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Can you summarize NVRS 663?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Deposits
Short Summary
The provided legal document content covers three main areas. Firstly, it governs the handling of deposits and safe-deposit boxes of minors in banks and credit unions. It allows banks and credit unions to operate deposit accounts and lease safe-deposit boxes to minors, treating them as adults. However, it does not affect the law governing transactions with minors outside the scope of this section. Secondly, it permits banks and credit unions to collect savings from school children through authorized individuals such as school principals, teachers, or collectors. The bank or credit union is liable to the pupil for all deposits made through these authorized individuals. Lastly, the document regulates the rental and handling of safe-deposit boxes. If the rental payment for a safe-deposit box is overdue for 90 days, the lessor may send a notice to the lessee stating that the box will be opened and its contents stored at the lessee’s expense unless payment is made within 30 days. If the rental remains unpaid after 30 days, the box can be opened in the presence of an officer of the lessor and a notary public. The contents must be sealed in a package, and a certificate reciting the details of the opening and a list of contents must be included. If the contents remain unclaimed by the owner for 3 years or less, the package must be stored in the general vaults of the lessor. If the contents remain unclaimed for more than 3 years, the lessor must deliver the package to the State Treasurer as unclaimed property. No specific penalties are mentioned in this document.
Whom does it apply to?
Banks, credit unions, minors, school children, lessees of safe-deposit boxes
What does it govern?
Handling of deposits and safe-deposit boxes of minors, collection of savings from school children, rental and handling of safe-deposit boxes
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Nevada