2014 Nevada Revised Statutes
Chapter 677 - Thrift Companies
NRS 677.247 - Applicant required to obtain insurance of deposits; regulations.
1. Except as otherwise provided in subsection 2, an applicant for an authorization to engage in the business regulated pursuant to this chapter must obtain:
(a) The insurance of deposits provided pursuant to the provisions of the Federal Deposit Insurance Act (12 U.S.C. 1811 et § 12 U.S.C. 1701 to 1743, inclusive).
2. A person who:
(a) Is licensed pursuant to this chapter before October 1, 1997; and
(b) Has not obtained the insurance of deposits provided in subsection 1,
may obtain a contract for the insurance of deposits that is issued by a private insurer. The contract must be approved by the Commissioner and the Commissioner of Insurance.
3. The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to subsection 2 will be approved by him or her.
(Added to NRS by 1985, 2194; A 1987, 2001; 1997, 1016)
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