Assembly Bill No.
493–Committee on
Commerce and Labor
CHAPTER..........
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. Chapter 658 of NRS is hereby amended by adding
thereto the provisions set forth as sections 2 and 3 of this act.
Sec. 2. 1. Except as otherwise provided by law, any money
appropriated to the Commissioner or the Division and any money
collected by the Commissioner or Division pursuant to law:
(a) Must be deposited in the State Treasury and accounted for
separately in the State General Fund; and
(b) May only be used to:
(1) Carry out the programs and laws administered by the
Commissioner and the Division; and
(2) Pay the expenses related to the operations of the
Commissioner and the Division.
2. Except as otherwise provided by law, any money that
remains in the account at the end of the fiscal year, does not revert
to the State General Fund, and the balance of the account must be
carried forward to the next fiscal year.
3. The Commissioner shall administer the account. Any
interest or income earned on the money in the account must be
credited to the account, after deducting any applicable charges.
Any claims against the account must be paid as other claims
against the State are paid.
Sec. 3. 1. On a quarterly or other regular basis, the
Commissioner shall collect an assessment pursuant to this section
from each:
(a) Check-cashing service or deferred deposit service that is
supervised pursuant to chapter 604 of NRS;
(b) Escrow agent that is supervised pursuant to chapter 645A
of NRS;
(c) Mortgage broker that is supervised pursuant to chapter
645B of NRS;
(d) Mortgage company that is supervised pursuant to chapter
645E of NRS;
(e) Collection agency that is supervised pursuant to chapter
649 of NRS;
(f) Bank that is supervised pursuant to chapters 657 to 668,
inclusive, of NRS;
(g) Trust company that is supervised pursuant to chapter 669
of NRS;
(h) Development corporation that is supervised pursuant to
chapter 670 of NRS;
(i) Corporation for economic revitalization and diversification
that is supervised pursuant to chapter 670A of NRS;
(j) Person engaged in the business of selling or issuing checks
or of receiving for transmission or transmitting money or credits
that is supervised pursuant to chapter 671 of NRS;
(k) Savings and loan association that is supervised pursuant to
chapter 673 of NRS;
(l) Person engaged in the business of lending that is supervised
pursuant to chapter 675 of NRS;
(m) Person engaged in the business of debt adjusting that is
supervised pursuant to chapter 676 of NRS;
(n) Thrift company that is supervised pursuant to chapter 677
of NRS; and
(o) Credit union that is supervised pursuant to chapter 678 of
NRS.
2. The Commissioner shall determine the total amount of all
assessments to be collected from the entities identified in
subsection 1, but that amount must not exceed the amount
necessary to recover the cost of legal services provided by the
Attorney General to the Commissioner and to the Division. The
total amount of all assessments collected must be reduced by any
amounts collected by the Commissioner from an entity for the
recovery of the costs of legal services provided by the Attorney
General in a specific case.
3. The Commissioner shall collect from each entity identified
in subsection 1 an assessment that is based on:
(a) A portion of the total amount of all assessments as
determined pursuant to subsection 2, such that the assessment
collected from an entity identified in subsection 1 shall bear the
same relation to the total amount of all assessments as the total
assets of that entity bear to the total of all assets of all entities
identified in subsection 1; or
(b) Any other reasonable basis adopted by the Commissioner.
4. The assessment required by this section is in addition to
any other assessment, fee or cost required by law to be paid by an
entity identified in subsection 1.
5. Money collected by the Commissioner pursuant to this
section must be deposited in the State Treasury pursuant to the
provisions of section 2 of this act.
Sec. 4. (Deleted by amendment.)
Sec. 5. NRS 658.096 is hereby amended to read as follows:
658.096 1. The Commissioner shall charge and collect the
following fees in connection with his official duties:
(a) For licensing of state banks:
(1) A fee of $200 for each parent bank, payable on June 30
of each year.
(2) A fee of $100 for each branch bank or trust office,
payable on June 30 of each year.
The fees must accompany the application for renewal of the license.
A penalty of 10 percent of the fee must be charged for each month
or part of a month that the fees are not paid after June 30 of each
year.
(b) For applications for new branch banks or trust offices, a
nonrefundable fee of $200 for the application and survey, to be paid
by the applicant at the time of making the application. The applicant
must also pay such additional expenses incurred in the process of
investigation as the Commissioner deems necessary. All money
received by the Commissioner pursuant to this paragraph must be
placed in the Investigative Account created by NRS 232.545.
(c) For examinations and the examination of trust departments
of state banks or trust offices, a fee for conducting the examination
and for preparing and typing the report of the examination at the rate
established pursuant to NRS 658.101.
2. Except as otherwise provided in paragraph (b) of subsection
1, all money collected pursuant to this section must be [paid into]
deposited in the State [General Fund.] Treasury pursuant to the
provisions of section 2 of this act.
3. As used in this section, “trust office” has the meaning
ascribed to it in subsection 4 of NRS 662.239.
Sec. 6. NRS 658.145 is hereby amended to read as follows:
658.145 1. The Commissioner may offer, under such
conditions as he may deem proper, rewards not to exceed the sum of
$500 in any one case for the arrest and conviction of any officer,
director, agent or employee of any bank charged with violating any
of the laws of this state relating to banks and banking for which a
criminal penalty is provided, or for the arrest and conviction of any
person charged with stealing, with or without force, any money,
property or thing of value of any bank.
2. The [State Treasurer] Commissioner shall pay out of the
money deposited to the State [General Fund] Treasury pursuant to
the provisions of section 2 of this act all such rewards . [when they
are approved by the State Board of Examiners in the usual manner
for allowing other claims against the State.]
Sec. 7. NRS 669.190 is hereby amended to read as follows:
669.190 1. The initial fee to be paid for a trust company
license must be in proportion to the initial stockholders’ equity of
the trust company as follows:
(a) A trust company with an initial stockholders’ equity of not
less than $300,000 but not more than $500,000 must pay a license
fee of $500.
(b) A trust company with an initial stockholders’ equity of more
than $500,000 but not more than $1,000,000 must pay a license fee
of $750.
(c) A trust company with an initial stockholders’ equity of more
than $1,000,000 must pay a license fee of $1,000.
2. In addition, every trust company must pay an initial license
fee of $100 for each branch office that is authorized by the
Commissioner.
3. Thereafter, every trust company must pay annually on or
before April 1 of each year a license fee which must be in
proportion to its existing stockholders’ equity as follows:
(a) A trust company with an existing stockholders’ equity of not
less than $300,000 but not more than $500,000 must pay a license
fee of $500.
(b) A trust company with an existing stockholders’ equity of
more than $500,000 but not more than $1,000,000 must pay a
license fee of $750.
(c) A trust company with an existing stockholders’ equity of
more than $1,000,000 must pay a license fee of $1,000.
4. All money collected under the provisions of this section
must be [paid into] deposited in the State [General Fund and the
State Treasurer shall issue a receipt therefor.] Treasury pursuant to
the provisions of section 2 of this act.
Sec. 8. NRS 669.250 is hereby amended to read as follows:
669.250 1. For each examination of a trust company’s books
and records required or authorized under this chapter, the
Commissioner shall charge and collect from the trust company a fee
for conducting the examination and in preparing and typing the
report of the examination at the rate established pursuant to
NRS 658.101.
2. All money collected under this section must be [paid into]
deposited in the State [General Fund.] Treasury pursuant to the
provisions of section 2 of this act.
3. The Commissioner shall examine a licensee as often as he
deems necessary.
Sec. 9. NRS 670.310 is hereby amended to read as follows:
670.310 Except as otherwise provided in NRS 670.115, all
money collected pursuant to the provisions of this chapter must be
[paid into] deposited in the State [General Fund] Treasury pursuant
to the provisions of section 2 of this act.
Sec. 10. NRS 671.070 is hereby amended to read as follows:
671.070 1. A license issued pursuant to this chapter expires
on June 30 of the year following its issuance and thereafter expires
on June 30 of each year, unless it is earlier surrendered, suspended
or revoked.
2. The license may be renewed from year to year upon the
approval of the Commissioner if the licensee files an application
conforming to the requirements for an initial application at least 60
days before the expiration of his current license.
3. An application for the renewal of the license must be
accompanied by a fee of $200. No investigation fee may be charged
for the renewal of the license. If the application or fee for renewal is
not filed within the required time, the Commissioner may renew the
expired license upon receipt of the application and fee for renewal,
and a fee of $200 for late renewal.
4. All fees collected pursuant to this section must be deposited
in the State Treasury [for credit to the State General Fund.]
pursuant to the provisions of section 2 of this act.
Sec. 11. (Deleted by amendment.)
Sec. 12. NRS 645A.040 is hereby amended to read as follows:
645A.040 1. Every license issued pursuant to the provisions
of this chapter expires on July 1 of each year if it is not renewed. A
license may be renewed by filing an application for renewal and
paying the annual fee for the succeeding year.
2. The fees for the issuance or renewal of a license for an
escrow agency are:
(a) For filing an application for an initial license, $500 for the
principal office and $100 for each branch office. All money received
by the Commissioner pursuant to this paragraph must be placed in
the Investigative Account created by NRS 232.545.
(b) If the license is approved for issuance, $200 for the principal
office and $100 for each branch office. The fee must be paid before
issuance of the license.
(c) For filing an application for renewal, $200 for the principal
office and $100 for each branch office.
3. The fees for the issuance or renewal of a license for an
escrow agent are:
(a) For filing an application for an initial license or for the
renewal of a license, $100.
(b) If a license is approved for issuance or renewal, $25. The fee
must be paid before the issuance or renewal of the license.
4. If a licensee fails to pay the fee for the annual renewal of his
license before its expiration, his license may be renewed only upon
the payment of a fee 1 1/2 times the amount otherwise required for
renewal. A license may be renewed pursuant to this subsection only
if all the fees are paid within 1 year after the date on which the
license expired.
5. In addition to the other fees set forth in this section, each
applicant or licensee shall pay:
(a) For filing an application for a duplicate copy of any license,
upon satisfactory showing of its loss, $10.
(b) For filing any change of information contained in the
application, $10.
(c) For each change of association with an escrow agency, $25.
6. Except as otherwise provided in this chapter, all fees
received pursuant to this chapter must be deposited in the State
Treasury [for credit to the State General Fund.] pursuant to the
provisions of section 2 of this act.
Sec. 13. NRS 645B.050 is hereby amended to read as follows:
645B.050 1. A license issued pursuant to this chapter expires
each year on June 30, unless it is renewed. To renew a license, the
licensee must submit to the Commissioner on or before June 30 of
each year:
(a) An application for renewal;
(b) The fee required to renew the license pursuant to this
section; and
(c) The information required pursuant to NRS 645B.051.
2. If the licensee fails to submit any item required pursuant to
subsection 1 to the Commissioner on or before June 30 of any year,
the license is cancelled. The Commissioner may reinstate a
cancelled license if the licensee submits to the Commissioner:
(a) An application for renewal;
(b) The fee required to renew the license pursuant to this
section;
(c) The information required pursuant to NRS 645B.051; and
(d) Except as otherwise provided in this section, a reinstatement
fee of $200.
3. Except as otherwise provided in NRS 645B.016, a certificate
of exemption issued pursuant to this chapter expires each year on
December 31, unless it is renewed. To renew a certificate of
exemption, a person must submit to the Commissioner on or before
December 31 of each year:
(a) An application for renewal that includes satisfactory proof
that the person meets the requirements for an exemption from the
provisions of this chapter; and
(b) The fee required to renew the certificate of exemption.
4. If the person fails to submit any item required pursuant to
subsection 3 to the Commissioner on or before December 31 of any
year, the certificate of exemption is cancelled. Except as otherwise
provided in NRS 645B.016, the Commissioner may reinstate a
cancelled certificate of exemption if the person submits to the
Commissioner:
(a) An application for renewal that includes satisfactory proof
that the person meets the requirements for an exemption from the
provisions of this chapter;
(b) The fee required to renew the certificate of exemption; and
(c) Except as otherwise provided in this section, a reinstatement
fee of $100.
5. Except as otherwise provided in this section, a person must
pay the following fees to apply for, to be issued or to renew a
license as a mortgage broker pursuant to this chapter:
(a) To file an original application for a license, $1,500 for the
principal office and $40 for each branch office. The person must
also pay such additional expenses incurred in the process of
investigation as the Commissioner deems necessary. All money
received by the Commissioner pursuant to this paragraph must be
placed in the Investigative Account created by NRS 232.545.
(b) To be issued a license, $1,000 for the principal office and
$60 for each branch office.
(c) To renew a license, $500 for the principal office and $100
for each branch office.
6. Except as otherwise provided in this section, a person must
pay the following fees to apply for or to renew a certificate of
exemption pursuant to this chapter:
(a) To file an application for a certificate of exemption, $200.
(b) To renew a certificate of exemption, $100.
7. To be issued a duplicate copy of any license or certificate of
exemption, a person must make a satisfactory showing of its loss
and pay a fee of $10.
8. Except as otherwise provided in this chapter, all fees
received pursuant to this chapter must be deposited in the State
Treasury [for credit to the State General Fund.] pursuant to the
provisions of section 2 of this act.
9. The Commissioner may, by regulation, increase any fee set
forth in this section if the Commissioner determines that such an
increase is necessary for the Commissioner to carry out his duties
pursuant to this chapter. The amount of any increase in a fee
pursuant to this subsection must not exceed the amount determined
to be necessary for the Commissioner to carry out his duties
pursuant to this chapter.
Sec. 14. NRS 645E.280 is hereby amended to read as follows:
645E.280 1. A license issued to a mortgage company
pursuant to this chapter expires each year on December 31, unless it
is renewed. To renew a license, the licensee must submit to the
Commissioner on or before December 31 of each year:
(a) An application for renewal that complies with the
requirements of this chapter; and
(b) The fee required to renew the license pursuant to this
section.
2. If the licensee fails to submit any item required pursuant to
subsection 1 to the Commissioner on or before December 31 of any
year, the license is cancelled. The Commissioner may reinstate a
cancelled license if the licensee submits to the Commissioner:
(a) An application for renewal that complies with the
requirements of this chapter;
(b) The fee required to renew the license pursuant to this
section; and
(c) A reinstatement fee of $200.
3. Except as otherwise provided in NRS 645E.160, a certificate
of exemption issued pursuant to this chapter expires each year on
December 31, unless it is renewed. To renew a certificate of
exemption, a person must submit to the Commissioner on or before
December 31 of each year:
(a) An application for renewal that complies with the
requirements of this chapter; and
(b) The fee required to renew the certificate of exemption.
4. If the person fails to submit any item required pursuant to
subsection 3 to the Commissioner on or before December 31 of any
year, the certificate of exemption is cancelled. Except as otherwise
provided in NRS 645E.160, the Commissioner may reinstate a
cancelled certificate of exemption if the person submits to the
Commissioner:
(a) An application for renewal that complies with the
requirements of this chapter;
(b) The fee required to renew the certificate of exemption; and
(c) A reinstatement fee of $100.
5. A person must pay the following fees to apply for, to be
issued or to renew a license as a mortgage company pursuant to this
chapter:
(a) To file an original application for a license, $1,500 for the
principal office and $40 for each branch office. The person must
also pay such additional expenses incurred in the process of
investigation as the Commissioner deems necessary. All money
received by the Commissioner pursuant to this paragraph must be
placed in the Investigative Account created by NRS 232.545.
(b) To be issued a license, $1,000 for the principal office and
$60 for each branch office.
(c) To renew a license, $500 for the principal office and $100
for each branch office.
6. A person must pay the following fees to apply for or to
renew a certificate of exemption pursuant to this chapter:
(a) To file an application for a certificate of exemption, $200.
(b) To renew a certificate of exemption, $100.
7. To be issued a duplicate copy of any license or certificate of
exemption, a person must make a satisfactory showing of its loss
and pay a fee of $10.
8. Except as otherwise provided in this chapter, all fees
received pursuant to this chapter must be deposited in the State
Treasury [for credit to the State General Fund.] pursuant to the
provisions of section 2 of this act.
Sec. 15. NRS 649.295 is hereby amended to read as follows:
649.295 1. A nonrefundable fee of $250 for the application
and survey must accompany each new application for a license as a
collection agency. The applicant shall also pay such additional
expenses incurred in the process of investigation as the
Commissioner deems necessary. All money received by the
Commissioner pursuant to this subsection must be placed in
the Investigative Account created by NRS 232.545.
2. A fee of not less than $100 nor more than $300, prorated on
the basis of the licensing year as provided by the Commissioner,
must be charged for each original license issued. A fee of $200 must
be charged for each annual renewal of a license.
3. A fee of $10 must be charged for each duplicate license or
license for a transfer of location issued.
4. A nonrefundable investigation fee of $75 must accompany
each application for a manager’s certificate unless the applicant is
the holder of or an applicant for a license as a collection agency.
5. A fee of $20 must be charged for each manager’s certificate
issued and for each annual renewal of such a certificate.
6. A fee of $30 must be charged for the reinstatement of a
manager’s certificate.
7. A fee of $5 must be charged for each day an application for
the renewal of a license or certificate, or a required report, is filed
late, unless the fee or portion thereof is excused by the
Commissioner for good cause shown.
8. A nonrefundable fee of $125 for the application and an
examination must accompany each application for a permit to
operate a branch office of a licensed collection agency. A fee of
$100 must be charged for each annual renewal of such a permit.
9. For each examination the Commissioner shall charge and
collect from the licensee a fee for conducting the examination and
preparing and typing the report of the examination at the rate
established pursuant to NRS 658.101. Failure to pay the fee within
30 days after receipt of the bill is a ground for revoking the
collection agency’s license.
10. Except as otherwise provided in subsection 1, all money
received by the Commissioner pursuant to this chapter must be
deposited in the State Treasury [for credit to the State General
Fund.] pursuant to the provisions of section 2 of this act.
Sec. 16. NRS 673.060 is hereby amended to read as follows:
673.060 Except as otherwise provided in NRS 673.080,
673.112 and 673.595:
1. All fees, charges for expenses, assessments and other money
collected under the provisions of this chapter from foreign and
domestic associations, companies and corporations governed by this
chapter must be [paid into the State General Fund.] deposited in the
State Treasury pursuant to the provisions of section 2 of this act.
2. The compensation provided for by this chapter and all
expenses incurred under this chapter must be paid from the money
deposited in the State [General Fund.] Treasury pursuant to the
provisions of section 2 of this act.
Sec. 17. NRS 673.260 is hereby amended to read as follows:
673.260 1. The license mentioned in NRS 673.250 authorizes
the company, association or corporation to whom it is issued to sell
its approved securities and contracts within this state for the
remainder of the fiscal year ending on June 30 next succeeding.
Each license is renewable, under like restrictions, annually
thereafter.
2. For the issuing of any license provided for in NRS 673.250
and for any renewal thereof, the fee of the Commissioner is:
(a) For each home office, $200.
(b) For each branch office, $100.
3. The fees must accompany the license renewal application. A
penalty of 10 percent of the fee payable must be charged for each
month or part thereof that the fees are not paid after June 30 of each
year.
4. All sums so received by the Commissioner must be
[forthwith delivered to the State Treasurer and must be paid into]
deposited in the State [General Fund.] Treasury pursuant to the
provisions of section 2 of this act.
Sec. 18. NRS 673.270 is hereby amended to read as follows:
673.270 1. No person may, as a soliciting agent, soliciting
representative or employee of any foreign or domestic company,
association or corporation, or in any other capacity, sell or solicit
sales for any securities such as investment certificates or savings
accounts or contract for the sale of securities until he is first licensed
as a salesman or solicitor for sales of those securities by the
Commissioner.
2. No person may be licensed for a period of more than 1 year,
and he may not be licensed until he has first satisfied the
Commissioner as to his personal integrity.
3. For the issuing of any license provided for in this section
and for any renewal thereof, the fee of the Commissioner is $5. All
sums so received by the Commissioner must be [delivered to the
State Treasurer and must be paid into] deposited in the State
[General Fund.] Treasury pursuant to the provisions of section 2 of
this act.
4. Tellers or other employees of an insured savings and loan
association are exempt from the licensing requirements unless their
employment entails soliciting sales outside their respective offices
as commission salesmen.
Sec. 19. NRS 673.318 is hereby amended to read as follows:
673.318 Every association shall appraise each parcel of real
estate at the time of acquisition thereof. The report of each appraisal
must be submitted in writing to the board of directors and must be
kept in the records of the association. The Commissioner may
require the appraisal of real estate securing loans by an appraiser
selected by the Commissioner. The association whose securities are
appraised under this section shall pay the expense of the appraisal to
the Commissioner upon demand. Money so received must be [paid
into] deposited in the State [General Fund.] Treasury pursuant to
the provisions of section 2 of this act. Copies of appraisals must be
furnished to the association.
Sec. 20. NRS 673.430 is hereby amended to read as follows:
673.430 1. Each association doing business in this state shall
file annually with the Commissioner on or before March 1, a sworn
statement in two sections.
2. One section of the annual report must contain, in such form
and detail as the Commissioner may prescribe, the following:
(a) The amount of authorized capital by classes and the par
value of each class of stock.
(b) A statement of its assets, liabilities and capital accounts as of
the immediately preceding December 31.
(c) Any other facts which the Commissioner requires.
This section must be furnished in duplicate, one certified copy to be
returned for publication at least two times in a newspaper having a
general circulation in each county in which the association
maintains an office. Publication must be completed on or before
May 1, and proof of publication must be filed in the office of the
Commissioner.
3. One section of the annual report must contain such other
information as the Commissioner may require to be furnished. This
section need not be published and must be treated as confidential by
the Commissioner.
4. The Commissioner may impose and collect a penalty of $5
for each day the annual report is overdue, up to a maximum of $500.
Every association shall pay to the Commissioner for supervision and
examination a fee based on the rate established pursuant to
NRS 658.101.
5. All sums so received by the Commissioner must be
[delivered to the State Treasurer and paid into] deposited in the
State [General Fund.] Treasury pursuant to the provisions of
section 2 of this act.
Sec. 21. NRS 673.460 is hereby amended to read as follows:
673.460 1. Whenever in connection with an examination it is
necessary or expedient that the Commissioner or his deputy, or both,
leave this state, there must be assessed against the organization
under examination a fee of $25 per day for each person while
without the State in connection with an examination, together with
all actual and necessary expenses.
2. The fee charged must be remitted to the Commissioner, who
shall [deliver it to the State Treasurer. The fees shall be paid into]
deposit the fees in the State [General Fund.] Treasury pursuant to
the provisions of section 2 of this act.
Sec. 22. NRS 675.160 is hereby amended to read as follows:
675.160 Except as otherwise provided in NRS 675.100, all fees
and charges collected under the provisions of this chapter must be
[paid into] deposited in the State [General Fund, and the State
Treasurer shall issue his receipt therefor.] Treasury pursuant to the
provisions of section 2 of this act.
Sec. 23. NRS 675.400 is hereby amended to read as follows:
675.400 1. At least once each year, the Commissioner or his
authorized representatives shall make an examination of the place of
business of each licensee and of the loans, transactions, books,
papers and records of the licensee so far as they pertain to the
business licensed under this chapter.
2. For each examination the Commissioner shall charge and
collect from the licensee a fee for conducting the examination and
preparing and typing the report of the examination at the rate
established pursuant to NRS 658.101.
3. All money collected by the Commissioner pursuant to
subsection 2 must be deposited in the State [General Fund.]
Treasury pursuant to the provisions of section 2 of this act.
Sec. 24. NRS 676.170 is hereby amended to read as follows:
676.170 Except as otherwise provided in NRS 676.130, all fees
and charges collected under the provisions of this chapter must be
[paid into] deposited in the State [General Fund.] Treasury
pursuant to the provisions of section 2 of this act.
Sec. 25. NRS 677.390 is hereby amended to read as follows:
677.390 Except as otherwise provided in NRS 677.160, all fees
and charges collected under the provisions of this chapter must be
deposited in the State [General Fund.] Treasury pursuant to the
provisions of section 2 of this act.
Sec. 26. NRS 678.260 is hereby amended to read as follows:
678.260 The Commissioner shall:
1. Adopt a regulation establishing the minimum surety bond
required of credit unions in relation to the amount of property under
their control.
2. Adopt a regulation that sets forth the records a credit union
must keep and prescribes the period for which those records must be
retained.
3. Maintain the original application of every credit union in a
permanent file.
4. Maintain for at least 6 years, every report filed by a credit
union with the Division of Financial Institutions.
5. Except as otherwise provided in NRS 678.800 and 678.810,
deposit all fees, charges for expenses, assessments and other money
which is collected pursuant to the provisions of this chapter or any
regulation adopted [thereunder,] pursuant thereto in the State
Treasury [for credit to the State General Fund.] pursuant to the
provisions of section 2 of this act.
6. Prepare copies of articles of incorporation and bylaws
consistent with the provisions of this chapter which may be used by
persons interested in organizing a credit union.
Secs. 27 and 28. (Deleted by amendment.)
Sec. 29. 1. This act becomes effective upon passage and
approval for the purposes of performing any preparatory
administrative tasks and adopting any regulations necessary to carry
out the provisions of this act and on July 1, 2003, for all other
purposes.
2. Sections 12 and 13 of this act expire by limitation on the
date on which the provisions of 42 U.S.C. § 666 requiring each state
to establish procedures under which the state has authority to
withhold or suspend, or to restrict the use of professional,
occupational and recreational licenses of persons who:
(a) Have failed to comply with a subpoena or warrant relating to
a procedure to determine the paternity of a child or to establish or
enforce an obligation for the support of a child; or
(b) Are in arrears in the payment for the support of one or more
children,
are repealed by the Congress of the United States.
20~~~~~03