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Can you summarize NVAC 678?
Nevada Administrative Code > Credit Unions
Short Summary
The provided legal document content governs the formation of credit unions in Nevada under chapter 678 of the Nevada Revised Statutes (NRS). It outlines the requirements for forming a credit union, including the completion of various forms provided by the Commissioner of Credit Unions. These forms include the Organization Certificate, Confidential Report of Officials, Agreement by Director and Committeemen to Serve, Report of Officials, and Credit Union Investigation Report. The person forming the credit union must submit these forms to the Commissioner along with an investigation fee of $750 and a charter fee of $300. The Commissioner will then investigate the proposed Organization Certificate to ensure it meets the requirements of chapter 678 of NRS and determine the economic feasibility of establishing the credit union. If the Commissioner is satisfied with the qualifications, a charter will be issued to the proposed credit union. Additionally, the document provides an interpretation of the term ‘unimpaired capital and surplus’ for the purposes of this chapter and NRS 678.710. It states that the Division shall interpret the term to mean shares plus postclosing, undivided earnings, excluding regular reserves or special reserves required by this chapter or chapter 678 of NRS.
Whom does it apply to?
Any person who wishes to form a credit union under chapter 678 of the Nevada Revised Statutes (NRS)
What does it govern?
Formation of credit unions in Nevada, requirements for forming a credit union, completion of various forms provided by the Commissioner of Credit Unions, investigation fee and charter fee, interpretation of 'unimpaired capital and surplus'
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Nevada