SUMMARY--Revises provisions governing closure of certain financial institutions on Saturdays, Sundays and holidays and applicability of certain laws to financial institutions. (BDR 55-702)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to financial institutions; revising the provisions governing the closure of certain financial institutions on Saturdays, Sundays and holidays; authorizing the commissioner of financial institutions to waive or modify Nevada law under certain circumstances; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1 NRS 662.015 is hereby amended to read as follows:
662.0151. In addition to the powers conferred by law upon private corporations and limited-liability companies, a bank may:
(a) Exercise by its board of directors, managers or authorized officers and agents, subject to law, all powers necessary to carry on the business of banking, by discounting and negotiating promissory notes, drafts, bills of exchange and other evidences of indebtedness, by receiving deposits, by buying and selling exchange, coin and bullion and by loaning money on personal security or real and personal property. At the time of making loans, banks may take and receive interest or discounts in advance.
(b) Adopt regulations for its own government not inconsistent with the constitution and laws of this state.
(c) Issue, advise and confirm letters of credit authorizing the beneficiaries to draw upon the bank or its correspondents.
(d) Receive money for transmission.
(e) Establish and become a member of a clearinghouse association and pledge assets required for its qualification.
(f) Exercise any authority and perform all acts that a national bank may exercise or perform, with the consent and written approval of the commissioner. The commissioner may, by regulation, waive or modify a requirement of [this Title] Nevada law if the corresponding requirement for national banks is eliminated or modified.
(g) Provide for the performance of the services of a bank service corporation, such as data processing and bookkeeping, subject to any regulations which may be adopted by the commissioner.
(h) Unless otherwise specifically prohibited by federal law, sell annuities if licensed by the commissioner of insurance.
2. A bank may purchase, hold and convey real property:
(a) As is necessary for the convenient transaction of its business, including furniture and fixtures, with its banking offices and for future site expansion. This investment must not exceed, except as otherwise provided in this section, 60 percent of its capital accounts plus subordinated capital notes and debentures. The commissioner may, in his discretion, authorize any bank located in a city whose population is more than 10,000 to invest more than 60 percent of its capital accounts plus subordinated capital notes and debentures in its banking houses, furniture and fixtures.
(b) As is mortgaged to it in good faith by way of security for loans made or money due to the bank.
(c) As is permitted by NRS 662.103.
3. This section does not prohibit any bank from holding, developing or disposing of any real property it may acquire through the collection of debts due it. Any real property acquired through the collection of debts due it may not be held for a longer time than 10 years. It must be sold at private or public sale within 30 days thereafter. During the time that the bank holds the real property, the bank shall charge off the real property on a schedule of not less than 10 percent per year, or at a greater percentage per year as the commissioner may require.
Sec. 2. NRS 662.255 is hereby amended to read as follows:
662.255 [Subject to the provisions of NRS 104.4303, all banks organized pursuant to the provisions of this Title or doing business in this state must be closed, and no business may be transacted with the public,]
1. A bank may elect to close on Saturdays, Sundays or legal holidays . [, except for the maintenance and operation of mechanical tellers and for limited services as approved by the commissioner.] Except as otherwise provided in NRS 104.4303, if a bank elects not to close on a Saturday, Sunday or legal holiday, all business transacted on a Saturday, Sunday or legal holiday shall be deemed to have been transacted on the next banking day that is not a Saturday, Sunday or legal holiday.
2. As used in this section, the term "legal holiday" includes all days which are declared by NRS 236.015 to be legal holidays.
Sec. 3. NRS 236.015 is hereby amended to read as follows:
236.0151. The following days are declared to be legal holidays for state, county and city governmental offices:
January 1 (New Year's Day)
Third Monday in January (Martin Luther King, Jr.'s Birthday)
Third Monday in February (Washington's Birthday)
Last Monday in May (Memorial Day)
July 4 (Independence Day)
First Monday in September (Labor Day)
October 31 (Nevada Day)
November 11 (Veterans' Day)
Fourth Thursday in November (Thanksgiving Day)
Friday following the fourth Thursday in November (Family Day)
December 25 (Christmas Day)
Any day that may be appointed by the President of the United States for public fast, thanksgiving or as a legal holiday except for any Presidential appointment of the fourth Monday in October as Veterans' Day.
2. Except as otherwise provided by NRS 293.560, all state, county and city offices, courts, [banks, savings and loan associations,] public schools and the University and Community College System of Nevada must close on the legal holidays enumerated in subsection 1 unless in the case of appointed holidays all or a part thereof are specifically exempted.
3. If January 1, July 4, October 31, November 11 or December 25 falls upon a:
(a) Sunday, the Monday following must be observed as a legal holiday.
(b) Saturday, the Friday preceding must be observed as a legal holiday.
4. To celebrate the 500th anniversary of the arrival of Cristoforo Columbo in the New World, October 12, 1992, is hereby declared to be a legal holiday for state, county and city governmental offices. All state, county and city offices, courts, [banks, savings and loan associations,] public schools and the University and Community College System of Nevada must close on this day.
Sec. 4. This act becomes effective upon passage and approval.