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Can you summarize NVRS 665?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Examinations and Reports
Short Summary
The provided legal document content pertains to the examinations and reports required for banks and related organizations under chapters 657 to 671 of the Nevada Revised Statutes. The Commissioner is responsible for providing necessary forms for examinations and reports, and all reports received must be preserved in the Commissioner’s office. The Commissioner is required to conduct thorough examinations of banks at least once within each 18-month period, and may accept reports of examinations made by federal regulatory agencies. The results of examinations and inquiries must be reduced to a written report signed by the Commissioner or the Commissioner’s deputies. The report must contain a true and detailed statement of the bank’s condition, violations of the provisions of chapters 657 to 671, and assets subject to criticism. The Commissioner serves a copy of the report on the bank’s president or secretary, and may call attention to any violations or conditions that need correction. Failure to make and transmit or publish required reports may result in a penalty of $50 per day, and the Commissioner may maintain an action to recover the penalty. The Commissioner and appointed examiners have the authority to administer oaths, examine individuals related to the bank’s affairs, and require the submission of official communications to the bank’s executive committee or board of directors. The Commissioner also has the power to require the removal of any dishonest, incompetent, or reckless officer, director, manager, or employee of a bank. The document also includes provisions regarding the disclosure of reports and information obtained from depository institutions, the appraisal of assets of doubtful or disputed value, the retention of records by banks, and the requirements for financial institutions subject to the Community Reinvestment Act. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks doing business under chapters 657 to 671 of the Nevada Revised Statutes
What does it govern?
Examinations and reports for banks and related organizations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A penalty of $50 per day for each day of delay in making and transmitting required reports
Jurisdiction
Nevada