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Can you summarize NVRS 662?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Powers and Miscellaneous Provisions
Short Summary
This section of the Nevada Revised Statutes governs the general powers of banks and related organizations, as well as other financial institutions. It outlines the powers granted to banks, including the ability to discount and negotiate promissory notes, receive deposits, buy and sell exchange, and loan money. Banks are also authorized to issue letters of credit, receive money for transmission, establish clearinghouse associations, and engage in derivative transactions with the consent and written approval of the Commissioner. The Commissioner has the power to waive or modify Nevada law requirements if corresponding requirements for national banks are eliminated or modified. Additionally, banks may provide services through bank service corporations and sell annuities if licensed by the Commissioner of Insurance. The section also addresses the ability of banks to purchase, hold, and convey real property for business purposes and as security for loans. Real property acquired through the collection of debts must be sold within five years, but the Commissioner may grant an extension of up to five years. Overall, this section provides the framework for the powers and operations of banks in Nevada.
Whom does it apply to?
Banks, related organizations, and other financial institutions operating in Nevada.
What does it govern?
The general powers of banks and related organizations, as well as other financial institutions.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada