Nevada Administrative Code Chapter 670A - Corporations for Economic Revitalization and Diversification
Nevada Administrative Code — Chapter 670A
(Corporations for Economic Revitalization and Diversification)
This chapter of the Nevada Administrative Code sets out the rules and regulations for corporations that are created in Nevada to promote economic revitalization and diversification of the state. These regulations govern how such corporations operate, what licenses and fees they must pay, reporting requirements, and how the state supervises them.
1. Purpose of Chapter 670A
The overall goal of this chapter is to provide a framework for corporations whose mission is to help grow the economy of Nevada — for example by attracting new businesses, providing loans, or supporting economic development. These corporations are often referred to as corporations for economic revitalization and diversification.
2. Licensing and Fees (Sections 670A.010–670A.050)
Section 670A.010 — Fee for Supervision and Related Activities
The state’s Division of Financial Institutions charges a fee (calculated by an hourly rate) for activities such as:
Examinations
Audits
Investigations
Hearings
If the corporation does not pay the fee promptly, the state may add a penalty.
Section 670A.020 — Application Fee
A corporation must include a non‑refundable application fee when applying for a license to operate.
Section 670A.030 — Renewal Fee
To keep its license active, a corporation must pay an annual renewal fee.
Section 670A.040 — Fee for Late Reports
If a corporation fails to submit required reports on time, it must pay a daily fee for each day the report is late.
Section 670A.050 — Assessment for Audits
The corporation must pay an annual assessment to cover the cost of audits and examinations performed by the Division.
3. Requirements to Conduct Business (670A.060)
A corporation cannot begin or continue doing business in Nevada unless:
It holds all required licenses, certificates, and permits under this chapter, related state law, and any local government requirements.
Its location complies with local planning and zoning laws.
This ensures that corporations meet regulatory standards before operating in the state.
4. License Suspension and Revocation (670A.070)
The Commissioner of Financial Institutions has authority to suspend or revoke a corporation’s license if it violates the chapter’s rules.
Violations include failure to pay fees, failing to submit reports, or breaking any regulation in the chapter.
5. Public Access to Records (670A.080)
Documents filed by these corporations with the Division of Financial Institutions are generally open to public inspection, such as:
Reports
Filings
Financial statements
However, information may be kept confidential if needed to protect public welfare or a licensee.
6. Handling Complaints (670A.090)
Response to Complaints
If a corporation fails to respond promptly (within 20 business days) to a complaint from the Commissioner, it is deemed to have admitted the allegations.
Confidentiality
Complaints, supporting documents, and investigation reports can be treated as confidential at the Commissioner’s discretion.
Purpose and Function of These Corporations
Corporations regulated under Chapter 670A are designed to act as tools for economic development. Their functions may include:
Supporting local business growth
Assisting with financing projects
Promoting diversification of the state’s economy
Providing financial services that benefit the public interest
Their operations are overseen by state authorities to ensure transparency, accountability, and compliance with Nevada law.
Overall Effect of Chapter 670A
In simple terms:
✔ It licenses special economic development corporations
✔ It charges fees for licensing, oversight, and late reporting
✔ It requires compliance with state and local laws
✔ It allows public access to filings unless confidentiality is justified
✔ It gives regulators authority to discipline non‑compliant corporations
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