USA Statutes : nevada
Title : Title 31 - PUBLIC FINANCIAL ADMINISTRATION
Chapter : CHAPTER 356 - DEPOSITORIES OF PUBLIC MONEY AND SECURITIES
1. The State, a local government or an agency of either, if
specifically authorized by statute or a state agency if approved by the
State Board of Finance, may deposit public money in any insured state or
national bank, in any insured credit union or in any insured savings and
loan association.
2. Deposits made by the State in an insured credit union or
savings and loan association which is a mutual association must be
evidenced by an instrument which acknowledges that the State is not a
member of the association by virtue of the deposit.
(Added to NRS by 1975, 1795; A 1979, 11, 1889; 1981, 1364)
The State, and the city or
county within whose jurisdiction is located a specially benefited zone
designated and approved under chapter 274 of
NRS, shall give preference in its deposits of public money to banks,
credit unions and savings and loan associations qualified to receive
public money which are located within the specially benefited zone and
are making loans to businesses located within the zone.
(Added to NRS by 1983, 1996)
DEPOSIT OF STATE MONEY IN BANK, CREDIT UNION OR SAVINGS AND LOAN
ASSOCIATION
All money under the control
of the State Treasurer belonging to the State must be deposited in any
state or national banks, any insured credit unions or in any insured
savings and loan associations in this state, or in any banks, insured
credit unions or insured savings and loan associations outside of this
state as provided in NRS 356.100 . The
depository banks, credit unions or savings and loan associations may, if
authorized by a contract negotiated with the State Treasurer, receive
compensation for handling, collecting and paying all checks, drafts and
other exchange. The compensation may be provided through the use of a
compensating balance or a fixed-rate fee, or any combination thereof.
[1:161:1935; A 1937, 365; 1931 NCL § 7029.01]—(NRS A 1959, 568;
1969, 647; 1975, 1802; 1979, 725, 1889; 1981, 344, 1364; 1995, 929)
1. A state agency which opens an account in a bank, credit union
or savings and loan association must first obtain the approval of the
State Board of Finance, except in cases where the account is specifically
authorized by statute.
2. The titles of the accounts must indicate that the account is in
the name of the State of Nevada.
3. The State Treasurer shall keep a list of all state accounts in
banks, credit unions or savings and loan associations, whether they are
maintained within or outside the State. The list must contain:
(a) The names of those financial institutions with which state
agencies have accounts, and the names of those agencies.
(b) The names of those state agencies which have accounts with
banks, credit unions and savings and loan associations, and the names of
those financial institutions.
4. Each state agency shall send to the State Controller at the end
of each fiscal year a copy of the statement of account for each account
it maintains with a bank, credit union or savings and loan association,
and other related documents which reconcile the account to the agency’s
books.
(Added to NRS by 1979, 11; A 1981, 1365)
1. The State Treasurer shall establish the rate of interest to be
paid on the maturity of each time certificate of deposit.
2. The State Treasurer shall make all such deposits through
warrants of the State Controller.
3. The State Controller shall maintain accurate records of
inactive deposits. Time certificates of deposit which are placed with
insured banks, credit unions and savings and loan associations shall be
deemed to constitute inactive deposits.
(Added to NRS by 1959, 571; A 1965, 35; 1969, 889; 1979, 725; 1981,
343; 1983, 750; 1999, 1485 )
1. All money deposited by the State Treasurer which is not within
the limits of insurance provided by an instrumentality of the United
States must be secured by collateral composed of the following types of
securities:
(a) United States treasury notes, bills, bonds or obligations as to
which the full faith and credit of the United States are pledged for the
payment of principal and interest, including the guaranteed portions of
Small Business Administration loans if the full faith and credit of the
United States is pledged for the payment of the principal and interest;
(b) Bonds of this state;
(c) Bonds of any county, municipality or school district within
this state;
(d) Promissory notes secured by first mortgages or first deeds of
trust which meet the requirements of NRS 356.025 ;
(e) Mortgage-backed pass-through securities guaranteed by the
Federal National Mortgage Association, the Federal Home Loan Mortgage
Corporation or the Government National Mortgage Association;
(f) Collateralized mortgage obligations or real estate mortgage
investment conduits that are rated “AAA,” “Aaa” or its equivalent by a
nationally recognized rating service;
(g) Instruments in which the State is permitted by NRS 355.140
to invest; or
(h) Irrevocable letters of credit from any Federal Home Loan Bank
with the State Treasurer named as the beneficiary.
2. Collateral deposited by the depository bank, credit union or
savings and loan association must be pledged with the State Treasurer or
with any Federal Home Loan Bank, any bank or any insured credit union or
savings and loan association, other than the depository bank, credit
union or savings and loan association, which will accept the securities
in trust for the purposes of this section.
3. The fair market value of the deposit of securities as
collateral by each depository bank, credit union or savings and loan
association must be at least the amount required pursuant to NRS 356.300
to 356.390 , inclusive. The fair market value of any
collateral consisting of promissory notes with first mortgages or first
deeds of trust shall be deemed to be 75 percent of the unpaid principal
of the notes.
4. All securities to be used as such collateral are subject to
review by the State Treasurer. The depository bank, credit union or
savings and loan association shall submit reports to the State Treasurer
as required pursuant to NRS 356.300 to
356.390 , inclusive.
5. The State Treasurer may, from time to time, require the deposit
of additional securities as collateral if, in his judgment, the
additional securities are necessary to secure the State Treasurer’s
deposit.
[2:161:1935; A 1937, 365; 1931 NCL § 7029.02]—(NRS A 1959, 568;
1969, 889; 1975, 1803; 1979, 726, 1889; 1981, 848, 1365; 1983, 962; 1985,
2112; 1989, 1270, 2181, 2182; 1997, 1285; 2003, 20th Special Session, 286
)
1. To be accepted as collateral for a deposit of money by the
State Treasurer, first mortgages or first deeds of trust must be on real
property which is located in this state and is used for residences of
single families.
2. Each such first mortgage or first deed of trust must be
accompanied by the promissory note which it secures.
3. No first mortgage or first deed of trust may be accepted for
such collateral if:
(a) Any payment on the related promissory note is more than 30 days
past due;
(b) A prior lien is on the mortgage or deed;
(c) In the case of a mortgage, an action to foreclose has been
commenced or, in the case of a deed of trust, a notice of default and
election to sell has been recorded;
(d) In the case of a loan which is not insured or guaranteed by the
Federal Government, the initial amount lent was greater than 80 percent
of the appraised value of the real property at the time the loan was made;
(e) The loan has been outstanding for less than 1 year;
(f) The grantor of the property resides on the property; or
(g) The loan does not meet the requirements for eligibility of the
Federal Home Loan Mortgage Corporation, the Federal National Mortgage
Association or the Government National Mortgage Association, although it
is not necessary that any of those agencies have participated in the loan.
4. If any collateral consisting of a promissory note with a
mortgage or deed of trust is found not to meet the requirements of this
section, the depository bank, credit union or savings and loan
association shall substitute a note of equal or greater value which does
meet the requirements.
5. The financial institution shall assign the pledged mortgages
and deeds of trust to the depositor and deliver them with their
promissory notes to the trust company. The assignment must be recorded
when the financial institution fails to pay any part of the deposit for
which the security is pledged.
(Added to NRS by 1981, 849; A 1999, 1485 )
1. If any insured banks, insured credit unions or insured savings
and loan associations fail to pay any deposit or deposits, or any part
thereof, on demand of the State Treasurer, then the State Treasurer, with
the written approval of the State Board of Finance, forthwith shall:
(a) Advertise the securities for sale for not less than 10 days in
a newspaper of general circulation published within this state.
(b) Sell the securities, or a sufficient amount thereof, to repay
the deposit, at public or private sale to the highest and best bidder.
(c) Apply the proceeds of the sale, including accrued interest, if
any, toward the cancellation of the deposit.
2. If there is an excess of the proceeds or of security, or both,
after the satisfaction of the deposit, the excess must be returned to the
depository bank, credit union or savings and loan association or its
successor in interest.
3. Nothing in this section prevents the depository bank, credit
union or savings and loan association, or the Commissioner of Financial
Institutions in charge thereof, or the legally constituted receiver or
liquidator thereof from redeeming the securities within a reasonable
time, as determined by the State Board of Finance, at such a price as
will repay to the State Treasurer the full amount of the deposit in the
depository.
[3:161:1935; A 1937, 365; 1931 NCL § 7029.03]—(NRS A 1959, 569;
1975, 1803; 1979, 1890; 1981, 1366; 1983, 1699; 1987, 1876)
At the close of business at the end of each month
and at any other time, upon demand of the State Treasurer, every
depository bank, credit union or savings and loan association shall:
1. Furnish the State Treasurer with a statement of the account,
verified or certified by an officer of the depository, upon a form to be
fixed by the State Treasurer.
2. Return to the State Treasurer:
(a) All paid checks;
(b) Microfilmed copies of such checks; or
(c) Any other evidence of such checks which may be transmitted by a
computer and is approved by the State Treasurer.
[4:161:1935; A 1937, 365; 1931 NCL § 7029.04]—(NRS A 1959, 569;
1975, 1804; 1981, 1366; 1983, 750; 1991, 252)
1. Where the State Treasurer, in accordance with the terms and
provisions of NRS 356.010 to 356.110
, inclusive, has deposited and kept on
deposit any public money in depositories so designated, he is not liable
personally or upon his official bond for any public money that may be
lost by reason of the failure or insolvency of any such depository; but
the State Treasurer is chargeable with the safekeeping, management and
disbursement of the bonds deposited with him as security for deposits of
state money and with interest thereon, and with the proceeds of any sale
under the provisions of NRS 356.010 to
356.110 , inclusive.
2. The State Treasurer may deposit for safekeeping with any
insured bank, credit union or savings and loan association or a trust
company within or without this state any securities or bonds pledged with
him, as State Treasurer, as collateral or as security for any purpose,
but the securities or bonds may only be so deposited by him with the
joint consent and approval, in writing, of the pledgor thereof and the
State Board of Finance. Any bonds or securities so deposited by him must
be deposited under a written deposit agreement between the pledgor and
the State Treasurer, to be held and released only upon a written order of
the State Treasurer or his deputy, and signed by the Governor or acting
governor and by one additional member of the State Board of Finance.
[5:161:1935; A 1937, 365; 1931 NCL § 7029.05]—(NRS A 1959, 570;
1975, 1804; 1979, 1890; 1999, 1486 )
1. Deposits are subject to withdrawal upon demand of the State
Treasurer at any time without previous notice, but no withdrawal of such
deposit or deposits, except by a State Controller’s warrant in the manner
set forth in NRS 356.080 , may be made
by the State Treasurer without the written consent of the State Board of
Finance.
2. A warrant of the State Controller is a check or order of the
State Treasurer, and must be paid by the depository bank, credit union or
savings and loan association designated thereon when registered,
countersigned, and the bank, credit union or savings and loan association
has been designated for payment thereof as provided in NRS 356.080 .
3. The State Treasurer shall keep a register which shows
separately the amount of state money on deposit with every insured
depository bank, insured credit union or insured savings and loan
association and lists separately each check or order drawn upon the
respective depositories, numbering the checks or orders against each
depository consecutively.
[7:161:1935; A 1937, 365; 1953, 55]—(NRS A 1959, 570; 1975, 1804;
1979, 1891; 1981, 1366)
1. Whenever any warrant of the State Controller is presented to
the State Treasurer for payment, the warrant becomes a check or order of
the State Treasurer if the State Treasurer endorses thereon the name of
the insured depository bank, insured credit union or insured savings and
loan association, where payable, and a number, as provided by NRS 356.070
, and countersigns his name thereto as
State Treasurer.
2. The warrant must be drawn, as near as may be, upon the insured
depository bank, insured credit union or insured savings and loan
association nearest the residence, if known, of the payee named in the
warrant.
[8:161:1935; A 1937, 365; 1931 NCL § 7029.08]—(NRS A 1975, 1805;
1979, 1891; 1981, 1367)
Subject to the applicable contract with the depositary, the State
Treasurer may call in money from inactive deposits, waiving interest
thereon if required, and place it in active deposits when necessary to
meet current requirements.
(Added to NRS by 1959, 571)
The interest
to be paid by a depository bank, credit union or savings and loan
association must be paid in accordance with the contract made with the
State Treasurer and in an amount determined by the rates established
pursuant to NRS 356.015 or by any Act
of Congress.
(Added to NRS by 1959, 571; A 1960, 74; 1969, 890; 1975, 1805;
1981, 1367)
1. Except as provided in subsections 2, 3 and 4 or in a specific
statute, all interest paid on money belonging to this State must be
deposited in the State General Fund.
2. Interest earned and received on any gift or bequest to an
agency of the State must be credited to the agency unless the gift or
bequest provides otherwise. An agency, when depositing a gift or bequest,
shall notify the State Treasurer whether it is a gift or bequest which
entitles the agency to the interest earned.
3. For each fund or account which by specific statute is credited
with the interest earned on money deposited in it, the State Treasurer
shall determine the proportionate share of interest and income earned by
it and credit that amount to it.
4. The State Treasurer shall pay the interest due to any
contractor pursuant to NRS 338.515 .
(Added to NRS by 1959, 571; A 1973, 588, 1378; 1975, 212, 822;
1977, 752; 1979, 908, 1105, 1306; 1981, 228, 236, 399, 551, 1014, 1015,
1447, 1526, 1559, 1827, 1834; 1983, 1581, 1592)
In consideration of no exchange or collection
charges being made on checks or coupons of, or remittance to, the State,
any banks, insured credit unions or insured savings and loan associations
at the state capital may be relieved by the State Treasurer, with the
approval of the State Board of Finance, from the payment of any interest
on amounts deposited with them.
[9:161:1935; A 1937, 365; 1931 NCL § 7029.09]—(NRS A 1959, 571;
1975, 1805; 1979, 1891; 1981, 1367)
If deposits in depositories
within this state are at or near the limit of deposits allowable under
the value of bonds or securities pledged by such banks, insured credit
unions or insured savings and loan associations, or as otherwise limited
by NRS 356.010 to 356.110 , inclusive, and an excess of money has
accumulated in the State Treasury, the State Treasurer may:
1. Subject to the provisions of NRS 356.010 to 356.110 ,
inclusive, with the written consent and approval of the State Board of
Finance, deposit such amounts of money as may be advisable in banks,
insured credit unions or insured savings and loan associations situated
outside of this state; and
2. By check or order signed by the State Treasurer and
countersigned by at least two members of the State Board of Finance,
withdraw the deposits as needed.
[10:161:1935; A 1937, 365; 1931 NCL § 7029.10]—(NRS A 1959, 571;
1975, 1805; 1979, 1891; 1981, 1367; 1995, 929)
The
provisions of NRS 356.010 to 356.100
, inclusive, do not require any
depository to accept state deposits.
(Added to NRS by 1959, 571; A 1979, 11)
A state officer or employee who willfully
violates:
1. NRS 356.011 is guilty of a
misdemeanor.
2. Any of the other provisions of NRS 356.010 to 356.100 ,
inclusive, is guilty of malfeasance in office which is a category D
felony and shall be punished as provided in NRS 193.130 .
[11:161:1935; A 1937, 365; 1931 NCL § 7029.11]—(NRS A 1967, 556;
1979, 12, 1465; 1995, 1270)
DEPOSIT OF COUNTY MONEY IN BANK, CREDIT UNION OR SAVINGS AND LOAN
ASSOCIATION
A county
treasurer may:
1. When one or more insured banks, insured credit unions or
insured savings and loan associations are located in the county, deposit
county money in such insured banks, credit unions or savings and loan
associations in demand accounts.
2. When no such banks, credit unions or savings and loan
associations exist in the county, deposit county money in any insured
bank, insured credit union or insured savings and loan association in the
State of Nevada in demand accounts.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1973, 183;
1975, 1806; 1979, 1892; 1999, 193 ; 2001, 601 )
1. A county treasurer may deposit county money in insured
depository banks, insured credit unions or insured savings and loan
associations in time accounts only with the written consent of the board
of county commissioners.
2. The time accounts so established are subject to the applicable
contract between the depository and the county.
3. The provisions of this section do not require any depository to
accept county deposits.
(Added to NRS by 1959, 397; A 1975, 1806; 1977, 561; 1979, 1892;
1981, 848; 1983, 964; 1999, 193 ; 2001, 601 )
Whenever the
written consent of any bondsman or bondsmen to deposit the county money
in any insured banks, credit unions or savings and loan associations has
not been obtained, the bondsman or bondsmen must, upon giving notice as
required by law, be released from all responsibility on the bond of the
county treasurer.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1975, 1806;
1999, 1486 )
1. All money deposited by a county treasurer that is not within
the limits of insurance provided by an instrumentality of the United
States must be secured by collateral composed of the following types of
securities:
(a) United States treasury notes, bills, bonds or obligations as to
which the full faith and credit of the United States are pledged for the
payment of principal and interest, including the guaranteed portions of
Small Business Administration loans if the full faith and credit of the
United States is pledged for the payment of the principal and interest;
(b) Bonds of this state;
(c) Bonds of a county, municipality or school district within this
state;
(d) Mortgage-backed pass-through securities guaranteed by the
Federal National Mortgage Association, the Federal Home Loan Mortgage
Corporation or the Government National Mortgage Association;
(e) Instruments in which the county is authorized by NRS 355.170
to invest; or
(f) Irrevocable letters of credit from any Federal Home Loan Bank
with the State Treasurer named as the beneficiary.
2. Collateral deposited by the depository bank, credit union or
savings and loan association must be pledged with the county treasurer or
with a Federal Home Loan Bank, or any insured bank, insured credit union
or insured savings and loan association, other than the depository bank,
credit union or savings and loan association, which will accept the
securities in trust for the purposes of this section.
3. The fair market value of the deposit of securities as
collateral by each depository bank, credit union or savings and loan
association must be at least the amount required pursuant to NRS 356.300
to 356.390 , inclusive.
4. All securities to be used as such collateral are subject to
review by the county treasurer and the board of county commissioners. The
depository bank, credit union or savings and loan association shall
submit reports to the State Treasurer as required pursuant to NRS 356.300
to 356.390 , inclusive. The State Treasurer will provide
periodic reports to the county treasurer showing the securities which
constitute the collateral and their fair market value.
5. The county treasurer or the board of county commissioners may,
from time to time, require the deposit of additional securities as
collateral if, in their judgment, the additional securities are necessary
to secure the county treasurer’s deposit.
(Added to NRS by 1999, 192 ; A 2003, 20th Special Session, 287 )
1. If an insured bank, insured credit union or insured savings and
loan association fails to pay a deposit, or any part thereof, on demand
of the county treasurer, the county treasurer, with the written approval
of the board of county commissioners, forthwith shall:
(a) Advertise the securities for sale for not less than 10 days in
a newspaper of general circulation published within this state.
(b) Sell the securities, or a sufficient amount thereof, to repay
the deposit, at public or private sale to the highest and best bidder.
(c) Apply the proceeds of the sale, including accrued interest, if
any, toward the cancellation of the deposit.
2. If there is an excess of the proceeds or of security, or both,
after the satisfaction of the deposit, the excess must be returned to the
depository bank, credit union or savings and loan association or its
successor in interest.
3. This section does not prevent the depository bank, credit union
or savings and loan association, or the commissioner of financial
institutions in charge thereof, or the legally constituted receiver or
liquidator thereof from redeeming the securities within a reasonable
time, as determined by the board of county commissioners, at such a price
as will repay to the county treasurer the full amount of the deposit in
the depository.
(Added to NRS by 1999, 193 )
1. Demand accounts and time accounts respectively authorized by
NRS 356.120 and 356.125 must be kept in the name of the county in such
manner as the board of county commissioners may prescribe.
2. The balance in each such account, as certified to by the proper
officer of the bank, credit union or savings and loan association in
which the money is deposited, and by oath of the county treasurer, may be
accounted for by the county as cash.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1975, 1806;
1999, 194 ; 2001, 602 )
All money deposited in an
insured bank, insured credit union or insured savings and loan
association by the county treasurer may be drawn out by a check or order
of the county treasurer at any time without previous notice, but no
withdrawal of such a deposit may be made by the county treasurer except
by:
1. A check or order that has been countersigned by the county
auditor; or
2. The warrant of the county auditor in the manner set forth in
NRS 356.180 .
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1975, 1806;
1979, 1892; 1999, 194 )
A warrant of the county auditor is a check or order of the county
treasurer, and must be paid by the depository bank, credit union or
savings and loan association designated thereon, if the warrant is
registered and countersigned, and the bank, credit union or savings and
loan association has been designated for payment thereof as provided in
NRS 356.180 .
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1975, 1806;
1999, 194 )
The county treasurer shall keep a register
that shows separately the amount of county money on deposit with every
insured depository bank, credit union or savings and loan association,
and shall list separately each check or order drawn upon the respective
depositories, numbering the checks or orders against each depository
consecutively.
[Part 1:80:1885; A 1941, 42; 1931 NCL § 2187]—(NRS A 1975, 1807;
1999, 194 )
If a warrant of the county auditor is presented to the county
treasurer for payment, the warrant becomes a check or order of the county
treasurer if the county treasurer endorses thereon the name of the
insured depository bank, credit union or savings and loan association,
where payable, and a number, as provided in NRS 356.170 , and countersigns his name thereto as county
treasurer.
[2:80:1885; A 1941, 42; 1931 NCL § 2188]—(NRS A 1975, 1807; 1979,
1892; 1999, 194 , 1486 ; 2001, 91 )
1. Where the county treasurer, in accordance with the terms and
provisions of NRS 356.120 to 356.180
, inclusive, has deposited and kept on
deposit any public money in depositories so designated, he:
(a) Is not liable personally on or upon his official bond for any
public money that may be lost by reason of the failure or insolvency of
any such depository.
(b) Is chargeable with the safekeeping, management and disbursement
of any bonds that may be deposited with him as security for deposits of
county money, and with interest thereon, and with the proceeds of any
sale of such bonds.
2. The county treasurer may deposit for safekeeping with an
insured bank, insured credit union, insured savings and loan association
or trust company within or without this state any securities or bonds
pledged with him, as county treasurer, as collateral or as security for
any purpose, but the securities or bonds may only be so deposited by him
with the joint consent and approval, in writing, of the pledgor thereof
and the board of county commissioners. Any bonds or securities so
deposited by him must be deposited under a written deposit agreement
between the pledgor and the county treasurer, to be held and released
only upon a written order of the county treasurer that has been approved
by the board of county commissioners.
[3:80:1885; added 1941, 42; 1931 NCL § 2188.01]—(NRS A 1999, 194
)
1. With unanimous consent of his bondsmen, a county officer, other
than a county treasurer, may deposit county money received by the office
of the county officer in an insured bank, insured credit union or insured
savings and loan association located in the State of Nevada.
2. If the written consent of any bondsman to such a deposit has
not been obtained, the bondsman must, upon giving notice as required by
law, be released from all responsibility on the bond of the officer.
3. The accounts must be kept in the name of the county in such
manner as the board of county commissioners may prescribe.
4. The balance in each such account, as certified by the proper
officer of the bank, credit union or savings and loan association in
which the money is deposited, and by oath of the county treasurer, may be
accounted for by the county as cash.
5. All money deposited in any depository bank, credit union or
savings and loan association by such a county officer may be drawn out by
him on check or order payable only to the county treasurer or his order,
but every county assessor may also withdraw money received in payment for
license fees for motor vehicles by check or order payable to the
Department of Motor Vehicles, and may also withdraw money received in
payment for use taxes for motor vehicles by check or order payable to the
Department of Taxation.
6. The county officer shall keep a register which shows the amount
of county money on deposit and lists every check or order drawn upon the
depository bank, credit union or savings and loan association, numbering
the items consecutively.
7. The county officer maintaining a deposit in any depository
bank, credit union or savings and loan association shall draw upon the
deposit not later than the first Monday of each month and whenever the
deposit exceeds $100 for the full amount of county money deposited
therein, a withdrawal to be by check or order payable to the county
treasurer, and shall thereupon deliver the withdrawal to the county
treasurer.
8. This section does not apply to any deposit made by the clerk of
any court pursuant to NRS 355.210 .
[6:80:1885; added 1953, 73]—(NRS A 1959, 189, 693; 1971, 657; 1973,
183; 1975, 1690, 1787, 1807; 1979, 1892; 1985, 1985; 1999, 195 , 1487 ; 2001, 2599 )
DEPOSITORY BONDS OF SURETY COMPANIES
It is unlawful for any person, firm, company or
corporation knowingly to deliver to any public officer of this State or
of any political subdivision thereof, or for any such public officer
knowingly to accept, any depository bond of any surety company for the
security of any public money deposited or to be deposited by the officer
in any banking or trust company, insured credit union or insured savings
and loan association any stockholder, member or director of which, at the
time of the execution of the depository bond, is a stockholder or
director in the surety company.
[1:98:1933; 1931 NCL § 5232]—(NRS A 1975, 1808; 1979, 1893; 1981,
1368)
A
public officer shall not accept any such depository bond unless there is
attached thereto a certificate, under oath, of some authorized officer or
agent of the surety company to the effect that, at the time of executing
the bond, no stockholder or director of the surety company furnishing the
bond is a stockholder, member or director in any banking or trust
company, insured credit union or any insured savings and loan association
in which the public money is or is to be deposited knowingly.
[2:98:1933; 1931 NCL § 5232.01]—(NRS A 1975, 1808; 1979, 1893;
1981, 1368)
Any person, firm, company or corporation
violating any of the provisions of NRS 356.210 and 356.220
shall be guilty of a misdemeanor.
[3:98:1933; 1931 NCL § 5232.02]
ADMINISTRATIVE OVERSIGHT OF DEPOSITORIES; LEVY OF ASSESSMENT
As used in NRS 356.300 to 356.390 ,
inclusive, unless the context otherwise requires, the words and terms
defined in NRS 356.310 to 356.340
, inclusive, have the meanings ascribed
to them in those sections.
(Added to NRS by 2003, 20th Special Session, 285 )
“Depository” means an insured
state or national bank, insured savings and loan association, or insured
credit union in this State in which public money is held on deposit. The
term does not include a third-party depository.
(Added to NRS by 2003, 20th Special Session, 285 )
“Local government” has
the meaning ascribed to it in NRS 354.474 .
(Added to NRS by 2003, 20th Special Session, 285 )
“Public money” means money
deposited with a depository by the State or a local government.
(Added to NRS by 2003, 20th Special Session, 285 )
“Third-party
depository” means a trust company or trust department of a state,
national or federal reserve district bank which is authorized to hold
securities on behalf of a depository for the benefit of the State
Treasurer.
(Added to NRS by 2003, 20th Special Session, 285 )
The State Treasurer shall establish a
program for the monitoring of collateral maintained by depositories.
(Added to NRS by 2003, 20th Special Session, 285 )
1. The program established pursuant to NRS 356.350 must provide that:
(a) Each depository 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;
(b) A depository may satisfy the requirement set forth in paragraph
(a) by arranging for a third-party depository to hold securities on
behalf of the depository for the benefit of the State Treasurer;
(c) No depository 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;
(d) Each depository is required to 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) A weekly summary report of the total fair market value
of securities held by a third-party depository on behalf of the
depository;
(3) A monthly report setting forth a list of acceptable
securities, including, without limitation, the fair market value of those
securities, held by the depository or held by any third-party depository
on behalf of the depository; and
(4) A current annual report containing the financial
statement of the depository; and
(e) The State Treasurer may impose an administrative fine not to
exceed:
(1) One hundred dollars per day against a depository that
fails to submit in a timely manner a report described in paragraph (d);
and
(2) Two hundred fifty dollars per day against a depository
that fails to maintain collateral as described in paragraph (a).
2. As used in this section, “acceptable securities” means the
securities described in:
(a) Subsection 1 of NRS 356.020 ;
and
(b) Subsection 1 of NRS 356.133 .
(Added to NRS by 2003, 20th Special Session, 285 )
1. Once each fiscal year, the State Treasurer shall levy a pro
rata assessment against each depository that held public money at any
time during the immediately preceding fiscal year.
2. The amount of the assessment levied pursuant to subsection 1
must be based on the average weekly deposits of public money held by a
depository.
3. The State Treasurer shall provide to each depository a notice
setting forth:
(a) The amount of the assessment levied against the depository
pursuant to subsection 1; and
(b) The provisions of NRS 356.380 .
(Added to NRS by 2003, 20th Special Session, 286 )
1. A depository shall, within 45 days after the date on which the
depository received the notice provided pursuant to subsection 3 of NRS
356.370 , remit to the State Treasurer
the amount of the assessment levied against the depository.
2. The State Treasurer may impose an administrative fine not
exceeding $500 per day against a depository that fails to comply with the
provisions of subsection 1.
(Added to NRS by 2003, 20th Special Session, 286 )
The State Treasurer shall adopt such
regulations as he determines are necessary to carry out the provisions of
NRS 356.300 to 356.390 , inclusive.
(Added to NRS by 2003, 20th Special Session, 286 )
