Ask Reggi Your Question Now
Can you summarize NVRS 672?
BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL INSTITUTIONS > Credit Unions
Short Summary
The legal document governs the organization, operation, and regulation of credit unions in the state of Nevada. It requires credit unions to provide training on identifying and reporting suspected exploitation of older or vulnerable persons to employees who have direct contact with such individuals or review/approve their financial documents or transactions. The document also governs the designation, duty to report, and immunity related to the exploitation of older persons or vulnerable persons in credit unions. It outlines the procedures for examinations and audits of credit unions, including the authority of the Commissioner to conduct examinations, subpoena witnesses and documents, and compel testimony. The document also covers the merger and conversion of credit unions, specifying the approval process, execution of a certificate of merger, and payment of fees. It addresses the voluntary and involuntary dissolution of credit unions, including the requirements for calling a meeting, voting procedures, and notification to the Division. The document also outlines the procedure for the liquidation of a credit union, including the order of payment of obligations and distribution of remaining assets. Additionally, it governs the organization and operation of central credit unions, specifying their powers and membership. The document does not mention any specific exemptions or penalties. Overall, it provides a comprehensive framework for the organization, operation, and regulation of credit unions in Nevada.
Whom does it apply to?
The document applies to credit unions formed pursuant to the provisions of this chapter in the state of Nevada. It also applies to employees of credit unions who have direct contact with older or vulnerable persons or review/approve their financial documents or transactions.
What does it govern?
The legal document governs the organization, operation, and regulation of credit unions in the state of Nevada, including the designation of a person to receive reports of exploitation of older or vulnerable persons, examinations and audits of credit unions, mergers and conversions of credit unions, voluntary and involuntary dissolution of credit unions, liquidation of credit unions, and the organization and operation of central credit unions.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Nevada