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Nevada Revised Statutes Title 55. Banks and Related Organizations § 677.230. Reserves

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

1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in:

(a) Cash and due from federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank;

(b) United States treasury bills or notes;

(c) Short-term obligations of the federal or state government; or

(d) Money deposited in federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank.

For the purposes of this subsection, “short-term” means having a maturity of 2 years or less.

2. The Commissioner shall require a licensee who is insured by the Federal Deposit Insurance Corporation to comply with the reserve requirements established by that insurer.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 55. Banks and Related Organizations § 677.230. Reserves - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-55-banks-and-related-organizations/nv-rev-st-677-230/

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