AB500

Existing law provides for the licensure and regulation of various financial institutions by the Commissioner of Financial Institutions. (Title 55 of NRS) This bill provides for the licensure and regulation by the Commissioner of payments banks. Under section 70 of this bill, a payments bank, with certain exceptions, has all the powers, privileges and authorities that a state bank or national bank has, including, engaging in money transmission, engaging in activities concerning the maintenance of deposit accounts and the conducting of merchant acquiring activities, which section 18 of this bill defines to mean activities associated with effecting transactions within payment card networks. Section 70 prohibits a payments bank from making loans and engaging in various activities relating to loans. Sections 3-29 of this bill define words and terms for the purposes of this bill. Sections 30, 32-35, 37, 39 and 40 of this bill set forth various powers and duties of the Commissioner with respect to the licensure and regulation of payments banks. Section 31 of this bill prohibits an officer or employee of the Division of Financial Institutions of the Department of Business and Industry from having certain involvement with a payments bank. Section 36 of this bill sets forth certain requirements for the provision of notices required under the provisions of this bill. Sections 38 and 43-45 of this bill set forth procedures and requirements for the organization and licensure of a payments