Nevada Chapter 671 — Money Transmission

94 sections hosted, reproduced from the official public-domain source.

NRS 671.004— Definitions
NRS 671.005— “Average daily money transmission liability” defined
NRS 671.006— “Calendar quarter” defined
NRS 671.007— “Control” defined
NRS 671.008— “Eligible rating service” defined
NRS 671.009— “Key individual” defined
NRS 671.011— “Monetary value” defined
NRS 671.012— “Money or credits received for transmission” defined
NRS 671.013— “Money transmission” defined
NRS 671.014— “Nationwide Multistate Licensing System and Registry” or “Registry” defined
NRS 671.015— “Passive investor” defined
NRS 671.016— “Payroll processing services” defined
NRS 671.017— Privately insured depository financial institution” defined
NRS 671.018— Stored value” defined
NRS 671.019— “USA Patriot Act” defined
NRS 671.020— Applicability of chapter: Generally. [Effective through December 31, 2029.]
NRS 671.021— Applicability of chapter: Authority of Commissioner to require demonstration of qualification for exemption
NRS 671.030— Regulations
NRS 671.040— Prohibition against engaging in business of money transmission without being licensed or authorized delegate and regardless of location or method used
NRS 671.0045— “Authorized delegate” defined
NRS 671.050— Application for license: Form and medium; contents; bond or securities; financial statement; fees and expenses; regulations; withdrawal of application
NRS 671.0055— “Bank Secrecy Act” defined
NRS 671.060— Completion of application for license; conduct and cost of investigation of applicant; issuance of license; denial of application; appeal
NRS 671.0065— “Closed loop stored value” defined
NRS 671.070— Expiration and renewal of license; fees; regulations
NRS 671.0075— “Eligible rating” defined
NRS 671.080— License not transferable or assignable; business must be conducted at location specified in application or operated by authorized delegate; changes in location, name or operation of business
NRS 671.0085— “Federally insured depository financial institution” defined
NRS 671.092— Authority of Commissioner to take certain action to establish consistent licensing between states; authority of Commissioner to participate in Nationwide Multistate Licensing System and Registry; use of Registry for implementation of requirements of chapter; charges for use of Registry; regulations; provisions do not replace or affect authority of Commissioner regarding licensing
NRS 671.094— Authority of Commissioner to require submission of fingerprints; use of Nationwide Multistate Licensing System and Registry for submission and processing of fingerprints
NRS 671.0095— “Licensee” defined
NRS 671.096— Nationwide Multistate Licensing System and Registry: Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements
NRS 671.098— Additional materials required to be submitted to Commissioner by certain persons through Nationwide Multistate Licensing System and Registry
NRS 671.099— Licensee required to register and maintain unique identifier with Nationwide Multistate Licensing System and Registry; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry
NRS 671.100— Bond: Amounts; form; notice to Commissioner of action or judgment; replenishment; liability of surety; increase in amount; cancellation or alteration
NRS 671.0105— “Material litigation” defined
NRS 671.110— Deposits in lieu of bond
NRS 671.0115— “Money” defined
NRS 671.115— Tangible net worth: Amount required to be maintained
NRS 671.120— Examination of licensee by Commissioner; entry upon premises and access to documents; fee; audit in lieu of examination
NRS 671.0125— “Money services business accredited state” defined
NRS 671.125— Permissible investments: Duty of licensee to maintain; amount; establishment and termination of statutory trust; powers and duties of Commissioner
NRS 671.0135— Multistate licensing process” defined
NRS 671.135— Permissible investments: Types; limitations
NRS 671.0145— “Outstanding money transmission obligation” defined
NRS 671.145— Permissible investments: Letter of credit
NRS 671.0155— “Payment instrument” defined
NRS 671.155— Acquisition of control of licensee: Approval of Commissioner required; application; investigation; conditions for approval; authority of Commissioner if applicant is subject to multistate licensing process; denial; appeal; applicability
NRS 671.160— Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver
NRS 671.0165— “Person” defined
NRS 671.165— Acquisition of control of licensee: Request for determination of whether person will be considered person in control upon consummation of proposed transaction; authority of Commissioner if requester is subject to multistate licensing process
NRS 671.170— Investigations and hearings; fee; required reports; confidential communications
NRS 671.0175— “Receiving money or credits for transmission” defined
NRS 671.175— Acquisition of control of licensee: Exceptions from requirements for approval
NRS 671.180— Suspension, revocation or denial of renewal of license: Notice; hearing; order; grounds; judicial review
NRS 671.183— Failure to submit required report; fees; regulations
NRS 671.0185— “Tangible net worth” defined
NRS 671.185— Administrative fines
NRS 671.190— Unlawful acts; penalty; other remedies
NRS 671.0195— Application and construction of chapter
NRS 671.195— Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process
NRS 671.0205— Applicability of chapter: Authority of Commissioner to exempt additional persons
NRS 671.205— Required actions of licensee before engaging in money transmission through or allowing person to act as authorized delegate; authorized delegate to operate in compliance with chapter; required contract between licensee and authorized delegate; procedures upon suspension, revocation, surrender or expiration of license of licensee; money held in trust; use of subdelegate prohibited
NRS 671.215— Engaging in money transmission on behalf of unlicensed or nonexempt person prohibited; liability
NRS 671.225— Failure to remit money as required: Relief authorized in action by licensee against authorized delegate; notification by licensee required upon issuance of order prohibiting person from acting as authorized delegate; penalty
NRS 671.235— Circumstances under which transaction involving money transmission is deemed to take place in this State
NRS 671.245— Money or credit received for transmission required to be forwarded in accordance with agreement between licensee and sender; licensee required to respond to inquiries upon failure to forward; exceptions
NRS 671.255— Refund required upon written request; exceptions; applicability
NRS 671.265— Receipt required for all money or credits received for transmission; exceptions; requirements for receipt
NRS 671.275— Duties of licensee providing payroll processing services; exception
NRS 671.285— Annual filing of financial statement and other information with Commissioner; requirements for financial statement; order to remove qualification in financial statement
NRS 671.295— Filing of reports required by Bank Secrecy Act and other laws pertaining to money laundering
NRS 671.305— Quarterly report of condition: Submission; contents; authority of Commissioner to waive, modify or alter requirements
NRS 671.315— Quarterly report concerning authorized delegates: Submission; contents
NRS 671.325— Filing of report upon occurrence of certain events
NRS 671.335— Records: Maintenance; open to inspection by Commissioner
NRS 671.345— Administration, interpretation and enforcement of chapter: Powers and duties of Commissioner; regulations
NRS 671.355— Regulations
NRS 671.365— Confidentiality of certain information and documents; authority of Commissioner to disclose confidential information to certain persons; information that is not confidential authorized to be made available on Internet website of Division of Financial Institutions
NRS 671.375— Examination of licensee or authorized delegate by Commissioner; authorized actions to administer and enforce chapter; authorized actions to conduct examination; provision of records required; use of multistate standards and procedures; fees
NRS 671.385— Authority of Commissioner to participate in multistate supervisory processes; authority to conduct examination or investigation or otherwise take action not waived; fees not waived
NRS 671.395— Inconsistencies between provisions of chapter and federal law governed by federal law; authority of Commissioner to provide interpretive guidance concerning inconsistencies
NRS 671.400— Compliance with federal regulations; maintenance of information security program; notification of Commissioner of notification events
NRS 671.405— Duty of Commissioner to report certain information and material to Nationwide Multistate Licensing System and Registry; confidentiality of information or material provided; authority of Commissioner to enter into certain agreements and arrangements
NRS 671.415— Investigations and hearings; fee; confidential communications
NRS 671.425— Discontinuance of licensee’s business: Notice; surrender of license; order of Commissioner; possession of business and property by Commissioner; appointment of receiver
NRS 671.435— Suspension, revocation or denial of renewal of license: Notice; hearing; order; grounds; considerations in determining whether practice is unsafe or unsound; judicial review
NRS 671.445— Suspension or revocation of designation of authorized delegate: Grounds; considerations in determining whether practice is unsafe or unsound; relief
NRS 671.455— Order to cease and desist violation: Issuance; hearing; petition to set aside, limit or suspend
NRS 671.465— Consent order
NRS 671.475— Failure to submit required report; fees; regulations
NRS 671.485— Administrative fines
NRS 671.495— Unlawful acts; penalty; other remedies
NRS 671.0995— Suspension or revocation of license for failure to meet qualifications or satisfy requirements applicable to applicant; applicant required to demonstrate compliance with certain requirements