[Rev. 11/22/2013 10:21:35 AM--2013]

[NAC-673 Revised Date: 10-06]

CHAPTER 673 - SAVINGS AND LOAN ASSOCIATIONS

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

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

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

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

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

673.060††††††††††† Filing fees for branch office.

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

673.080††††††††††† Fees for issuance and renewal of license for salesman or solicitor.

673.090††††††††††† Fee for failure to file annual report.

673.100††††††††††† Fee for conducting examination outside State.

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

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

673.130††††††††††† Prerequisites to conducting business as association.

673.140††††††††††† Suspension or revocation of license of association.

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

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

 

 

 

††††† NAC 673.010  Determination of total assets for purposes of NRS 673.260 and 673.430. (NRS 673.043)  Except as provided in this section, for the purposes of NRS 673.260 and 673.430, ďtotal assetsĒ 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.

†††† [Commír of Savings Associations, No. 1976-1, eff. 7-2-76]ó(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. (NRS 658.101, 673.043, 673.430)

†††† 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 appropriation from the State General Fund to the Division of Financial Institutions that is attributable to the supervision and examination of savings and loan associations. Each savings and loan association shall pay a share of that amount as determined by the following schedule:

 

††††††††† Total Assets

Base Fee

†††† + Fee Exceeding Base

 

 

 

Less than $5,000,000

$5,000

N/A

 

 

 

$5,000,000 or more, but

5,000

$.25 per thousand of

less than $10,000,000

 

assets exceeding

 

 

$5,000,000

 

 

 

$10,000,000 or more, but

6,250

$.19 per thousand of

less than $50,000,000

 

assets exceeding

 

 

$10,000,000

 

 

 

$50,000,000 or more, but

13,850

$.12 per thousand of

less than $100,000,000

 

assets exceeding

 

 

$50,000,000

 

 

 

$100,000,000 or more, but

19,850

$.10 per thousand of

less than $500,000,000

 

assets exceeding

 

 

$100,000,000

 

 

 

$500,000,000 or more, but

59,850

$.07 per thousand of

less than $1,000,000,000

 

assets exceeding

 

 

$500,000,000

 

 

 

$1,000,000,000 or more, but

94,850

$.05 per thousand of

less than $3,000,000,000

 

assets exceeding

 

 

$1,000,000,000

 

 

 

$3,000,000,000 or more,

$194,850

$.03 per thousand of

but less than

 

assets exceeding

$10,000,000,000

 

$3,000,000,000

 

 

 

$10,000,000,000 or more,

404,850

$.02 per thousand of

but less than

 

assets exceeding

$20,000,000,000

 

$10,000,000,000

 

Any adjustment to the fee required to account for the distribution of unused portions of or increases in the annual appropriation from the State General Fund must be made in a proportionate amount that is based on the relationship that the fee determined for each savings and loan association pursuant to paragraph (a) bears to the total fee imposed on all savings and loan associations licensed pursuant to chapter 673 of NRS.

†††† 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 $60 per hour.

†††† (Added to NAC by Commír of Financial Institutions, eff. 4-20-88; A 6-17-91)

††††† NAC 673.030  Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055, 673.043, 673.450)

†††† 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.

†††† (Added to NAC by Commír 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. (NRS 673.043, 673.080)  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.

†††† (Added to NAC by Commír 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. (NRS 673.043, 673.080)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.060  Filing fees for branch office. (NRS 673.043, 673.112)  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.

†††† (Added to NAC by Commír 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. (NRS 673.043, 673.260)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.080  Fees for issuance and renewal of license for salesman or solicitor. (NRS 673.043, 673.270)  Upon the issuance of a license pursuant to NRS 673.270 for a salesman 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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.090  Fee for failure to file annual report. (NRS 673.043, 673.430)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.100  Fee for conducting examination outside State. (NRS 673.043, 673.460)  Whenever, in connection with an examination, it is necessary or expedient that the Commissioner of Financial Institutions or his 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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.110  Fee for application to reorganize, merge or consolidate. (NRS 673.043, 673.4845)  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.

†††† (Added to NAC by Commír 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. (NRS 673.043, 673.630)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.130  Prerequisites to conducting business as association. (NRS 673.043)  A person shall not conduct business as a savings and loan association in this State unless:

†††† 1.  He 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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.140  Suspension or revocation of license of association. (NRS 673.043)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.150  Inspection of documents filed with Division of Financial Institutions. (NRS 673.043)  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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 673.160  Complaints: Failure to respond in timely manner; confidentiality. (NRS 673.043)

†††† 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.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)