673.112 - Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees; regulations.
673.112 Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees; regulations.
1. A branch office is a legally established place of business of an association, other than the home office, which is authorized by the board of directors and approved by the Commissioner and at which any of the association’s business may be conducted.
2. All branch offices are subject to direction from the home office.
3. No association may establish or maintain a branch office without prior written approval of the Commissioner. Each application for approval of the establishment and maintenance of a branch office must:
(a) State the proposed location thereof, the need therefor, the functions to be performed therein, the estimated annual expense thereof and the mode of payment therefor.
(b) Be accompanied by a budget of the association for the current semiannual period and for the next succeeding semiannual period, which reflects the estimated additional expense of the maintenance of the branch office.
4. After receipt of an application the Commissioner shall determine:
(a) Whether the establishment and maintenance of the branch office will unduly injure any properly conducted existing association in the community where the branch office is proposed to be established or in any neighboring community; and
(b) Whether or not the establishment and maintenance of the branch office will serve the public interest.
5. Before issuance of a charter for a branch office, the Commissioner shall notify all associations doing business within a radius of 100 miles of the principal place of business of the applicant, and within a radius of 100 miles of the proposed branch office. Any association so notified may, within 20 days, protest in writing the granting of the application. Within 30 days after receipt by the Commissioner of a written protest, the Commissioner shall fix a date for a hearing upon the protest. The hearing must be held not earlier than 60 days nor more than 90 days after the date of receipt of written notice by registered or certified mail by the parties.
6. If the Commissioner finds that no undue injury is likely to result, that the establishment and maintenance of the branch office is advisable and will serve the public interest, he or she may approve the application.
7. Approval of an association’s application for a branch office charter permits the association to establish an operating office in a temporary or a permanent building, if the building is placed on or erected at the approved location within 12 months after the approval.
8. For good cause and after notice to the association, the Commissioner may revoke his or her approval for the maintenance of a branch office. Failure to establish a branch office in the manner and within the time permitted under this section constitutes a good cause for revocation, unless a prior, written request for a waiver of the time limitation is sought by the association and an extension, in writing, is granted by the Commissioner.
9. An association which maintains one or more branch offices shall give each branch office a specific designation by name and include in the designation the word “branch” and shall prominently display the designation at the place of business of the branch. When an association is operating a branch office, all advertising of or by the branch office must state clearly the location of the principal office of the association.
10. The filing fees are:
(a) For filing an original application, not more than $400 for each branch office. 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.
(b) If the license is approved for issuance, not more than $200 for each branch office before issuance.
11. The Commissioner shall adopt regulations establishing the amount of the filing fees required pursuant to this section.
(Added to NRS by 1961, 780; A 1963, 464; 1967, 1014; 1969, 95, 971; 1981, 1314; 1983, 1324, 1777; 1987, 1960; 1991, 1813; 2005, 1876)