Conditions; redeposit of amounts in excess of insurance limits; compensation

1. All money under the control of the State Treasurer belonging to the State must be deposited in any insured state or national banks, any insured credit unions, any insured savings and loan associations or any insured savings banks in this State or, if approved by the State Board of Finance, in any insured banks, insured credit unions, insured savings and loan associations or insured savings banks outside of this State. 2. The State Treasurer may, with the approval of the State Board of Finance, enter into an agreement with an insured bank, insured credit union, insured savings and loan association or insured savings bank to: (a) Arrange for the redeposit of any money under the control of the State Treasurer that exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 into one or more insured deposit accounts in one or more insured state or national banks, credit unions, insured savings and loan associations or insured savings banks; and (b) Ensure that the total amount of money redeposited and any interest accrued on the money is within the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750. 3. The depository banks, credit unions, savings and loan associations or savings banks may, if authorized by a contract negotiated with the State Treasurer, receive compensation for handling, collecting and paying all checks, drafts and other exchange. The compensation may be provided through the use of a compensating balance or a fixed-rate fee, or any combination thereof.