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Nevada Revised Statutes Title 31. Public Financial Administration § 356.360. Amount of required collateral; limitation on amount of public money held; reports; administrative fine

Current as of January 01, 2025 | Updated by Findlaw Staff

The program established pursuant to NRS 356.350 must provide that:

1. Each depository that participates in the program is required to maintain as collateral acceptable securities having a fair market value that is at least 102 percent of the amount of the uninsured balances of the public money held by the depository;

2. A depository shall satisfy the requirement set forth in subsection 1 by arranging for a third-party depository to hold acceptable securities on behalf of the depository for the benefit of a collateral pool pursuant to regulations adopted by the State Treasurer under NRS 356.390;

3. No depository that participates in the program may, at any one time, hold public money in an amount exceeding the total equity of the depository, as reflected on the financial statement of the depository;

4. Each depository that participates in the program is required to:

(a) Submit to the State Treasurer, in the form and manner prescribed by the State Treasurer, the following reports:

(1) A daily report of the total amount of public money held by the depository;

(2) If requested by the State Treasurer, a weekly summary report of the total fair market value of acceptable securities held by a third-party depository on behalf of the depository;

(3) A monthly report setting forth a list of accounts at the depository that hold public money; and

(4) A current annual report containing the financial statement of the depository; and

(b) Direct any third-party depository that holds acceptable securities on behalf of the depository to submit a monthly report to the State Treasurer setting forth a list of those securities, including, without limitation, the fair market value of those securities; and

5. The State Treasurer may impose an administrative fine not to exceed:

(a) One hundred dollars per day against a depository that fails to submit or fails to direct the submission of in a timely manner a report required by subsection 4; and

(b) Two hundred fifty dollars per day against a depository that fails to maintain the collateral required by subsection 1.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 31. Public Financial Administration § 356.360. Amount of required collateral; limitation on amount of public money held; reports; administrative fine - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-31-public-financial-administration/nv-rev-st-356-360/

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