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Can you summarize NVRS 664?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Withdrawals and Collections
Short Summary
This legal document, part of the Nevada Revised Statutes, governs the authority of the Division of Financial Institutions to authorize banks in Nevada or organized under chapters 657 to 671 of NRS to restrict withdrawals from all accounts for a limited period. Banks can apply in writing to the Division, providing reasons for the restriction, and if approved, the Division will issue an authorization specifying the percentage of deposits that can be withdrawn and the duration of the restriction. Banks must post a certified copy of the authorization in a conspicuous place on their premises. Additionally, the Division may authorize these banks to receive new deposits, which must be segregated from old deposits and are not subject to any withdrawal restrictions, except as specified in time certificates of deposit or savings passbooks. The new deposits must be invested in approved liquid assets to ensure sufficient funds are available to meet the demands on these deposits. Any time that a certified check is required in any legal document or transaction, the effectiveness of which document or transaction is governed by the laws of this state, a bank may issue a cashiers check which shall be accepted in lieu of a certified check and which shall have the same force and effect as a certified check. (Added to NRS by 1971, 993)
Whom does it apply to?
Banks in Nevada or organized under chapters 657 to 671 of NRS
What does it govern?
Authority of the Division of Financial Institutions to authorize banks in Nevada or organized under chapters 657 to 671 of NRS to restrict withdrawals from all accounts for a limited period
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada