677.230 - Reserves.
677.230 Reserves.
1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in:
(a) Cash and due from federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 678.755, or any Federal Reserve Bank;
(b) United States treasury bills or notes;
(c) Short-term obligations of the federal or state government; or
(d) Money deposited in federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 678.755, or any Federal Reserve Bank.
Ê For the purposes of this subsection, “short-term” means having a maturity of 2 years or less.
2. The Commissioner shall require a licensee who is insured by the Federal Deposit Insurance Corporation to comply with the reserve requirements established by that insurer.
(Added to NRS by 1975, 1833; A 1979, 996; 1983, 1819; 1985, 2198; 1987, 1999; 1989, 1097; 1993, 2815; 1999, 1451)
NRS 677.240 Authorization for change of place of business. If a licensee desires to change its place of business to a street address other than that designated in its authorization, it shall give written notice to the Commissioner who shall issue his or her written authorization of the change, if the Commissioner finds such change of place of business would not justify a negative finding.
(Added to NRS by 1975, 1831; A 1983, 1819; 1987, 1999)