Can I collect bank account information from participants in Nevada? What are the requirements?

Collecting Bank Account Information from Participants in Nevada

In Nevada, the collection of bank account information from participants is subject to certain requirements and restrictions.

According to ^[2.1], the Commissioner of Financial Institutions is required to make certain information available to the public, but some information is confidential and not subject to inspection by the general public. Specifically, the information required by subsections 7 and 16 of NRS 676A.320 and the addresses required by subsection 4 of NRS 676A.320 are confidential.

Additionally, ^[4.1] states that the Commissioner may report violations of applicable laws committed by applicants for licenses or licensees, enforcement actions, and other relevant information to the Registry. However, the requirements under any federal or state law regarding the privacy and confidentiality of any information or material provided to the Registry continue to apply to such information or material after it has been disclosed to the Registry.

Furthermore, ^[5.1] outlines restrictions on the examination and disclosure of financial records. An officer, employee, or agent of a governmental agency shall not request or receive the financial records of any customer from a financial institution unless the request relates to a lawful investigation of the customer, the financial records are described in the request with particularity and are consistent with the scope and requirements of the investigation, and the officer, employee, or agent furnishes the financial institution with a customer authorization, subpoena, or search warrant authorizing examination or disclosure of such records.

Therefore, if you wish to collect bank account information from participants in Nevada, you must ensure that you comply with the requirements and restrictions outlined in the relevant statutes and regulations. It is recommended that you consult with a legal professional to ensure that you are in compliance.

Source(s):

• [2.1] Commissioner to make certain information available; certain information confidential. [Effective until the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
• [4.1] Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
• [5.1] Examination and disclosure of financial records: Restrictions; exception.

Jurisdiction

Nevada

• Privacy