Nev. Rev. Stat. § 677.010
Short title
This chapter may be cited as the Nevada Thrift Companies Act.
Nevada Revised Statutes Chapter 677 — Thrift Companies
Nevada · statute · Nev. Rev. Stat. ch. 677 · 106 active provisions
Nev. Rev. Stat. § 677.020
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 677.030 to 677.140, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 677.030
“Amount of cash advance” defined
“Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower or paid out at his or her direction or on his or her behalf.
Nev. Rev. Stat. § 677.040
“Amount of loan obligation” defined
“Amount of loan obligation” means the amount of cash advance plus the aggregate of charges added thereto pursuant to authority of this chapter.
Nev. Rev. Stat. § 677.050
“Borrowings” defined
“Borrowings” means liability to any thrift investor or financial institution.
Nev. Rev. Stat. § 677.060
“Charges” defined
“Charges” include: 1. The aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses and other forms of costs charged, contracted for or received by a licensee or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting or…
Nev. Rev. Stat. § 677.065
“Commissioner” defined
“Commissioner” means the Commissioner of Financial Institutions.
Nev. Rev. Stat. § 677.070
“Community” defined
“Community” means a contiguous area of the same economic unit or metropolitan area, as determined by the Commissioner, and may include all or part of a city or several towns or cities.
Nev. Rev. Stat. § 677.075
“Deposit” defined
1. “Deposit” means that part of the liability of a licensee which is credited to the account of a depositor. 2. The term includes a time deposit evidenced by a certificate of deposit, but does not include an obligation evidenced by a thrift certificate.
Nev. Rev. Stat. § 677.090
“Gross amount” defined
“Gross amount” means the total amount or value advanced to or on behalf of the borrower, including all payments for interest, principal, expenses and charges of any nature taken substantially contemporaneously with the making of the loan.
Nev. Rev. Stat. § 677.100
“License” defined
“License” means a license, issued under the authority of this chapter, to accept deposits and make loans in accordance with the provisions of this chapter, at a single place of business.
Nev. Rev. Stat. § 677.110
“Licensee” defined
“Licensee” means a person to whom one or more licenses have been issued.
Nev. Rev. Stat. § 677.115
“Loan” defined
“Loan” does not include a bona fide conditional contract of sale.
Nev. Rev. Stat. § 677.125
“Stockholders’ equity” defined
“Stockholders’ equity” means the capital, surplus and retained earnings of a licensee.
Nev. Rev. Stat. § 677.130
“Thrift certificate” defined
“Thrift certificate” means a chose in action, in passbook or certificate form, evidencing the obligation of the licensee to pay money and does not include subordinate debt securities.
Nev. Rev. Stat. § 677.140
“Unpaid principal balance” defined
“Unpaid principal balance” means the net amount of money, credit, goods or things in action received by the borrower at the time of entering into the transaction and the decreasing balances thereof after application of each payment made on the obligation.
Nev. Rev. Stat. § 677.145
Certain relationships between employee of Division of Financial Institutions and licensee prohibited; termination of prohibited relationship
1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not: (a) Be directly or indirectly interested in or act on behalf of any licensee; (b) Receive, directly or indirectly, any payment from any licensee; (c) Be indebted to any licensee; (d) Engage in the n…
Nev. Rev. Stat. § 677.147
Applicability of chapters 78 and 92A of NRS
The provisions of chapters 78 and 92A of NRS that are not in conflict with this chapter are hereby adopted as part of this chapter.
Nev. Rev. Stat. § 677.148
Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation
Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply to a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.
Nev. Rev. Stat. § 677.150
Authorization by Commissioner
If authorized by the Commissioner, as provided in this chapter, a corporation may be formed in accordance with the laws of this state to engage in business under this chapter.
Nev. Rev. Stat. § 677.160
Application for authority to engage in business: Form; contents; filing fee; regulations; withdrawal of application
1. The request for authority to engage in business pursuant to this chapter must be set forth in an application in such form and containing such information as the Commissioner requires. 2. The filing fees are: (a) For filing an original application, not more than $2,000 for the principal office and not more than $300…
Nev. Rev. Stat. § 677.170
Fidelity bond
A licensee which proposes to accept deposits shall file with the Commissioner a fidelity bond providing fidelity coverage on each officer, director and employee of at least $100,000. The fidelity bond may be either a banker’s blanket bond or a finance company’s blanket bond, but must be written by an insurer who has be…
Nev. Rev. Stat. § 677.175
Additional bond
If the Commissioner finds that a bond filed pursuant to NRS 677.170 is not sufficient to protect the interests of the public, he or she shall require the applicant to deposit an additional bond.
Nev. Rev. Stat. § 677.180
Investigation and examination of applicant
Upon the filing of an application, the Commissioner shall make or cause to be made a careful investigation and examination relative to the following: 1. Character, reputation and financial standing of the organizers or incorporators. 2. The need for a thrift company or an additional thrift company, as the case may be,…
Nev. Rev. Stat. § 677.190
Requisites for approval of application
The Commissioner shall not approve the application unless he or she ascertains to his or her satisfaction: 1. That the public convenience and advantage will be promoted by the establishment of the proposed corporation. 2. That the corporation is being formed for no other purpose than the legitimate objectives contempla…
Page 1 of 5Next →