Nev. Rev. Stat. § 672.690

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 672.690 - Assets qualified for reserves

For the purpose of establishing the reserves required by NRS 672.670 and 672.680, all assets except the following are considered risk assets:

1. Cash on hand;

2. Deposits or shares in federal or state banks, savings and loan associations, savings banks and credit unions;

3. Assets which are insured by, fully guaranteed as to principal and interest by, or due from the United States Government, its agencies, the Federal National Mortgage Association or the Government National Mortgage Association;

4. Loans to other credit unions;

5. Loans to members of the credit union which are fully secured by the shares of the member applying therefor;

6. Loans to students insured under the provisions of the Higher Education Act of 1965, 20 U.S.C. §§ 1071 et seq., or similar state insurance programs;

7. Loans insured under the National Housing Act, as amended, 12 U.S.C. § 1703, by the Federal Housing Administration;

8. Shares or deposits in central credit unions organized under the provisions of NRS NRS 672.850, or of any other state law or the Federal Credit Union Act of 1934, as amended, 12 U.S.C. §§ 1751 et seq.;

9. Common trust investments which deal in investments authorized by this chapter;

10. Prepaid expenses;

11. Accrued interest on nonrisk investments;

12. Furniture and equipment;

13. Land and buildings; and

14. A deposit for insurance for members' accounts required pursuant to subsection 3 of NRS 672.750.

NRS 672.690

Added to NRS by 1975, 388; A 1981, 1814; 1999, 1453