[Rev. 6/2/2018 8:53:46 PM--2017]

TITLE 56 - OTHER FINANCIAL INSTITUTIONS

CHAPTER 673 - SAVINGS BANKS

GENERAL PROVISIONS

NRS 673.001           Definitions.

NRS 673.002           “Association” defined. [Replaced in revision by NRS 673.0317.]

NRS 673.005           “Combination home and business structure” defined. [Repealed.]

NRS 673.0054         “Commissioner” defined.

NRS 673.0056         “Cooperative housing corporation” defined.

NRS 673.0057         “Deposit” defined.

NRS 673.00575       “Deposit account” defined.

NRS 673.00577       “Depository institution” defined.

NRS 673.0065         “Director” defined.

NRS 673.007           “Dividend” defined. [Repealed.]

NRS 673.0075         “Division of Financial Institutions” defined.

NRS 673.0077         “Federal savings bank” defined.

NRS 673.008           “Foreign” defined.

NRS 673.009           “Gross income” defined. [Repealed.]

NRS 673.011           “Home” defined. [Repealed.]

NRS 673.012           “Home loan” defined. [Repealed.]

NRS 673.013           “Home property” defined. [Repealed.]

NRS 673.014           “Impaired condition” defined. [Repealed.]

NRS 673.015           “Improved real estate” defined. [Repealed.]

NRS 673.0155         “Insolvency” or “insolvent” defined.

NRS 673.016           “Insured depository institution” defined.

NRS 673.0165         “Interest” defined. [Repealed.]

NRS 673.017           “Investment certificate” defined.

NRS 673.0175         “Main office” defined.

NRS 673.0185         “Merger” defined.

NRS 673.019           “Net earnings” defined. [Repealed.]

NRS 673.021           “Net earnings available for dividends” defined. [Repealed.]

NRS 673.022           “Operating expenses” defined. [Repealed.]

NRS 673.023           “Operating income” defined. [Repealed.]

NRS 673.024           “Other real estate loan” defined. [Repealed.]

NRS 673.025           “Real estate expenses” defined. [Repealed.]

NRS 673.026           “Real estate income” defined. [Repealed.]

NRS 673.027           “Real estate loan” defined. [Repealed.]

NRS 673.031           “Savings account” defined. [Repealed.]

NRS 673.0313         “Savings association” defined.

NRS 673.0317         “Savings bank” defined.

NRS 673.032           “Savings liability” defined. [Repealed.]

NRS 673.0321         “Service office” defined.

NRS 673.0323         “State bank” or “commercial bank” defined.

NRS 673.034           “Withdrawal value” defined.

ADMINISTRATION AND ENFORCEMENT

NRS 673.035           Administration of chapter.

NRS 673.03531       Certain relationships between employees of Division of Financial Institutions and savings bank prohibited; termination of prohibited relationship.

NRS 673.039           Records of Commissioner.

NRS 673.040           Commissioner to supervise and make policy.

NRS 673.042           Biennial report of Commissioner: Contents; distribution. [Repealed.]

NRS 673.043           Regulations; authority of Commissioner to waive, modify or alter any requirement of chapter.

NRS 673.0435         Commissioner may secure injunctions and restraining orders.

NRS 673.044           Notices.

NRS 673.045           Amendment or alteration of license by Commissioner; appeal.

NRS 673.046           Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.

NRS 673.048           Suspension or revocation of license: Additional grounds.

NRS 673.049           Authority of Commissioner to issue subpoenas and require attendance of parties.

NRS 673.050           Proceedings in court to test validity of action by Commissioner or Director. [Repealed.]

NRS 673.055           Savings associations automatically converted into savings banks; issuance by Commissioner of savings bank charters to converted entities; rights, powers, privileges, immunities and exceptions provided to converted entities.

NRS 673.060           Deposit of money in State Treasury; payment of expenses; exceptions.

FORMATION AND ORGANIZATION; BRANCH AND SERVICE OFFICES

NRS 673.070           Incorporation of domestic savings banks: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings banks.

NRS 673.080           Articles to be approved by Commissioner; application; permission to organize; fees; conditions; regulations; withdrawal of application.

NRS 673.090           Provisions of chapter abridge, enlarge and modify powers and privileges of foreign and domestic savings banks.

NRS 673.110           Procedure for removing “and loan” from name of domestic association. [Repealed.]

NRS 673.111           Required filings before savings bank begins business: Statement concerning directors, managers and officers; proof of approval of Federal Deposit Insurance Corporation to insure its deposit accounts.

NRS 673.112           Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees; regulations.

NRS 673.113           Surety bond of savings bank.

NRS 673.114           Service offices: Authority to establish and maintain; notification to Commissioner required; service office does not constitute branch office.

NRS 673.115           Restrictions on advertising.

NRS 673.117           Use or change of business name; prohibitions.

OFFICERS, DIRECTORS, EMPLOYEES AND CAPITAL STOCKHOLDERS

NRS 673.207           Directors: Number; filling of vacancies; amendment of bylaws.

NRS 673.208           Persons requiring Commissioner’s approval to serve as director.

NRS 673.209           Removal of director, officer or employee on objection of Commissioner.

NRS 673.211           Removal of director for cause.

NRS 673.212           Standard of conduct in discharge of duties of directors and officers.

NRS 673.213           Directors: Compensation and expenses. [Repealed.]

NRS 673.214           Election of officers.

NRS 673.215           Directors: Meetings; quorum.

NRS 673.216           Official communication from Commissioner: Presentation at next board meeting and made part of minutes.

NRS 673.217           Statement of purchases and sales of real estate and loans made or purchased to be considered at regular meeting and made part of minutes. [Repealed.]

NRS 673.2176         Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

NRS 673.218           Pensions and retirement plans for officers and employees.

NRS 673.219           Directors: Approval of depositary for money of savings bank.

NRS 673.221           Unlawful acts; penalty.

NRS 673.2211         Liability of directors, officers or other persons.

NRS 673.222           Authority of savings bank to indemnify and defend officers, directors, employees, agents and other parties.

POWERS AND PRIVILEGES OF STATE SAVINGS BANKS

NRS 673.225           Certain savings banks possess same powers and privileges as federal savings banks and foreign savings banks; federal law prevails in event of conflict with state law.

NRS 673.226           Savings banks possess same powers, privileges and authorities as state banks and national banks; exceptions and limitations; savings banks subject to restrictions, limitations and requirements applicable to state and national banks.

NRS 673.2265         Membership in Federal Reserve System: Authorization; powers, duties and examination of member.

NRS 673.227           Land and office buildings of savings bank; limitation on costs.

NRS 673.228           Trustee and custodial powers, privileges and authorities of savings bank.

STOCKS AND CERTIFICATES

NRS 673.250           Licenses for issuance or sale of stock; contents and conditions of licenses.

NRS 673.260           Annual license: Fees; renewal; penalty; regulations.

NRS 673.270           Licensing of salespersons and solicitors; fees; regulations; withdrawal of applications. [Repealed.]

NRS 673.273           Stock, surplus, undivided profits and reserves to include percentage of value of outstanding investment certificates; dividends on permanent stock; stock dividends. [Repealed.]

NRS 673.274           Acts prohibited when stock, surplus, undivided profits and reserves below amount specified. [Repealed.]

NRS 673.275           Impairment of stock; levy of assessment to repair deficiency; reduction of stock. [Repealed.]

NRS 673.2755         Investment certificates: Rights and liabilities of holders; types of certificates; limitation on approval.

RESERVE FOR LOSSES

NRS 673.2758         Requirements.

INVESTMENTS AND BORROWING

NRS 673.276           Permissible investments.

NRS 673.2765         Investments in certain related service companies, operating subsidiaries or financial subsidiaries.

NRS 673.2766         Investments in real property for subdivision or residential development.

NRS 673.278           Power to make loans includes power to purchase loans and make loans upon security of other loans.

NRS 673.279           Purchases of real property contracts; conditions.

NRS 673.280           Certain federal obligations are legal investments.

NRS 673.281           Restrictions on transfer or encumbrance of note and other obligations held by association. [Repealed.]

NRS 673.300           Savings bank may become member and stockholder of Federal Home Loan Bank, borrow money and invest in bonds.

NRS 673.301           Savings bank may issue capital notes; voting rights of holders.

NRS 673.302           Limitation on borrowing.

NRS 673.310           Loans and advances of credit insured by Federal Housing Administration or Department of Veterans Affairs.

NRS 673.315           Investment in Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and SLM Corporation.

NRS 673.316           Additional advances or loans to borrower; renewal or extension of loans; loans on property sold by savings bank.

APPRAISALS OR EVALUATIONS

NRS 673.317           Approval of appraiser by Commissioner required; limitations; revocation; notice of termination of services. [Repealed.]

NRS 673.3171         Appraisal of real estate required before granting loan; requirements. [Repealed.]

NRS 673.318           Appraisal or evaluation of real estate at time of acquisition.

NRS 673.319           Specific loss reserve; determination of values by Commissioner. [Repealed.]

NRS 673.3191         Reserve for uncollected interest. [Repealed.]

INSURANCE OF ACCOUNTS

NRS 673.320           Associations empowered to insure accounts. [Repealed.]

LOANS

NRS 673.324           Permissible loans.

NRS 673.3244         Loans to directors, officers, shareholders or company owned or controlled by savings bank.

NRS 673.3255         Loans to finance interest in cooperative housing corporation; first security interests.

NRS 673.3271         Loans to one borrower.

NRS 673.3272         Payment of charges by savings bank for protection of its investments; required advance monthly payments.

NRS 673.330           Limitation on charge for prepayment of loan. [Repealed.]

NRS 673.331           Loans prohibited on security of association’s own stock. [Repealed.]

NRS 673.332           Property acquired at or by foreclosure or developed by savings bank.

INTEREST AND DIVIDENDS

NRS 673.333           Apportionment of earnings and payment of interest; determination of percentage rate of declaration; classes of savings accounts; notice of change in method of calculating interest. [Repealed.]

NRS 673.336           Restrictions on declaration of dividends. [Repealed.]

DEPOSITORS

NRS 673.340           Minors and married persons; payment as valid discharge of savings bank.

NRS 673.360           Administrators, executors, guardians and trustees; payment as valid discharge of savings bank.

SAFE-DEPOSIT BOXES

NRS 673.373           Notice of overdue rental; opening of box; retention of contents in general vaults; delivery of contents to State Treasurer.

WITHDRAWALS

NRS 673.377           Minimum required available cash, deposits and securities; making and purchasing loans prohibited when minimum not met. [Repealed.]

NRS 673.380           Procedure when requests for withdrawals exceed amount available. [Repealed.]

NRS 673.390           Order of payment of withdrawals. [Repealed.]

NRS 673.420           Notice to Commissioner of inability to pay request for withdrawal on file more than 60 days. [Repealed.]

REPORTS, EXAMINATIONS AND AUDITS

NRS 673.430           Annual reports: Filing; form and contents; fees; penalty; regulations.

NRS 673.440           Commissioner may require further information.

NRS 673.450           Hearings, investigations and examinations by Commissioner; confidentiality of examination reports and certain other information; powers of Commissioner; biennial examination required.

NRS 673.451           Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses.

NRS 673.453           Enforcement of subpoena by district court.

NRS 673.455           Examination of holding companies.

NRS 673.460           Examinations outside State; fees and traveling expenses; regulations.

NRS 673.470           Other examinations acceptable in lieu of examination by Commissioner.

NRS 673.480           Authority of Commissioner to make information available to other officers and agencies; documents, reports and information remain property of Division of Financial Institutions or Commissioner; disclosures by savings bank.

NRS 673.483           Audit of books and accounts.

NRS 673.4835         Independent audit and examination: Payment of assessment; cooperation.

REMEDIAL ACTIONS

NRS 673.484           Suspension or revocation of charter: Grounds; notice and hearing.

NRS 673.4843         Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance.

REORGANIZATION; MERGER; CONSOLIDATION

NRS 673.4845         Procedure; approval by savings bank and Commissioner; fee; regulations.

CONSERVATORSHIP; LIQUIDATION; RECEIVERSHIP

NRS 673.485           Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance. [Replaced in revision by NRS 673.4843.]

NRS 673.495           Conservator: Appointment by Commissioner; district court confirmation. [Repealed.]

NRS 673.497           Powers of conservator; limitations; expenses; compensation. [Repealed.]

NRS 673.499           Receiver: Appointment by Commissioner; court confirmation; powers and authority; compensation. [Repealed.]

NRS 673.515           Appeal from judgment enjoining Commissioner or dismissing action to enjoin; bond. [Repealed.]

NRS 673.525           Penalty for failure to comply with Commissioner’s demand for possession of property, business and assets. [Repealed.]

NRS 673.535           Enforcement by sheriff of demand for possession of property, business and assets; written demand for assistance; duty to enforce. [Repealed.]

NRS 673.545           Delivery of schedule of property, assets and collateral to Commissioner; examination of directors, officers or employees by Commissioner. [Repealed.]

NRS 673.555           Authority of Commissioner to issue subpoenas and require attendance of parties. [Replaced in revision by NRS 673.049.]

NRS 673.565           Appointment of custodian; bond. [Repealed.]

NRS 673.575           Collection of money; preservation of assets. [Repealed.]

NRS 673.576           Powers of Commissioner when in possession of business, property and assets. [Repealed.]

NRS 673.577           Claims for damages from disaffirmance of executory contract or lease. [Repealed.]

NRS 673.580           Procedure upon taking possession of insured association: Federal Deposit Insurance Corporation as liquidator or coliquidator. [Repealed.]

NRS 673.590           Delivery of remaining assets to stockholders. [Repealed.]

LIQUIDATION AND REORGANIZATION

Voluntary Liquidation

NRS 673.5911         Procedure; applicable law; power to sell and transfer assets.

 

Liquidation of Insured Savings Banks

NRS 673.5912         Federal Deposit Insurance Corporation authorized to act as receiver or liquidator of closed savings bank having insured deposits; no bond required.

NRS 673.5913         Acceptance of appointment as receiver or liquidator; possession of and title to assets, business and property rests in Federal Deposit Insurance Corporation.

NRS 673.5914         Enforcement of individual liability of stockholders or members and directors or managers of savings bank in receivership or liquidation.

NRS 673.5915         Payment of insured deposits; subrogation.

NRS 673.5916         Loans to closed savings banks by Federal Deposit Insurance Corporation; sale of assets of savings banks to Federal Deposit Insurance Corporation.

NRS 673.5917         Commissioner to furnish copies of examinations and reports to Federal Deposit Insurance Corporation.

NRS 673.5918         Deposit of books, papers and records with Commissioner upon final liquidation.

NRS 673.5919         Destruction of records of liquidated insolvent savings banks.

NRS 673.5921         Termination of trusteeship under security instruments upon insolvency; appointment of successor trustee by petition to district court or pursuant to security instrument.

NRS 673.5922         Petition for appointment of successor trustee by district court: Order to appear and show cause why successor trustee should not be appointed; publication and contents of notice.

NRS 673.5923         Appointment of successor trustee when no objection made.

NRS 673.5924         Hearing on objections to appointment of successor trustee; appeal from order.

NRS 673.5925         Recordation of order appointing successor trustee.

NRS 673.5926         Petition and order may relate to all instruments in which former trustee was named.

NRS 673.5927         Provisions are in addition to any other remedy provided by law.

NRS 673.5928         Validation of sales by liquidator under security instruments giving power of sale.

 

Reopening and Reorganization

NRS 673.5929         Conditions under which savings banks may reopen.

NRS 673.5931         Conditions under which savings bank may reorganize before actual dissolution.

FOREIGN SAVINGS BANKS

NRS 673.595           Certain foreign savings banks not required to be licensed under chapter; certain foreign savings banks permitted to operate and establish service offices in this State; limitations.

NRS 673.597           Conflict of laws; report to Commissioner of forbidden course or act.

CONVERSION INTO FEDERAL SAVINGS BANK OR STATE OR NATIONAL BANK

NRS 673.600           Conversion authorized.

NRS 673.610           Notice of stockholders’ meeting: Service and proof of service.

NRS 673.620           Majority approval of resolution at stockholders’ meeting required; filing of minutes with Commissioner.

NRS 673.630           Filing of charter or certificate with Commissioner; fee; taxation; regulations.

NRS 673.640           When supervision as state savings bank ceases; when property and assets vest in converted entity; enjoyment of property by converted entity.

CONVERSION OF FEDERAL SAVINGS BANK OR STATE OR NATIONAL BANK

NRS 673.650           Conversion authorized; votes necessary.

NRS 673.660           Time for election of directors after conversion; time directors to hold office.

NRS 673.670           Filing of verified minutes of stockholders’ meeting.

NRS 673.680           Verified copy of minutes as presumptive evidence of holding meeting and action taken.

NRS 673.690           Converting institution and directors to take necessary action to incorporate as state savings bank; no minimum amount of capital required.

NRS 673.700           Inclusion of statement of conversion in articles permissible.

NRS 673.710           Time for filing articles of incorporation with Federal Home Loan Bank or Federal Reserve Bank; number of copies; certification by Secretary of State.

NRS 673.720           Time of cessation as federal savings bank or state or national bank; time of vesting of property in savings bank under new name and style.

NRS 673.730           Enjoyment of property by converted savings bank; savings bank as continuation of previous institution.

NRS 673.740           Acts permitted executors, administrators, fiduciaries and certain other entities without obtaining court approval.

POWERS AND PRIVILEGES OF FEDERAL SAVINGS BANKS

NRS 673.750           Powers and privileges same as domestic savings bank; conditions.

EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS

NRS 673.773           Definitions.

NRS 673.777           “Designated reporter” defined.

NRS 673.783           “Exploitation” defined.

NRS 673.787           “Older person” defined.

NRS 673.793           “Reasonable cause to believe” defined.

NRS 673.797           “Vulnerable person” defined.

NRS 673.803           Training; reporting to designated reporter.

NRS 673.807           Designated reporter: Designation; duty to report; immunity.

UNLAWFUL ACTS; PENALTIES

NRS 673.810           Making false statement concerning financial condition of savings bank.

NRS 673.820           Violation of chapter or fraudulent misrepresentation of contract or securities by savings bank; administrative fines.

NRS 673.830           Violation of chapter or sale of securities through fraudulent misrepresentation.

NRS 673.840           Sale or offer to sell securities without license or for failure to pay fee or penalty.

NRS 673.850           Effect of revocation of license.

_________

_________

 

GENERAL PROVISIONS

      NRS 673.001  Definitions.  As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 673.0054 to 673.034, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 1959, 537; A 1969, 966; 1979, 710; 1983, 1771; 1987, 1956; 2017, 1921)

      NRS 673.002  “Association” defined.  [Replaced in revision by NRS 673.0317.]

 

      NRS 673.005  “Combination home and business structure” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.0054  “Commissioner” defined.  “Commissioner” means the Commissioner of Financial Institutions.

      (Added to NRS by 1987, 1956)

      NRS 673.0056  “Cooperative housing corporation” defined.  “Cooperative housing corporation” means a corporation organized under the laws of this State or any other state for the purpose of the cooperative ownership of real estate whereby each of the stockholders or members is entitled, through ownership of stock or a certificate of membership in the corporation, to occupy a house, apartment or other dwelling unit on real estate owned by the corporation.

      (Added to NRS by 1979, 710; A 2017, 1921)

      NRS 673.0057  “Deposit” defined.  “Deposit” means that part of the liability of a savings bank which is credited to the account of the holder thereof and is eligible to be insured by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1969, 961; A 2017, 1921)

      NRS 673.00575  “Deposit account” defined.  “Deposit account” means an account that holds deposits, whether in a commercial, demand, time, checking, savings or similar type of account, or which is evidenced by a certificate of deposit, investment certificate, certificate of indebtedness or other similar name, for which the savings bank is primarily liable.

      (Added to NRS by 2017, 1914)

      NRS 673.00577  “Depository institution” defined.  “Depository institution” means any state bank or savings bank, association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, whether chartered by this State, another state or the Federal Government, which:

      1.  Holds or receives deposits, savings or share accounts;

      2.  Issues certificates of deposit; or

      3.  Provides to its customers other deposit accounts which are subject to withdrawal by checks, drafts or other instruments or by electronic means to effect payment to a third party.

      (Added to NRS by 2017 1914)

      NRS 673.0065  “Director” defined.  “Director” means the Director of the Department of Business and Industry.

      (Added to NRS by 1963, 683; A 1993, 1896)

      NRS 673.007  “Dividend” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.0075  “Division of Financial Institutions” defined.  “Division of Financial Institutions” means the Division of Financial Institutions of the Department of Business and Industry.

      (Added to NRS by 2017, 1914)

      NRS 673.0077  “Federal savings bank” defined.  “Federal savings bank” means any type of federal savings association organized pursuant to the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 to 1468, inclusive.

      (Added to NRS by 2017, 1914)

      NRS 673.008  “Foreign” defined.  “Foreign,” used in connection with an association, limited-liability company, corporation or other person organized for the purpose of conducting a banking business, means an association, limited-liability company, corporation or person organized for the purpose of conducting a banking business that is organized or incorporated under the laws of some government other than that of the State of Nevada. The term includes any savings association, savings and loan association or other depository institution that specializes in accepting deposits and making mortgage and other loans pursuant to its charter, which is organized under the laws of another state or the United States.

      (Added to NRS by 1959, 538; A 2017, 1921)

      NRS 673.009  “Gross income” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.011  “Home” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.012  “Home loan” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.013  “Home property” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.014  “Impaired condition” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.015  “Improved real estate” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.0155  “Insolvency” or “insolvent” defined.  “Insolvency” or “insolvent” means one or more of the following:

      1.  When a savings bank cannot meet its deposit liabilities as they become due in the regular course of business.

      2.  When the actual cash market value of the assets of a savings bank is insufficient to pay its liabilities to depositors and other creditors.

      3.  When the reserves of a savings bank fall under the amount required by this chapter, and the savings bank fails to make good such reserve within 30 days after being required to do so by the Commissioner.

      4.  When the undivided profits and surplus of a savings bank are inadequate to cover losses of the savings bank and the stockholders’ or members’ equity in the savings bank has been reduced below the requirements of law.

      (Added to NRS by 2017, 1914)

      NRS 673.016  “Insured depository institution” defined.  “Insured depository institution” means a depository institution the deposit accounts of which are insured wholly or in part by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1959, 538; A 1993, 2806; 2017, 1921)

      NRS 673.0165  “Interest” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.017  “Investment certificate” defined.

      1.  “Investment certificate” means any certificate or contract, either paid up or purchasable on an installment basis, which is issued for the purpose of providing a means of investment or savings.

      2.  An accumulative investment certificate is an investment certificate, not full-paid and without an expressed date of maturity, upon which the holder has the option of making payments at such times and in such amounts as the holder elects and as the savings bank permits.

      3.  A full-paid investment certificate is an investment certificate, with or without an expressed date of maturity, for which the savings bank has received the principal amount thereof at or prior to the time of the issuance of the certificate.

      4.  A minimum term investment certificate is an investment certificate for which the savings bank has received a single payment equal to the principal amount thereof and which has a date expressed therein before which notice of intention to withdraw cannot be given, or which requires written notice from the holder to the savings bank for a period specified therein before the expiration of which period notice of intention to withdraw cannot be given. On and after such date, or upon and after the expiration of the specified period following such written notice, each such certificate ceases to be a minimum term investment certificate and becomes a full-paid investment certificate, subject to the same withdrawal rights and restrictions as a full-paid investment certificate.

      (Added to NRS by 1959, 538; A 1963, 457; 1969, 967; 2017, 1921)

      NRS 673.0175  “Main office” defined.  “Main office” means the office of a savings bank identified as such in the application submitted pursuant to subsection 4 of NRS 673.080 or the location to which the main office is changed pursuant to subsection 14 of NRS 673.080 or other applicable law.

      (Added to NRS by 2017, 1915)

      NRS 673.0185  “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 savings bank with those of another such savings bank or state bank or with those of a federal savings bank or national bank, or other insured depository institution.

      (Added to NRS by 1969, 961; A 2017, 1922)

      NRS 673.019  “Net earnings” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.021  “Net earnings available for dividends” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.022  “Operating expenses” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.023  “Operating income” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.024  “Other real estate loan” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.025  “Real estate expenses” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.026  “Real estate income” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.027  “Real estate loan” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.031  “Savings account” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.0313  “Savings association” defined.  “Savings association” means a savings association, savings and loan association or other depository institution chartered under this chapter before June 3, 2017.

      (Added to NRS by 2017, 1915)

      NRS 673.0317  “Savings bank” defined.  “Savings bank” means a depository institution subject to the provisions of this chapter to conduct the business of a savings bank.

      (Added to NRS by 1959, 537; A 1977, 488; 2017, 1921) — (Substituted in revision for NRS 673.002)

      NRS 673.032  “Savings liability” defined.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.0321  “Service office” defined.  “Service office” means any office or other place of business in this State where the functions of a savings bank that do not involve receiving deposits, paying checks or lending money are performed.

      (Added to NRS by 1967, 1019; A 1983, 1771; 1987, 1956; 2017, 1922)

      NRS 673.0323  “State bank” or “commercial bank” defined.  “State bank” or “commercial bank” means a limited-liability company, corporation or other person organized for the purpose of conducting a banking business that is chartered by this State to conduct the business of banking and is organized pursuant to the provisions of chapter 659 of NRS.

      (Added to NRS by 2017, 1915)

      NRS 673.034  “Withdrawal value” defined.  “Withdrawal value” means the amount credited to a deposit account, less lawful deductions therefrom, as shown by the records of the savings bank.

      (Added to NRS by 1959, 540; A 2017, 1922)

ADMINISTRATION AND ENFORCEMENT

      NRS 673.035  Administration of chapter.  The Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director. He or she shall make the decisions, determinations and enter the consents and orders necessary or reasonably appropriate to accomplish the purposes of this chapter.

      (Added to NRS by 1961, 763; A 1963, 1076; 1969, 967; 1981, 505; 1983, 1771; 1987, 1956)

      NRS 673.03531  Certain relationships between employees of Division of Financial Institutions and savings bank 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 savings bank;

      (b) Receive, directly or indirectly, any payment from a savings bank;

      (c) Be indebted to any savings bank;

      (d) Engage in the negotiation of loans for others with any savings bank; or

      (e) Obtain credit or services from a savings bank 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 savings bank while in office.

      3.  Any officer or employee of the Division of Financial Institutions may be indebted to a savings bank on the same terms as are available to the public generally upon:

      (a) A mortgage loan upon 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 with savings banks to the greatest amount insured, receive interest on those deposits and borrow money secured by a pledge of those deposits.

      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.

      (Added to NRS by 1963, 472; A 1977, 509; 1983, 1771; 2017, 1922)

      NRS 673.039  Records of Commissioner.  The Commissioner shall:

      1.  Keep in his or her office:

      (a) For no less than 5 years, every report made by a savings bank.

      (b) The original application of every savings bank in a permanent file.

      (c) Other administrative documents in the manner provided by law or by appropriate regulations.

      2.  Provide a complete stenographic record of every hearing and proceeding conducted by his or her office and maintain, for no less than 5 years, a transcript of the hearing or proceeding, together with any regulation, order, decision, determination or consent entered in connection with the hearing or proceeding.

      (Added to NRS by 1961, 764; A 1963, 683; 1969, 968; 1971, 811; 1983, 1772; 1987, 1956; 2017, 1923)

      NRS 673.040  Commissioner to supervise and make policy.  The Commissioner shall supervise and make all policy with regard to all foreign and domestic savings banks, companies and corporations governed by this chapter and doing business in this state.

      [Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21] — (NRS A 1961, 762; 1963, 1076; 1983, 1773; 1987, 1957; 2017, 1923)

      NRS 673.042  Biennial report of Commissioner: Contents; distribution.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.043  Regulations; authority of Commissioner to waive, modify or alter any requirement of chapter.

      1.  The Commissioner may adopt such regulations as may be reasonable or necessary to carry out the purposes of this chapter.

      2.  The Commissioner may, by regulation, waive, modify or alter any requirement of this chapter.

      (Added to NRS by 1957, 763; A 1961, 764; 1977, 1261; 1983, 1773; 1987, 1957; 2017, 1915, 1923)

      NRS 673.0435  Commissioner may secure injunctions and restraining orders.  The Commissioner may cause appropriate legal action to be taken in the district court of any county to secure an injunction or order restraining a violation of any provision of this chapter.

      (Added to NRS by 1969, 962; A 1983, 1773; 1987, 1957)

      NRS 673.044  Notices.  All notices must be in writing. All notices issued or required to be issued by the Commissioner must be sent by registered or certified mail and become effective upon their deposit in the mails.

      (Added to NRS by 1963, 472; A 1983, 1774; 1987, 1957)

      NRS 673.045  Amendment or alteration of license by Commissioner; appeal.  The Commissioner may, for reasonable cause and upon 15 days’ notice, amend or alter any license issued by him or her, but the savings bank may appeal the order of the Commissioner in the manner provided in this chapter.

      (Added to NRS by 1957, 762; A 1961, 764; 1983, 1774; 1987, 1957; 2017, 1924)

      NRS 673.046  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.

      (Added to NRS by 2005, 1873)

      NRS 673.048  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.

      (Added to NRS by 2005, 1873)

      NRS 673.049  Authority of Commissioner to issue subpoenas and require attendance of parties.  The Commissioner may issue subpoenas and require the attendance of parties for examination.

      (Added to NRS by 1957, 765; A 1961, 776; 1983, 1800; 1987, 1983) — (Substituted in revision for NRS 673.555)

      NRS 673.050  Proceedings in court to test validity of action by Commissioner or Director.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.055  Savings associations automatically converted into savings banks; issuance by Commissioner of savings bank charters to converted entities; rights, powers, privileges, immunities and exceptions provided to converted entities.

      1.  Every savings association chartered under the laws of this State in existence on June 3, 2017, is automatically converted, by operation of law, into a savings bank licensed under the laws of this State. The Commissioner shall issue a savings bank charter to each such entity immediately after June 3, 2017.

      2.  Every savings bank that is converted from a savings association pursuant to subsection 1 shall have all of the rights, powers, privileges, immunities and exceptions provided by this chapter to a savings bank.

      (Added to NRS by 2017, 1921)

      NRS 673.060  Deposit of money in State Treasury; payment of expenses; exceptions.  Except as otherwise provided in NRS 673.080, 673.112 and 673.2176:

      1.  All fees, charges for expenses, assessments and other money collected under the provisions of this chapter from foreign and domestic savings banks, companies and corporations governed by this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.

      2.  The compensation provided for by this chapter and all expenses incurred under this chapter must be paid from the money deposited in the State Treasury pursuant to the provisions of NRS 658.091.

      [30:51:1931; 1931 NCL § 970.30] — (NRS A 1959, 121, 541; 1961, 765; 1963, 684; 1965, 1135; 1983, 1321; 2003, 3232; 2017, 1924)

FORMATION AND ORGANIZATION; BRANCH AND SERVICE OFFICES

      NRS 673.070  Incorporation of domestic savings banks: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings banks.

      1.  Savings banks, except state banks and trust companies organized pursuant to title 55 of NRS, licensed brokers, small loan companies, thrift companies and credit unions, whose principal and primary business is to borrow, loan and invest money, shall be incorporated under the provisions of this chapter. For that purpose all of the provisions of chapter 78 of NRS (Private Corporations) which are not in conflict with this chapter are hereby adopted as parts of this chapter, and all the rights, privileges and powers and all the duties and obligations of such domestic corporations and of the officers and stockholders thereof shall be as provided in chapter 78 of NRS except as otherwise provided in this chapter.

      2.  A person, firm, partnership, association or corporation except a savings bank incorporated under this chapter, an affiliate of a savings bank or an entity otherwise lawfully conducting business in this State pursuant to this chapter, shall not conduct or carry on the business of soliciting or advertising the products or services of a savings bank. This subsection does not apply to banks, trust companies, licensed brokers, thrift companies, credit unions and licensees under chapter 675 of NRS.

      [Part 1:51:1931; A 1933, 78; 1931 NCL § 970] — (NRS A 1963, 460; 1975, 372; 1977, 488; 2017, 1924)

      NRS 673.080  Articles to be approved by Commissioner; application; permission to organize; fees; conditions; regulations; withdrawal of application.

      1.  The Secretary of State shall not issue any certificate to a savings bank or company authorizing it to do business until the articles of association, agreement or incorporation are approved by the Commissioner.

      2.  No amendment to the articles of the organization may be filed by the Secretary of State without the written approval of the articles by the Commissioner.

      3.  No savings bank may sell, offer for sale, negotiate for the sale of, take subscriptions for, or issue any of its common or preferred stock until it has first applied for and secured from the Commissioner approval of an application for permission to organize as provided for in this section.

      4.  Persons who desire to organize a savings bank in accordance with this chapter shall first execute in triplicate an application, in the form prescribed by the Commissioner, for permission to organize a savings bank before taking any other action in connection with the organization. Upon execution of an application for permission to organize by one or more responsible natural persons, referred to in this section as “applicants,” the original and two copies of the application must be submitted to the Commissioner. The applicants shall submit with their application the names and addresses of the applicants, the location of the proposed main office, an itemized account of the financial condition of the proposed savings bank and of the applicants, the amount and character of the proposed stock, statements, exhibits, maps and such additional information as the Commissioner requires, together with an affidavit that the representations made thereby are consistent with the facts to the best of the applicants’ information and belief. This data must be sufficiently detailed and comprehensive to enable the Commissioner to pass upon the application as to:

      (a) The character and responsibility of the applicants;

      (b) The need for the savings bank in the community to be served;

      (c) The reasonable probability of its usefulness and success; and

      (d) Whether such a savings bank can be established without undue injury to any properly conducted existing savings banks.

      5.  If the Commissioner approves the application he or she shall, within 30 days, notify all savings banks within 100 miles of the community where the applicant intends to establish a savings bank. Any savings bank so notified may, within 20 days, protest in writing the granting of the application. Within 30 days after receipt by the Commissioner of a written protest, the Commissioner shall fix a date for a hearing upon the protest, and the hearing must be held not earlier than 30 days nor more than 60 days after the date of receipt of written notice by registered or certified mail by the parties. The Commissioner shall approve or deny the application within 90 days after the date of the conclusion of the hearing and give all parties written notice of his or her decision on or before that date.

      6.  If the Commissioner approves the application, he or she shall establish as conditions to be met before the issuance of a charter requirements as to:

      (a) The minimum number of shares of common or preferred stock to be subscribed to the permanent capital of the savings bank;

      (b) The minimum amount of paid-in surplus;

      (c) The minimum amount of investment certificates to be paid into the deposit accounts of the savings bank upon issuance of a charter to it; and

      (d) Such other requirements as he or she deems necessary or desirable.

Ê At least 75 percent of the capital must be subscribed by bona fide residents of this State or a depository institution or holding company qualified to control the savings bank pursuant to the provisions of this chapter or chapter 666 or 666A of NRS. Approval of an application for permission to organize a savings bank does not in any manner obligate the Commissioner to issue a charter, except that when all requirements of this chapter and of the Commissioner have been fulfilled, he or she shall issue a charter.

      7.  The charter expires 180 days after issuance, unless, within that time, the savings bank has obtained insurance of accounts from the Federal Deposit Insurance Corporation. The Commissioner may, for good cause, extend the time of the conditional expiration of the charter for an additional period or periods not exceeding 360 days in the aggregate.

      8.  A savings bank shall not sell or issue any of its permanent stock until it has first applied for and secured from the Commissioner a license authorizing it to operate as a savings bank pursuant to the laws of this State and until it has applied for and secured insurance of accounts in accordance with the regulations of the Federal Deposit Insurance Corporation. This insurance of accounts must be maintained at all times.

      9.  The Commissioner may extend the time for any hearing provided for in this section, to the time agreed upon by the parties.

      10.  The filing fees are:

      (a) For filing an original application, not more than $4,000 for the main office. 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 paragraph must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.

      (b) If the license is approved for issuance, not more than $2,000 for the main office before issuance.

      11.  The Commissioner may impose conditions requiring the impoundment of proceeds from the sale of any stock, limiting the expense in connection with the sale of stock, and such other conditions as are reasonable and necessary or advisable to insure the disposition of the proceeds from the sale of the stock in the manner and for the purposes provided in the permission to organize.

      12.  Every permission to organize issued by the Commissioner must recite in bold type that its issuance is permissive only and does not constitute a recommendation or endorsement of the organization or of the stock permitted to be issued.

      13.  Any corporation applying pursuant to this section or authorized to organize or authorized to establish a savings bank shall provide for a minimum par value of its permanent capital stock of at least $1 in its articles of incorporation. Par value of permanent capital stock may not be reduced below $1 without written permission of the Commissioner.

      14.  The removal of the main office or of any branch office of a savings bank to any other location from its then existing location requires submission of written notice at least 30 days before relocation to the Commissioner and, if the Commissioner determines that his or her approval is necessary, approval of the Commissioner. An application seeking approval, if required by the Commissioner, must be delivered to the Commissioner, together with a fee to cover expenses attendant upon the investigation required for the approval, which must be not less than $200. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.

      15.  A savings bank shall not pay any commissions or other compensation for the subscription to or sale of the original issue of its stock.

      16.  The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.

      17.  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.

      [Part 1:51:1931; A 1933, 78; 1931 NCL § 970] — (NRS A 1957, 755; 1959, 56, 541; 1961, 765; 1963, 460; 1965, 1136; 1969, 95, 969; 1977, 489; 1979, 1289; 1983, 650, 1322, 1774; 1985, 2155; 1987, 1958; 1991, 1810; 1993, 2806; 1995, 1561; 2005, 1874; 2017, 1924)

      NRS 673.090  Provisions of chapter abridge, enlarge and modify powers and privileges of foreign and domestic savings banks.  The powers, privileges, duties and restrictions conferred and imposed upon any such savings bank, company or corporation, whether foreign or domestic, existing or doing business under the laws of this state are hereby abridged, enlarged or modified, as each particular case may require, to conform to the provisions of this chapter, notwithstanding anything to the contrary in their respective articles of incorporation or charters.

      [3:51:1931; 1931 NCL § 970.02] — (NRS A 2017, 1927)

      NRS 673.110  Procedure for removing “and loan” from name of domestic association.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.111  Required filings before savings bank begins business: Statement concerning directors, managers and officers; proof of approval of Federal Deposit Insurance Corporation to insure its deposit accounts.  Before a savings bank begins business, the savings bank must file with the Commissioner:

      1.  A statement, under oath by the president or a manager, containing the names of all the directors, managers and officers, with the date of their election or appointment, terms of office, primary residence and post office address of each, the amount of stock of which each is the owner in good faith and the amount of money paid in on account of the stock, or the contribution made. Nothing may be received in payment of stock or contribution except money.

      2.  Proof that the savings bank has obtained the approval of the Federal Deposit Insurance Corporation to insure its deposit accounts.

      (Added to NRS by 2017, 1915)

      NRS 673.112  Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees; regulations.

      1.  A branch office is a legally established place of business of a savings bank, other than the main office, which is authorized by the board of directors and approved by the Commissioner and at which any of the business of the savings bank may be conducted.

      2.  All branch offices are subject to direction from the main office.

      3.  No savings bank may establish or maintain a branch office without prior written approval of the Commissioner. Each application for approval of the establishment and maintenance of a branch office must:

      (a) State the proposed location thereof, the need therefor, the functions to be performed therein, the estimated annual expense thereof and the mode of payment therefor.

      (b) Be accompanied by a budget of the savings bank for the current semiannual period and for the next succeeding semiannual period, which reflects the estimated additional expense of the maintenance of the branch office.

      4.  After receipt of an application the Commissioner shall determine:

      (a) Whether the establishment and maintenance of the branch office will unduly injure any properly conducted existing savings bank in the community where the branch office is proposed to be established or in any neighboring community; and

      (b) Whether or not the establishment and maintenance of the branch office will serve the public interest.

      5.  Before issuance of a charter for a branch office, the Commissioner shall notify all savings banks doing business within a radius of 100 miles of the principal place of business of the applicant, and within a radius of 100 miles of the proposed branch office. Any savings bank so notified may, within 20 days, protest in writing the granting of the application. Within 30 days after receipt by the Commissioner of a written protest, the Commissioner shall fix a date for a hearing upon the protest. The hearing must be held not earlier than 60 days nor more than 90 days after the date of receipt of written notice by registered or certified mail by the parties.

      6.  If the Commissioner finds that no undue injury is likely to result, that the establishment and maintenance of the branch office is advisable and will serve the public interest, he or she may approve the application.

      7.  Approval of a savings bank’s application for a branch office charter permits the savings bank to establish an operating office in a temporary or a permanent building, if the building is placed on or erected at the approved location within 12 months after the approval.

      8.  For good cause and after notice to the savings bank, the Commissioner may revoke his or her approval for the maintenance of a branch office. Failure to establish a branch office in the manner and within the time permitted under this section constitutes a good cause for revocation, unless a prior, written request for a waiver of the time limitation is sought by the savings bank and an extension, in writing, is granted by the Commissioner.

      9.  A savings bank which maintains one or more branch offices shall give each branch office a specific designation by name and include in the designation the word “branch” and shall prominently display the designation at the place of business of the branch. When a savings bank is operating a branch office, all advertising of or by the branch office must state clearly the location of the main office of the savings bank.

      10.  The filing fees are:

      (a) For filing an original application, not more than $400 for each branch office. 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 for Financial Institutions created by NRS 232.545.

      (b) If the license is approved for issuance, not more than $200 for each branch office before issuance.

      11.  The Commissioner shall adopt regulations establishing the amount of the filing fees required pursuant to this section.

      (Added to NRS by 1961, 780; A 1963, 464; 1967, 1014; 1969, 95, 971; 1981, 1314; 1983, 1324, 1777; 1987, 1960; 1991, 1813; 2005, 1876; 2017, 1927)

      NRS 673.113  Surety bond of savings bank.

      1.  Every savings bank shall maintain bond coverage in such amounts and form which is acceptable to the Commissioner and the Federal Deposit Insurance Corporation. The bond coverage may allow for a deductible amount or provision adopted under federal regulations applicable to federal savings banks.

      2.  When requested by the Commissioner, the savings bank shall provide a duplicate copy of the invoice showing that the bond premium has been paid or satisfied.

      3.  The face amount of the surety bond must comply with the requirements of the Federal Deposit Insurance Corporation.

      (Added to NRS by 1957, 757; A 1959, 542; 1961, 766; 1969, 972; 1983, 1778; 1987, 1962; 1993, 2808; 2017, 1928)

      NRS 673.114  Service offices: Authority to establish and maintain; notification to Commissioner required; service office does not constitute branch office.

      1.  A savings bank organized under this chapter may establish and maintain one or more service offices within or outside this State according to the needs of the savings bank.

      2.  A savings bank shall notify the Commissioner in writing of the location of any service office not later than 30 days after establishment of the service office.

      3.  A service office does not constitute a branch office and is not subject to the issuance of any license, certificate or prior approval of the Commissioner, the Department of Business and Industry or the Division of Financial Institutions before establishment.

      (Added to NRS by 1967, 1020; A 1983, 1779; 1987, 1962; 2017, 1929)

      NRS 673.115  Restrictions on advertising.

      1.  A savings bank shall not issue or publish, or cause or permit to be issued or published, any advertisement that it is doing or is permitted to do any business which is prohibited by law to a savings bank, or which misrepresents the nature of its stock, investment certificates, savings deposits or the right of investors or depositors in respect thereto.

      2.  A savings bank may set forth in any of its advertisements any of the purposes for which it is organized.

      3.  A savings bank shall not issue, circulate or publish any advertisement after notice in writing from the Commissioner that in his or her opinion the advertisement is unauthorized, false, misleading or likely to deceive the public.

      4.  A savings bank shall not:

      (a) State in any advertisement that it is under state supervision or control.

      (b) Include in any advertisement or in any instrument used by it a replica of the Great Seal of the State of Nevada.

      (c) Use the word “deposit” or “deposits” in any form of advertising that would be prohibited under federal law.

      (Added to NRS by 1957, 762; A 1961, 767; 1969, 973; 1977, 491; 1983, 1779; 1987, 1962; 2017, 1929)

      NRS 673.117  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 which may mislead or confuse the public.

      (b) Use any printed forms which may mislead or confuse the public.

      (Added to NRS by 2005, 1873; A 2007, 99; 2017, 1930)

OFFICERS, DIRECTORS, EMPLOYEES AND CAPITAL STOCKHOLDERS

      NRS 673.207  Directors: Number; filling of vacancies; amendment of bylaws.

      1.  The business and affairs of every savings bank must be managed and controlled by a board of not less than five nor more than 25 directors, a majority of which must not be full-time officers of the savings bank. The persons designated in the articles of incorporation are the first directors.

      2.  Vacancies in the board of directors must be filled by vote of the stockholders at the annual meetings or at a special meeting called for that purpose. The board of directors may fill vacancies occurring on the board, such appointees to serve until the next annual meeting of the stockholders.

      3.  The board of directors of a savings bank may amend the bylaws of the savings bank.

      (Added to NRS by 1967, 1020; A 1969, 961; 1975, 372; 1981, 61; 2017, 1930)

      NRS 673.208  Persons requiring Commissioner’s approval to serve as director.  No person is eligible to serve as a director of a savings bank without the written permission of the Commissioner if he or she:

      1.  Has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or not safeguarded by supersedeas bond on appeal for a period of more than 3 months.

      2.  Is a director, officer or employee of any other unaffiliated savings bank.

      3.  Is an officer or employee of an unaffiliated commercial bank in this state.

      4.  Is not an investor in the savings bank or its holding company, if applicable, owning in his or her own right or in a representative capacity as an executor, administrator, guardian or trustee stock in the savings bank or its holding company, if applicable, of the par value of at least $1,000, or full-paid investment certificates in the savings bank or its holding company, if applicable, of the value of at least $1,000. For the purpose of this chapter, a person who owns stock or investment certificates as a joint tenant with one other person shall be deemed to own, in his or her own right, one-half of the stock or investment certificates.

      5.  Sells or hypothecates all the stock or investment certificates owned by him or her, or so much thereof that he or she ceases to be the owner, free from encumbrances, of the amount of stock or investment certificates required by subsection 4.

      (Added to NRS by 1967, 1020; A 1983, 1779; 1987, 1963; 2017, 1930)

      NRS 673.209  Removal of director, officer or employee on objection of Commissioner.  If the Commissioner notifies the board of directors of any savings bank, in writing, that he or she has information that any director, officer or employee of the savings bank is failing in the performance of his or her duties, the board of directors shall meet and consider the 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, the director, officer or employee shall be removed immediately.

      (Added to NRS by 1967, 1020; A 1983, 1780; 1987, 1963; 2017, 1930)

      NRS 673.211  Removal of director for cause.

      1.  Any director may be removed from office, if he or she has become ineligible pursuant to NRS 673.209, by an affirmative vote of two-thirds of the members of the board of directors at any regular meeting of the board of directors or at any special meeting called for that purpose. Such action shall be ratified at the next meeting of the stockholders.

      2.  No such vote upon removal of a director may be taken until he or she has been advised of the reasons therefor and has had opportunity to submit to the board of directors his or her statement relative thereto, either oral or written. If the director affected is present at the meeting, he or she shall retire after his or her statement has been submitted and prior to the vote upon the matter of his or her removal.

      (Added to NRS by 1967, 1020; A 1977, 492)

      NRS 673.212  Standard of conduct in discharge of duties of directors and officers.  Directors and officers of a savings bank 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 a similar position.

      (Added to NRS by 1967, 1021; A 1997, 1623; 2017, 1931)

      NRS 673.213  Directors: Compensation and expenses.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.214  Election of officers.  The board of directors of a savings bank shall elect the officers named in the bylaws of the savings bank, which officers shall serve at the pleasure of the board of directors.

      (Added to NRS by 1967, 1021; A 2017, 1931)

      NRS 673.215  Directors: Meetings; quorum.

      1.  The board of directors of each savings bank shall hold a regular meeting at least once each quarter, at a time to be designated by it in accordance with its bylaws.

      2.  Special meetings of the board of directors may be held upon notice to each director sufficient to permit his or her attendance. The president or any three members of the board of directors may call a meeting of the board of directors by giving notice to all of the directors.

      3.  At any meeting of the board of directors, a majority of the members constitutes a quorum for the transaction of business.

      (Added to NRS by 1967, 1021; A 1983, 354; 2017, 1931)

      NRS 673.216  Official communication from Commissioner: Presentation at next board meeting and made part of minutes.  Every official communication by the Commissioner directed to the board of directors of a savings bank must be presented at the next meeting of the board of directors and made a part of the minutes of the meeting.

      (Added to NRS by 1967, 1021; A 1983, 1780; 1987, 1964; 2017, 1931)

      NRS 673.217  Statement of purchases and sales of real estate and loans made or purchased to be considered at regular meeting and made part of minutes.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.2176  Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

      1.  A savings bank shall immediately notify the Commissioner of any change or proposed change in ownership of the stock of the savings bank which would result in any person, including a business trust, obtaining 5 percent or more of the outstanding capital stock of the savings bank.

      2.  An application must be submitted to the Commissioner, pursuant to NRS 673.080, by a person who acquires:

      (a) At least 25 percent of the outstanding stock of the savings bank; or

      (b) Any outstanding stock of a savings bank if the change will result in a change in the control of the savings bank.

Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether the character and responsibility of the applicant is such as to command the confidence of the community in which the main office of the savings bank is located. If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the savings bank.

      3.  The savings bank with which the applicant is affiliated shall pay such a portion of the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.

      4.  A savings bank may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.

      (Added to NRS by 1985, 1346; A 1987, 1964; 1991, 1814; 2017, 1931)

      NRS 673.218  Pensions and retirement plans for officers and employees.  A savings bank may provide for pensions, retirement plans and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by its board of directors.

      (Added to NRS by 1967, 1022; A 2017, 1932)

      NRS 673.219  Directors: Approval of depositary for money of savings bank.  The board of directors shall approve the depositary or depositaries for funds of the savings bank.

      (Added to NRS by 1967, 1022; A 2017, 1932)

      NRS 673.221  Unlawful acts; penalty.

      1.  It is unlawful for an officer, director, employee or capital stockholder of a savings bank:

      (a) To solicit, accept or agree to accept, directly or indirectly, from any person other than the savings bank or an affiliate of the savings bank, any gratuity, compensation or other personal benefit for any action taken by the savings bank or for endeavoring to procure any such action.

      (b) To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of a deposit account or other indebtedness issued by the savings bank, excluding stock certificates and junior capital notes.

      2.  It is unlawful for any stockholder with more than 5 percent of the outstanding capital stock of a savings bank or any director or principal officer, to have any interest, direct or indirect, in the proceeds of a loan or of a purchase or sale made by the savings bank, unless the loan, purchase or sale complies with the provisions of NRS 673.3244 or is otherwise authorized expressly by this chapter or by a resolution of the board of directors of the savings bank. The resolution must be approved by a vote of at least two-thirds of all the directors of the savings bank, and an interested director may not take part in the vote. The loan must also conform to federal regulations for the insurance of accounts.

      3.  Any violation of the provisions of this section is a misdemeanor.

      (Added to NRS by 1961, 782; A 1967, 1014; 1977, 510; 1979, 1291; 2017, 1932)

      NRS 673.2211  Liability of directors, officers or other persons.  Any savings bank director, officer or other person who knowingly and willingly participates in any violation of the laws of this state relative to savings banks is liable for all damage which the savings bank, its stockholders, savings depositors or creditors sustain in consequence of such violation.

      (Added to NRS by 1967, 1024; A 1977, 492; 2017, 1932)

      NRS 673.222  Authority of savings bank to indemnify and defend officers, directors, employees, agents and other parties.  Nothing in this chapter limits the authority of a savings bank to indemnify and defend, or to provide reimbursement for expenses of defending an action to, officers, directors, employees, agents or other parties as such authority may be provided under the laws of this State, if such indemnification does not violate the limitations on indemnification imposed by section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the regulations issued thereunder by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1961, 783; A 1977, 492; 2017, 1932)

POWERS AND PRIVILEGES OF STATE SAVINGS BANKS

      NRS 673.225  Certain savings banks possess same powers and privileges as federal savings banks and foreign savings banks; federal law prevails in event of conflict with state law.

      1.  Notwithstanding any other provision of this chapter, every savings bank licensed under the provisions of this chapter whose accounts are insured by the Federal Deposit Insurance Corporation or its successor, has the same rights, powers, privileges, immunities and exceptions which are possessed by any federal savings bank, including all such fiduciary powers that a federal savings bank is authorized to exercise, except as may be expressly denied or limited by the Commissioner after notice and a hearing.

      2.  Whenever additional rights, powers, privileges or exceptions are granted to any federal savings bank, including under principles of federal preemption, every savings bank licensed under the provisions of this chapter whose accounts are federally insured has those additional rights, powers, privileges or exceptions, except as may be expressly denied or limited by the Commissioner after notice and a hearing.

      3.  If federal law conflicts with any of the provisions of this chapter, except as otherwise provided by the Commissioner, the provisions of federal law shall prevail as to such conflict, and satisfaction of any obligations imposed under federal law by the savings bank shall be deemed to also satisfy the obligations of the savings bank under state law.

      4.  In addition to all powers otherwise granted by this chapter, every savings bank licensed under the provisions of this chapter has the powers, privileges and authorities granted by regulations promulgated under the Federal Deposit Insurance Act for foreign savings banks, except as may be expressly denied or limited by the Commissioner after notice and hearing.

      5.  A savings bank shall have any power reasonably incident, convenient or useful to the accomplishment of the powers conferred upon the savings bank by this chapter.

      (Added to NRS by 1961, 780; A 1969, 973; 1981, 847; 1983, 1780; 1987, 1964; 1993, 2809; 2017, 1933)

      NRS 673.226  Savings banks possess same powers, privileges and authorities as state banks and national banks; exceptions and limitations; savings banks subject to restrictions, limitations and requirements applicable to state and national banks.

      1.  In addition to all powers, express or implied, that a savings bank has under this chapter, a savings bank has the powers, privileges and authorities that:

      (a) A state bank has under title 55 of NRS; and

      (b) A national bank has,

Ê except as may be expressly denied or limited by the Commissioner after notice and a hearing.

      2.  Any restriction, limitation or requirement applicable to a specific power, privilege or authority of a state bank or national bank applies to a savings bank exercising such a power, privilege or authority pursuant to this section to the extent that a savings bank exercises such a power, privilege or authority.

      (Added to NRS by 2017, 1915)

      NRS 673.2265  Membership in Federal Reserve System: Authorization; powers, duties and examination of member.

      1.  Any savings bank licensed pursuant to this chapter may subscribe to the stock of a Federal Reserve Bank and become a member of the Federal Reserve System.

      2.  Any savings bank licensed pursuant to this chapter which is, or which becomes, a member bank is, by this section, vested with all powers conferred upon member banks of the Federal Reserve System by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described in this section, and all such powers must be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Board of Governors of the Federal Reserve System made pursuant thereto. The right, however, is expressly reserved to revoke or to amend the powers conferred in this section.

      3.  Compliance on the part of any such savings bank with the reserve requirements of the Federal Reserve Act shall be deemed to be full compliance with those provisions of the laws of this State which require savings banks to maintain cash balances in their vaults or with other banks, and no such savings bank need carry or maintain a reserve other than such as is required under the terms of the Federal Reserve Act.

      4.  Any such savings bank continues to be subject to supervision and examinations required by the laws of this State, except that the Board of Governors of the Federal Reserve System may, if it deems necessary, make examinations of the savings bank. The authorities of this State having supervision over such savings bank may disclose to the Board of Governors of the Federal Reserve System, or to examiners appointed by it, all information in reference to the affairs of any savings bank which has become, or desires to become, a member bank of the Federal Reserve System.

      5.  The provisions of this section shall not be construed to limit the ability of a savings bank to engage in any activity authorized by NRS 673.300.

      6.  As used in this section:

      (a) “Board of Governors of the Federal Reserve System” means the Board of Governors of the Federal Reserve System created and described in the Federal Reserve Act.

      (b) “Federal Reserve Act” means the Act of Congress, approved December 23, 1913, being c. 6, 38 Stat. 251, as amended.

      (c) “Federal Reserve Bank” means the Federal Reserve Banks created and organized under authority of the Federal Reserve Act.

      (d) “Federal Reserve System” means, collectively, the Federal Reserve Banks and the Board of Governors of the Federal Reserve System.

      (e) “Member bank” means any national bank, state bank, savings bank or banking and trust company which has become or which becomes a member of the Federal Reserve System.

      (Added to NRS by 2017, 1915)

      NRS 673.227  Land and office buildings of savings bank; limitation on costs.

      1.  A savings bank may purchase or lease property for its office buildings or construct its office buildings on property purchased or leased by it, if the total cost of land and improvements does not exceed 70 percent of the sum of the capital, surplus and reserves of the savings bank.

      2.  With the approval of the Commissioner, senior capital notes of the Federal Deposit Insurance Corporation may be included in capital for the purposes of this section.

      (Added to NRS by 1963, 465; A 1967, 1015; 1971, 628; 1983, 1781; 1987, 1965; 1993, 2809; 2017, 1934)

      NRS 673.228  Trustee and custodial powers, privileges and authorities of savings bank.

      1.  A savings bank shall have the powers, privileges and authorities to engage in trust company business, including engaging in custodial activities and establishing common trust funds, either directly or indirectly through a subsidiary, that any state bank, foreign bank, foreign savings bank, national bank or federal savings bank may exercise, subject to the requirements and conditions for engaging in such business of a trust company set forth in this section.

      2.  Before engaging in trust company business, a savings bank shall apply to the Commissioner on such form as he or she shall determine and pay the same fee as required for a state bank to engage in trust company business. In considering such an application, the Commissioner shall determine whether:

      (a) The management and personnel of the savings bank are qualified to conduct trust company business;

      (b) Trust company business will be adequately conducted in compliance with the law; and

      (c) The financial and managerial resources of the savings bank are sufficient to support the conduct of trust company business.

      3.  A savings bank subscribing to trustee and custodial power authorized by this section shall be required to segregate all funds held in such fiduciary capacity from the general assets of the savings bank and keep a separate set of books and records showing in proper detail all transactions engaged in under the authority of this section.

      4.  If individual records are kept of each self-employed individual retirement plan, all funds held in such trust or custodial capacity by the savings bank may be commingled for appropriate purposes of investment.

      5.  No funds held in a fiduciary capacity by a savings bank may be used by the savings bank in the conduct of its business, although such funds may be invested in the deposit accounts of the savings bank if the trust or custodial retirement plan does not prohibit the investment.

      6.  As used in this section, “business of a trust company” or “trust company business” has the meaning ascribed to it in NRS 669.029.

      (Added to NRS by 1963, 465; A 1977, 492; 2017, 1934)

STOCKS AND CERTIFICATES

      NRS 673.250  Licenses for issuance or sale of stock; contents and conditions of licenses.

      1.  No savings bank may sell or issue any of its common or preferred stock until it has first applied for and secured from the Commissioner a license authorizing it so to do as provided in NRS 673.080.

      2.  Every license must recite in bold type that the issuance of the license is permissive only and does not constitute a recommendation or endorsement of the stock permitted to be issued.

      3.  Before the sale of, or option to buy, any additional authorized but unissued common or preferred stock, the savings bank must have the written approval of the Commissioner.

      4.  The Commissioner may impose conditions requiring the impoundment of the proceeds from the sale of any stock, limiting the expense in connection with the sale and such other conditions as are reasonable and necessary or advisable to ensure the disposition of the proceeds from the sale of the stock in the manner and for the purposes provided in the license.

      [14:51:1931; 1931 NCL § 970.13] — (NRS A 1957, 754; 1959, 57; 1961, 767; 1963, 465; 1979, 1292; 1983, 652, 1781; 1987, 1965; 2017, 1935)

      NRS 673.260  Annual license: Fees; renewal; penalty; regulations.

      1.  The license specified in NRS 673.250 authorizes the company, savings bank or corporation to whom it is issued to sell its approved securities and contracts within this State for the remainder of the fiscal year ending on June 30 next succeeding. Each license is renewable, under like restrictions, annually thereafter.

      2.  For the issuing of any license provided for in NRS 673.250 and for any renewal thereof, the fee of the Commissioner is:

      (a) For the main office, not more than $400; and

      (b) For each branch office, not more than $200.

      3.  The fees must accompany the license renewal application. A penalty of 10 percent of the fee payable must be charged for each month or part thereof that the fees are not paid after June 30 of each year.

      4.  The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.

      [Part 15:51:1931; 1931 NCL § 970.14] + [Part 17:51:1931; A 1955, 589] — (NRS A 1959, 542; 1961, 767; 1963, 465; 1965, 1138; 1967, 978; 1973, 730; 1983, 1781; 1987, 1965, 2226; 2003, 3232; 2005, 1877; 2017, 1935)

      NRS 673.270  Licensing of salespersons and solicitors; fees; regulations; withdrawal of applications.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.273  Stock, surplus, undivided profits and reserves to include percentage of value of outstanding investment certificates; dividends on permanent stock; stock dividends.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.274  Acts prohibited when stock, surplus, undivided profits and reserves below amount specified.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.275  Impairment of stock; levy of assessment to repair deficiency; reduction of stock.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.2755  Investment certificates: Rights and liabilities of holders; types of certificates; limitation on approval.

      1.  A savings bank may issue investment certificates, with or without passbooks. The holders of investment certificates are not liable for debts or assessments, and are entitled upon liquidation of a savings bank to receive payment in full before any payment or distribution is made to stockholders. The holders of investment certificates have no right to participate in the profits of the savings bank.

      2.  Investment certificates may be issued as fully paid investment certificates, accumulative investment certificates, minimum term investment certificates or other types of certificates approved by the Commissioner. The Commissioner shall not approve any certificates whose issuance would impair the insurance of the accounts of the savings bank by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1963, 458; A 1977, 493; 1983, 654, 1784; 1987, 1968; 1993, 2810; 2017, 1935)

RESERVE FOR LOSSES

      NRS 673.2758  Requirements.  A reserve for losses shall be maintained by each savings bank, which shall allow for the write-down of assets to their fair market value in accordance with generally accepted accounting principles to the same extent that such principles are used to determine compliance with federal regulations applicable to federal savings banks.

      (Added to NRS by 1969, 962; A 2017, 1935)

INVESTMENTS AND BORROWING

      NRS 673.276  Permissible investments.  A savings bank may invest in:

      1.  Without limit, obligations of, or obligations guaranteed as to principal and interest by, the United States or any state.

      2.  Obligations of the United States Postal Service, whether or not guaranteed as to principal and interest by the United States.

      3.  Stock of a Federal Home Loan Bank or Federal Reserve Bank of which the savings bank is eligible to be a member.

      4.  Any obligations or consolidated obligations of any Federal Home Loan Bank or Banks or any Federal Reserve Bank or Banks.

      5.  Stock or obligations of the Federal Deposit Insurance Corporation.

      6.  Stock or obligations of a national mortgage association or any successor or successors thereto, including the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation.

      7.  Demand, time or savings deposits with any bank, credit union or trust company whose deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a private insurer approved pursuant to NRS 678.755.

      8.  Stock or obligations of any corporation or agency of the United States or any state, or in deposits therewith to the extent that such a corporation or agency assists in furthering or facilitating the purposes or powers of the savings bank.

      9.  Deposit accounts of any insured depository institution licensed by the State and of any federally chartered depository institution, if the accounts of such institution are insured by the Federal Deposit Insurance Corporation.

      10.  Bonds, notes or other evidences of indebtedness which are general obligations of any city, town, county, school district or other municipal corporation or political subdivision of any state.

      11.  Any other investment at the discretion of the directors of the savings bank if, after the investment is made, the accounts of the savings bank remain insurable by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1961, 782; A 1963, 467; 1967, 1016; 1969, 974; 1971, 272; 1975, 1827; 1977, 493; 1979, 710, 1292; 1981, 281; 1983, 655, 1279; 1985, 2249; 1993, 2811; 1999, 1449; 2013, 1249; 2017, 1936)

      NRS 673.2765  Investments in certain related service companies, operating subsidiaries or financial subsidiaries.  A savings bank may invest in the capital stock, obligations or other securities of a related service company, operating subsidiary or financial subsidiary, subject to any regulations concerning the insurability of the accounts of the savings bank by the Federal Deposit Insurance Corporation and to whatever regulations the Commissioner may impose in this regard, if the entire capital stock of the corporation is available for purchase by insured depository institutions under any federal or state law.

      (Added to NRS by 1969, 960; A 1983, 656, 1784; 1987, 1968; 1993, 2811; 2017, 1936)

      NRS 673.2766  Investments in real property for subdivision or residential development.

      1.  Any investment in real property for purposes of subdivision or for residential development must not exceed the market value or appraisal valuation as evidenced by an appraisal report prepared within 120 days of the investment by a member of the Appraisal Institute or the National Association of Independent Fee Appraisers, or by such other appraiser as may be approved by the Commissioner.

      2.  The Commissioner may require a statement from the savings bank disclosing whether any director, officer or employee of the savings bank has a direct or indirect interest in the real property involved or has had an interest at any time during the past 3 years. Stock ownership in an interested corporation may be considered the direct or indirect interest of the investor. Failure to make a required disclosure is unlawful.

      (Added to NRS by 1969, 962; A 1983, 1784; 1985, 2250; 1987, 1968; 2017, 1936)

      NRS 673.278  Power to make loans includes power to purchase loans and make loans upon security of other loans.  The power of a savings bank to make loans shall include:

      1.  The power to purchase loans of any type that the savings bank may make.

      2.  The power to make loans upon the security of loans of any type that the savings bank may make.

      (Added to NRS by 1957, 761; A 1959, 543; 2017, 1937)

      NRS 673.279  Purchases of real property contracts; conditions.  A savings bank may invest its funds in the purchase of real property contracts under the following conditions only:

      1.  That it must acquire the merchantable title to the property covered by such contracts.

      2.  That the type of property be such as would be eligible for a mortgage or deed of trust loan under this chapter.

      3.  Before making any such purchase, the property shall be appraised or evaluated and the purchase approved in the same manner as in the case of the purchase of loans secured using a mortgage or deed of trust on real estate.

      (Added to NRS by 1957, 761; A 2017, 1937)

      NRS 673.280  Certain federal obligations are legal investments.  Any savings bank may invest its funds, or money in its custody, in the bonds of any Federal Home Loan Bank or Federal Reserve Bank, or in consolidated Federal Home Loan Bank or Federal Reserve Bank bonds, debentures or notes, or in farm loan bonds, consolidated farm loan bonds, debentures, consolidated debentures and other obligations issued by federal land banks and federal intermediate credit banks under the authority of the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as amended or supplemented, and the bonds, debentures, consolidated debentures and other obligations issued by banks for cooperatives under the authority of the Farm Credit Act, formerly 12 U.S.C. §§ 1131 to 1138e, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as amended or supplemented.

      [Part 1:61:1935; 1931 NCL § 3695.01] — (NRS A 1959, 32; 1973, 1093; 1977, 494; 1991, 496; 2017, 1937)

      NRS 673.281  Restrictions on transfer or encumbrance of note and other obligations held by association.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.300  Savings bank may become member and stockholder of Federal Home Loan Bank, borrow money and invest in bonds.

      1.  Any savings bank which may now or hereafter be eligible to become a member of any Federal Home Loan Bank according to the terms of the Federal Home Loan Bank Act of 1932, 12 U.S.C. §§ 1421 to 1449, inclusive, as amended or supplemented, may:

      (a) Subscribe for, purchase, own and hold stock in such Federal Home Loan Bank, and become a member thereof.

      (b) Borrow money from any Federal Home Loan Bank pursuant to the Federal Home Loan Bank Act, as amended or supplemented.

      (c) Invest in the bonds of any Federal Home Loan Bank.

      (d) Give its obligations and pledge securities and conform to the provisions of the Federal Home Loan Bank Act, and to the rules and regulations from time to time fixed and prescribed either by the Federal Home Loan Bank Board or the Federal Home Loan Bank of which it is a member.

      (e) Perform any acts and execute any instruments authorized or required by the Federal Home Loan Bank Act, as amended or supplemented, or by rules and regulations adopted pursuant to the Act.

      2.  All acts authorized by subsection 1 performed prior to March 18, 1935, are hereby validated and confirmed.

      [Part 1:59:1935; 1931 NCL § 972.01] + [2:59:1935; 1931 NCL § 972.02] — (NRS A 1977, 494; 2017, 1938)

      NRS 673.301  Savings bank may issue capital notes; voting rights of holders.  The power of a savings bank to borrow money and contract debts shall include the power to issue capital notes evidencing such borrowings and to subordinate the same to investment certificates and other liabilities. A savings bank may confer upon the holders of any capital notes, issued or to be issued by the savings bank, such rights to vote in the election of directors and on any other matters as shall be stated and expressed in the articles of incorporation, or in any amendment thereto.

      (Added to NRS by 1967, 1022; A 2017, 1938)

      NRS 673.302  Limitation on borrowing.  The aggregate amount of all borrowings of any savings bank shall not exceed an amount which would impair the insurance of the accounts of the savings bank by the Federal Deposit Insurance Corporation.

      (Added to NRS by 1967, 1022; A 1983, 656, 1785; 1987, 1969; 1993, 2812; 2017, 1938)

      NRS 673.310  Loans and advances of credit insured by Federal Housing Administration or Department of Veterans Affairs.

      1.  Subject to such regulations as may be prescribed by the Federal Housing Administration or Department of Veterans Affairs, savings banks may:

      (a) Make such loans and advances of credit, and purchases of obligations representing the loans and advances of credit, as are eligible for insurance by the Federal Housing Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance.

      (b) Make such loans secured by mortgages on real property as are eligible for insurance by the Federal Housing Administration or are guaranteed by the Department of Veterans Affairs, and to obtain such insurance.

      (c) Purchase, invest in and dispose of notes or bonds secured by mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, securities of national mortgage associations, and debentures issued by the Department of Veterans Affairs or the Federal Housing Administration.

      2.  No law of this State, nor any articles of incorporation or bylaws of any savings bank, prescribing the nature, amount or form of security or requiring security upon which loans or advances of credit may be made, prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, applies to loans, advances of credit or purchases made pursuant to subsection 1.

      3.  All loans, advances of credit, and purchases of obligations described in this section made and insured pursuant to the terms of the National Housing Act, 12 U.S.C. §§ 1701 et seq., are hereby validated and confirmed.

      [Part 1:58:1935; A 1937, 147; 1939, 43; 1931 NCL § 3652.01] + [Part 2:58:1935; 1931 NCL § 3652.02] + [3:58:1935; 1931 NCL § 3652.03] — (NRS A 1959, 544; 1977, 495; 1995, 1100; 2017, 1938)

      NRS 673.315  Investment in Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and SLM Corporation.

      1.  Notwithstanding any other provision of law, any savings bank organized under the laws of this State, which has as one of its principal purposes the making or purchasing of loans secured by real property mortgages, is authorized to sell such mortgage loans to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, a corporation chartered by an Act of Congress, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock.

      2.  Any savings bank organized under the laws of this State, which engages in the making or purchasing of federally guaranteed student loans is authorized to sell such student loans to SLM Corporation, or any successor thereof, and in connection therewith to make payments of any capital contributions, required pursuant to law, in the nature of subscriptions for stock of SLM Corporation, or any successor thereof, to receive stock evidencing such capital contributions, and to hold or dispose of such stock.

      (Added to NRS by 1957, 527; A 1977, 495; 2017, 1939)

      NRS 673.316  Additional advances or loans to borrower; renewal or extension of loans; loans on property sold by savings bank.

      1.  Any savings bank may:

      (a) Make additional advances or loans for the purpose of preserving the security of the loan or for the purpose of protecting the property securing the loan.

      (b) Make any renewal, extension, advance or loan to the borrower or to any successor in interest in the property securing the loan.

      (c) Make loans on property sold by a savings bank or extend credit thereon for the purpose of facilitating the sale of the property regardless of any other provision of this chapter.

      2.  No advance or loan may be made under the provisions of this section if the advance or loan would increase the total liability to the savings bank making the advance or loan to a level that would be prohibited pursuant to regulations applicable to federally chartered banks as set forth by the Office of the Comptroller of the Currency.

      3.  For the purpose of preserving the security of any loan or of protecting the property securing any loan made in compliance with this chapter, a savings bank may make additional advances or loans to the borrower or any successor in interest in the property securing the loan. Regardless of any other provision of this chapter, a savings bank may make loans or extend credit for the purpose of facilitating the sale of property acquired by repossession, foreclosure or conveyance in lieu of foreclosure if that activity conforms to generally accepted accounting practices.

      (Added to NRS by 1959, 540; A 1963, 467; 1983, 656, 1785; 1987, 1969; 2017, 1939)

APPRAISALS OR EVALUATIONS

      NRS 673.317  Approval of appraiser by Commissioner required; limitations; revocation; notice of termination of services.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.3171  Appraisal of real estate required before granting loan; requirements.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.318  Appraisal or evaluation of real estate at time of acquisition.  Every savings bank shall appraise or evaluate each parcel of real estate at the time of acquisition thereof, except where such appraisal or evaluation is not required under federal law.

      (Added to NRS by 1959, 540; A 1961, 770; 1963, 468; 1965, 1139; 1983, 1786; 1987, 1970; 2003, 3233; 2017, 1940)

      NRS 673.319  Specific loss reserve; determination of values by Commissioner.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.3191  Reserve for uncollected interest.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

INSURANCE OF ACCOUNTS

      NRS 673.320  Associations empowered to insure accounts.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

LOANS

      NRS 673.324  Permissible loans.

      1.  A savings bank may make any loan which:

      (a) Is secured by real property;

      (b) Is secured by personal property, including, without limitation, stock or other securities;

      (c) Results from a credit card issued by the savings bank;

      (d) Is unsecured;

      (e) Is made to the United States, its agencies or any governmental agency of the State of Nevada; or

      (f) Is made at the discretion of the directors of the savings bank if the loan will not impair the insurability of the accounts of the savings bank by the Federal Deposit Insurance Corporation.

      2.  Additional loans or advances on the same property, without intervening liens, shall be deemed to be first liens for the purpose of this chapter.

      (Added to NRS by 1957, 759; A 1969, 975; 1977, 496; 1983, 657; 1993, 2812; 2017, 1940)

      NRS 673.3244  Loans to directors, officers, shareholders or company owned or controlled by savings bank.  No savings bank may make any loan to a director, officer or principal shareholder of the savings bank or any company owned or controlled by the savings bank if such a loan would be prohibited for a bank that is subject to 12 C.F.R. Part 215, commonly known as Regulation O.

      (Added to NRS by 1967, 1022; A 1983, 658, 1787; 1987, 1971; 2017, 1940)

      NRS 673.3255  Loans to finance interest in cooperative housing corporation; first security interests.

      1.  A savings bank may make or invest in a loan to finance a borrower’s interest in or to refinance his or her existing interest in a cooperative housing corporation if the loan is secured by:

      (a) A first security interest in stock or a certificate of membership in the cooperative housing corporation; and

      (b) An assignment of or lien on the borrower’s interest in the lease or other right of tenancy to a dwelling unit of the cooperative housing corporation.

      2.  A first security interest may exist even though a mortgage or deed of trust encumbers the property owned by the cooperative housing corporation if the stock or certificate of membership in the corporation and the borrower’s lease or other right of tenancy are not encumbered with a prior security interest. For purposes of this chapter, additional loans or advances on the same interest in a cooperative housing corporation, without intervening liens, shall be deemed to be first security interests. For purposes of this chapter, the interest in a cooperative housing corporation which is encumbered by a security interest shall be deemed to be real property and security interest shall be deemed to be a mortgage on real property.

      (Added to NRS by 1983, 660; A 2017, 1941)

      NRS 673.3271  Loans to one borrower.  A savings bank shall not make at one time loans to any one borrower, or under any one transaction, or applicable to any one project, or tract, if the savings bank would be prohibited from making such a loan under federal law applicable to federal savings banks pursuant to 12 C.F.R. § 32.3.

      (Added to NRS by 1967, 1023; A 1969, 976; 1977, 511; 1983, 659, 1788; 1987, 1972; 2017, 1942)

      NRS 673.3272  Payment of charges by savings bank for protection of its investments; required advance monthly payments.

      1.  A savings bank may pay:

      (a) Current or past-due taxes, assessments or other applicable fees levied upon secured property;

      (b) Insurance premiums;

      (c) Life insurance premiums on policies that a savings bank may require to be assigned as additional collateral; or

      (d) Any similar or other charges required for the protection or preservation of its investments or as necessary to discharge any lien.

Ê Such payments shall be added to the unpaid loan balance and shall have the same secured status under the deed of trust provisions as the loan itself. No savings bank may require, as a condition of loan approval or in the extension of any other service, that any kind of insurance coverage be purchased from or through the savings bank or from any agency in which a director or officer of the corporation has any interest.

      2.  A savings bank may require advance monthly payments on:

      (a) Principal.

      (b) Interest.

      (c) Taxes.

      (d) Assessments.

      (e) Insurance premiums.

      (f) Other statutory charges accruing upon the secured property.

Ê The amount of each such payment and the period over which payment will be made may be agreed upon by the parties. In the absence of such an agreement, each such payment may be equivalent to one-twelfth of the estimated annual amount due. Monthly charges may be adjusted to provide a reasonable method for the payment of estimated taxes, assessments, insurance premiums and other charges. Upon receipt thereof such payments may be carried in a separate trust account or they may be applied to the loan account as a credit upon receipt and debit when disbursed.

      (Added to NRS by 1969, 962; A 2017, 1943)

      NRS 673.330  Limitation on charge for prepayment of loan.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.331  Loans prohibited on security of association’s own stock.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.332  Property acquired at or by foreclosure or developed by savings bank.

      1.  A savings bank may hold, manage and convey real property, including apartments and other buildings:

      (a) Acquired at or by foreclosure of the real property or a conveyance in lieu of foreclosure; or

      (b) Developed or built by the savings bank.

Ê Unless the savings bank has received a written waiver from the Commissioner, the total of money which it has advanced or committed for property which it has developed or built may not exceed twice the sum of its capital, surplus, undivided profits, loan reserve, federal insurance reserve and any other reserves specified by the Commissioner.

      2.  When a savings bank acquires title to any real property pursuant to subsection 1, the document representing the transaction must be recorded. This subsection does not require recordation of the evidences of any transfer of stock resulting from foreclosure of an interest in a cooperative housing corporation.

      (Added to NRS by 1969, 963; A 1979, 711; 1981, 512; 1983, 1789; 1987, 1973; 2017, 1943)

INTEREST AND DIVIDENDS

      NRS 673.333  Apportionment of earnings and payment of interest; determination of percentage rate of declaration; classes of savings accounts; notice of change in method of calculating interest.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.336  Restrictions on declaration of dividends.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

DEPOSITORS

      NRS 673.340  Minors and married persons; payment as valid discharge of savings bank.

      1.  Any savings bank may issue deposit accounts or investment certificates to minors with the written consent of their parents, trustees or guardians, and to married persons, each in their own right.

      2.  Any payment thereon, or delivery thereof, or of any rights thereunder, to a minor of the age of 14 years or over, or to a married person, or a receipt or acquittance signed by the minor and parent, trustee or guardian or by a married person who holds such deposit accounts or investment certificates, is a valid and sufficient release and discharge of the savings bank for any such payment or delivery.

      [1:116:1939; 1931 NCL § 974.10] — (NRS A 1977, 497; 2017, 1944)

      NRS 673.360  Administrators, executors, guardians and trustees; payment as valid discharge of savings bank.

      1.  A deposit account or investment certificate of any savings bank may be purchased and held by any person as administrator, executor, guardian, or as trustee or other fiduciary, in trust for a named beneficiary or beneficiaries.

      2.  Any person holding a deposit account as a fiduciary may make payments upon, and withdraw, in whole or in part, the deposit account or investment certificate.

      3.  The withdrawal value of any such deposit account or investment certificate and interest thereon, or other rights relating thereto, may be paid or delivered to the fiduciary, and the payment or delivery to the fiduciary or a receipt or acquittance signed by the fiduciary, to whom any payment or delivery of rights is made, is a valid and sufficient release and discharge of the savings bank for the payment or delivery so made.

      [Part 2:116:1939; 1931 NCL § 974.11] — (NRS A 1969, 977; 1977, 498; 2017, 1944)

SAFE-DEPOSIT BOXES

      NRS 673.373  Notice of overdue rental; opening of box; retention of contents in general vaults; delivery of contents to State Treasurer.

      1.  If the rental due on a safe-deposit box has not been paid for 90 days, the lessor may send a notice by registered or certified mail to the last known address of the lessee stating that the safe-deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within 30 days. If the rental is not paid within 30 days after the mailing of the notice, the box may be opened in the presence of any officer of the lessor and a notary public. The contents must be sealed in a package by the notary public, who shall write on the outside the name of the lessee and the date of the opening of the box in the presence of the officer. The notary public and the officer shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate must be included in the package, and a copy of the certificate must be sent by registered or certified mail to the last known address of the lessee. If the contents of the safe-deposit box have been unclaimed by the owner for 3 years or less, the package must then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box, until such time that the contents will have been unclaimed by the owner for more than 3 years, at which time the lessor shall deliver the package to the State Treasurer in his or her capacity as the Administrator of Unclaimed Property pursuant to the provisions of chapter 120A of NRS.

      2.  If the contents of a safe-deposit box that has been opened pursuant to subsection 1 have been unclaimed by the owner for more than 3 years, the lessor shall deliver the package to the State Treasurer in his or her capacity as the Administrator of Unclaimed Property pursuant to the provisions of chapter 120A of NRS.

      (Added to NRS by 1985, 2248; A 1995, 283; 2001, 1651, 2929)

WITHDRAWALS

      NRS 673.377  Minimum required available cash, deposits and securities; making and purchasing loans prohibited when minimum not met.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.380  Procedure when requests for withdrawals exceed amount available.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.390  Order of payment of withdrawals.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.420  Notice to Commissioner of inability to pay request for withdrawal on file more than 60 days.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

REPORTS, EXAMINATIONS AND AUDITS

      NRS 673.430  Annual reports: Filing; form and contents; fees; penalty; regulations.

      1.  Each savings bank doing business in this State shall file annually with the Commissioner on or before March 1, a report containing the information set forth in subsection 2.

      2.  The annual report must contain, in such form and detail as the Commissioner may prescribe, the following:

      (a) The amount of authorized capital by classes and the par value of each class of stock.

      (b) A statement of its assets, liabilities and capital accounts as of the immediately preceding December 31.

      (c) Any other facts which the Commissioner requires.

      3.  The Commissioner may impose and collect a fee of not more than $10 for each day the annual report is overdue. The Commissioner shall adopt regulations establishing the amount of the fee that may be imposed pursuant to this subsection.

      4.  Every savings bank shall pay to the Commissioner for supervision and examination a fee based on the rate established and, if applicable, adjusted pursuant to NRS 658.101.

      [Part 21:51:1931; 1931 NCL § 970.20] — (NRS A 1957, 757; 1961, 773; 1963, 470; 1965, 1139; 1967, 979; 1969, 978; 1973, 728; 1977, 499; 1979, 1296; 1983, 1792; 1987, 1975, 2226; 1989, 921; 2003, 3233; 2005, 1878; 2007, 2152; 2017, 399, 1944)

      NRS 673.440  Commissioner may require further information.  Each such foreign or domestic savings bank, association, company or corporation shall cause to be supplied to the Commissioner at any time, upon his or her demand, any information which he or she may require as to its condition, affairs or methods.

      [Part 21:51:1931; 1931 NCL § 970.20] — (NRS A 1961, 773; 1983, 1793; 1987, 1976; 2017, 1945)

      NRS 673.450  Hearings, investigations and examinations by Commissioner; confidentiality of examination reports and certain other information; powers of Commissioner; biennial examination required.

      1.  The Commissioner may conduct or cause to be conducted such hearings, investigations or examinations of the books and records, wherever they may be, relating to the affairs of such organizations as he or she may deem expedient and in aid of the proper administration of the provisions of this chapter.

      2.  Except as otherwise provided in NRS 673.480, all examination reports and all information obtained by the Commissioner in conducting hearings, investigations or examinations under the provisions of this chapter, including all related correspondence and memoranda, and information obtained by the Commissioner from other state or federal bank regulatory authorities with whom the Commissioner has entered into agreements for the confidential sharing of such information, and information obtained by the Commissioner relating to the examination and supervision of any corporation which is an affiliate of a savings bank is confidential and privileged information and must not be made public or otherwise disclosed to any person, firm, corporation, agency, association, governmental body, court or other entity.

      3.  Any information submitted by a person to the Commissioner for any purpose under this chapter shall not be construed as waiving, destroying or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than the Commissioner.

      4.  In connection with the conduct of any hearing, investigation or examination, the Commissioner or other person designated by him or her to conduct it may:

      (a) Compel the attendance of any person by subpoena.

      (b) Administer oaths.

      (c) Examine any person under oath concerning the business and conduct of affairs of any savings bank subject to the provisions of this chapter, and require the production of any books, papers, records, money and securities relevant to the inquiry. Any willful false swearing is perjury and is punishable as such.

      5.  The Commissioner shall conduct at least once every 2 years an examination of the books and records of each savings bank licensed under this chapter.

      [Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21] — (NRS A 1961, 773; 1969, 979; 1979, 1297; 1983, 1793; 1987, 1976; 2017, 1945)

      NRS 673.451  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 savings bank;

      (b) Any other person engaged in an activity regulated 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 must 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.

      (Added to NRS by 2005, 1873; A 2017, 1946)

      NRS 673.453  Enforcement of subpoena by district court.

      1.  In case of the refusal of any person to attend or testify or produce any papers required by the subpoena directed to be served under the provision of NRS 673.450, the Commissioner may report to the district court in and for the county in which the examination, hearing or investigation is pending by petition, setting forth that:

      (a) Due notice has been given of the time and place of attendance of the person or the production of the books and papers;

      (b) The person has been subpoenaed in the manner prescribed in this chapter; and

      (c) The person has failed and refused to attend or produce the papers required by subpoena before the Commissioner in the examination, hearing or investigation named in the subpoena, or has refused to answer questions propounded to him or her in the course of such examination, hearing or investigation,

Ê and asking an order of the court compelling the person to attend and testify or produce the books or papers before the Commissioner.

      2.  The court, upon petition of the Commissioner, shall enter an order directing the person to appear before the court at a time and place to be fixed by the court in such order, the time to be not more than 10 days from the date of the order, and then and there show cause why he or she has not attended or testified or produced the books or papers before the Commissioner. A certified copy of the order must be served upon the person. If it appears to the court that the subpoena was regularly issued by the Commissioner, the court shall thereupon enter an order that the person appear before the Commissioner at the time and place fixed in the order and testify or produce the required books or papers; and upon failure to obey the order the person shall be dealt with as for contempt of court.

      (Added to NRS by 1969, 964; A 1983, 1794; 1987, 1977)

      NRS 673.455  Examination of holding companies.

      1.  The Commissioner may, at the time of examining a savings bank, inspect the books, ledgers and minutes of any corporation which is registered or required to be registered under section 5 of the Bank Holding Company Act of 1956, 12 U.S.C. § 1844, or section 10 of the Home Owners’ Loan Act of 1933, 12 U.S.C. § 1467a, as a holding company whenever, in his or her discretion, he or she considers it advisable to ascertain facts which may relate to transactions between the holding company and the affiliated savings bank. The provisions of NRS 673.450 apply to the examination of such corporation.

      2.  Upon making findings to that end, the Commissioner may order the discontinuance of borrowing or lending, selling or buying of assets, extending credit or guaranteeing obligations of the holding company which has been undertaken without the written approval of the Commissioner.

      3.  No unreasonable supervisory fees may be imposed upon any savings bank by a holding company which controls the savings bank.

      (Added to NRS by 1969, 963; A 1983, 1794; 1987, 1977; 2017, 1946)

      NRS 673.460  Examinations outside State; fees and traveling expenses; regulations.

      1.  Whenever in connection with an examination it is necessary or expedient that the Commissioner or his or her designee, or both, leave this State, there must be assessed against the organization under examination a fee of not more than the per diem allowance and travel expenses provided for state officers and employees generally for each person while outside the State in connection with an examination, together with all actual and necessary expenses.

      2.  The fee charged must be remitted to the Commissioner. The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.

      [Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21] — (NRS A 1959, 545; 1961, 774; 1965, 1140; 1983, 1795; 1987, 1978; 2003, 3234; 2005, 1879; 2017, 1946)

      NRS 673.470  Other examinations acceptable in lieu of examination by Commissioner.  In lieu of making any examination, the Commissioner may accept any examination of any savings bank made by the Board of Governors of the Federal Reserve System, any Federal Home Loan Bank or Federal Reserve Bank, or the Federal Deposit Insurance Corporation, or may examine any such institution in conjunction with the Board of Governors of the Federal Reserve System, a Federal Home Loan Bank or Federal Reserve Bank, or the Federal Deposit Insurance Corporation.

      [Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21] — (NRS A 1961, 774; 1983, 1795; 1987, 1978; 1993, 2812; 2017, 1947)

      NRS 673.480  Authority of Commissioner to make information available to other officers and agencies; documents, reports and information remain property of Division of Financial Institutions or Commissioner; disclosures by savings bank.

      1.  Before disclosing or furnishing any document, report or information under this section, the Commissioner must determine that such document, report or information will receive protection from further disclosure comparable to the protections provided by this chapter.

      2.  The Commissioner, his or her agents and employees may furnish all or any part of an examination report, work paper, supervisory agreement or directive, order or other information obtained in the conduct of a hearing, investigation or examination under the provisions of this chapter to:

      (a) An agency of the Federal Government or of another state empowered to examine or supervise a savings bank, a bank holding company or savings and loan holding company owning a savings bank, or a subsidiary of such holding company;

      (b) An official empowered to investigate criminal charges subject to legal process, valid search warrant or subpoena, provided that the Commissioner may only furnish that part of any document or report which is necessary and pertinent to the investigation, and the Commissioner may do this only after notifying the affected savings bank and any customer of the savings bank who is named in such part of the document or report ordered to be furnished unless the official requesting the document or report first obtains a waiver of the notice requirement from a court of competent jurisdiction for good cause;

      (c) The examined savings bank or holding company thereof;

      (d) A receiver or liquidator appointed pursuant to this chapter; or

      (e) The court in a proceeding initiated by the Commissioner concerning the savings bank if the Commissioner first provides such notice to the savings bank as will afford the savings bank an opportunity to object or to seek a protective order.

      3.  Except as otherwise provided in subsections 4 and 5, all documents, reports and information furnished by the Commissioner pursuant to this section remain the property of the Division of Financial Institutions, and no person, agency or authority to whom such documents, reports or information are made available, or any officer, director or employee thereof, may disclose any of the documents, reports or information contained therein, except in published statistical material that does not disclose the affairs of any natural person or corporation.

      4.  An examination report made by the Division of Financial Institutions is designed for use in the supervision of a savings bank. The report shall remain the property of the Commissioner and will be furnished to the savings bank solely for its confidential use. The savings bank may disclose the report or relevant portions thereof to any of its directors, officers, employees, agents or affiliates as necessary and appropriate in the conduct of its affairs. Under no circumstances may the savings bank or any of its directors, officers, employees, agents or affiliates disclose or make public in any manner the report or any portion thereof to any person or organization not connected with the savings bank as officer, director, employee, attorney, auditor or candidate for executive office with the savings bank or its holding company. The savings bank may also, after execution of an agreement not to disclose information in the report, disclose the report or relevant portions thereof to a party proposing to acquire or merge with the savings bank.

      5.  Except for an examination report as provided in subsection 4, a savings bank may disclose any document, report or information provided by the savings bank to the Commissioner and any document, report or information received by the savings bank from the Commissioner to any of its directors, officers, employees, agents or affiliates as necessary and appropriate in the conduct of its affairs.

      6.  A savings bank, a bank holding company or a savings and loan holding company owning a savings bank, or a subsidiary of such a holding company, does not violate this section by complying with a duty to report to the Securities and Exchange Commission, including, without limitation, by disclosing any order of the Commissioner pursuant to such a duty.

      [Part 22:51:1931; A 1933, 78; 1939, 153; 1931 NCL § 970.21] — (NRS A 1961, 774; 1983, 1795; 1987, 1978; 2017, 1947)

      NRS 673.483  Audit of books and accounts.

      1.  Each savings bank shall, at least once each year, cause its books and accounts to be audited at its own expense by a certified public accountant or firm of such accountants selected by the savings bank and approved by the Commissioner.

      2.  The Commissioner may prescribe the scope of the audit.

      3.  A certified copy of the audit, including the management and internal control letters relating to the audit, must be furnished to the Commissioner.

      (Added to NRS by 1963, 471; A 1977, 513; 1983, 1795; 1987, 1978; 2017, 1948)

      NRS 673.4835  Independent audit and examination: Payment of assessment; cooperation.  Each savings bank shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto.

      (Added to NRS by 1987, 827; A 2017, 1948)

REMEDIAL ACTIONS

      NRS 673.484  Suspension or revocation of charter: Grounds; notice and hearing.  The Commissioner may after notice and hearing suspend or revoke the charter of any savings banks for:

      1.  Repeated failure to abide by the provisions of this chapter or the regulations adopted thereunder.

      2.  Failure to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS.

      (Added to NRS by 1967, 980; A 1977, 96; 1983, 1796; 1987, 1978; 2003, 20th Special Session, 226; 2015, 2948; 2017, 1948)

      NRS 673.4843  Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance.

      1.  If the Commissioner finds as the result of any examination or from any report made to him or her or to any savings bank doing business in this state or from any report made to any of its investors that the savings bank is violating the provisions of its articles of incorporation, charter, bylaws, or any law of this state, or is conducting its business in an unsafe or injurious manner, he or she may by an order addressed to such savings bank direct a discontinuance of such violations or unsafe or injurious practices and a conformity with all the requirements of law.

      2.  If a savings bank does not comply with such order, the Commissioner may order the corporate secretary to call a special directors’ meeting to consider the matter of noncompliance.

      3.  The meeting must be held no later than 60 days after issuance of the order to hold the meeting, unless otherwise restrained by court order or by the board. The business of the meeting must be limited to the matter of noncompliance and remedies therefor and the notice of such meeting must set forth in detail the Commissioner’s discontinuance order and order to call a directors’ meeting.

      4.  Action taken at the meeting is binding upon the officers of the savings bank.

      (Added to NRS by 1957, 763; A 1961, 774; 1969, 979; 1983, 1796; 1987, 1979; 2017, 1949) — (Substituted in revision for NRS 673.485)

REORGANIZATION; MERGER; CONSOLIDATION

      NRS 673.4845  Procedure; approval by savings bank and Commissioner; fee; regulations.

      1.  A savings bank may reorganize, merge or consolidate with another state or federal savings bank, national bank, state bank or other insured depository institution, if the reorganization, merger or consolidation is based upon a plan which has been adopted by the board of directors and approved at a regular or special stockholders’ meeting which has been called to consider the action. The approval must rest on a favorable vote of a majority of the voting power of the savings bank as established by its articles.

      2.  Any such plan for reorganization, merger or consolidation must be approved by the Commissioner, who shall satisfy himself or herself that the plan, if approved, would be equitable for the stockholders of the affected savings bank and other institutions subject to his or her jurisdiction and would not impair the usefulness or success of other properly conducted savings banks in the community. In submitting an application for approval of any such plan, each savings bank proposing to reorganize, merge or consolidate must provide a comprehensive review of its present financial statement and a projected view of the financial statement of the reorganized, merged or consolidated savings bank, bank or other depository institution.

      3.  Unless its action is specifically authorized by or taken in conformity with this chapter, no savings bank may, directly or indirectly:

      (a) Reorganize, merge or consolidate.

      (b) Assume liability to pay deposit accounts or other liabilities of any financial institution or any other organization, person or entity.

      (c) Transfer assets to any financial institution or any other organization, person or entity in consideration of the transferee’s assumption of liability for any portion of the transferor’s deposit accounts, deposits or other liability.

      (d) Acquire the assets of any financial institution or any other organization, person or entity.

      4.  Each application which is made under this section must be accompanied by a fee payment of not more than $300. The responsibility for payment of the fee must be shared equally by the savings banks participating in each proposed plan.

      5.  The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.

      (Added to NRS by 1969, 966; A 1977, 500, 1262; 1981, 1316; 1983, 1796; 1987, 1978; 2005, 1879; 2017, 1949)

CONSERVATORSHIP; LIQUIDATION; RECEIVERSHIP

      NRS 673.485  Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance.  [Replaced in revision by NRS 673.4843.]

 

      NRS 673.495  Conservator: Appointment by Commissioner; district court confirmation.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.497  Powers of conservator; limitations; expenses; compensation.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.499  Receiver: Appointment by Commissioner; court confirmation; powers and authority; compensation.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.515  Appeal from judgment enjoining Commissioner or dismissing action to enjoin; bond.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.525  Penalty for failure to comply with Commissioner’s demand for possession of property, business and assets.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.535  Enforcement by sheriff of demand for possession of property, business and assets; written demand for assistance; duty to enforce.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.545  Delivery of schedule of property, assets and collateral to Commissioner; examination of directors, officers or employees by Commissioner.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.555  Authority of Commissioner to issue subpoenas and require attendance of parties.  [Replaced in revision by NRS 673.049.]

 

      NRS 673.565  Appointment of custodian; bond.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.575  Collection of money; preservation of assets.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.576  Powers of Commissioner when in possession of business, property and assets.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.577  Claims for damages from disaffirmance of executory contract or lease.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.580  Procedure upon taking possession of insured association: Federal Deposit Insurance Corporation as liquidator or coliquidator.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

      NRS 673.590  Delivery of remaining assets to stockholders.  Repealed. (See chapter 327, Statutes of Nevada 2017, at page 1959.)

 

LIQUIDATION AND REORGANIZATION

Voluntary Liquidation

      NRS 673.5911  Procedure; applicable law; power to sell and transfer assets.

      1.  Except as otherwise provided in this section, a savings bank may go into voluntary liquidation pursuant to the provisions of NRS 78.580 or 86.491.

      2.  If the voluntary liquidation of the savings bank results from a vote or agreement of the stockholders or members of the savings bank, a certified copy of all proceedings of the meeting at which that action is taken, verified by the oath of the president or a manager, must be transmitted to the Commissioner for the Commissioner’s approval. If the Commissioner approves the liquidation, the Commissioner shall issue to the savings bank, under the Commissioner’s seal, a permit for that purpose. No permit may be issued by the Commissioner until the Commissioner is satisfied that provision has been made by the savings bank to satisfy and pay off all depositors and all creditors of the savings bank. If the Commissioner is not satisfied, the Commissioner shall not issue a permit, but the Commissioner may take possession of the savings bank, its assets and business, and liquidate the savings bank in the manner provided by this chapter.

      3.  When the Commissioner approves the voluntary liquidation of a savings bank pursuant to subsection 2, the directors or managers of the savings bank shall cause to be published, in a newspaper in the city, town or county in which the main office of the savings bank is located, a notice that the savings bank is closing its affairs and going into liquidation, and that its depositors and creditors are to present their claims for payment.

      4.  When any savings bank is in the process of voluntary liquidation, it is subject to examination by the Commissioner, and the savings bank shall furnish such reports, from time to time, as may be called for by the Commissioner.

      5.  All unclaimed deposits and dividends remaining in the hands of the savings bank are subject to the provisions of this chapter.

      6.  Any savings bank that is in the process of voluntary liquidation may sell and transfer to any other state bank, national bank or federal savings bank all or any portion of its assets of every kind upon such terms as may be agreed upon and approved by the Commissioner and by a majority vote of the savings bank’s board of directors or of its managers. A certified copy of the minutes of any meeting at which that action is taken, under the oath of the president or a manager, and a copy of the contract of sale and transfer must be filed with the Commissioner.

      7.  If a voluntary liquidation or the sale and transfer of the assets of any savings bank is approved by the Commissioner, a certified copy of that approval under seal of the Commissioner, filed in the Office of the Secretary of State, authorizes the cancellation of the articles of incorporation or organization of the savings bank, subject to its continued existence, as provided by law.

      (Added to NRS by 2017, 1916)

Liquidation of Insured Savings Banks

      NRS 673.5912  Federal Deposit Insurance Corporation authorized to act as receiver or liquidator of closed savings bank having insured deposits; no bond required.

      1.  The Federal Deposit Insurance Corporation created by the Federal Deposit Insurance Act, 12 U.S.C. § 1811, may act without bond as receiver or liquidator of any savings bank which:

      (a) Has been closed because of inability to meet the demands of its depositors; or

      (b) Is insured by the Federal Deposit Insurance Corporation and has been taken possession of by the Commissioner pursuant to NRS 658.151.

      2.  The appropriate state authority having the right to appoint a receiver or liquidator of a savings bank may, upon such closing, tender to the Federal Deposit Insurance Corporation the appointment as receiver or liquidator of such savings bank. If the Federal Deposit Insurance Corporation accepts the appointment, it shall have and possess all the powers and privileges provided by the laws of this State with respect to a receiver or liquidator, respectively, of a savings bank, its depositors and other creditors, and is subject to all the duties of such receiver or liquidator, except insofar as such powers, privileges or duties are in conflict with the provisions of the Federal Deposit Insurance Act.

      (Added to NRS by 2017, 1917)

      NRS 673.5913  Acceptance of appointment as receiver or liquidator; possession of and title to assets, business and property rests in Federal Deposit Insurance Corporation.  Upon the acceptance of the appointment as receiver or liquidator by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such savings bank of every kind and nature shall pass to and vest in the Federal Deposit Insurance Corporation without the execution of any instruments of conveyance, assignment, transfer or endorsement.

      (Added to NRS by 2017, 1917)

      NRS 673.5914  Enforcement of individual liability of stockholders or members and directors or managers of savings bank in receivership or liquidation.  Among its other powers, the Federal Deposit Insurance Corporation, in the performance of its powers and duties as receiver or liquidator, may, upon the order of a court of record of competent jurisdiction, enforce the individual liability of the stockholders or members and directors or managers of any such savings bank.

      (Added to NRS by 2017, 1917)

      NRS 673.5915  Payment of insured deposits; subrogation.

      1.  When any state savings bank has been closed as provided in NRS 673.5912, and the Federal Deposit Insurance Corporation pays, or makes available for payment, the insured deposit liabilities of such closed savings bank, the Federal Deposit Insurance Corporation, whether or not it has become receiver or liquidator of such closed savings bank, must be subrogated to all rights against such closed bank of the owners of such deposits in the same manner and to the same extent as subrogation of the Federal Deposit Insurance Corporation is provided for in the Federal Deposit Insurance Act in the case of the closing of a national bank.

      2.  The rights of depositors and other creditors of such closed savings bank will be determined in accordance with the applicable provisions of the laws of this State.

      (Added to NRS by 2017, 1918)

      NRS 673.5916  Loans to closed savings banks by Federal Deposit Insurance Corporation; sale of assets of savings banks to Federal Deposit Insurance Corporation.

      1.  Any savings bank which is, or may hereafter be, closed on account of inability to meet the demands of its depositors, by action of the Commissioner, by action of a court, by action of its directors or due to its insolvency or suspension, the Commissioner, or the receiver or liquidator of the savings bank with the permission of the Commissioner, may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of the savings bank to the Federal Deposit Insurance Corporation as security for a loan from it, but where the Federal Deposit Insurance Corporation is acting as the receiver or liquidator, the order of a court of record of competent jurisdiction must be first obtained approving the loan.

      2.  The Commissioner, or the receiver or liquidator of any savings bank with the permission of the Commissioner, upon the order of a court of record of competent jurisdiction, may sell to the Federal Deposit Insurance Corporation any part or all of the assets of the savings bank.

      3.  The provisions of this section do not limit the power of any savings bank, the Commissioner, receivers or liquidators to pledge or sell assets in accordance with any other existing law.

      (Added to NRS by 2017, 1918)

      NRS 673.5917  Commissioner to furnish copies of examinations and reports to Federal Deposit Insurance Corporation.

      1.  The Commissioner shall furnish to the Federal Deposit Insurance Corporation, or to any official or examiner thereof, a copy of all examinations made of any savings bank and of all reports made by the savings bank. The Commissioner shall give access to and disclose to the Federal Deposit Insurance Corporation, or to any official or examiner thereof, all information possessed by the office of the Division of Financial Institutions with reference to the conditions or affairs of any savings bank.

      2.  Nothing in this section limits:

      (a) The duty of any savings bank in this State from complying with the provisions of the Federal Deposit Insurance Act, its amendments or substitutions, or the requirements of the Federal Deposit Insurance Corporation relative to examinations and reports; or

      (b) The powers of the Commissioner with reference to examinations and reports pursuant to the provisions of title 55 of NRS.

      (Added to NRS by 2017, 1918)

      NRS 673.5918  Deposit of books, papers and records with Commissioner upon final liquidation.  All books, papers and records of a savings bank which has been finally liquidated must be deposited by the receiver in the Office of the Commissioner.

      (Added to NRS by 2017, 1918)

      NRS 673.5919  Destruction of records of liquidated insolvent savings banks.

      1.  Except as otherwise provided in subsections 2 and 3, after the expiration of 10 years from the filing by the Commissioner of a final report of liquidation of any insolvent savings bank, the Commissioner, with the consent of the State Board of Finance, may destroy the records of any insolvent savings bank held in the Office of the Commissioner in connection with the liquidation of the savings bank.

      2.  If there are any unpaid dividends of the insolvent savings bank, the Commissioner shall preserve the deposit ledger or other evidence of indebtedness of the savings bank which refers to the unpaid dividends until the dividends have been paid.

      3.  The Commissioner may not destroy any of the formal records of liquidation or any of the records made in the Commissioner’s office with reference to the liquidation of any insolvent savings bank.

      (Added to NRS by 2017, 1918)

      NRS 673.5921  Termination of trusteeship under security instruments upon insolvency; appointment of successor trustee by petition to district court or pursuant to security instrument.

      1.  Except as otherwise provided in subsection 2, if any savings bank that has been or is appointed trustee in any indenture, deed of trust or other instrument of like character, executed to secure the payment of any bonds, notes or other evidences of indebtedness, is taken over for liquidation by the Commissioner, by the Federal Deposit Insurance Corporation or by any other legally constituted authority, the powers and duties of the savings bank as trustee cease upon the entry of an order of the district court appointing a successor trustee pursuant to a petition as provided for in NRS 673.5922 to 673.5927, inclusive.

      2.  If an indenture, deed of trust or other instrument of like character that appoints a savings bank as trustee pursuant to subsection 1 includes a provision which provides for the appointment of a successor trustee if the savings bank is taken over for liquidation, the powers and duties of the savings bank as trustee cease upon being taken over by the Commissioner, the Federal Deposit Insurance Corporation or any other legally constituted authority and the successor trustee named, or whose selection is provided for, in the instrument immediately assumes the duties as trustee without appointment by the district court pursuant to NRS 673.5922 to 673.5927, inclusive.

      (Added to NRS by 2017, 1919)

      NRS 673.5922  Petition for appointment of successor trustee by district court: Order to appear and show cause why successor trustee should not be appointed; publication and contents of notice.

      1.  In all cases to which subsection 1 of NRS 673.5921 is applicable, the district court for the county in which such indenture, deed of trust or other instrument of like character is recorded shall, upon the verified petition of any person interested in any such trust, either as trustee, beneficiary or otherwise, which interest must be set out in the petition, issue its order directing service on all interested parties, personally or by the publication in a newspaper published in the county, or in some adjoining county if no newspaper is published in the county where the application is made, of a notice directed to all persons concerned, commanding and requiring all persons having any interest in the trust, to appear in court on a day designated in the order and notice, not less than 30 days after the date of the order and notice, to show cause why a new trustee should not be appointed.

      2.  Such notice must be published in the manner required by the Nevada Rules of Civil Procedure for service of summons by publication, and shall set forth the names of the parties to the indenture, deed of trust or other such instrument, the date thereof, and the place or places where such instrument is recorded.

      (Added to NRS by 2017, 1919)

      NRS 673.5923  Appointment of successor trustee when no objection made.  If, upon the day fixed in the order and notice, no person appears and objects to the appointment of a substitute trustee, the district court shall, upon such terms as it deems advisable to serve the best interest of all interested parties, appoint some competent person, or corporation authorized to act as a trustee, as a substitute trustee. Such appointed trustee is vested with and shall exercise all the powers conferred upon the trustee named in the instrument.

      (Added to NRS by 2017, 1919)

      NRS 673.5924  Hearing on objections to appointment of successor trustee; appeal from order.  If, upon the day fixed in the order and notice, objection is made to the appointment of a new trustee, the court shall hear and determine the matter. An appeal may be taken from the decision of the court by any party who made an appearance in the proceeding.

      (Added to NRS by 2017, 1920)

      NRS 673.5925  Recordation of order appointing successor trustee.  The final order of appointment of any such new trustee upon its entry must be recorded in the office of the county recorder in the county or counties in which the instrument under which such appointment has been made is recorded, and a minute of the same must be entered by the county recorder on the margin of the record where the original instrument is recorded.

      (Added to NRS by 2017, 1920)

      NRS 673.5926  Petition and order may relate to all instruments in which former trustee was named.  The petition and the order appointing such new trustee may include, relate to and apply to any number of indentures, deeds of trust or other instruments, wherein the same trustee is named.

      (Added to NRS by 2017, 1920)

      NRS 673.5927  Provisions are in addition to any other remedy provided by law.  NRS 673.5921 to 673.5926, inclusive, are in addition to and not in substitution for any other remedy provided by law.

      (Added to NRS by 2017, 1920)

      NRS 673.5928  Validation of sales by liquidator under security instruments giving power of sale.  If the Commissioner, the Federal Deposit Insurance Corporation or any liquidating agent appointed pursuant to the provisions of NRS 673.5912 to 673.5917, inclusive, exercises the power of sale set up in any mortgage, deed of trust or other written instrument for the security of the payment of money in which any savings bank then in liquidation was named trustee, the exercise of the power of sale and the acts of resigning the trust, of the Commissioner, the Federal Deposit Insurance Corporation or the appointed liquidating agent have the same effect as if done by the savings bank named as trustee in the mortgage, deed of trust or other instrument.

      (Added to NRS by 2017, 1920)

Reopening and Reorganization

      NRS 673.5929  Conditions under which savings banks may reopen.  When the Commissioner or the Federal Deposit Insurance Corporation has taken possession of any savings bank, the savings bank may, with the consent of the Commissioner, resume business upon such terms and conditions as may be approved by the Commissioner and the Federal Deposit Insurance Corporation.

      (Added to NRS by 2017, 1920)

      NRS 673.5931  Conditions under which savings bank may reorganize before actual dissolution.

      1.  When any savings bank is authorized to dissolve and has taken the necessary steps to effect dissolution in accordance with the laws of this State or the laws of the United States, but before actual dissolution, a majority of the directors or managers of the savings bank, upon authority in writing of the owners of two-thirds of its stock or two-thirds of the members’ interests and with the approval of the Commissioner, may execute articles of incorporation or organization as provided in this chapter for the organization of a new savings bank. The articles must further set forth the authority derived from the stockholders or members of the savings bank.

      2.  Upon the filing of articles of incorporation or organization in the same manner as provided for the organization of new savings banks, the reorganized savings bank is a savings bank under the laws of this State. Upon reorganization, all assets, real and personal, of the dissolved savings bank, by operation of law, vest in and become the property of the reorganized savings bank, subject to all liabilities of the savings bank existing before the reorganization.

      (Added to NRS by 2017, 1920)

FOREIGN SAVINGS BANKS

      NRS 673.595  Certain foreign savings banks not required to be licensed under chapter; certain foreign savings banks permitted to operate and establish service offices in this State; limitations.

      1.  Except as otherwise provided in this section, a foreign savings bank shall be considered a savings bank subject to the provisions of this chapter for the purpose of engaging in any activities for which a license or other approval by the Commissioner is required pursuant to this chapter, except that a foreign savings bank whose activities are limited to any one or more of those enumerated in NRS 80.015 need not be licensed under this chapter.

      2.  A foreign savings bank organized under the laws of another state or the United States which is insured by the Federal Deposit Insurance Corporation may operate in this State in accordance with the provisions of this chapter on the same terms as a savings bank organized under this chapter, but only to the extent that the laws of the state under which the foreign savings bank is organized permit a savings bank organized under this chapter to operate in accordance with the laws of that state on the same terms as the foreign savings bank.

      3.  A foreign savings bank organized under the laws of another state or the United States which is insured by the Federal Deposit Insurance Corporation may establish one or more service offices within this State as allowed by this chapter, but only to the same extent, and subject to the same restrictions, that the laws of the state under which the foreign savings bank is organized allows a savings bank organized under this chapter to establish and maintain one or more service offices within that state.

      (Added to NRS by 1969, 962; A 1979, 1297; 1983, 1325, 1803; 1985, 2158; 1989, 627; 1991, 1317; 1995, 1564; 2017, 1950)

      NRS 673.597  Conflict of laws; report to Commissioner of forbidden course or act.

      1.  If any savings bank, association, company or corporation organized or incorporated under the laws of any governing body other than the State of Nevada is doing business in this state under the provisions of this chapter, and the laws of the other governing body conflict with any of the provisions of this chapter, the provisions of the laws of this governing body prevail as to each conflict.

      2.  Whenever any foreign organization follows a course or performs any act which is forbidden to any domestic organization under the terms of this chapter, it shall report to the Commissioner all of the facts relating thereto.

      [Part 12:51:1931; A 1933, 78; 1955, 589] — (NRS A 1959, 57; 1961, 772; 1969, 978; 1983, 1792; 1985, 2251; 1987, 1986; 2017, 1950)

CONVERSION INTO FEDERAL SAVINGS BANK OR STATE OR NATIONAL BANK

      NRS 673.600  Conversion authorized.  Any savings bank may convert itself into a federal savings bank pursuant to the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 to 1468, inclusive, a national bank pursuant to the National Bank Act, 12 U.S.C. §§ 214 to 214d, inclusive, or a state bank pursuant to title 55 of NRS, with the same effect as though originally incorporated under the act or title, as applicable, and the proceedings to effect the conversion shall be as outlined in NRS 673.610 to 673.640, inclusive.

      [Part 1:60:1935; 1931 NCL § 973.01] — (NRS A 1977, 503; 2017, 1950)

      NRS 673.610  Notice of stockholders’ meeting: Service and proof of service.

      1.  A meeting of the stockholders shall be held upon not less than 10 days’ written notice to each stockholder, served either personally or by mail, postage prepaid, directed to him or her at his or her last known post office address and containing a statement of the time, place and the purpose for which the meeting is called.

      2.  Proof by affidavit of due service of the notice shall be filed in the office of the corporation before or at the time of the meeting.

      [Part 1:60:1935; 1931 NCL § 973.01] — (NRS A 1977, 503)

      NRS 673.620  Majority approval of resolution at stockholders’ meeting required; filing of minutes with Commissioner.

      1.  At a meeting of the stockholders held as provided in NRS 673.610, the stockholders may, by the affirmative vote of the majority of the stockholders present, in person or by proxy, declare by resolution the determination to convert the savings bank into a federal savings bank, national bank or state bank.

      2.  A copy of the minutes of the meeting, verified by the affidavit of the president or vice president and the secretary of the meeting, must be filed in the Office of the Commissioner within 10 days after the date of the meeting. The sworn copy of the proceedings of the meeting, when so filed, is presumptive evidence of the holding and the action of the meeting.

      [Part 1:60:1935; 1931 NCL § 973.01] — (NRS A 1961, 779; 1977, 504; 1983, 1804; 1987, 1986; 2017, 1951)

      NRS 673.630  Filing of charter or certificate with Commissioner; fee; taxation; regulations.

      1.  After the holding of the meeting of stockholders, the savings bank shall take such action, in the manner prescribed or authorized by the laws of the United States or the rules and regulations promulgated pursuant thereto, as shall make it a federal savings bank, national bank or state bank, and there shall thereupon be filed in the Office of the Commissioner a copy of the charter of authorization issued to the institution by the appropriate supervising regulatory body or a certificate showing the organization of the institution as a federal savings bank, national bank or state bank, as applicable, certified by the appropriate supervising regulatory body. Upon filing with the Commissioner, the institution ceases to be a savings bank, but retains all rights, privileges and exemptions of a domestic institution of the same kind and character of its resulting charter.

      2.  A fee of not more than $100 must accompany the copy of the charter of authorization.

      3.  Federal savings banks so converted and their members are subject to the same form of taxation and on the same basis as savings banks and their stockholders, and national banks so converted and their members are subject to the same form of taxation and on the same basis as state banks and their stockholders.

      4.  The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.

      [Part 1:60:1935; 1931 NCL § 973.01] — (NRS A 1961, 779; 1969, 981; 1977, 504; 1983, 1804; 1987, 1986; 2005, 1880; 2017, 1951)

      NRS 673.640  When supervision as state savings bank ceases; when property and assets vest in converted entity; enjoyment of property by converted entity.

      1.  At the time when the conversion becomes effective, the savings bank shall cease to be supervised by this state pursuant to this chapter, but shall continue as a body corporate converted pursuant to the provisions of the Home Owners’ Loan Act of 1933, the National Bank Act or title 55 of NRS, as applicable, and subject to examination and regulation pursuant to the act or title, as applicable.

      2.  All the property of the savings bank, including all its right, title and interest in and to all property of whatever kind, whether real, personal or mixed, and things in action, and every right, privilege, interest and asset of any conceivable value of benefit then existing, belonging or pertaining to it, or which would inure to it, shall immediately by operation of law, and without any conveyance or transfer, and without any further act or deed be vested in and become the property of the federal savings bank, national bank or state bank, as applicable. Such institution shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the savings bank.

      3.  The federal savings bank, national bank or state bank, as applicable, as of the time of taking effect of such conversion shall succeed to all the rights, obligations and relations of the savings bank.

      [2:60:1935; 1931 NCL § 973.02] — (NRS A 2017, 1951)

CONVERSION OF FEDERAL SAVINGS BANK OR STATE OR NATIONAL BANK

      NRS 673.650  Conversion authorized; votes necessary.  A federal savings bank, national bank or state bank may convert itself into a savings bank under the laws of this State upon a vote of 51 percent or more of the votes of members of the converting institution cast at any regular or special meeting called to consider the action.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1977, 504; 2017, 1952)

      NRS 673.660  Time for election of directors after conversion; time directors to hold office.  At the meeting the members shall also vote upon the directors who shall be the directors of the savings bank after conversion takes effect, to hold office until the next annual meeting and until their successors are elected and qualified.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1977, 504; 2017, 1952)

      NRS 673.670  Filing of verified minutes of stockholders’ meeting.  Copies of the minutes of the proceedings of the meeting, verified by the affidavit of the president or vice president and the secretary or an assistant secretary, must be filed in the Office of the Commissioner and, in duplicate, with the Federal Home Loan Bank or Federal Reserve Bank of which the savings bank is a member and, for a federal savings bank or national bank which converts to a savings bank, the Office of the Comptroller of the Currency, within 10 days after the meeting.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1961, 780; 1983, 1805; 1987, 1987; 2017, 1952)

      NRS 673.680  Verified copy of minutes as presumptive evidence of holding meeting and action taken.  The verified copies of the minutes of the meeting, when filed as required by NRS 673.670, shall be presumptive evidence of the holding and action of such meeting.

      [Part 1:140:1939; 1931 NCL § 974.30]

      NRS 673.690  Converting institution and directors to take necessary action to incorporate as state savings bank; no minimum amount of capital required.

      1.  After the meeting, the converting institution shall take such action in the manner prescribed and authorized by the laws of this state as shall make it a savings bank of this state, and the directors elected at the meeting shall file such documents and follow such procedures as are required by the laws of this state in the case of the original incorporation of a savings bank.

      2.  A savings bank incorporated by conversion from a federal savings bank, national bank or state bank shall not be required to comply with any of the provisions of law or any regulation adopted by the Commissioner relating to the minimum amounts of capital required to be subscribed in connection with the original incorporation of a savings bank under the laws of this state.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1961, 780; 1977, 505; 1983, 1805; 1987, 1987; 2017, 1952)

      NRS 673.700  Inclusion of statement of conversion in articles permissible.  The directors may, if they so desire, insert in the articles of incorporation the following statement: “This savings bank (company or corporation) is incorporated by conversion from a federal savings bank, national bank or state bank, as applicable.”

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 2017, 1952)

      NRS 673.710  Time for filing articles of incorporation with Federal Home Loan Bank or Federal Reserve Bank; number of copies; certification by Secretary of State.  Within 10 days after the filing of the articles of incorporation with the Secretary of State, there shall be filed with the Federal Home Loan Bank or Federal Reserve Bank of which such savings bank is a member two copies of the articles of incorporation, certified by the Secretary of State.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 2017, 1953)

      NRS 673.720  Time of cessation as federal savings bank or state or national bank; time of vesting of property in savings bank under new name and style.  Upon the filing of the articles of incorporation with the Secretary of State, the institution ceases to be a federal savings bank, national bank or state bank, as applicable, and thereafter is a savings bank. All of the property of the converting institution, including all of its right, title and interest in and to all property of every kind and character, whether real, personal or mixed, immediately by operation of law, without any conveyance or transfer and without any further act or deed, vests in the savings bank under its new name and style as a savings bank, and under its new jurisdiction.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1977, 505; 2017, 1953)

      NRS 673.730  Enjoyment of property by converted savings bank; savings bank as continuation of previous institution.  The savings bank shall have, hold and enjoy the property mentioned in NRS 673.720 in its own right as fully and to the same extent as the property was possessed, held and enjoyed by it as a federal savings bank, national bank or state bank, and the savings bank continues to be responsible for all of the obligations of the institution before its conversion to the same extent as though the conversion had not taken place. It is expressly declared that the savings bank is merely a continuation of the institution before its conversion under a new name, a new jurisdiction and such revision of its corporate structure as may be considered necessary for its proper operation under the new jurisdiction.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1977, 505; 2017, 1953)

      NRS 673.740  Acts permitted executors, administrators, fiduciaries and certain other entities without obtaining court approval.  Every executor, administrator, trustee, guardian, receiver, fiduciary, public corporation, political subdivision, public instrumentality, charitable, educational and eleemosynary institution, bank, savings bank, trust company, financial institution, insurance company, or cemetery association, without the necessity of obtaining court approval, may:

      1.  Vote in person or by proxy in favor of converting a federal savings bank, national bank or state bank into a savings bank, or may approve the determination so to convert.

      2.  Exchange any shares, share accounts or other rights or claims for securities issued by the savings bank, and may continue to hold as a legal investment any securities so received.

      [Part 1:140:1939; 1931 NCL § 974.30] — (NRS A 1977, 505; 2017, 1953)

POWERS AND PRIVILEGES OF FEDERAL SAVINGS BANKS

      NRS 673.750  Powers and privileges same as domestic savings bank; conditions.  Every federal savings bank incorporated under the provisions of the Home Owners’ Loan Act of 1933, 12 U.S.C. §§ 1461 to 1468, inclusive, as amended or supplemented, having its principal place of business in the State of Nevada, and the holders of shares or share accounts issued by the federal savings bank, respectively, have all the rights, powers and privileges, and are entitled to the same exemptions and immunities granted, respectively, to savings banks organized under the laws of this State and to the holders of deposit accounts, investment certificates or guaranty stock of savings banks.

      [1:129:1939; 1931 NCL § 974.20] — (NRS A 1963, 472; 1977, 506; 2017, 1953)

EXPLOITATION OF OLDER PERSONS OR VULNERABLE PERSONS

      NRS 673.773  Definitions.  As used in NRS 673.773 to 673.807, inclusive, unless the context otherwise requires, the words and terms defined in NRS 673.777 to 673.797, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 2007, 1490)

      NRS 673.777  “Designated reporter” defined.  “Designated reporter” means a person designated by a savings bank to receive reports of known or suspected exploitation of an older person or vulnerable person pursuant to NRS 673.807.

      (Added to NRS by 2007, 1490; A 2017, 1954)

      NRS 673.783  “Exploitation” defined.  “Exploitation” has the meaning ascribed to it in NRS 200.5092.

      (Added to NRS by 2007, 1490; A 2015, 840)

      NRS 673.787  “Older person” defined.  “Older person” has the meaning ascribed to it in NRS 200.5092.

      (Added to NRS by 2007, 1490; A 2015, 840)

      NRS 673.793  “Reasonable cause to believe” defined.  “Reasonable cause to believe” has the meaning ascribed to it in NRS 200.50925.

      (Added to NRS by 2007, 1490)

      NRS 673.797  “Vulnerable person” defined.  “Vulnerable person” has the meaning ascribed to it in NRS 200.5092.

      (Added to NRS by 2007, 1491; A 2015, 840)

      NRS 673.803  Training; reporting to designated reporter.

      1.  Each savings bank shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each director, officer and employee of the savings bank who:

      (a) May, as part of his or her regular duties for the savings bank, 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 director, officer or employee is employed by the savings bank or assumes the position.

      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.  A director, officer or 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.

      (Added to NRS by 2007, 1491; A 2017, 1954)

      NRS 673.807  Designated reporter: Designation; duty to report; immunity.

      1.  Each savings bank shall designate a person or persons to whom a director, officer or employee of the savings bank must report known or suspected exploitation of an older person or vulnerable person.

      2.  If a director, officer or employee reports known or suspected exploitation of an older 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 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 to:

             (1) The local office of the Aging and Disability Services Division of the Department of Health and 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 Health and 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 involves an act or omission of the Aging and Disability Services Division, another division of the Department of Health and 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.  If a director, officer or employee reports known or suspected exploitation of a 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 a vulnerable person has been exploited, the designated reporter shall:

      (a) Except as otherwise provided in subsection 5, report the known or suspected exploitation of the vulnerable person to a law enforcement agency; and

      (b) Make such a report as soon as reasonably practicable.

      5.  If the designated reporter knows or has reasonable cause to believe that the exploitation of the vulnerable person involves an act or omission of a law enforcement agency, the designated reporter shall make the report to a law enforcement agency other than the one alleged to have committed the act or omission.

      6.  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.

      7.  A director, officer, 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.

      (Added to NRS by 2007, 1491; A 2017, 1954)

UNLAWFUL ACTS; PENALTIES

      NRS 673.810  Making false statement concerning financial condition of savings bank.  Any person who knowingly makes, utters, circulates or transmits to another, or others, any statement untrue in fact, derogatory to the financial condition of any such savings bank doing business in this state, with intent to injure the savings bank, or who counsels, aids, procures or induces another to originate, make, utter, transmit or circulate any such statement or rumor, with like intent, is guilty of a misdemeanor.

      [31:51:1931; 1931 NCL § 970.21] — (NRS A 1967, 649; 1977, 506; 2017, 1955)

      NRS 673.820  Violation of chapter or fraudulent misrepresentation of contract or securities by savings bank; administrative fines.  In addition to any other remedy or penalty:

      1.  Any savings bank which violates any provisions of this chapter or fraudulently misrepresents the terms of any contract or of any securities, and thereby secures a sale therefor, shall be punished by an administrative fine of not more than $10,000 and forfeiture and revocation of all licenses issued to it under the provisions of this chapter.

      2.  The Commissioner may impose an administrative fine of not more than $10,000 upon a person who:

      (a) Without a license, conducts any business or activity for which a license is required pursuant to the provisions of this chapter; or

      (b) Violates any provision of this chapter or any regulation adopted pursuant thereto.

      [Part 18:51:1931; 1931 NCL § 970.17] — (NRS A 1967, 649; 1977, 506; 2005, 1880; 2017, 1955)

      NRS 673.830  Violation of chapter or sale of securities through fraudulent misrepresentation.  Any person who shall violate any provision of this chapter or sell any securities as the result of any fraudulent misrepresentation shall be guilty of a misdemeanor, and the license issued to him or her shall be forfeited and revoked.

      [Part 18:51:1931; 1931 NCL § 970.17] — (NRS A 1967, 649)

      NRS 673.840  Sale or offer to sell securities without license or for failure to pay fee or penalty.  Any person doing business in this state, as described in NRS 673.070, who:

      1.  Sells or offers for sale within this state any securities of any company, savings bank or corporation which has not received the license provided for in NRS 673.080 and 673.250; or

      2.  Fails to pay a fee or penalty as provided in NRS 673.430,

Ê is guilty of a misdemeanor for each such violation.

      [Part 18:51:1931; 1931 NCL § 970.17] — (NRS A 1963, 472; 1967, 649; 1989, 922; 2017, 1956)

      NRS 673.850  Effect of revocation of license.  The revocation of any license issued under any of the provisions of this chapter shall, from the date of such revocation, place the savings bank to whom it was issued in the same legal status and subject to the same prohibitions and penalties as one to whom no license has been issued.

      [Part 18:51:1931; 1931 NCL § 970.17] — (NRS A 1977, 506; 2017, 1956)