NRS 658.165
Officers and employees of Division of Financial Institutions prohibited from having interest in certain banks

  • exceptions
  • termination of interest.

1.

Except as otherwise provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not be directly or indirectly interested in or act on behalf of any bank chartered by this State, receive, directly or indirectly, any payment from any such bank, be indebted to any state bank, engage in the negotiation of loans for others with any such bank or obtain credit or services from a state bank conditioned upon a fraudulent practice or undue or unfair preference over other customers.

2.

An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a state bank while in office.

3.

Any officer or employee of the Division of Financial Institutions may be indebted to a bank on the same terms as are available to the public generally upon:

(a)

A mortgage loan upon his or her own real property.

(b)

A secured installment debt.

(c)

An unsecured debt.

4.

Any officer or employee of the Division of Financial Institutions may establish and maintain deposits with banks to the greatest amount insured, receive interest on those deposits and borrow money secured by a pledge of those deposits.

5.

If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or a relationship prohibited by this section at the time of his or her appointment or employment, or obtains it during his or her employment, he or she shall terminate it within 120 days after the date of his or her appointment or employment or the discovery of the prohibited act.

Source: Section 658.165 — Officers and employees of Division of Financial Institutions prohibited from having interest in certain banks; exceptions; termination of interest., https://www.­leg.­state.­nv.­us/NRS/NRS-658.­html#NRS658Sec165.

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

Feb. 5, 2021

§ 658.165’s source at nv​.us