Nevada Administrative Code Chapter 666 - Banks: Major Organizational Changes; Interstate Banking
Here’s an updated overview of Nevada Administrative Code (NAC) Chapter 666 – Banks: Major Organizational Changes; Interstate Banking (last revised October 2013)(leg.state.nv.us), including connections to the related Nevada Revised Statutes (NRS) Chapter 666 framework:
📘 Structure of NAC 666
The chapter includes two main provisions:
666.010 – Application fees for major organizational changes (e.g., merger, consolidation, asset/liability transfer).
666.020 – Fees for other actions affecting Nevada-chartered depository institutions or holding companies. (leg.state.nv.us)
1. NAC 666.010 – Merger/Consolidation Fee
Requires a nonrefundable $4,500 fee when a Nevada depository institution applies for approval for merger, consolidation, or asset/liability transfer under NRS 666.015. (leg.state.nv.us)
2. NAC 666.020 – Other Approval Fee
Imposes the same $4,500 nonrefundable fee for applications under NRS 666.315, covering certain actions affecting NV institutions or their holding companies. (leg.state.nv.us)
📜 Connection to NRS Chapter 666 (Statutes)
While NAC 666 addresses administrative fees, NRS 666 provides the substantive legal authority:
General provisions define critical terms like “de novo branch,” “holding company,” “home/host state,” etc. (leg.state.nv.us, leg.state.nv.us)
Organizational changes (mergers, transfers) must meet conditions, including depositor interests, CRA compliance, public interest, and proper board or shareholder votes. Commissioner approval is required. Fees and investigation costs may also apply.
Branching & acquisition by out-of-state banks are regulated under interstate banking statutes (NRS 666.400–666.420), addressing conditions for acquiring/establishing branches, regulatory supervision, legal compliance, and Commissioner authority. (leg.state.nv.us)
✅ Key Takeaways
Topic
NAC §
Summary
Merger/transfer fee
666.010
$4,500 nonrefundable for institutional consolidation/transfers
Other major changes fee
666.020
Same $4,500 applies to broader organizational actions
Statutory authority
NRS 666.*
Outlines definitions, approval processes, supervisory powers, interstate branching, and acquisition conditions
🏦 Context: Interstate Banking (NRS 666.400+)
Out‑of‑state banks/holding companies must seek Commissioner approval to acquire Nevada bank charters or establish de novo branches—especially in counties under 100,000 population. (leg.state.nv.us, nevada.public.law, nevada.public.law)
Once approved, these banks are generally subject to Nevada laws for safe operation, examination, and consumer protections. The Commissioner may override home-state rules if necessary to protect the public. (leg.state.nv.us)
📌 In Summary
NAC 666 mainly sets standardized $4,500 administrative fees for significant structural changes by banks.
NRS 666 underpins those rules with statutory criteria for approval, regulatory oversight, interstate branching authority, and protection of depositors and the public interest.
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