Nevada 2017 Regular Session Status: Enacted

AB 279 — Revises provisions governing banks and other financial institutions regulated by the Commissioner of Financial Institutions. (BDR 52-1085)

Last action — Approved by the Governor. Chapter 93.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 13, 2017. Enacted.

Prognosis

Advancing 50% · moderate confidence

Where this bill stands today.

Odds of enactment

High

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  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

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Bill Text

What changed in the latest version

542 added · 579 removed

542 line(s) added, 579 removed.

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REQUIRES TWO-THIRDS MAJORITY VOTE (§§ 1, 3-18) (Reprinted with amendments adopted on April 24, 2017) FIRST REPRINT A.B.
Assembly Bill No.
279 ASSEMBLY BILL NO .
279–Committee on Commerce and Labor CHAPTER..........
279–COMMITTEE ON COMMERCE AND L ABOR M ARCH 13, 2017 ____________ Referred to Committee on Government Affairs SUMMARY—Revises provisions governing banks and other financial institutions regulated by the Commissioner of Financial Institutions.
(BDR 52-1085) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
Legislative Counsel’s Digest:
LegiExisting law requires the Commissioner of Financial Institutions to establish by regulation rates to be paid by banks and other financial institutions for supervision and examinations by the Commissioner or the Division of Financial Institutions of the Department of Business and Industry.
Existing law requires the Commissioner of Financial Institutions to establish by and examinations by the Commissioner or the Division of Financial Institutions ofsion the Department of Business and Industry.
(NRS 658.101) Section 7 of this bill requires the Commissioner to, at least once per year, review and analyze the proportional utilization of the resources of the Division of Financial Institutions by banks and other financial institutions as compared to the Institutions.
(NRS 658.101) Section 7 of this bill requires the Commissioner to, at least once per year, review and analyze the proportional utilization of the resources of the Division of Financial Institutions by banks and other financial institutions as compared to the annual budget approved by the Legislature for the Division of Financial rates to be paid by banks and other financial institutions if after such review andhe analysis the Commissioner deems such an adjustment necessary.
Section 7 further requires the Commissioner to adjust by regulation the rates to be paid by banks and other financial institutions if after such review and analysis the Commissioner deems such an adjustment necessary.
Section 7 further requires the Commissioner to publish on the Internet website of the Division of Financial Institutions by December 31 of each year the amount of the fee for the - *AB279_R1* – 2 – following year and defines the term “financial institution” to include a depository institution and any other institution or business regulated by the Division.
Section 7 further requires the Commissioner to publish on the Internet website of the Division of Financial Institutions by December 31 of each year the amount of the fee for the following year and defines the term “financial institution” to include a depository institution and any other institution or business regulated by the Division.
Existing law requires the Commissioner to charge and collect from a check- cashing service, or certain loan services, or an issuer of instruments for transmission or payment of money a fee for supervision and examinations of not and 12 of this bill remove the per hour cap on the fee and instead require the1 Commissioner to charge and collect the fee at the rate established and, if applicable, adjusted pursuant to section 7 for any supervision, audit, examination, investigation or hearing.
cashing service, or certain loan services, or an issuer of instruments foreck- transmission or payment of money a fee for supervision and examinations of not more than $80 or $10 per hour, respectively.
Existing law requires the costs for additional examinations and investigations of a foreign credit union to be paid by the credit union at an hourly rate that is instead requires the credit union to pay the Commissioner for additional bill examinations and investigations at the rate established and, if applicable, adjusted pursuant to section 7.
(NRS 604A.740, 671.170) Sections 1 and 12 of this bill remove the per hour cap on the fee and instead require the Commissioner to charge and collect the fee at the rate established and, if applicable, adjusted pursuant to section 7 for any supervision, audit, examination, investigation or hearing.
Existing law authorizes the Commissioner to supervise, audit, examine, investigate or conduct a hearing regarding a bank or other financial institution in order to ensure compliance with the laws governing financial institutions.
of a foreign credit union to be paid by the credit union at an hourly rate that is deemed reasonable by the Commissioner.
(NRS Commissioner to charge and collect a fee at the rate established and, if applicable, adjusted pursuant to section 7 for any such supervision, audit, examination, investigation or hearing.
(NRS 678.3435) Section 17 of this bill instead requires the credit union to pay the Commissioner for additional examinations and investigations at the rate established and, if applicable, adjusted pursuant to section 7.
Section 14 further requires the Commissioner or his or her authorized representatives at least once each year to examine the accounts of the holder of a license to engage in the business of lending so far as they pertain to the business that is licensed.
Existing law authorizes the Commissioner to supervise, audit, examine, investigate or conduct a hearing regarding a bank or other financial institution in 657.210, 675.400, 676A.730) Sections 5, 14 and 15 of this bill require the (NRS Commissioner to charge and collect a fee at the rate established and, if applicable, - 79th Session (2017) – 2 – adjusted pursuant to section 7 for any such supervision, audit, examination, authorized representatives at least once each year to examine the accounts of theher holder of a license to engage in the business of lending so far as they pertain to the business that is licensed.
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
- *AB279_R1* – 3 – 3.
3.
628B.560 1.
licensee shall maintain a separate guardianship account for each a ward into which all money received for the benefit of the ward must be deposited.
Except as otherwise provided in NRS 159.076, a licensee shall maintain a separate guardianship account for each ward into which all money received for the benefit of the ward must be deposited.
Each guardianship account must at all times account for all money received for the benefit of the ward and account for all money dispersed for the benefit of the ward, and no disbursement may be made from the account except as authorized under chapter 159 of NRS or as authorized by court order.
Each guardianship account must at all times - 79th Session (2017) – 3 – account for all money received for the benefit of the ward and account for all money dispersed for the benefit of the ward, and no disbursement may be made from the account except as authorized under chapter 159 of NRS or as authorized by court order.
2.
each guardianship account maintained for a ward, which mustsited in clearly indicate the date and from whom the money was received, the date the money was deposited, the dates of withdrawals of money and other pertinent information concerning the transactions.
Each licensee shall keep a record of all money deposited in each guardianship account maintained for a ward, which must clearly indicate the date and from whom the money was received, the date the money was deposited, the dates of withdrawals of money and other pertinent information concerning the transactions.
Each licensee shall authorize the Commissioner or his or her designee to examine all books, records, papers and effects of the private professional guardian company.
Each licensee shall authorize the Commissioner or his or her designee to examine all books, records, papers and effects of the pri7.te If the Commissioner determines that the records of a licensee are not maintained in accordance with subsections 1 and 2, the Commissioner may require the licensee to submit, within 60 days, an audited financial statement prepared from the records of the licensee by a certified public accountant who holds a certificate to engage in the practice of public accounting in this State.
- *AB279_R1* – 4 – 7.
If the Commissioner determines that the records of a licensee are not maintained in accordance with subsections 1 and 2, the Commissioner may require the licensee to submit, within 60 days, an audited financial statement prepared from the records of the licensee by a certified public accountant who holds a certificate to engage in the practice of public accounting in this State.
9.
- 79th Session (2017) – 4 – 9.
For each examination of the books, papers, records and effects of a private professional guardian company that is required or authorized pursuant to this chapter, the Commissioner shall charge and collect from the private professional guardian company a fee for conducting the examination and preparing a report of the examination based upon the rate established [by regulation] and, if applicable, adjusted pursuant to NRS 658.101.
For each examination of the books, papers, records and effects of a private professional guardian company that is required or authorized pursuant to this chapter, the Commissioner shall charge and collect from the private professional guardian company a examination based upon the rate established [by regulation] and, if applicable, adjusted pursuant to NRS 658.101.
5.
manager’s certificate issued and for each annual renewal of such a certificate.
A fee of not more than $40 must be charged for each manager’s certificate issued and for each annual renewal of such a certificate.
6.
- *AB279_R1* – 5 – 6.
9.
- 79th Session (2017) – 5 – 9.
Failure to pay the fee within 30 days after receipt of the bill is a ground for revoking the collection agency’s license.
ground for revoking the collection agency’s license.of the bill is a 10.
10.
For the purpose of examination, the Commissioner or the Commissioner’s authorized representatives must have and be given free access to the offices and places of business, files, safes and vaults of such persons.
For the purpose of examination, the Commissioner or the Commissioner’s authorized representatives must have and be given vaults of such persons.ces and places of business, files, safes and 3.
3.
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or - *AB279_R1* – 6 – (b) The subject matter of any audit, examination, investigation or hearing.
or (b) The subject matter of any audit, examination, investigation or hearing.
Sec.
- 79th Session (2017) – 6 – Sec.
(a) For licensing of state banks:
(a) (1) A fee of not more than $400 for each parent bank, payable on June 30 of each year.
(1) A fee of not more than $400 for each parent bank, payable on June 30 of each year.
3.
1, all money collected pursuant to this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
Except as otherwise provided in paragraph (b) of subsection 1, all money collected pursuant to this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
The Commissioner shall establish by regulation rates to be paid by banks and other financial institutions for - *AB279_R1* – 7 – supervision and examinations by the Commissioner or the Division of Financial Institutions.
The Commissioner shall establish by regulation rates to be paid by banks and other financial institutions for supervision and examinations by the Commissioner or the Division of Financial Institutions.
(c) The expenses associated with conducting the examination and preparing a report;
- 79th Session (2017) – 7 – (c) The expenses associated with conducting the examination and preparing a report;
At least once each year, the Commissioner shall review and analyze the proportional utilization of the resources of the Division of Financial Institutions by banks and other financial institutions as compared to the annual budget approved by the Legislature for the Division of Financial Institutions.
At least once each year, the Commissioner shall review and Division of Financial Institutions by banks and other financial institutions as compared to the annual budget approved by the Legislature for the Division of Financial Institutions.
As used in this section, “financial institution” means a depository institution or any other institution or business regulated by the Division of Financial Institutions pursuant to titles 52, 54, 55 and 56.
As used in this section, “financial institution” means a depository institution or any other institution or business regulated by the Division of Financial Institutions pursuant to titles 52, 54, and 56.
(a) Is entitled to full access to the offices, books, accounts, papers, records, files, safes and vaults of each office;
papers, records, files, safes and vaults of each office;
and (b) May require the attendance of and examine under oath all persons whose testimony may be required relative to the activities of the office.
andounts, (b) May require the attendance of and examine under oath all persons whose testimony may be required relative to the activities of the office.
- *AB279_R1* – 8 – Sec.
Sec.
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 and, if applicable, adjusted pursuant to NRS 658.101.
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 - 79th Session (2017) – 8 – report of the examination at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
3.
Commissioner deems necessary.l examine a licensee as often as the Sec.
The Commissioner shall examine a licensee as often as the Commissioner deems necessary.
Sec.
3.
collect from the licensee a fee for conducting the examination and in preparing and typing the report at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
For each examination the Commissioner shall charge and collect from the licensee a fee for conducting the examination and in preparing and typing the report at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
The Commissioner may conduct any necessary investigations and hearings to determine whether any licensee or other person has violated any of the provisions of this chapter or whether any licensee has conducted himself or herself in a manner - *AB279_R1* – 9 – which requires the suspension, revocation or denial of renewal of his or her license.
The Commissioner may conduct any necessary investigations and hearings to determine whether any licensee or other person has violated any of the provisions of this chapter or whether any licensee has conducted himself or herself in a manner which requires the suspension, revocation or denial of renewal of his or her license.
2.
- 79th Session (2017) – 9 – 2.
In conducting any investigation or hearing pursuant to this chapter, the Commissioner, or any person designated by the Commissioner, may require the attendance and testimony of any person and compel the production of all relevant books, records, accounts and other documents.
In conducting any investigation or hearing pursuant to this chapter, the Commissioner, or any person designated by the Commissioner, may require the attendance and testimony of any person and compel the production of all relevant books, records, collect from each licensee or other person a fee at the rateand established and, if applicable, adjusted pursuant to NRS 658.101 for the cost of any supervision, audit, examination , [or] investigation [, not to exceed $10 an hour, must be borne by the licensee.] or hearing conducted pursuant to this chapter or any regulations adopted pursuant thereto.
The Commissioner shall charge and collect from each licensee or other person a fee at the rate established and, if applicable, adjusted pursuant to NRS 658.101 for the cost of any supervision, audit, examination , [or] investigation [, not to exceed $10 an hour, must be borne by the licensee.] or hearing conducted pursuant to this chapter or any regulations adopted pursuant thereto.
Each association doing business in this State shall file annually with the Commissioner on or before March 1, a sworn statement in two sections.
Each association doing business in this State shall file annually with the Commissioner on or before March 1, a sworn sta2.menOne section of the annual report must contain, in such form and detail as the Commissioner may prescribe, the following:
2.
One section of the annual report must contain, in such form and detail as the Commissioner may prescribe, the following:
- *AB279_R1* – 10 – 3.
- 79th Session (2017) – 10 – 3.
This section need not be published and, except as otherwise provided in NRS 239.0115, must be treated as confidential by the Commissioner.
This section need not be published and, except as otherwise provided in NRS 239.0115, must be treated as confidential by the Com4.ssiThe Commissioner may impose and collect a fee of not more than $10 for each day the annual report is overdue.
4.
The Commissioner may impose and collect a fee of not more than $10 for each day the annual report is overdue.
3.
subsection 2 must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
All money collected by the Commissioner pursuant to subsection 2 must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
Information that identifies individuals who have agreements with the provider must not be - *AB279_R1* – 11 – disclosed to the public.
Information that identifies - 79th Session (2017) – 11 – individuals who have agreements with the provider must not be disclosed to the public.
[may:] (a) [Charge] Shall charge and collect from the person [the reasonable expenses necessarily incurred to conduct the examination;] a fee at the rate established and, if applicable, adjusted pursuant to NRS 658.101 for the cost of any supervision, audit, examination, investigation or hearing conducted pursuant to this chapter or any regulations adopted pursuant thereto;
[may:] (a) [Charge] Shall charge and collect from the person [the examination;] a fee at the rate established and, if applicable, the adjusted pursuant to NRS 658.101 for the cost of any supervision, audit, examination, investigation or hearing conducted pursuant to this chapter or any regulations adopted pursuant thereto;
The Commissioner may, in his or her discretion, establish a reduced fee schedule for providers that are qualified nonprofit entities.
The Commissioner may, in his or her discretion, establish a reduced fee sch6.uleThe Commissioner, by regulation, shall adopt dollars.
6.
amounts instead of those specified in NRS 676A.030, 676A.310, 676A.350, 676A.390, 676A.580, 676A.740 and 676A.760 to reflect inflation, as measured by the Consumer Price Index for All Urban Consumers, published by the United States Department of Labor, or, if that Index is not available, another index adopted by regulation by the Commissioner.
The Commissioner, by regulation, shall adopt dollar amounts instead of those specified in NRS 676A.030, 676A.310, 676A.350, 676A.390, 676A.580, 676A.740 and 676A.760 to reflect inflation, as measured by the Consumer Price Index for All Urban Consumers, published by the United States Department of Labor, or, if that Index is not available, another index adopted by regulation by the Commissioner.
7.
- 79th Session (2017) – 12 – 7.
- *AB279_R1* – 12 – (a) Require a provider to make additional disclosures before an individual assents to an agreement, including, without limitation, disclosures that:
individual assents to an agreement, including, without limitation, disclosures that:
Such regulations may include, without limitation, a requirement that a provider submit all advertising used by the provider to the Commissioner within 30 days after the first publication of the advertisement.
Such regulations may include, without limitation, a requirement that a Commissioner within 30 days after the first publication of the advertisement.
Sec.
- 79th Session (2017) – 13 – Sec.
The fee is not refundable.
The fee is not each foreign credit union for its initial office and not more than $200 for each branch office.
An annual fee of not more than $1,000 must be paid by each foreign credit union for its initial office and not more than $200 for each branch office.
Costs for additional examinations and investigations must be paid by the credit union to the Commissioner at [an hourly] the rate [deemed reasonable by the Commissioner.] established and, if applicable, adjusted pursuant to NRS 658.101.
Costs for additional examinations and investigations must be paid by the credit union to the Commissioner - *AB279_R1* – 13 – at [an hourly] the rate [deemed reasonable by the Commissioner.] established and, if applicable, adjusted pursuant to NRS 658.101.
The report of the examination must contain comments to the members relative to the management of the affairs of the credit union and the general condition of the assets.
The report of the examination must contain comments to the union and the general condition of the assets.
Within 30 days following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report.
Within 30 daysit following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report.
In such cases, the examination must be equivalent to the type of examination made by the Commissioner and the expense must be borne by the credit union being inspected.
In such cases, the examination must be equivalent to - 79th Session (2017) – 14 – the type of examination made by the Commissioner and the expense mus6.be The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Commissioner.
6.
The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Commissioner.
- *AB279_R1* – 14 – Sec.
Sec.
H - *AB279_R1*
20~~~~~ 17 - 79th Session (2017)
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Action History

  1. Approved by the Governor. Chapter 93.

  2. Enrolled and delivered to Governor.

  3. In Assembly. To enrollment.

  4. Read third time. Passed. Title approved. (Yeas: 21, Nays: None.) To Assembly.

  5. Read second time.

  6. From committee: Do pass.

  7. Read first time. Referred to Committee on Commerce, Labor and Energy. To committee.

  8. In Senate.

  9. Read third time. Passed, as amended. Title approved. (Yeas: 42, Nays: None.) To Senate.

  10. From printer. To engrossment. Engrossed. First reprint .

  11. Read second time. Amended. (Amend. No. 491.) To printer.

  12. From committee: Amend, and do pass as amended.

  13. From printer. To committee.

  14. Read first time. Referred to Committee on Government Affairs. To printer.

Sponsors

  • Commerce and Labor · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

  • Commerce and Labor

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

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Frequently asked questions

Who sponsors AB 279?
AB 279 is sponsored by Commerce and Labor.
What is the current status of AB 279?
This bill has been enacted into law. Introduced March 13, 2017. Enacted.
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