1. A credit union may make loans to members in accordance with the provisions of the bylaws upon receipt of approval by the credit committee or loan officer at a rate of interest agreed upon by the credit union and member. 2. Every application for a loan must be made in writing upon a form […]
1. The credit committee or loan officer may approve, at his or her own discretion or upon application by a member, an extension of the maximum credit any member had previously been allowed. If an extension of credit is permitted, applications for loans within the credit limitation need no further consideration so long as the […]
1. A credit union may make loans to its directors and to members of its committees, except that any loan or aggregate of loans to any one director or member of a committee which is more than $30,000 plus pledged shares must be approved by the board. 2. A credit union may permit its directors […]
1. In addition to generally accepted types of security, the endorsement of a note by a guarantor or assignment of shares or wages, in a manner consistent with the laws of this state, shall be deemed security within the meaning of this chapter. 2. The credit committee or loan officer, subject to the provisions of […]
1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them. 2. A credit union may enter into cooperative marketing arrangements for its members covering such services as group life insurance, coverage for temporary disability, […]
1. In determining whether a private insurer is acceptable to issue a contract for the insurance of deposits, the Commissioner and the Commissioner of Insurance must consider: (a) The value of the insurer’s capital. (b) The ratio of the insurer’s assets, including reinsurance, which are readily available to cover any losses incurred by depositors, to […]
Money not used in loans to members may be invested in: 1. Securities, obligations, participations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States of America or any agency thereof or in any trust or trusts established for investing directly or collectively in these instruments; […]
A credit union must not invest in fixed assets without the prior approval of the Commissioner if the aggregate value of the credit union’s existing fixed assets exceeds 7 percent of its total assets. (Added to NRS by 1985, 783; A 1987, 2021)—(Substituted in revision for NRS 678.765)
