[Rev. 12/21/2019 3:12:35 PM--2019]

CHAPTER 678 - CREDIT UNIONS (Replaced in Revision by Chapter 672 of NRS)

GENERAL PROVISIONS

NRS 678.010           Definitions. [Replaced in revision by NRS 672.010.]

NRS 678.020           “Account” defined. [Replaced in revision by NRS 672.020.]

NRS 678.030           “Beneficiary” defined. [Replaced in revision by NRS 672.030.]

NRS 678.040           “Board” defined. [Replaced in revision by NRS 672.040.]

NRS 678.050           “Chair” defined. [Replaced in revision by NRS 672.050.]

NRS 678.061           “Commissioner” defined. [Replaced in revision by NRS 672.061.]

NRS 678.070           “Credit union” defined. [Replaced in revision by NRS 672.070.]

NRS 678.080           “Demand” defined. [Replaced in revision by NRS 672.080.]

NRS 678.090           “Department” defined. [Replaced in revision by NRS 672.090.]

NRS 678.100           “Deposits” defined. [Replaced in revision by NRS 672.100.]

NRS 678.110           “Director” defined. [Replaced in revision by NRS 672.110.]

NRS 678.120           “Dividend” defined. [Replaced in revision by NRS 672.120.]

NRS 678.125           “Fixed assets” defined. [Replaced in revision by NRS 672.125.]

NRS 678.130           “Immediate family” defined. [Replaced in revision by NRS 672.130.]

NRS 678.140           “Loan officer” defined. [Replaced in revision by NRS 672.140.]

NRS 678.145           “Member” defined. [Replaced in revision by NRS 672.145.]

NRS 678.150           “Merger” defined. [Replaced in revision by NRS 672.150.]

NRS 678.160           “Multiple-party account” defined. [Replaced in revision by NRS 672.160.]

NRS 678.170           “Net contribution” defined. [Replaced in revision by NRS 672.170.]

NRS 678.180           “Party” defined. [Replaced in revision by NRS 672.180.]

NRS 678.190           “Payment” defined. [Replaced in revision by NRS 672.190.]

NRS 678.210           “Proof of death” defined. [Replaced in revision by NRS 672.210.]

NRS 678.220           “Sums on deposit” defined. [Replaced in revision by NRS 672.220.]

NRS 678.230           “Trust account” defined. [Replaced in revision by NRS 672.230.]

NRS 678.240           “Withdrawal” defined. [Replaced in revision by NRS 672.240.]

ADMINISTRATION

NRS 678.250           Administration of chapter; regulations of Commissioner. [Replaced in revision by NRS 672.250.]

NRS 678.260           Duties of Commissioner; regulations. [Replaced in revision by NRS 672.260.]

NRS 678.270           Powers of Commissioner concerning regulations and legal actions. [Replaced in revision by NRS 672.270.]

NRS 678.275           Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship. [Replaced in revision by NRS 672.275.]

NRS 678.282           Application for license: Additional requirements; fingerprints; grounds for refusal to issue license. [Replaced in revision by NRS 672.282.]

NRS 678.284           Suspension or revocation of license: Additional grounds. [Replaced in revision by NRS 672.284.]

NRS 678.286           Use or change of business name; prohibitions. [Replaced in revision by NRS 672.286.]

NRS 678.288           Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses. [Replaced in revision by NRS 672.288.]

NRS 678.290           Credit Union Advisory Council. [Replaced in revision by NRS 672.290.]

FORMATION

NRS 678.300           Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence. [Replaced in revision by NRS 672.300.]

NRS 678.310           Procedure for incorporation; fees set by regulation. [Replaced in revision by NRS 672.310.]

NRS 678.320           Amendment of articles of incorporation; bylaws. [Replaced in revision by NRS 672.320.]

NRS 678.330           Offices; principal place of business. [Replaced in revision by NRS 672.330.]

NRS 678.340           Fiscal year. [Replaced in revision by NRS 672.340.]

FOREIGN CREDIT UNIONS

NRS 678.342           Certificate of authority required. [Replaced in revision by NRS 672.342.]

NRS 678.343           Application for certificate of authority: Filing; form; contents; withdrawal of application. [Replaced in revision by NRS 672.343.]

NRS 678.3435         Fee for initial investigation; annual fees; costs for additional investigations; regulations. [Replaced in revision by NRS 672.3435.]

NRS 678.344           Requirements for issuance of certificate. [Replaced in revision by NRS 672.344.]

NRS 678.345           Applicable law; filing of annual report. [Replaced in revision by NRS 672.345.]

NRS 678.3455         Application for certificate of authority to open branch offices. [Replaced in revision by NRS 672.3455.]

NRS 678.346           Examination of records; revocation of certificate. [Replaced in revision by NRS 672.346.]

NRS 678.347           Applicability of provisions of chapter 80 of NRS. [Replaced in revision by NRS 672.347.]

DIRECTORS, OFFICERS AND COMMITTEES

NRS 678.350           Board of directors: Number, election and terms of members; procedure for filling vacancy. [Replaced in revision by NRS 672.350.]

NRS 678.360           Board of directors: Responsibilities; meetings; executive committee. [Replaced in revision by NRS 672.360.]

NRS 678.370           Board of directors: Duties. [Replaced in revision by NRS 672.370.]

NRS 678.380           Board of directors: Powers. [Replaced in revision by NRS 672.380.]

NRS 678.390           Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant. [Replaced in revision by NRS 672.390.]

NRS 678.400           Credit committee; loan officer. [Replaced in revision by NRS 672.400.]

NRS 678.410           Removal of director, officer or employee on objection of Commissioner. [Replaced in revision by NRS 672.410.]

NRS 678.420           Officers: Election; designation; bonds; terms; duties. [Replaced in revision by NRS 672.420.]

NRS 678.430           List of directors, officers and committee members. [Replaced in revision by NRS 672.430.]

NRS 678.440           Fiduciary relationship of directors and officers. [Replaced in revision by NRS 672.440.]

NRS 678.450           Compensation and expenses of directors, officers and members. [Replaced in revision by NRS 672.450.]

POWERS AND PRIVILEGES

NRS 678.460           General powers; waiver or modification of law by Commissioner. [Replaced in revision by NRS 672.460.]

NRS 678.470           Receiving and paying out deposits; borrowing, selling and purchasing assets. [Replaced in revision by NRS 672.470.]

NRS 678.480           Fees and assessments. [Replaced in revision by NRS 672.480.]

NRS 678.490           Membership in other credit union or organization; performance of certain services. [Replaced in revision by NRS 672.490.]

NRS 678.500           Donations and contributions. [Replaced in revision by NRS 672.500.]

MEMBERSHIP; ACCOUNTS

NRS 678.510           Eligibility for membership. [Replaced in revision by NRS 672.510.]

NRS 678.520           Eligibility of minor; limitations. [Replaced in revision by NRS 672.520.]

NRS 678.530           Subscription to and transfer of shares; lien for sums due; reduction in shares. [Replaced in revision by NRS 672.530.]

NRS 678.540           Real and personal property subject to taxation. [Replaced in revision by NRS 672.540.]

NRS 678.550           Meetings of members. [Replaced in revision by NRS 672.550.]

NRS 678.560           Savings deposits; special clubs and accounts. [Replaced in revision by NRS 672.560.]

NRS 678.570           Multiple-party accounts: Authorization; disbursement of money; limitations. [Replaced in revision by NRS 672.570.]

NRS 678.630           Payment of trust accounts. [Replaced in revision by NRS 672.630.]

NRS 678.650           Right to setoff against multiple-party accounts. [Replaced in revision by NRS 672.650.]

RESERVES; DIVIDENDS

NRS 678.670           Regular reserves. [Replaced in revision by NRS 672.670.]

NRS 678.680           Special reserves. [Replaced in revision by NRS 672.680.]

NRS 678.690           Assets qualified for reserves. [Replaced in revision by NRS 672.690.]

NRS 678.700           Dividends. [Replaced in revision by NRS 672.700.]

LOANS; INVESTMENTS

NRS 678.710           Loans to members: Application; approval; limitations; participation loans; payment. [Replaced in revision by NRS 672.710.]

NRS 678.720           Loans to members: Extension of previous maximum credit; review. [Replaced in revision by NRS 672.720.]

NRS 678.730           Loans to and guaranties by directors and members of committees. [Replaced in revision by NRS 672.730.]

NRS 678.740           Security for loans. [Replaced in revision by NRS 672.740.]

NRS 678.750           Insurance of members and accounts. [Replaced in revision by NRS 672.750.]

NRS 678.755           Approval of private insurer and contract of insurance; regulations; reserve. [Replaced in revision by NRS 672.755.]

NRS 678.760           Authorized investments. [Replaced in revision by NRS 672.760.]

NRS 678.765           Limitation on investment in fixed assets. [Replaced in revision by NRS 672.765.]

EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS

NRS 678.767           Definitions. [Replaced in revision by NRS 672.767.]

NRS 678.769           “Designated reporter” defined. [Replaced in revision by NRS 672.769.]

NRS 678.771           “Exploitation” defined. [Replaced in revision by NRS 672.771.]

NRS 678.773           “Older person” defined. [Replaced in revision by NRS 672.773.]

NRS 678.775           “Reasonable cause to believe” defined. [Replaced in revision by NRS 672.775.]

NRS 678.777           “Vulnerable person” defined. [Replaced in revision by NRS 672.777.]

NRS 678.778           Training; reporting to designated reporter. [Replaced in revision by NRS 672.778.]

NRS 678.779           Designated reporter: Designation; duty to report; immunity. [Replaced in revision by NRS 672.779.]

RECORDS AND REPORTS; EXAMINATIONS

NRS 678.780           Annual financial report. [Replaced in revision by NRS 672.780.]

NRS 678.790           Examinations and audits; exceptions; fees. [Replaced in revision by NRS 672.790.]

NRS 678.795           Independent audit and examination: Payment of assessment; cooperation. [Replaced in revision by NRS 672.795.]

MERGER; CONVERSIONS

NRS 678.800           Merger; fees set by regulation; regulations. [Replaced in revision by NRS 672.800.]

NRS 678.810           Conversions; fee set by regulation. [Replaced in revision by NRS 672.810.]

DISSOLUTION AND LIQUIDATION

NRS 678.820           Voluntary dissolution. [Replaced in revision by NRS 672.820.]

NRS 678.830           Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation. [Replaced in revision by NRS 672.830.]

NRS 678.835           Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency. [Replaced in revision by NRS 672.835.]

NRS 678.840           Procedure for liquidation. [Replaced in revision by NRS 672.840.]

CENTRAL CREDIT UNIONS

NRS 678.850           Organization and operation; rights and powers. [Replaced in revision by NRS 672.850.]

NRS 678.860           Membership. [Replaced in revision by NRS 672.860.]

NRS 678.870           Voting representatives. [Replaced in revision by NRS 672.870.]

NRS 678.875           Regular reserves. [Replaced in revision by NRS 672.875.]

PENALTIES

NRS 678.880           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. [Replaced in revision by NRS 672.880.]

NRS 678.890           Administrative fines. [Replaced in revision by NRS 672.890.]

_________

NOTE:                     Section 46 of chapter 611, Statutes of Nevada 2019, at p. 4000, has been codified as NRS 672.295.

 

GENERAL PROVISIONS

      NRS 678.010  Definitions.  [Replaced in revision by NRS 672.010.]

 

      NRS 678.020  “Account” defined.  [Replaced in revision by NRS 672.020.]

 

      NRS 678.030  “Beneficiary” defined.  [Replaced in revision by NRS 672.030.]

 

      NRS 678.040  “Board” defined.  [Replaced in revision by NRS 672.040.]

 

      NRS 678.050  “Chair” defined.  [Replaced in revision by NRS 672.050.]

 

      NRS 678.061  “Commissioner” defined.  [Replaced in revision by NRS 672.061.]

 

      NRS 678.070  “Credit union” defined.  [Replaced in revision by NRS 672.070.]

 

      NRS 678.080  “Demand” defined.  [Replaced in revision by NRS 672.080.]

 

      NRS 678.090  “Department” defined.  [Replaced in revision by NRS 672.090.]

 

      NRS 678.100  “Deposits” defined.  [Replaced in revision by NRS 672.100.]

 

      NRS 678.110  “Director” defined.  [Replaced in revision by NRS 672.110.]

 

      NRS 678.120  “Dividend” defined.  [Replaced in revision by NRS 672.120.]

 

      NRS 678.125  “Fixed assets” defined.  [Replaced in revision by NRS 672.125.]

 

      NRS 678.130  “Immediate family” defined.  [Replaced in revision by NRS 672.130.]

 

      NRS 678.140  “Loan officer” defined.  [Replaced in revision by NRS 672.140.]

 

      NRS 678.145  “Member” defined.  [Replaced in revision by NRS 672.145.]

 

      NRS 678.150  “Merger” defined.  [Replaced in revision by NRS 672.150.]

 

      NRS 678.160  “Multiple-party account” defined.  [Replaced in revision by NRS 672.160.]

 

      NRS 678.170  “Net contribution” defined.  [Replaced in revision by NRS 672.170.]

 

      NRS 678.180  “Party” defined.  [Replaced in revision by NRS 672.180.]

 

      NRS 678.190  “Payment” defined.  [Replaced in revision by NRS 672.190.]

 

      NRS 678.210  “Proof of death” defined.  [Replaced in revision by NRS 672.210.]

 

      NRS 678.220  “Sums on deposit” defined.  [Replaced in revision by NRS 672.220.]

 

      NRS 678.230  “Trust account” defined.  [Replaced in revision by NRS 672.230.]

 

      NRS 678.240  “Withdrawal” defined.  [Replaced in revision by NRS 672.240.]

 

ADMINISTRATION

      NRS 678.250  Administration of chapter; regulations of Commissioner.  [Replaced in revision by NRS 672.250.]

 

      NRS 678.260  Duties of Commissioner; regulations.  [Replaced in revision by NRS 672.260.]

 

      NRS 678.270  Powers of Commissioner concerning regulations and legal actions.  [Replaced in revision by NRS 672.270.]

 

      NRS 678.275  Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship.  [Replaced in revision by NRS 672.275.]

 

      NRS 678.282  Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.  [Replaced in revision by NRS 672.282.]

 

      NRS 678.284  Suspension or revocation of license: Additional grounds.  [Replaced in revision by NRS 672.284.]

 

      NRS 678.286  Use or change of business name; prohibitions.  [Replaced in revision by NRS 672.286.]

 

      NRS 678.288  Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses.  [Replaced in revision by NRS 672.288.]

 

      NRS 678.290  Credit Union Advisory Council.  [Replaced in revision by NRS 672.290.]

 

FORMATION

      NRS 678.300  Requirement of incorporation; exceptions; applicability of NRS 81.410 to 81.540, inclusive; perpetual existence.  [Replaced in revision by NRS 672.300.]

 

      NRS 678.310  Procedure for incorporation; fees set by regulation.  [Replaced in revision by NRS 672.310.]

 

      NRS 678.320  Amendment of articles of incorporation; bylaws.  [Replaced in revision by NRS 672.320.]

 

      NRS 678.330  Offices; principal place of business.  [Replaced in revision by NRS 672.330.]

 

      NRS 678.340  Fiscal year.  [Replaced in revision by NRS 672.340.]

 

FOREIGN CREDIT UNIONS

      NRS 678.342  Certificate of authority required.  [Replaced in revision by NRS 672.342.]

 

      NRS 678.343  Application for certificate of authority: Filing; form; contents; withdrawal of application.  [Replaced in revision by NRS 672.343.]

 

      NRS 678.3435  Fee for initial investigation; annual fees; costs for additional investigations; regulations.  [Replaced in revision by NRS 672.3435.]

 

      NRS 678.344  Requirements for issuance of certificate.  [Replaced in revision by NRS 672.344.]

 

      NRS 678.345  Applicable law; filing of annual report.  [Replaced in revision by NRS 672.345.]

 

      NRS 678.3455  Application for certificate of authority to open branch offices.  [Replaced in revision by NRS 672.3455.]

 

      NRS 678.346  Examination of records; revocation of certificate.  [Replaced in revision by NRS 672.346.]

 

      NRS 678.347  Applicability of provisions of chapter 80 of NRS.  [Replaced in revision by NRS 672.347.]

 

DIRECTORS, OFFICERS AND COMMITTEES

      NRS 678.350  Board of directors: Number, election and terms of members; procedure for filling vacancy.  [Replaced in revision by NRS 672.350.]

 

      NRS 678.360  Board of directors: Responsibilities; meetings; executive committee.  [Replaced in revision by NRS 672.360.]

 

      NRS 678.370  Board of directors: Duties.  [Replaced in revision by NRS 672.370.]

 

      NRS 678.380  Board of directors: Powers.  [Replaced in revision by NRS 672.380.]

 

      NRS 678.390  Appointment of audit committee: Duties; powers; suspension of member; employment of certified public accountant.  [Replaced in revision by NRS 672.390.]

 

      NRS 678.400  Credit committee; loan officer.  [Replaced in revision by NRS 672.400.]

 

      NRS 678.410  Removal of director, officer or employee on objection of Commissioner.  [Replaced in revision by NRS 672.410.]

 

      NRS 678.420  Officers: Election; designation; bonds; terms; duties.  [Replaced in revision by NRS 672.420.]

 

      NRS 678.430  List of directors, officers and committee members.  [Replaced in revision by NRS 672.430.]

 

      NRS 678.440  Fiduciary relationship of directors and officers.  [Replaced in revision by NRS 672.440.]

 

      NRS 678.450  Compensation and expenses of directors, officers and members.  [Replaced in revision by NRS 672.450.]

 

POWERS AND PRIVILEGES

      NRS 678.460  General powers; waiver or modification of law by Commissioner.  [Replaced in revision by NRS 672.460.]

 

      NRS 678.470  Receiving and paying out deposits; borrowing, selling and purchasing assets.  [Replaced in revision by NRS 672.470.]

 

      NRS 678.480  Fees and assessments.  [Replaced in revision by NRS 672.480.]

 

      NRS 678.490  Membership in other credit union or organization; performance of certain services.  [Replaced in revision by NRS 672.490.]

 

      NRS 678.500  Donations and contributions.  [Replaced in revision by NRS 672.500.]

 

MEMBERSHIP; ACCOUNTS

      NRS 678.510  Eligibility for membership.  [Replaced in revision by NRS 672.510.]

 

      NRS 678.520  Eligibility of minor; limitations.  [Replaced in revision by NRS 672.520.]

 

      NRS 678.530  Subscription to and transfer of shares; lien for sums due; reduction in shares.  [Replaced in revision by NRS 672.530.]

 

      NRS 678.540  Real and personal property subject to taxation.  [Replaced in revision by NRS 672.540.]

 

      NRS 678.550  Meetings of members.  [Replaced in revision by NRS 672.550.]

 

      NRS 678.560  Savings deposits; special clubs and accounts.  [Replaced in revision by NRS 672.560.]

 

      NRS 678.570  Multiple-party accounts: Authorization; disbursement of money; limitations.  [Replaced in revision by NRS 672.570.]

 

      NRS 678.630  Payment of trust accounts.  [Replaced in revision by NRS 672.630.]

 

      NRS 678.650  Right to setoff against multiple-party accounts.  [Replaced in revision by NRS 672.650.]

 

RESERVES; DIVIDENDS

      NRS 678.670  Regular reserves.  [Replaced in revision by NRS 672.670.]

 

      NRS 678.680  Special reserves.  [Replaced in revision by NRS 672.680.]

 

      NRS 678.690  Assets qualified for reserves.  [Replaced in revision by NRS 672.690.]

 

      NRS 678.700  Dividends.  [Replaced in revision by NRS 672.700.]

 

LOANS; INVESTMENTS

      NRS 678.710  Loans to members: Application; approval; limitations; participation loans; payment.  [Replaced in revision by NRS 672.710.]

 

      NRS 678.720  Loans to members: Extension of previous maximum credit; review.  [Replaced in revision by NRS 672.720.]

 

      NRS 678.730  Loans to and guaranties by directors and members of committees.  [Replaced in revision by NRS 672.730.]

 

      NRS 678.740  Security for loans.  [Replaced in revision by NRS 672.740.]

 

      NRS 678.750  Insurance of members and accounts.  [Replaced in revision by NRS 672.750.]

 

      NRS 678.755  Approval of private insurer and contract of insurance; regulations; reserve.  [Replaced in revision by NRS 672.755.]

 

      NRS 678.760  Authorized investments.  [Replaced in revision by NRS 672.760.]

 

      NRS 678.765  Limitation on investment in fixed assets.  [Replaced in revision by NRS 672.765.]

 

EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS

      NRS 678.767  Definitions.  [Replaced in revision by NRS 672.767.]

 

      NRS 678.769  “Designated reporter” defined.  [Replaced in revision by NRS 672.769.]

 

      NRS 678.771  “Exploitation” defined.  [Replaced in revision by NRS 672.771.]

 

      NRS 678.773  “Older person” defined.  [Replaced in revision by NRS 672.773.]

 

      NRS 678.775  “Reasonable cause to believe” defined.  [Replaced in revision by NRS 672.775.]

 

      NRS 678.777  “Vulnerable person” defined.  [Replaced in revision by NRS 672.777.]

 

      NRS 678.778  Training; reporting to designated reporter.  [Replaced in revision by NRS 672.778.]

 

      NRS 678.779  Designated reporter: Designation; duty to report; immunity.  [Replaced in revision by NRS 672.779.]

 

RECORDS AND REPORTS; EXAMINATIONS

      NRS 678.780  Annual financial report.  [Replaced in revision by NRS 672.780.]

 

      NRS 678.790  Examinations and audits; exceptions; fees.  [Replaced in revision by NRS 672.790.]

 

      NRS 678.795  Independent audit and examination: Payment of assessment; cooperation.  [Replaced in revision by NRS 672.795.]

 

MERGER; CONVERSIONS

      NRS 678.800  Merger; fees set by regulation; regulations.  [Replaced in revision by NRS 672.800.]

 

      NRS 678.810  Conversions; fee set by regulation.  [Replaced in revision by NRS 672.810.]

 

DISSOLUTION AND LIQUIDATION

      NRS 678.820  Voluntary dissolution.  [Replaced in revision by NRS 672.820.]

 

      NRS 678.830  Involuntary dissolution: Suspension of operations; corrective actions; declaration of insolvency; liquidation.  [Replaced in revision by NRS 672.830.]

 

      NRS 678.835  Involuntary dissolution: Appointment of liquidating agent for credit union closed by bankruptcy or insolvency.  [Replaced in revision by NRS 672.835.]

 

      NRS 678.840  Procedure for liquidation.  [Replaced in revision by NRS 672.840.]

 

CENTRAL CREDIT UNIONS

      NRS 678.850  Organization and operation; rights and powers.  [Replaced in revision by NRS 672.850.]

 

      NRS 678.860  Membership.  [Replaced in revision by NRS 672.860.]

 

      NRS 678.870  Voting representatives.  [Replaced in revision by NRS 672.870.]

 

      NRS 678.875  Regular reserves.  [Replaced in revision by NRS 672.875.]

 

PENALTIES

      NRS 678.880  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.  [Replaced in revision by NRS 672.880.]

 

      NRS 678.890  Administrative fines.  [Replaced in revision by NRS 672.890.]