Nevada Administrative Code Chapter 673 - Savings and Loan Associations
🏦 Overview of NAC Chapter 673 – Savings and Loan Associations
NAC Chapter 673 governs the operations, supervision, and regulation of savings and loan associations in Nevada. It outlines the procedures for licensure, operational requirements, fees, examinations, and enforcement actions to ensure the soundness and compliance of these financial institutions.
📘 Key Provisions
1. Licensing and Operational Requirements
Prerequisites to Conducting Business: A person shall not conduct business as a savings and loan association in Nevada unless they possess each license, certificate, and permit required by this chapter, chapter 673 of NRS, and a local governmental entity. Additionally, the location of the business must comply with any applicable planning and zoning ordinances.
Filing Fees: The filing fee for licensure as a savings and loan association 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.
2. Supervision and Examination Fees
Annual Assessment: Each savings and loan association must pay 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 of Financial Institutions.
Supervision and Examination Fee: 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 association. 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.
3. Suspension or Revocation of License
Grounds for Action: The Commissioner of Financial Institutions may suspend or revoke the license of a savings and loan association if the 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.
4. Inspection of Documents
Public Access: 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 are open to public inspection unless the Commissioner determines that the information is required to be withheld to protect the public welfare or the welfare of a licensee.
5. Complaints and Responses
Failure to Respond: If a licensed savings and loan association, or an authorized representative of that licensee, fails to respond to the Commissioner 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.
⚖️ Relevant Case Law
While specific case law directly interpreting NAC Chapter 673 is limited, the following general principles apply:
Enforcement Authority: Courts have upheld the authority of the Nevada Division of Financial Institutions to regulate and enforce provisions related to savings and loan associations, including the determination and payment of fees.
Operational Compliance: Institutions must adhere to licensing requirements, operational standards, and fee obligations as stipulated in the regulations.
Public Access to Records: The principle of transparency is emphasized, with provisions allowing public inspection of documents filed with the Division, subject to certain exceptions.
✅ Compliance Tips
Timely Payment of Fees: Ensure that all required fees, including annual assessments and supervision/examination fees, are paid promptly to avoid penalties.
Maintain Proper Licenses: Verify that all necessary licenses, certificates, and permits are obtained and maintained in compliance with state and local regulations.
Respond to Complaints Promptly: Address any complaints or notices from the Commissioner within the specified timeframe to avoid adverse presumptions.
Document Management: Keep accurate and up-to-date records of all documents filed with the Division, as they may be subject to public inspection.
RELATED Blog
0 comments