SB 375 — Revises provisions relating to credit unions. (BDR 55-605)
Last action — Approved by the Governor. Chapter 206.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed Assembly
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced March 17, 2025. Enacted.
Signed by Governor Joe Lombardo (Republican) on May 31, 2025.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (1 D).
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Cleared a recorded vote
Passed 2 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Bill Text
What changed in the latest version
542 added · 576 removed542 line(s) added, 576 removed.
(ReprintedSenate withBill amendmentsNo. adopted on April 18, 2025) FIRST REPRINT S.B.
375375–Senator SENATEPazina BILLCHAPTER.......... NO .
375–SENATOR P AZINA M ARCH 17, 2025 ____________ Referred to Committee on Commerce and Labor SUMMARY—Revises provisions relating to credit unions.
(BDR 55-605) 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.
or (2) if the suchCommissioner andetermines the order tois containin certainthe informationpublic andinterest. meet certain requirements;
andSection (2))2 therequires: Commissioner to provide written notice and a copy of any such order to any credit union subject to the authority of the Commissioner.
(1) the Commissioner to provide written notice and a copy of any such order to anyd (2) credit union subject to the authority of the Commissioner.
-Existing *SB375_R1*law –requires 2an –application which is submitted to the Secretary of State to organize a credit union to establish the par value of the shares, which must be $5 or some multiple thereof.
(NRS 672.310) Section 3 of this bill reduces the requiredthe parbylaws valueof tothe $1credit orunion someto: multiple thereof.
Section 9 of this bill authorizes the bylaws of the credit union to:
Existing law authorizes a credit union to maintain an office at a location other than the main office, with the approval of the Commissioner, if the office is otherthis reasonablybill: necessary to furnish service to its members.
(NRS 672.330) Section 4 of this bill:
Existing law requires vacancies in the board of directors of a credit union to be filled by vote of the members of the credit union at the annual meeting or at a specialtemporarily fill such a vacancy until the next annual meeting calledor special meeting.o - 83rd Session (2025) – 2 – (NRS 672.350) Section 5 of this bill authorizes the board to fill such a vacancy for thatvote purpose.of the members of the credit union according to the established procedures of by the credit union for nomination and election.
Existing law also authorizes the board to (NRS 672.350) Section 5 of this bill authorizes the board to fill such a vacancy for the remainder of the unexpired term, after which the seat is required to be filled by vote of the members of the credit union according to the established procedures of the credit union for nomination and election.
Section 6 also authorizes the Commissioner to require the board to meet more frequently if the Commissioner determines it is authorizesnecessary the board to conductaddress amatters meetingrelating throughto certainan electronicexamination. means under certain circumstances.
SectionFinally, 10section of6 this bill similarly authorizes membersthe ofboard a credit union to participateconduct in a meeting through certain electronic means under certain circumstances.
ExistingSection 10 of this bill similarly authorizes members of a credit union to participate in a meeting through certain electronic means under certExisting law authorizes the board of directors to appoint membership officers from the members of the credit union to act upon membership applications.
Existing law requires the membership of a particular credit union to be limited to certain persons, subscribedincluding forthose onewho orhave: more shares and have paid the initial installment thereon.(2) (NRS 672.510) Section 8 of this bill authorizes a credit union to pay such an entrance fee, cost of shares or initial installment for a prospective member under certain circumstances if such a promotion is equally available to any prospective member.
Existing(1) lawpaid setsthe forthentrance requirementsfee relatingprovided toin the regularbylaws; reserves of a credit union.
and (2) subscribed for one or more shares and have paid the initial installment thereon.
(NRS 672.510) Section 8 of this bill authorizes a credit union to pay such an entrance fee, cost of shares or initial installment for a prospective member under certain circumstances if such a promotion is equally available to any prospective membExisting law sets forth requirements relating to the regular reserves of a credit union.
Existing law authorizes a credit union to make loans to members under requirements for the making of loans and authorizes a nonmember to participate in an obligation or extension of credit to a member, under certain circumstances,circumstances. as a joint applicant, joint obligor, co-borrower, surety or guarantor.
(NRS 672.710) Section 12 of this bill revises certain requirements for the making of loans and authorizes a nonmember to participate in an obligation or extension of credit to a member, under certain circumstances, as a joint applicant, joint obligor, co-borrower, surety or guarantor.
(NRS 672.760) Section 13 of this bill adds, under certain - *SB375_R1* – 3 – circumstances, municipal bonds which are issued by a public entity outside of this Statethis tobill: the list of permissible investments a credit union may make.
Section(1) 14removes ofcertain limitations on a credit union regarding investing in fixed assets;
and (2) authorizes a credit union to purchase, hold and dispose of in property necessary or incidental to the operations of the credit union in compliance with certain federal regulations.
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
§ 701.34, as - 83rd Session (2025) – 3 – amended, may issue shares to nonmembers.
The total number of shares issued by the credit union to nonmembers must not exceed 20 percent of the unimpaired capital and surplus of the credit union unless the credit union obtains written authorization from thetheSec. Commissioner.
Sec.2.sioNRS 672.250 is hereby amended to read as follows:
2.
NRS 672.250 is hereby amended to read as follows:
(1) The regulation that the order suspends;
Show all 98 changed lines (58 more)
and - *SB375_R1* – 4 – (3) The date on which the order becomes effective and the date on which the order terminates.
- 83rd Session (2025) – 4 – 2.
Not less than seven persons who are residents of Nevada, have a common bond and are of legal age who desire to organize a credit union under this chapter shall first execute in triplicate an application, upon forms to be issued by the Commissioner, for permission to organize an association.
The Commissioner shall approve or disapprove the app4.catEvery application withinfor 30permission daysto followingorganize, itsas receipt.provided for in this section, must be accompanied by an application fee and a fee payment to cover expenses attendant upon the investigation required for approval.
4.
Every application for permission to organize, as provided for in this section, must be accompanied by an application fee and a fee payment to cover expenses attendant upon the investigation required for approval.
- *SB375_R1* – 5 – 5.
- 83rd Session (2025) – 5 – 2.
A credit union may share office space with one or more creditpersonnel.ons unions and contract with a corporation to provide facilities or personnel.Sec.
Sec.
[The] Except as otherwise provided in subsection 2, the board of directors is responsible for the general direction of the affairs, funds and records of the credit union and shall meet asasf often as necessary to accomplish their duties, but not less than [once a month.] six times during each calendar year, including not less than one time during each calendar quarter.
- *SB375_R1* – 6 – 3.
Except as otherwise provided in the articles of incorporation or the bylaws, the board of directors may conduct a meeting through electronic communications, videoconferencing, - 83rd Session (2025) – 6 – teleconferencing or other available technology which allows the directors to communicate simultaneously or sequentially.
Sec.672.380 The directors may:ereby amended to read as follows:
7.
NRS 672.380 is hereby amended to read as follows:
672.380 The directors may:
Employ a general manager to be in charge of operations or, in lieu thereof, designate the treasurer to act as general manager and be in9. active charge of the affairs of the credit union.
9.acAmend the bylaws of the credit union.dit union.
Amend the bylaws of the credit union.
- *SB375_R1* – 7 – (c) [Subscribed] Except as otherwise provided in subsection 2, subscribed for one or more shares and have paid the initial installment thereon;
2.- 83rd Session (2025) – 7 – equally available to any prospective member, pay either or both of the following for any prospective member who otherwise qualifies for membership:
A credit union may, in connection with a promotion that is equally available to any prospective member, pay either or both of the following for any prospective member who otherwise qualifies for membership:
Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his or her membership in the credit union at the discretion of the board ofofr directors.
If the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may, by a majority vote of the entire membership, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.
If thereafter the credit union realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided among the - *SB375_R1* – 8 – shareholders whose assets were reduced, but only to the extent of such reduction.
Sec.- 83rd Session (2025) – 8 – 672.550 1.
10.The annual meeting and any special meetings of:
NRSthe 672.550members isof herebythe amendedcredit tounion readshall asbe follows:held at the time and place and in the manner indicated in the bylaws.
672.550 1.
The annual meeting and any special meetings of the members of the credit union shall be held at the time and place and in the manner indicated in the bylaws.
A member may not vote by proxy, but a society, association, copartnership or corporation having membership in the credit union may be represented and vote by one of its members or shareholders if such person has been fully authorized by the governing body of thethe[3.] society,4. association, copartnership or corporation to represent it.
[3.]At 4.all meetings a member has but one vote irrespectivent it.
At all meetings a member has but one vote irrespective of his or her share holdings.
Thereafter, 5 percent of the gross income must be withheld until the regular reserve reaches 10 percent of the outstanding loans and risk assets.
- *SB375_R1*83rd Session (2025) – 9 – (2) Thereafter, until the regular reserve equals 6 percent of its outstanding loan and risk assets, the credit union shall withhold 5 percent of its gross earnings.
(c) Whenever the regular reserve falls below the required levels, it must be replenished by regular contributions sufficient to maintain the regular reserve at the levels required by paragraphs (a) and (b).] which a federally insured credit union is required to give such notice or seek such approval from the National Credit Union Administration.
Every [application for a] loan must be [made in writing upon] evidenced by a [form furnished by the credit union] record which [has been approved by] is adequate to support enforcement or collection of the [board.
Except as otherwise provided by law, a credit union shall not extend any - 83rd Session (2025) – 10 – other benefit or service of the credit union to a nonmember solely as a result of participation as a joint applicant, joint obligor, co- - *SB375_R1* – 10 – borrower, surety or guarantor unless the nonmember is thereafter admitted as a member of the credit union.
6.and may pay the whole or any part of his or her loan on any day on which the office of the credit union is open for business.
A member may receive a loan in installments or in one sum and may pay the whole or any part of his or her loan on any day on which the office of the credit union is open for business.
[5.] (e) Capital shares, obligations or preferred stock issues of any agency or association organized either as a stock company, mutual association or membership corporation if the membership or stockholdings, as the case may be, of the agency or association are confined or restricted to credit unions or organizations of credit unions, and the purposes for which the agency or association isisdit organized are designed to service or otherwise assist credit union operations;
and (j)- Municipal83rd bondsSession which(2025) are– issued11 by– a public entity outside of this State, if the credit union conducts and documents ananutside analysis which reasonably concludes that the security is at least investment grade and ensures that:
- *SB375_R1* – 11 – (1) The aggregate municipal securities holdings of the credit union are not more than 75 percent of the net worth of the credit union;
A credit union [must not invest in fixed assets without the prior approval of] may, subject to any regulations adopted by the Commissioner [if the aggregate value] and anyanyns limitations imposed by 12 C.F.R.
(b) Except as otherwise provided in subsection 7 and NRS 209.221209(c) andThe 209.2473,Nevada theSystem Department of Corrections.Higher Education.ctions.
(c) The Nevada System of Higher Education.
(h)- Except83rd asSession otherwise(2025) provided– in12 NRS– 422.390, the Division of Health Care Financing and Policy of the Department of HealthHealthn and Human Services.
- *SB375_R1* – 12 – (j) The Division of Industrial Relations of the Department of Business and Industry acting to enforce the provisions of NRS 618.375.
Except as otherwise provided in subsection 5 and NRS 391.323, the Department of Education, the Board of the Public Employees’ Benefits Program and the Commission on Professional Standards in Education are subject to the provisions of this chapter for the purpose of adopting regulations but not with respect to any contested case.
and (d) NRS 90.800 for the use of summary orders in contested cases, prevailp4. over the general provisions of this chapter.
4.
(a) Any order for immediate action, including, but not limited to, quarantine and the treatment or cleansing of infected or infested animals, objects or premises, made under the authority of the State Board of Agriculture, the State Board of Health, or any other agency - 83rd Session (2025) – 13 – of this State in the discharge of a responsibility for the preservation of human or animal health or for insect or pest control;
(c)pursuant Ato regulationNRS adopted388.255 byor the394.1694;tate State Board of Education pursuant(d) toThe NRSjudicial 388.255review orof 394.1694;decisions of the Public Utilities Commission of Nevada;
- *SB375_R1* – 13 – (d) The judicial review of decisions of the Public Utilities Commission of Nevada;
[or] (j) The adoption or amendment of a data request by the Commissioner of Insurance pursuant to NRS 687B.404 [.] ;
- 83rd Session (2025) – 14 – (a) Upon passage and approval for the purpose of adopting any regulations and performing any other preparatory administrative tasks that are necessary to carry out the provisions of this act;
H~~~~~ 25 - *SB375_R1*83rd Session (2025)
Show all 98 changed rows (58 more)
View plain text versions (3)
- Enrolled As Enrolled Current pdf
- Reprint 1 View text pdf
- Introduced As Introduced pdf
Compared against the Nevada Revised Statutes as published AI-generated reading aid — verify against the official bill.
The bill revises various provisions governing credit unions, including allowing low-income credit unions to issue shares to nonmembers, changes to the par value of shares, and modifications to the procedures for board meetings and vacancies.
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NRS 672.310
$5→ $1Changes the required par value of shares for credit unions from $5 to $1 or a multiple thereof.
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NRS 672.350
members at the annual meeting or at a special meeting called for that purpose.→ board of directors for the remainder of the unexpired term, after which the seat shall be filled by vote of the members according to the established procedures of the credit union for nomination and election.Allows the board of directors to fill vacancies temporarily until members can vote on a successor.
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NRS 672.360
not less than once a month.→ not less than six times during each calendar year, including not less than one time during each calendar quarter.Reduces the required frequency of board meetings from monthly to at least six times a year, with at least one meeting each quarter.
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NRS 672.330
if the maintenance of offices is reasonably necessary to furnish service to its members.Removes the requirement for justifying the necessity of additional offices for credit unions.
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NRS 672.250
The Commissioner may issue an order to temporarily suspend a regulation of the Commissioner adopted pursuant to this chapter, in accordance with the requirements of this section, if: (a) The Governor or the Legislature proclaims the existence of a state of emergency or issues a declaration of disaster pursuant to NRS 414.070; or (b) The Commissioner determines that the order is in the public interest.
Allows the Commissioner to temporarily suspend certain regulations during emergencies or in the public interest.
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NRS 672.380
from the members of the credit union to act upon membership applications.→ from the members of the credit union or from the officers, directors or employees of the credit union to act upon membership applications.Expands the authority to appoint membership officers to include officers, directors or employees of the credit union.
Amendments
1 amendmentClick Show changes on an amendment above to see how it modifies the bill.
Action History
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Approved by the Governor. Chapter 206.
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Enrolled and delivered to Governor.
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To enrollment.
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Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate. In Senate.
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Taken from General File. Placed on General File for next legislative day.
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Read second time.
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From committee: Do pass.
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In Assembly. Read first time. Referred to Committee on Commerce and Labor. To committee.
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From printer. To engrossment. Engrossed. First reprint. To Assembly.
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Read third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To printer.
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From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 316.) Reprinting dispensed with. Placed on General File.
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From printer. To committee.
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Read first time. Referred to Committee on Commerce and Labor. To printer.
Sponsors
- Julie Pazina · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 66 not signed on
Sponsors (1)
- Pazina, Julie Democratic
Co-sponsors (0)
None.
Not signed on (66)
66 members have not signed on to this bill.
Show all 66 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democratic | 27 | 0 | 0 | 0 |
| Republican | 14 | 0 | 0 | 0 |
| Unaffiliated | 1 | 0 | 0 | 0 |
| Total | 42 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (42)
| Member | Party | Vote |
|---|---|---|
| OâNeill, PK | — | Yea |
| Anderson, Natha C. | Democratic | Yea |
| Backus, Shea M. | Democratic | Yea |
| Brown-May, Tracy | Democratic | Yea |
| Carter, Max E., II | Democratic | Yea |
| Considine, Venicia | Democratic | Yea |
| D'Silva, Reuben | Democratic | Yea |
| Dalia, Joe | Democratic | Yea |
| Flanagan, Tanya P. | Democratic | Yea |
| González, Cecelia | Democratic | Yea |
| Goulding, Heather | Democratic | Yea |
| Hunt, Linda F. | Democratic | Yea |
| Jackson, Jovan A. | Democratic | Yea |
| Jauregui, Sandra | Democratic | Yea |
| Karris, Venise | Democratic | Yea |
| La Rue Hatch, Selena | Democratic | Yea |
| Marzola, Elaine H. | Democratic | Yea |
| Miller, Brittney M. | Democratic | Yea |
| Monroe-Moreno, Daniele | Democratic | Yea |
| Moore, Cinthia Zermeño | Democratic | Yea |
| Mosca, Erica | Democratic | Yea |
| Nadeem, Hanadi | Democratic | Yea |
| Nguyen, Duy | Democratic | Yea |
| Orentlicher, David | Democratic | Yea |
| Roth, Erica P. | Democratic | Yea |
| Torres-Fossett, Selena | Democratic | Yea |
| Watts, Howard | Democratic | Yea |
| Yeager, Steve | Democratic | Yea |
| Cole, Lisa K. | Republican | Yea |
| DeLong, Rich | Republican | Yea |
| Dickman, Jill | Republican | Yea |
| Edgeworth, Rebecca | Republican | Yea |
| Gallant, Danielle | Republican | Yea |
| Gray, Ken | Republican | Yea |
| Gurr, Bert K. | Republican | Yea |
| Hafen, Gregory T., II | Republican | Yea |
| Hansen, Alexis M. | Republican | Yea |
| Hardy, Melissa R.. | Republican | Yea |
| Hibbetts, Brian | Republican | Yea |
| Kasama, Heidi | Republican | Yea |
| Koenig, Gregory S. | Republican | Yea |
| Yurek, Toby | Republican | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 8 | 0 | 0 | 0 |
| Democratic | 13 | 0 | 0 | 0 |
| Total | 21 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (21)
| Member | Party | Vote |
|---|---|---|
| Cannizzaro, Nicole J. | Democratic | Yea |
| Cruz-Crawford, Michelee "Shelly" | Democratic | Yea |
| Daly, Skip | Democratic | Yea |
| Dondero Loop, Marilyn | Democratic | Yea |
| Doñate, Fabian | Democratic | Yea |
| Flores, Edgar | Democratic | Yea |
| Lange, Roberta | Democratic | Yea |
| Neal, Dina | Democratic | Yea |
| Nguyen, Rochelle T. | Democratic | Yea |
| Ohrenschall, James | Democratic | Yea |
| Pazina, Julie | Democratic | Yea |
| Scheible, Melanie | Democratic | Yea |
| Taylor, Angela D. | Democratic | Yea |
| Buck, Carrie Ann | Republican | Yea |
| Ellison, John | Republican | Yea |
| Hansen, Ira | Republican | Yea |
| Krasner, Lisa | Republican | Yea |
| Rogich, Lori | Republican | Yea |
| Steinbeck, John C. | Republican | Yea |
| Stone, Jeff | Republican | Yea |
| Titus, Robin L. | Republican | Yea |
Subjects
Frequently asked questions
- Who sponsors SB 375?
- SB 375 is sponsored by Pazina, Julie (Democratic).
- What is the current status of SB 375?
- This bill has been enacted into law. Introduced March 17, 2025. Enacted.
- Where can I track SB 375?
- Track SB 375 free on One Click Politics — get push/email alerts when it moves.
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