NRS 658.151
Power of Commissioner to take possession of business and property of depository institution

  • grounds.

1.

The Commissioner may forthwith take possession of the business and property of any depository institution to which this title applies when it appears that the depository institution:

(a)

Has violated its charter or any laws applicable thereto.

(b)

Is conducting its business in an unauthorized or unsafe manner.

(c)

Is in an unsafe or unsound condition to transact its business.

(d)

Has an impairment of its stockholders’ or members’ equity.

(e)

Has refused to pay its depositors in accordance with the terms on which such deposits were received, or has refused to pay its holders of certificates of indebtedness or investment in accordance with the terms upon which those certificates of indebtedness or investment were sold.

(f)

Has become or is in imminent danger of becoming otherwise insolvent.

(g)

Has neglected or refused to comply with the terms of a lawful order of the Commissioner.

(h)

Has refused, upon proper demand, to submit its records, affairs and concerns for inspection and examination of an appointed or authorized examiner of the Commissioner.

(i)

Has made a voluntary assignment of its assets to trustees.

(j)

Has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS.

2.

The Commissioner also may forthwith take possession of the business and property of any depository institution to which this title applies when it appears that the officers of the depository institution have refused to be examined upon oath regarding its affairs.

Source: Section 658.151 — Power of Commissioner to take possession of business and property of depository institution; grounds., https://www.­leg.­state.­nv.­us/NRS/NRS-658.­html#NRS658Sec151.

658.015
Administration of provisions of certain chapters. 658.021
Commissioner: Qualifications 658.025
Commissioner prohibited from having interest in bank or regulated corporation. 658.035
Oath of Commissioner. 658.045
Office. 658.055
Deputy commissioners 658.065
Oath of deputy commissioners. 658.085
Advisory capacity of State Board of Finance. 658.091
Deposit, use and disposition of money 658.096
Fees charged by Commissioner 658.098
Assessment for cost of legal services provided to Commissioner and Division of Financial Institutions 658.101
Rates charged by Commissioner for supervision and examination 658.105
Powers of Commissioner. 658.115
Summary orders of Commissioner. 658.125
Appeals to State Board of Finance. 658.135
Attestation of licenses, orders and certificates. 658.145
Power of Commissioner to offer rewards. 658.151
Power of Commissioner to take possession of business and property of depository institution 658.155
Penalty: Neglect of duty under certain chapters 658.165
Officers and employees of Division of Financial Institutions prohibited from having interest in certain banks 658.175
State Board of Finance bound by limitations imposed on Commissioner as to certification of new banks and establishment of branch banks. 658.185
Incidental powers of Commissioner. 658.190
Regulations concerning nontraditional mortgage loan products and certain lending practices. 658.195
Right to sue and defend in actions involving banks 658.200
Nontraditional mortgage loan products 658.210
Residential mortgage loan originator acting on behalf of privately insured institution or organization required to be licensed as mortgage loan originator.
Last Updated

Jun. 24, 2021

§ 658.151’s source at nv​.us