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Can you summarize NVRS 662.145?
Powers and Miscellaneous Provisions > Limits on amount of loans; exceptions.
Short Summary
This legal document, governed by the Nevada Revised Statutes, sets limits on the total outstanding loans that a bank can provide to any person, company, corporation, or firm. The total outstanding loans cannot exceed 25 percent of the stockholders’ or members’ equity of the bank, actually paid in. The document also includes credit exposure arising from derivative transactions, repurchase agreements, securities lending transactions, or securities borrowing transactions in the calculation of total outstanding loans. However, loans secured or covered by guarantees or commitments from Federal Reserve Bank, the United States, or any department, bureau, board, commission, or establishment of the United States are exempt from these limitations. The Commissioner has the authority to establish limitations on loans made by a bank to its directors, officers, or employees and may require reporting of these loans. The Commissioner is also empowered to adopt regulations necessary to implement the provisions of this document.
Whom does it apply to?
Banks and other financial institutions in Nevada
What does it govern?
Limits on the amount of loans that a bank can provide to individuals or entities
What are exemptions?
Loans secured or covered by guarantees or commitments from Federal Reserve Bank, the United States, or any department, bureau, board, commission, or establishment of the United States
What are the Penalties?
No specific penalties mentioned in this document
Jurisdiction
Nevada