Nevada Administrative Code Chapter 657 - Financial Institutions
Here’s a refined overview of Nevada Administrative Code (NAC) Chapter 657 – Financial Institutions, which governs licensing and oversight of Nevada’s financial entities:
🏦 1. Scope & Purpose
NAC 657 implements the regulatory framework under NRS Chapter 657, covering licensing, supervision, conduct, and examinations of banks, thrift companies, trust companies, credit unions, check-cashing services, collection agencies, and other financial institutions (fid.nv.gov).
📄 2. Key Provisions
• Fingerprinting Requirement (NAC 657.010)
Applicants for licenses, certificates, organizational permissions, or control-change approvals must submit fingerprint cards collected by a recognized law enforcement agency. This provision was recently updated and re‑effective June 6, 2024 (regulations.justia.com).
🛂 3. Relationships with NRS 657
NAC 657 supports the statutes defined in NRS Chapter 657, including:
License definitions and financial institution categories (bank, commercial bank, depository institution, etc.) (law.justia.com).
Licensing criteria: application forms, necessary disclosures, grounds for denial, and fingerprint mandates .
Commissioner’s authority to investigate, issue/suspend licenses, and regulate trade and exploitation involving vulnerable customers (law.justia.com).
🔍 4. Interplay with Other NAC Chapters
While NAC 657 outlines general licensing and procedural rules, actual supervision, fee-setting, and enforcement specifics are detailed in related chapters:
NAC 658: Supervision and examination fees for banks (leg.state.nv.us, law.cornell.edu).
NAC 659–668: Additional regulation of specialty entities (e.g., trust companies, money transmitters, debt-management services) (fid.nv.gov).
✅ 5. Summary Table
| Topic | NAC 657 Highlights |
|---|---|
| Fingerprinting | Required for initial, renewal, or organizational change applications; updated 2024 |
| Definitions & Licensing Terms | Aligns with NRS 657 definitions (e.g., "bank," "license," "financial institution") |
| Application & Approval Process | Stipulates forms, disclosures, fees, fingerprinting, and Commissioner authority |
| Statutory Backing | Implements NRS 657 statutes like NRS 657.160–210 |
| Related Chapters | Fees, supervision, examinations: NAC 658–668 |
🔚 Bottom Line
NAC Chapter 657 establishes the general administrative rules for licensing and supervising financial institutions in Nevada—especially fingerprinting, definitions, application process, and Commissioner oversight. More specific provisions (like fee structures and supervisory procedures) reside in related chapters such as NAC 658 and beyond.
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