee or loan officer shall, at least once each year, review all extensions of credit and any extension of credit shall expire if the member becomes more than 90 days delinquent in his or her obligations to the credit union.

Nev. Rev. Stat. § 672.730 Loans to and guaranties by directors and members of committees.

1. A credit union may make loans to its directors and to members of its committees, except that any loan or aggregate of loans to any one director or member of a committee which is more than $30,000 plus pledged shares must be approved by the board. 2. A credit union may permit its directors and members of its committees to act as guarantor or endorser of loans to other members, except that when such a loan standing alone or when added to any outstanding loan to the guarantor is more than $30,000, approval of the board is required.

Nev. Rev. Stat. § 672.740 Security for loans.

1. In addition to generally accepted types of security, the endorsement of a note by a guarantor or assignment of shares or wages, in a manner consistent with the laws of this state, shall be deemed security within the meaning of this chapter. 2. The credit committee or loan officer, subject to the provisions of this chapter and the bylaws, is responsible for determining the adequacy of security for any loans.

Nev. Rev. Stat. § 672.750 Insurance of members and accounts.

1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them. 2. A credit union may enter into cooperative marketing arrangements for its members covering such services as group life insurance, coverage for temporary disability, plans for health and accident and such other programs which are demonstrated to be in the interest of improving the economic and social conditions of the credit union’s members. 3. A credit union must apply to the Commissioner for approval of a plan of insurance for members’ accounts, either pursuant to the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.), or under a contract of insurance issued by an insurer, which must be approved by the Commissioner and the Commissioner of Insurance pursuant to NRS 672.755 . The issuance of such a contract is not transacting insurance under title 57 of NRS. 4. The Commissioner shall make available reports of the financial condition of credit unions, reports of examinations made pursuant to NRS 672.790 and any other reports that may be required by the insurer and deemed appropriate by the Commissioner.

Nev. Rev. Stat. § 672.755 Approval of private insurer and contract of insurance; regulations; reserve.

1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner and the Commissioner of Insurance must consider: (a) The value of the insurer’s capital. (b) The ratio of the insurer’s assets, including reinsurance, which are readily available to cover any losses incurred by depositors, to its insured deposits. This ratio must be adequate to reimburse depositors for any losses which they may incur and may not be less than the ratio maintained by the share insurance fund established under the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.). (c) The qualifications of the directors, officers and managers of the insurance company. (d) The insurer’s articles of incorporation and its bylaws and all amendments thereto. (e) The insurer’s policies for investments. (f) The form of all insurance contracts entered into by the insurer, including contracts for reinsurance. (g) The insurer’s requirements for premiums or deposits. (h) The insurer’s policies for the management of risk. (i) Such other considerations as the Commissioner may provide by regulation which are necessary to carry out the provisions of chapter 248, Statutes of Nevada 1985. 2. The Commissioner and the Commissioner of Insurance shall not approve a contract of insurance unless the protection afforded thereby to the depositors is substantially equivalent to the protection afforded by the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.) to the depositors. 3. After a private insurer obtains the approval of the Commissioner and the Commissioner of Insurance, the Commissioner, after consultation with the Commissioner of Insurance may, for cause, require the insurer to establish and maintain for such a time as the Commissioner may require, a reserve, in cash or United States treasury bills or notes, in an amount fixed by the Commissioner. If required, the reserve must be kept in an account approved by the Commissioner in a federally insured financial institution located in this state.

Nev. Rev. Stat. § 672.760 Authorized investments.

1. Money not used in loans to members may be invested in: (a) Securities, obligations, participations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any agency thereof or in any trust or trusts established for investing directly or collectively in these instruments; (b) Obligations of this state or any political subdivision thereof, including, without limitation, a city, county or school district; (c) Certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank, savings and loan association or savings bank; (d) Loans to or shares or deposits of other credit unions as permitted by the bylaws; (e) Capital shares, obligations or preferred stock issues of any agency or association organized either as a stock company, mutual association or membership corporation if the membership or stockholdings, as the case may be, of the agency or association are confined or restricted to credit unions or organizations of credit unions, and the purposes for which the agency or association is organized are designed to service or otherwise assist credit union operations; (f) Shares of a cooperative society organized under the laws of this state or the United States in a total amount not exceeding 10 percent of the shares, deposits and surplus of the credit union; (g) Stocks and bonds of United States corporations to a maximum of 5 percent of unallocated reserves, except that such an investment must be limited to stocks or bonds yielding income which are approved by the Commissioner; (h) Loans to any credit union association, national or state, of which the credit union is a member, except that such an investment must be limited to 1 percent of the shares, capital deposits and unimpaired surplus of the credit union; (i) Negotiable obligations of federal or state banks; and (j) Municipal bonds which are issued by a public entity outside of this State, if the credit union conducts and documents an analysis which reasonably concludes that the security is at least investment grade and ensures that: (1) The aggregate municipal securities holdings of the credit union are not more than 75 percent of the net worth of the credit union; and (2) The municipal securities holdings issued by any single issuer to the credit union are not more than 25 percent of the net worth of the credit union. 2. As used in this section, “investment grade” means a security which has achieved a minimum credit rating which is approved by the Commissioner from Moody’s Ratings, S&P Global Ratings or Fitch Ratings to be considered investment grade.

Nev. Rev. Stat. § 672.765 Limitation on purchasing, holding and disposing of necessary or incidental property; required notification, approval or waiver.

1. A credit union may, subject to any regulations adopted by the Commissioner and any limitations imposed by 12 C.F.R. §§ 701.36(c) and 701.36(d), purchase, hold and dispose of property necessary or incidental to the operations of the credit union. 2. A credit union shall notify, request approval from or seek a waiver from the Commissioner under any circumstances in which a federal credit union is required to notify, request approval from or seek a waiver from the National Credit Union Administration pursuant to 12 C.F.R. §§ 701.36(c) and 701.36(d). (Added to NRS by 1985, 783; A 1987, 2021; 2025, 1260)

Nev. Rev. Stat. § 672.767 Definitions.

As used in NRS 672.767 to 672.779, inclusive, unless the context otherwise requires, the words and terms defined in NRS 672.769 to 672.777, inclusive, have the meanings ascribed to them in those sections.

Nev. Rev. Stat. § 672.769 “Designated reporter” defined.

“Designated reporter” means a person designated by a credit union to receive reports of known or suspected exploitation of an older person or vulnerable person pursuant to NRS 672.779.

Nev. Rev. Stat. § 672.775 “Reasonable cause to believe” defined.

“Reasonable cause to believe” has the meaning ascribed to it in NRS 200.50925.

Nev. Rev. Stat. § 672.778 Training; reporting to designated reporter.

1. Each credit union shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each employee of the credit union who: (a) May, as part of his or her regular duties for the credit union, 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 employee is employed by the credit union. 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 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.

Nev. Rev. Stat. § 672.779 Designated reporter: Designation; duty to report; immunity.

1. Each credit union shall designate a person or persons to whom an employee of the credit union must report known or suspected exploitation of an older person or vulnerable person. 2. If an employee reports known or suspected exploitation of an older person or 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 an older person or vulnerable 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 or vulnerable person to: (1) The local office of the Aging and Disability Services Division of the Department of 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 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 or vulnerable person involves an act or omission of the Aging and Disability Services Division, another division of the Department of 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. 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. 5. An 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.

Nev. Rev. Stat. § 672.780 Annual financial report.

Every credit union organized under this chapter shall submit an annual financial report for the calendar year to the Commissioner on or before the first day of February on forms supplied by him or her for that purpose.

Nev. Rev. Stat. § 672.790 Examinations and audits; exceptions; fees.

1. The Commissioner shall make a thorough examination of and into the affairs of each credit union organized under the provisions of this chapter, as often as the Commissioner may deem necessary, but at least once within each 18-month period. In lieu thereof, the Commissioner may accept any or all of a report of an examination of a credit union made by a federal regulatory agency. If the Commissioner accepts any part of such a report in one 18-month period, he or she shall examine the credit union to which the report pertains in the succeeding 18-month period. For the purpose of performing the examination, the Commissioner may: (a) Subpoena witnesses and documents; (b) Administer oaths; and (c) Compel the giving of testimony. 2. The report of the examination must contain comments to the members relative to the management of the affairs of the credit union and the general condition of the assets. Within 30 days following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report. 3. The Commissioner shall forward a copy of the report to the chair of each credit union within 30 days after it is completed. The board of directors shall inform the members of the credit union of its general condition at the next annual meeting. 4. For each examination the credit union shall pay a fee based on the rate established and, if applicable, adjusted pursuant to NRS 658.101 . 5. The board of directors may engage a certified public accountant to perform such an examination in lieu of the Commissioner. In such cases, the examination must be equivalent to the type of examination made by the Commissioner and the expense must be borne by the credit union being inspected. 6. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Commissioner. The Commissioner may examine any area of the operation of a credit union if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Commissioner.

Nev. Rev. Stat. § 672.795 Independent audit and examination: Payment of assessment; cooperation.

Each credit union shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto.

Nev. Rev. Stat. § 672.800 Merger; fees set by regulation; regulations.

1. Any credit union may, with the approval of the Commissioner, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of each credit union joining in the merger and approved by the affirmative vote of: (a) A majority of the members of the merging credit union present at a meeting called for that purpose; or (b) A majority of the members of the merging credit union voting by mail on the question. 2. After agreement by the directors of each credit union and approval by the members of the merging credit union, the chair and secretary of each credit union shall execute a certificate of merger, which must set forth: (a) The time and place of the meeting of the board of directors at which the plan was agreed upon; (b) The vote in favor of adoption of the plan; (c) A copy of the resolution or other action by which the plan was agreed upon; (d) The circumstances of the vote in which the members approved the plan agreed upon, if a vote was required; and (e) The vote by which the plan was approved by the members, if a vote was required. 3. A copy of each of the certificates executed pursuant to subsection 2 and a copy of the plan of merger agreed upon by the credit unions joining in the merger must be forwarded to the Division of Financial Institutions for certification and returned to the credit unions within 30 days. 4. After a merger is effected, all property, property rights and interest of the merged credit union vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union are deemed to be assumed by the surviving credit union under whose charter the merger was effected. 5. If the surviving credit union is to be a credit union chartered in accordance with the laws of this state, the application for approval of the merger must be accompanied by an application fee in an amount prescribed by regulation of the Commissioner. 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 subsection must be placed in the Investigative Account created by NRS 232.545 . 6. The Commissioner shall adopt regulations pursuant to which he or she may order any credit union chartered in accordance with the provisions of this chapter to merge with: (a) Another credit union chartered in accordance with the provisions of this chapter; or (b) A credit union chartered in accordance with the laws of another state or of the United States, if a majority of the board of that credit union approves the merger, Ê when he or she determines that the merger is in the best interest of the members of the merging credit union. 7. This section is to be liberally construed to permit a credit union chartered in accordance with this chapter to merge with a credit union chartered in accordance with this chapter or any other provisions of law.

Nev. Rev. Stat. § 672.810 Conversions; fee set by regulation.

1. A credit union chartered in accordance with the laws of this state may be converted to a credit union chartered in accordance with the laws of any other state or the laws of the United States, subject to regulations adopted by the Commissioner. 2. A credit union chartered in accordance with the laws of the United States or of any other state may convert to a credit union chartered in accordance with the laws of this state. To effect such a conversion, a credit union must comply with all the requirements of the authority under which it was originally chartered and the requirements of the Commissioner and file proof of such compliance with the Commissioner. 3. Every application for permission to convert to a credit union chartered in accordance with the laws of this state must be accompanied by an application fee in an amount prescribed by regulation of the Commissioner. 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 subsection must be placed in the Investigative Account created by NRS 232.545 .

Nev. Rev. Stat. § 672.820 Voluntary dissolution.

1. At a meeting called to consider dissolution, the membership may vote to dissolve a credit union if notice of the meeting is mailed to the members at least 10 days prior thereto. Any member who is not present at the meeting may, within 20 days after the meeting, vote by signing a form furnished by the Division of Financial Institutions and filing the form with the secretary of the credit union. An affirmative vote of a majority of the members who vote at the meeting or by filing the form is required to dissolve the credit union. 2. If the members vote to dissolve, the credit union shall, except for the purpose of liquidation, cease its business operations immediately. 3. The chair shall, within 5 days after an affirmative vote to dissolve the credit union, notify the Division of Financial Institutions by mail of the credit union’s intention to liquidate and include with the notice a list of the names and addresses of the directors and officers.

Nev. Rev. Stat. § 672.830 Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation.

1. If the Division of Financial Institutions determines that any credit union organized pursuant to the provisions of this chapter is bankrupt or insolvent, has willfully violated the provisions of this chapter or is operating in an unsafe or unsound manner, the Division of Financial Institutions may, if emergency action is required to protect the assets of the members, issue an order temporarily suspending the credit union’s operations. Reasonable notice of the suspension of operations and of the impending hearing shall be given to the board. Operations of the credit union shall cease upon receipt of notice from the Division of Financial Institutions. 2. At the scheduled hearing, the board shall, if it desires to continue operations, submit a plan of corrective actions. If the board desires, it may, prior to the hearing, request the Commissioner to declare the credit union insolvent and appoint a liquidating agent. 3. If the credit union is not represented at the scheduled hearing or the Division of Financial Institutions rejects the credit union’s plan to continue operations, the Commissioner may appoint a liquidating agent and dissolve the credit union.

Nev. Rev. Stat. § 672.835 Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency.

If a credit union is closed because of bankruptcy or insolvency, the Commissioner may appoint a liquidating agent.

Nev. Rev. Stat. § 672.840 Procedure for liquidation.

1. A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing any other acts required to wind up its business. 2. The board or, in the case of involuntary dissolution, the liquidating agent, shall pay from the assets, the obligations of the credit union in the following order: (a) Expenses incidental to liquidation including any surety bond that may be required. (b) Any liability due to nonmembers. (c) Deposits and savings club accounts. Ê If any assets remain, they shall be distributed to the members proportionately to the number of shares held by each member as of the date dissolution was approved by the members or ordered by the Commissioner. 3. As soon as the board or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, he or she shall execute a certificate of dissolution on a form provided by the Division of Financial Institutions and shall file such form with the proper recording authority within the county in which the credit union has its principal place of business. After filing or recording, and indexing the original form shall be forwarded to the Division of Financial Institutions and upon its receipt and filing such credit union shall be officially dissolved.

Nev. Rev. Stat. § 672.850 Organization and operation; rights and powers.

1. A central credit union may be organized and operated under the provisions of this chapter by any three credit unions incorporated within this state. A central credit union is subject to all provisions not inconsistent with this section and shall use the term “central” in its official name. 2. A central credit union has all the rights and powers of any other credit union organized under this chapter and, in addition, a central credit union may: (a) Make loans to other credit unions; (b) Purchase shares and make deposits in other credit unions; (c) Obtain the assets and liabilities of any credit union operating in this state which enters into liquidation; (d) Invest in and grant loans to associations of credit unions or organizations chartered to provide exclusive service to credit unions; and (e) Borrow money from any source and issue notes or debentures.

Nev. Rev. Stat. § 672.860 Membership.

The membership for a central credit union may consist of: 1. Credit unions; 2. The Nevada Credit Union League, Inc.; and 3. Organizations affiliated with the Nevada Credit Union League, Inc.

Nev. Rev. Stat. § 672.870 Voting representatives.

1. The board of each credit union that becomes a member of a central credit union shall designate one person to be its voting representative in the central credit union. 2. The voting representative of a member credit union is eligible to hold office in the central credit union.

Nev. Rev. Stat. § 672.875 Regular reserves.

1. Before the payment of any dividend by a central credit union, a regular reserve against loan losses shall be set aside according to the following schedule: (a) Until the regular reserve equals 5 percent of the outstanding loans and risk assets, 2 percent of the gross earnings shall be withheld. (b) Whenever the regular reserve falls below 5 percent of the outstanding loans and risk assets it shall be replenished in accordance with the formula set forth in paragraph (a). 2. No other reserves need be maintained by the central credit union.

Nev. Rev. Stat. § 672.880 Use 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.

1. Any person, except a credit union organized under the provisions of this chapter or the Nevada Credit Union League, which uses a name or title containing the words “credit union” or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union is guilty of a gross misdemeanor. 2. Any person who maliciously and knowingly spreads false reports about the management or finances of any credit union is guilty of a gross misdemeanor.

Nev. Rev. Stat. § 672.890 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: 1. Without a license, conducts any business or activity for which a license is required pursuant to the provisions of this chapter; or 2. Violates any provision of this chapter or any regulation adopted pursuant thereto.

Nev. Rev. Stat. § 672.3435 Fee for initial investigation; annual fees; costs for additional investigations; regulations.

1. The Commissioner shall charge and collect a fee of not more than $1,000 for an initial investigation from each foreign credit union which applies for certification. The fee is not refundable. An annual fee of not more than $1,000 must be paid by each foreign credit union for its initial office and not more than $200 for each branch office. Costs for additional examinations and investigations must be paid by the credit union to the Commissioner at the rate established and, if applicable, adjusted pursuant to NRS 658.101 . 2. Except as otherwise provided in NRS 658.101 , the Commissioner shall by regulation determine the amount of the fees required pursuant to this section.

Nev. Rev. Stat. § 672.3455 Application for certificate of authority to open branch offices.

A foreign credit union which has been issued a certificate of authority may apply to the Commissioner for a certificate of authority to open one or more branch offices in this state. Such an application must be made on a form prescribed by the Commissioner.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-672.htmlFetched: 10/4/2026

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