SB375
AN ACT relating to credit unions; authorizing a credit union which is a low-income credit union to issue shares to nonmembers under certain circumstances; authorizing the Commissioner of Financial Institutions to temporarily suspend certain regulations under certain circumstances; requiring the Commissioner to approve or deny an application to open an additional office within 60 days after receipt of the application; revising requirements for the par value of shares of a credit union; revising provisions relating to certain operations of a credit union; revising requirements for the board of directors of a credit union; revising provisions relating to membership in a credit union; revising provisions relating to certain reserves, loans and investments of a credit union; and providing other matters properly relating thereto. Close title AN ACT relating to credit unions; authorizing a credit union which is a low-income credit union to issue shares to nonmembers under certain circumstances; authorizing the Commissioner of Financial Institutions to temporarily suspend certain regulations under certain circumstances; requiring the Commissioner to approve or deny an application to open an additional office within 60 days after receipt of the application; revising requirements for the par value of shares of a credit union; revising provisions relating to certain operations of a credit union; revising requirements for the board of directors of a credit union; revising provisions relating to membership in a credit union; revising provisions relating to certain reserves, loans and investments of a credit union; and providing other matters properly relating thereto.
Introduction Date
Monday, March 17, 2025
Primary Sponsor
View 1 Primary Sponsors Close Primary Sponsors Senator Julie
Public exhibits
5
Support 1 · Opp 1 · Neutral 2
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to credit unions; authorizing a credit union which is a low-income credit union to issue shares to nonme
Existing law provides for the regulation and oversight of certain credit unions by the Commissioner of Financial Institutions. (Chapter 672 of NRS) Section 2 of this bill authorizes the Commissioner to issue an order which temporarily suspends a regulation of the Commissioner relating to credit unions for not more than 90 days: (1) during a state of emergency or declaration of disaster; or (2) if the Commissioner determines the order is in the public interest. Section 2 requires: (1) such an order to contain certain information and meet certain requirements; and (2) the Commissioner to provide written notice and a copy of any such order to any credit union subject to the authority of the Commissioner. Section 15 of this bill exempts any order issued by the Commissioner pursuant to section 2 from the requirements of the Nevada Administrative Procedure Act. Existing law requires an application which is submitted to the Secretary of State to organize a credit union to establish the par value of the shares, which must be $5 or some multiple thereof. (NRS 672.310) Section 3 of this bill reduces the required par value to $1 or some multiple thereof. Section 9 of this bill authorizes the bylaws of the credit union to: (1) specify a dollar amount for the par value of a share; or (2) require the par value of a share to be determined from time to time by resolution of the board of directors. Section 1 of this bill authorizes a credit union that qualifies and is approved for designation
NELIS exhibits (5 on file)
Support (1)
- Brian Reeder (Testimony)
Opposition (1)
- Nevada Bankers Association (Testimony)
Neutral (2)
- Ken Lange — Silver State Schools Credit Union (Testimony)
- Nevada Credit Union League (Support Information)
Bill text + amendments: view on NELIS →