Nevada Revised Statutes Title 55. Banks and Related Organizations § 662.101. Investments in loans to finance interests in cooperative housing corporations

1. A bank may make or invest in a loan to finance a borrower's interest in or to refinance the borrower’s existing interest in a cooperative housing corporation if the loan is secured by:

2. For purposes of this chapter, the interest in a cooperative housing corporation which is encumbered by a security interest shall be deemed to be real property, and any loan made pursuant to subsection 1 shall be deemed to be a loan secured by a mortgage on real property.

3. As used in subsection 1, “cooperative housing corporation” means a corporation organized under the laws of this state for the purpose of the cooperative ownership of real estate whereby each of the stockholders or members is entitled, through ownership of stock or a certificate of membership in the corporation, to occupy a house, apartment or other dwelling unit on real estate owned by the corporation.