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Can you summarize NVAC 658?
Nevada Administrative Code > Banks: Supervision
Short Summary
This legal document governs the fee for supervision and examination of banks licensed pursuant to chapters 657 to 668, inclusive, of NRS. The fee is collected by the Commissioner of Financial Institutions on or before June 30 of each year. The fee is determined based on the portion of the annual budget approved by the Legislature for expenses related to the operations of the Commissioner and the Division of Financial Institutions. The fee is calculated based on the total assets of each bank, with different fee rates for different asset ranges. If the fee is not paid on time, a penalty of 10 percent of the fee amount is assessed, with an additional 1 percent penalty for each month or portion of a month the fee remains unpaid. The fee does not include the cost of any extraordinary examination, audit, investigation, or hearing conducted by the Division, which is charged separately at a rate of $75 per hour. Each year the Commissioner of Financial Institutions will make an accounting of the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division. The results of the accounting will be made available to the public. This provision, found in the Nevada Administrative Code under the Banks: Supervision section, pertains to the assessment of costs related to audits and examinations conducted by the Division. If the Commissioner of Financial Institutions determines that the amount collected in a year exceeds or falls short of the necessary costs by more than $2,500, the Commissioner will adjust the assessments levied for the next year. If the amount collected exceeds the necessary costs, the excess amount will be divided by the number of financial institutions required to pay the assessment and subtracted from the previous year’s assessment. Conversely, if the amount collected is deficient, the difference will be divided by the number of financial institutions and added to the previous year’s assessment. This provision was added to the Nevada Administrative Code by the Commissioner of Financial Institutions on December 17, 1987. The Commissioner of Financial Institutions interprets the term financial institution as used in NRS 658.055 to have the meaning ascribed to it in NRS 232.545. On or before June 30 of each year, each licensed bank shall pay to the Division of Financial Institutions of the Department of Business and Industry: (a) A fee of $300 for the renewal of the license of each parent bank pursuant to NRS 658.096. (b) A fee of $150 for the renewal of the license of each branch bank or trust office pursuant to NRS 658.096. An application for a new branch bank or trust office submitted pursuant to NRS 658.096 must be accompanied by a fee of $300.
Whom does it apply to?
Banks licensed pursuant to chapters 657 to 668, inclusive, of NRS
What does it govern?
Fee for supervision and examination of banks licensed pursuant to chapters 657 to 668, inclusive, of NRS
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
10 percent penalty for late payment of the fee, with an additional 1 percent penalty for each month or portion of a month the fee remains unpaid
Jurisdiction
Nevada