NAC Chapter 673 — Savings and Loan Associations

NAC 673.010 Determination of total assets for purposes of NRS 673.260 and 673.430.

Except as provided in this section, for the purposes of NRS 673.260 and 673.430, “total assets” are the dollar cost of the various assets appearing in a statement of condition. The Administrator of Financial Institutions will adjust the cost downward in the amount of the following items:

1. Reserves or allowances for depreciation, computed in accordance with accepted accounting practice;

2. Specific loss reserves established by the Administrator pursuant to NRS 673.319, but not blanket, unallocated reserves;

3. The amount carried as loans in process on the liability side of the annual statement of condition; and

4. The amount of any offset under liabilities which in effect reduces an asset, purchased at a discount and carried as an asset at face value, to its amortized cost.

History

• Authority: NRS 673.043
• [Comm’r of Savings Associations, No. 1976-1, eff. 7-2-76]—(NAC A by Admstr. of Financial Institutions, eff. 6-29-84)

NAC 673.020 Fee for supervision and examination: Collection; determination of amount; failure to pay; additional costs for extraordinary examination.

1. On or before June 30 of each year, the Commissioner of Financial Institutions will collect a fee from each savings and loan association for the supervision and examination of the savings and loan association pursuant to chapter 673 of NRS.

2. The fee is based on the portion of the annual budget approved by the Legislature for expenses related to the operations of the Commissioner and the Division of Financial Institutions minus all other revenues collected by the Division, not including reserves. Each savings and loan association shall pay a share of that amount as determined by the following schedule:

Any adjustment to the fee must be made in a proportionate amount that is based on the relationship that the fee determined for each savings and loan association bears to the total fee imposed on all savings and loan associations licensed pursuant to chapter 673 of NRS. The fee is calculated as of June 1 of each year based upon the number of savings and loan associations and the total assets of each savings and loan association as of December 31 of the previous year.

3. If the fee is not paid on or before June 30, the Commissioner will assess a penalty of 10 percent of the amount of the fee and an additional 1 percent of the fee for each month or portion of a month that the fee is not paid. The Commissioner may waive the penalty for good cause.

4. The fee does not include the cost of any extraordinary examination, audit, investigation or hearing conducted by the Division. The cost of any such examination, audit, investigation or hearing is $75 per hour.

History

• Authority: NRS 658.101, 673.043, 673.430
• (Added to NAC by Comm’r of Financial Institutions, eff. 4-20-88; A 6-17-91; R054-16, 9-9-2016)

NAC 673.030 Annual assessments to cover costs related to performance of audits and examinations.

1. Except as otherwise provided in NAC 658.030, each savings and loan association shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.

2. The Division will bill each savings and loan association for the assessment. The assessment must be paid within 30 days after the date the bill is received.

3. A charge of 10 percent of the assessment will be imposed on any savings and loan association whose assessment is received by the Division after the date on which the assessment is due.

History

• Authority: NRS 658.055, 673.043, 673.450
• (Added to NAC by Comm’r of Financial Institutions, eff. 12-17-87; A 5-27-92)

NAC 673.040 Filing fee for licensure as association; fee for issuance of license.

The filing fee for licensure as a savings and loan association pursuant to NRS 673.080 is a nonrefundable fee of $3,000 for the principal office. Upon approval of the license, the applicant shall pay a fee of $1,500 before issuance of the license.

History

• Authority: NRS 673.043, 673.080
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.050 Fee to request approval for removal of home office or branch office to another location.

A licensed savings and loan association that requests approval for the removal of the home office or a branch office to any other location pursuant to NRS 673.080 shall pay to the Division of Financial Institutions of the Department of Business and Industry a fee of $200.

History

• Authority: NRS 673.043, 673.080
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.060 Filing fees for branch office.

An application to establish and maintain a branch office submitted pursuant to NRS 673.112 must be accompanied by a nonrefundable filing fee of $300 for each branch office. Upon approval of the license, the applicant shall pay a filing fee of $150 for each branch office before issuance.

History

• Authority: NRS 673.043, 673.112
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.070 Fees for issuance and renewal of license for association to sell or issue stock.

Upon the issuance of a license pursuant to NRS 673.250 for an association to sell or issue its stock and for any renewal of that license, the licensee shall pay to the Division of Financial Institutions of the Department of Business and Industry:

1. For each home office, a fee of $300; and

2. For each branch office, a fee of $150.

History

• Authority: NRS 673.043, 673.260
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.080 Fees for issuance and renewal of license for salesperson or solicitor.

Upon the issuance of a license pursuant to NRS 673.270 for a salesperson or solicitor and for any renewal of that license, the licensee shall pay to the Division of Financial Institutions of the Department of Business and Industry a fee of $10.

History

• Authority: NRS 673.043, 673.270
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.090 Fee for failure to file annual report.

A licensed savings and loan association shall pay a fee of $10 for each day that any report required pursuant to NRS 673.430 is overdue.

History

• Authority: NRS 673.043, 673.430
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.100 Fee for conducting examination outside State.

Whenever, in connection with an examination, it is necessary or expedient that the Commissioner of Financial Institutions or his or her deputy, or both, leave this State, the organization under examination shall pay to the Division of Financial Institutions of the Department of Business and Industry a fee of $50 per day for each person while without the State in connection with the examination.

History

• Authority: NRS 673.043, 673.460
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.110 Fee for application to reorganize, merge or consolidate.

An application to reorganize, merge or consolidate with another state or federal association submitted pursuant to NRS 673.4845 must be accompanied by a fee of $225.

History

• Authority: NRS 673.043, 673.4845
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.120 Fee for filing copy of charter of authorization for conversion into federal association.

A licensed savings and loan association shall pay to the Division of Financial Institutions of the Department of Business and Industry a fee of $30 upon submission of a copy of the charter of authorization pursuant to NRS 673.630.

History

• Authority: NRS 673.043, 673.630
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.130 Prerequisites to conducting business as association.

A person shall not conduct business as a savings and loan association in this State unless:

1. The person possesses each license, certificate and permit required by this chapter, chapter 673 of NRS and a local governmental entity; and

2. The location of the business complies with any applicable planning and zoning ordinances.

History

• Authority: NRS 673.043
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.140 Suspension or revocation of license of association.

The Commissioner of Financial Institutions may suspend or revoke the license of a savings and loan association pursuant to procedures provided in NRS 673.045 to 673.050, inclusive, if the savings and loan association violates any provision of this chapter or chapter 673 of NRS, including, without limitation, a provision that imposes a fee or assessment on a licensee.

History

• Authority: NRS 673.043
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.150 Inspection of documents filed with Division of Financial Institutions.

Except as otherwise provided in NRS 673.430 and NAC 673.160, all papers, documents, reports and other written instruments filed with the Division of Financial Institutions of the Department of Business and Industry pursuant to this chapter and chapter 673 of NRS are open to public inspection unless the Commissioner of Financial Institutions determines that the information is required to be withheld to protect the public welfare or the welfare of a licensee.

History

• Authority: NRS 673.043
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)

NAC 673.160 Complaints: Failure to respond in timely manner; confidentiality.

1. If a licensed savings and loan association, or an authorized representative of that licensee, fails to respond to the Commissioner of Financial Institutions within 20 business days after receipt of a written notice that a complaint has been filed against the licensee, the licensee is deemed to have admitted to the allegations contained in the complaint.

2. Subject to the discretion of the Commissioner of Financial Institutions and except as otherwise provided by specific statute, a complaint filed with the Division of Financial Institutions of the Department of Business and Industry, any documents filed with the complaint, and any report or information resulting from an investigation of the complaint are confidential.

History

• Authority: NRS 673.043
• (Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)