Section 662.215 - Authorization; deposits; requirements of receipt or passbook; quarterly or annual statements required; issuance of time certificates1. Any bank organized under the provisions of chapters 657 to 671, inclusive, of NRS may carry on a savings business as prescribed in chapters 657 to 671, inclusive, of NRS.2. Any bank conducting a savings business may receive deposits on such terms as are authorized by its board of directors.3. A receipt or a passbook must be issued to each depositor in a bank for all money deposited on open account.4. The rules and regulations adopted by the bank governing deposits must be: (a) Included in the receipt or passbook issued pursuant to subsection 3;(b) Printed and conspicuously posted in a place accessible and visible to all persons in the business office of the bank; or(c) Provided directly to the depositor.5. Payments from the account to the depositor must be made only if the depositor authorizes the payments. Banks issuing savings deposit receipts for accounts other than certificates of deposit or passbook accounts shall, not less often than: (a) Quarterly, for accounts having a balance of $100 or more; or(b) Annually, for accounts having a balance of less than $100, deliver or mail to the depositor a statement, showing the balance on deposit in the account and each deposit made by and each payment made to the depositor during the calendar quarter.
6. Chapters 657 to 671, inclusive, of NRS do not prohibit a bank from issuing time certificates of deposit.Added to NRS by 1971, 988; A 1981, 846; 1997, 993Added to NRS by 1971, 988; A 1981, 846; 1997, 993