NRS Chapter 671, Money Transmission

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NRS: CHAPTER 671 - MONEY TRANSMISSION

[Rev. 4/15/2026 4:01:44
PM--2025]

CHAPTER 671 - MONEY TRANSMISSION

GENERAL PROVISIONS

NRS 671.004���������� Definitions.

NRS 671.0045�������� �Authorized
delegate� defined.

NRS 671.005���������� �Average
daily money transmission liability� defined.

NRS 671.0055�������� �Bank
Secrecy Act� defined.

NRS 671.006���������� �Calendar
quarter� defined.

NRS 671.0065�������� �Closed
loop stored value� defined.

NRS 671.007���������� �Control�
defined.

NRS 671.0075�������� �Eligible
rating� defined.

NRS 671.008���������� �Eligible
rating service� defined.

NRS 671.0085�������� �Federally
insured depository financial institution� defined.

NRS 671.009���������� �Key
individual� defined.

NRS 671.0095�������� �Licensee�
defined.

NRS 671.0105�������� �Material
litigation� defined.

NRS 671.011���������� �Monetary
value� defined.

NRS 671.0115�������� �Money�
defined.

NRS 671.012���������� �Money
or credits received for transmission� defined.

NRS 671.0125�������� �Money
services business accredited state� defined.

NRS 671.013���������� �Money
transmission� defined.

NRS 671.0135�������� �Multistate
licensing process� defined.

NRS 671.014���������� �Nationwide
Multistate Licensing System and Registry� or �Registry� defined.

NRS 671.0145�������� �Outstanding
money transmission obligation� defined.

NRS 671.015���������� �Passive
investor� defined.

NRS 671.0155�������� �Payment
instrument� defined.

NRS 671.016���������� �Payroll
processing services� defined.

NRS 671.0165�������� �Person�
defined.

NRS 671.017���������� �Privately
insured depository financial institution� defined.

NRS 671.0175�������� �Receiving
money or credits for transmission� defined.

NRS 671.018���������� �Stored
value� defined.

NRS 671.0185�������� �Tangible
net worth� defined.

NRS 671.019���������� �USA
Patriot Act� defined.

NRS 671.0195�������� Application
and construction of chapter.

NRS 671.020���������� Applicability
of chapter: Generally. [Effective through December 31, 2029.]

NRS 671.020���������� Applicability
of chapter: Generally. [Effective January 1, 2030.]

NRS 671.0205�������� Applicability
of chapter: Authority of Commissioner to exempt additional persons.

NRS 671.021���������� Applicability
of chapter: Authority of Commissioner to require demonstration of qualification
for exemption.

NRS 671.030���������� Regulations.
[Replaced in revision by NRS 671.355.]

LICENSING

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 671.050���������� Application
for license: Form and medium; contents; bond or securities; financial
statement; fees and expenses; regulations; withdrawal of application.

NRS 671.060���������� Completion
of application for license; conduct and cost of investigation of applicant;
issuance of license; denial of application; appeal.

NRS 671.070���������� Expiration
and renewal of license; fees; regulations.

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 671.092���������� 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 671.096���������� 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. [Replaced in revision by NRS
671.405.]

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 671.0995�������� Suspension
or revocation of license for failure to meet qualifications or satisfy
requirements applicable to applicant; applicant required to demonstrate
compliance with certain requirements.

BOND OR DEPOSIT; TANGIBLE NET WORTH; PERMISSIBLE INVESTMENTS

NRS 671.100���������� Bond:
Amounts; form; notice to Commissioner of action or judgment; replenishment;
liability of surety; increase in amount; cancellation or alteration.

NRS 671.110���������� Deposits
in lieu of bond.

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. [Replaced in revision by NRS 671.375.]

NRS 671.125���������� Permissible
investments: Duty of licensee to maintain; amount; establishment and
termination of statutory trust; powers and duties of Commissioner.

NRS 671.135���������� Permissible
investments: Types; limitations.

NRS 671.145���������� Permissible
investments: Letter of credit.

CHANGE OF CONTROL OR KEY INDIVIDUAL OF LICENSEE

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.
[Replaced in revision by NRS 671.425.]

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. [Replaced in
revision by NRS 671.415.]

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. [Replaced in revision by NRS
671.435.]

NRS 671.183���������� Failure
to submit required report; fees; regulations. [Replaced in revision by NRS 671.475.]

NRS 671.185���������� Administrative
fines. [Replaced in revision by NRS 671.485.]

NRS 671.190���������� Unlawful
acts; penalty; other remedies. [Replaced in revision by NRS 671.495.]

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.

AUTHORIZED DELEGATES

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.

TRANSACTIONS INVOLVING MONEY TRANSMISSION

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. [Repealed.]

REPORTS AND RECORDS

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.

ADMINISTRATION, INTERPRETATION AND ENFORCEMENT

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.

UNLAWFUL ACTS; PENALTIES

NRS 671.475���������� Failure
to submit required report; fees; regulations.

NRS 671.485���������� Administrative
fines.

NRS 671.495���������� Unlawful
acts; penalty; other remedies.

_________

 

GENERAL PROVISIONS

����� NRS 671.004  Definitions.  As
used in this chapter, unless the context otherwise requires, the words and
terms defined in NRS 671.0045 to 671.019, inclusive, have the meanings
ascribed to them in those sections.

����� (Added to NRS by 2023,
97)

����� NRS 671.0045  �Authorized delegate� defined.  �Authorized
delegate� means a person designated by a licensee to engage in money
transmission on behalf of the licensee.

����� (Added to NRS by 2023,
97)

����� NRS 671.005  �Average daily money transmission liability� defined.  �Average daily money transmission liability�
means the amount of the outstanding money transmission obligations of the
licensee in this State at the end of each day in a calendar quarter, added
together and divided by the number of days in the calendar quarter.

����� (Added to NRS by 2023,
97)

����� NRS 671.0055  �Bank Secrecy Act� defined.  �Bank
Secrecy Act� means the Bank Secrecy Act, 31 U.S.C. �� 5311 et seq., as amended,
and the regulations adopted pursuant thereto.

����� (Added to NRS by 2023,
97)

����� NRS 671.006  �Calendar quarter� defined.  �Calendar
quarter� has the meaning ascribed to it in NRS
702.020.

����� (Added to NRS by 2023,
97)

����� NRS 671.0065  �Closed loop stored value� defined.  �Closed
loop stored value� means stored value that is redeemable by the issuer only for
goods or services provided by the issuer, its affiliate or a franchisee of the
issuer or its affiliate, except to the extent required by applicable law to be
redeemable in cash for its cash value.

����� (Added to NRS by 2023,
97)

����� NRS 671.007  �Control� defined.

����� 1.  �Control� means:

����� (a) The power to vote, directly or indirectly, at
least 25 percent of the outstanding voting shares or voting interests of a
licensee or person in control of a licensee;

����� (b) The power to elect or appoint a majority of
key individuals or executive officers, managers, directors, trustees or other
persons exercising managerial authority of a person in control of a licensee;
or

����� (c) The power to exercise, directly or
indirectly, a controlling influence over the management or policies of a
licensee or person in control of a licensee.

����� 2.  A person is presumed to exercise
control if the person holds the power to vote, directly or indirectly, at least
10 percent of the outstanding voting shares or voting interests of a licensee
or person in control of a licensee. This presumption may be rebutted by a
showing that the person is a passive investor.

����� 3.  In determining the percentage of a
person controlled by any other person, the interest of the person must be
aggregated with the interest of any other immediate family member. For the
purposes of this subsection, �immediate family member� means the spouse,
parent, child, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law and sister-in-law of a person and any person
who shares the home of the person.

����� (Added to NRS by 2023,
97)

����� NRS 671.0075  �Eligible rating� defined.

����� 1.  �Eligible rating� means a credit rating
that is within any of the three highest rating categories of at least one
eligible rating service. Each rating category may include category modifiers
such as �plus� or �minus� for Standard and Poor�s Rating Services or the
equivalent for any other eligible rating service.

����� 2.  The term includes:

����� (a) A long-term credit rating of �A-� or higher
by Standard and Poor�s Rating Services or the equivalent from any other eligible
rating service.

����� (b) A short-term credit rating of �A-2� or �SP-2�
or higher by Standard and Poor�s Rating Services or the equivalent from any
other eligible rating service.

����� (Added to NRS by 2023,
97)

����� NRS 671.008  �Eligible rating service� defined.  �Eligible
rating service� means any nationally recognized statistical rating
organization, as defined in 15 U.S.C. � 78c, or any other organization
designated by the Commissioner.

����� (Added to NRS by 2023,
98)

����� NRS 671.0085  �Federally insured depository financial institution� defined.  �Federally insured depository financial
institution� means a bank, credit union, savings and loan association, savings
association, savings bank, industrial bank or industrial loan company organized
under the laws of any state or of the United States, when the bank, credit
union, savings and loan association, savings association, savings bank,
industrial bank or industrial loan company has deposits which are federally
insured.

����� (Added to NRS by 2023,
98)

����� NRS 671.009  �Key individual� defined.  �Key
individual� means any natural person ultimately responsible for establishing or
directing policies and procedures of a licensee, such as an executive officer,
manager, director or trustee.

����� (Added to NRS by 2023,
98)

����� NRS 671.0095  �Licensee� defined.  �Licensee�
means any person licensed under this chapter.

����� (Added to NRS by 2023,
98)

����� NRS 671.0105  �Material litigation� defined.  �Material
litigation� means litigation that, according to generally accepted accounting
principles in the United States, is significant to the financial health of a
person and would be required to be disclosed by the person in an annual audited
financial statement, report to shareholders or similar record.

����� (Added to NRS by 2023,
98)

����� NRS 671.011  �Monetary value� defined.  �Monetary
value� means a medium of exchange, whether or not redeemable in money.

����� (Added to NRS by 2023,
98)

����� NRS 671.0115  �Money� defined.  �Money�
means a medium of exchange that is authorized or adopted by the United States
or a foreign government. The term includes a monetary unit of account
established by an intergovernmental organization or by agreement between two or
more governments.

����� (Added to NRS by 2023,
98)

����� NRS 671.012  �Money or credits received for transmission� defined.  �Money or credits received for transmission�
means any money, credits or monetary value received in the United States for
transmission within or outside the United States by electronic or other means.

����� (Added to NRS by 2023,
98)

����� NRS 671.0125  �Money services business accredited state� defined.  �Money services business accredited state� means
a state agency that is accredited by the Conference of State Bank Supervisors
and the Money Transmitter Regulators Association for money transmission
licensing and supervision.

����� (Added to NRS by 2023,
98)

����� NRS 671.013  �Money transmission� defined.

����� 1.  �Money transmission� means any of the
following:

����� (a) Selling or issuing payment instruments to a
person located in this State.

����� (b) Selling or issuing stored value to a person
located in this State.

����� (c) Receiving money or credits for transmission
from a person located in this State.

����� 2.  The term does not include the provision
solely of online or telecommunications services or network access.

����� (Added to NRS by 2023,
98; A 2025,
266)

����� NRS 671.0135  �Multistate licensing process� defined.  �Multistate
licensing process� means any agreement entered into by and among state
regulators relating to coordinated processing of applications for money
transmission licenses, applications for the acquisition of control of a
licensee, control determinations or notice and information requirements for a
change of key individuals.

����� (Added to NRS by 2023,
98)

����� NRS 671.014  �Nationwide Multistate Licensing System and Registry� or
�Registry� defined.  �Nationwide
Multistate Licensing System and Registry� or �Registry� has the meaning
ascribed to it in NRS 604A.083.

����� (Added to NRS by 2023,
98)

����� NRS 671.0145  �Outstanding money transmission obligation� defined.

����� 1.  �Outstanding money transmission
obligation� means:

����� (a) Any payment instrument or stored value issued
or sold by a licensee to a person located in the United States or reported as
sold by an authorized delegate of the licensee to a person that is located in
the United States that has not yet been paid or refunded by or for the licensee
or escheated in accordance with applicable abandoned property laws; or

����� (b) Any money or credits received for
transmission by a licensee or an authorized delegate in the United States from
a person located in the United States that has not yet been received by the
payee or refunded to the sender or escheated in accordance with the applicable
abandoned property laws.

����� 2.  For the purposes of this section, a
person is located in the United States if the person is located in any state,
territory or possession of the United States, the District of Columbia, the
Commonwealth of Puerto Rico or a United States military installation that is
located in a foreign country.

����� (Added to NRS by 2023,
99)

����� NRS 671.015  �Passive investor� defined.  �Passive
investor� means a person that:

����� 1.  Does not have the power to elect a
majority of key individuals or executive officers, managers, directors,
trustees or other persons exercising managerial authority of a person in
control of a licensee;

����� 2.  Is not employed by and does not have
any managerial duties of a licensee or person in control of a licensee;

����� 3.  Does not have the power to exercise,
directly or indirectly, a controlling influence over the management or policies
of a licensee or person in control of a licensee; and

����� 4.  Does either of the following:

����� (a) Attests to the characteristics set forth in
subsections 1, 2 and 3 in a form prescribed by the Commissioner; or

����� (b) Commits to the characteristics set forth in
subsections 1, 2 and 3 in a written document.

����� (Added to NRS by 2023,
99)

����� NRS 671.0155  �Payment instrument� defined.

����� 1.  �Payment instrument� means a written or
electronic check, draft, money order, traveler�s check or other written or
electronic instrument for the transmission or payment of money or monetary
value, whether or not negotiable.

����� 2.  The term does not include stored value
or any instrument that is:

����� (a) Redeemable by the issuer only for goods or
services provided by the issuer or its affiliate or a franchisee of the issuer
or its affiliate, except to the extent required by applicable law to be
redeemable in cash for its cash value; or

����� (b) Not sold to the public but issued and
distributed as part of a loyalty, rewards or promotional program.

����� (Added to NRS by 2023,
99)

����� NRS 671.016  �Payroll processing services� defined.  �Payroll
processing services� means receiving money or credits for transmission pursuant
to a contract with a person to:

����� 1.  Deliver wages or salaries;

����� 2.  Make payment of payroll taxes to a
state or federal agency;

����� 3.  Make payments relating to an employee
benefit plan; or

����� 4.  Make distributions of other authorized
deductions from wages or salaries.

����� (Added to NRS by 2023,
99)

����� NRS 671.0165  �Person� defined.  �Person�
means any natural person, general partnership, limited partnership, limited
liability company, corporation, trust, association, joint stock corporation or
other corporate entity identified by the Commissioner.

����� (Added to NRS by 2023,
99)

����� NRS 671.017  �Privately insured depository financial institution� defined.  �Privately insured depository financial
institution� means a credit union, thrift company or industrial loan company
organized and regulated under the laws of this State, when such a credit union,
thrift company or industrial loan company has deposits which are insured by a
private insurer approved by the Commissioner and the Commissioner of Insurance.

����� (Added to NRS by 2023,
100)

����� NRS 671.0175  �Receiving money or credits for transmission� defined.  �Receiving money or credits for transmission�
means the act of receiving money, credits or monetary value in the United
States for transmission within or outside the United States by electronic or
other means.

����� (Added to NRS by 2023,
100)

����� NRS 671.018  �Stored value� defined.

����� 1.  �Stored value� means monetary value
representing a claim against the issuer evidenced by an electronic or digital
record, and that is intended and accepted for use as a means of redemption for
money or monetary value or payment for goods or services.

����� 2.  The term includes, without limitation,
prepaid access, as defined in 31 C.F.R. � 1010.100, as amended.

����� 3.  The term does not include a payment
instrument, closed loop stored value or monetary value described in subsection
1 that is not sold to the public but issued and distributed as part of a
loyalty, rewards or promotional program.

����� (Added to NRS by 2023,
100)

����� NRS 671.0185  �Tangible net worth� defined.  �Tangible
net worth� means the aggregate assets of a licensee excluding all intangible
assets, less liabilities, as determined in accordance with generally accepted
accounting principles in the United States.

����� (Added to NRS by 2023,
100)

����� NRS 671.019  �USA Patriot Act� defined.  �USA
Patriot Act� means the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law
107-56.

����� (Added to NRS by 2023,
100)

����� NRS 671.0195  Application and construction of chapter.  In applying and construing the provisions of
this chapter, consideration must be given to the need to promote uniformity of
the law with respect to money transmission among states that enact laws concerning
money transmission that are substantively similar to this chapter.

����� (Added to NRS by 2023,
117)

����� NRS 671.020  Applicability of chapter: Generally. [Effective through December
31, 2029.]  Except as otherwise
provided in NRS 671.155, this chapter
does not apply to any:

����� 1.  Federally insured depository financial
institution, privately insured depository financial institution, bank holding
company or any subsidiary thereof, office of an international banking
corporation, foreign bank that establishes a federal branch pursuant to 12
U.S.C. � 3102, as amended, corporation organization pursuant to 12 U.S.C. ��
1861 to 1867, inclusive, as amended, or corporation organized pursuant to 12
U.S.C. �� 611 to 633, inclusive, as amended, under the laws of a state or of
the United States.

����� 2.  Operator of a payment system to the
extent that it provides processing, clearing or settlement services between or
among persons exempted pursuant to this section or licensees in connection with
wire transfers, credit card transactions, debit card transactions, stored value
transactions, automated clearinghouse transfers or similar transfers of money.

����� 3.  Person appointed as an agent of a payee
to collect and process a payment from a payor to the payee for goods or
services, other than money transmission, provided to the payor by the payee, so
long as:

����� (a) A written agreement exists between the payee
and the agent directing the agent to collect and process payments from payors
on behalf of the payee;

����� (b) The payee holds the agent out to the public
as accepting payments for goods or services on behalf of the payee; and

����� (c) Payment for the goods and services is treated
as received by the payee upon receipt by the agent so that the obligation of
the payor is extinguished and there is no risk of loss to the payor if the
agent fails to remit the money to the payee.

����� 4.  Person that acts as an intermediary by
processing payments between an entity that has directly incurred an outstanding
money transmission obligation to a sender and the designated recipient of the
sender, so long as the entity:

����� (a) Is a licensee or exempt from licensure
pursuant to this chapter;

����� (b) Provides a receipt, electronic record or
other written confirmation to the sender identifying the entity as the provider
of money transmission in the transaction; and

����� (c) Bears sole responsibility to satisfy the
outstanding money transmission obligation to the sender, including, without
limitation, the obligation to make the sender whole in connection with any
failure to transmit the money to the designated recipient of the sender.

����� 5.  Department, agency, instrumentality or
agent of the United States.

����� 6.  State, county, city or any other
governmental agency, subdivision, instrumentality or agent of a state.

����� 7.  Money transmission by the United States
Postal Service or by an agent of the United States Postal Service.

����� 8.  Trust company that is licensed or
otherwise authorized to engage in the business of a trust company in this State
pursuant to chapter 669 of NRS.

����� 9.  Electronic money transfer of
governmental benefits for a federal, state, county or governmental agency by a
contractor on behalf of the United States or a department, agency or
instrumentality thereof or on behalf of a state or governmental subdivision,
agency or instrumentality thereof.

����� 10.  Board of trade designated as a
contract market under the Commodity Exchange Act, 7 U.S.C. �� 1 et seq., as
amended, or a person that, in the ordinary course of business, provides clearance
and settlement services for a board of trade to the extent of its operation as
or for the board of trade.

����� 11.  Registered futures commission merchant
under the federal commodities laws to the extent of its operation as such a
merchant.

����� 12.  Person registered as a securities
broker-dealer under federal or state securities laws to the extent of the
operations of the person as such a securities broker-dealer.

����� 13.  Natural person employed by a licensee,
authorized delegate or any person exempt from licensure pursuant to this
section when acting within the scope of employment and under the supervision of
the licensee, authorized delegate or exempt person as an employee and not as an
independent contractor.

����� 14.  Person expressly appointed as a third-party
service provider to or agent of an entity exempt pursuant to subsection 1 to
the extent that:

����� (a) The third-party service provider or agent is
engaging in money transmission on behalf of and pursuant to a written agreement
with the exempt entity that sets forth the specific functions that the
third-party service provider or agent is to perform; and

����� (b) The exempt entity assumes all risk of loss
and legal responsibility for satisfying the outstanding money transmission
obligations owed to purchasers and holders of the outstanding money
transmission obligations upon receipt by the third-party service provider of
the money or monetary value of the purchaser or holder.

����� 15.  Employer who performs payroll services
on his or her own behalf or on behalf of an affiliate of an employer.

����� 16.  Professional employer organization, as
defined in NRS 611.400, who performs
payroll services.

����� 17.  Provider who is licensed pursuant to chapter 604D of NRS.

����� 18  Person engaged solely in the provision
of payroll processing services.

����� 19.  Person exempt by regulation or order
of the Commissioner pursuant to NRS
671.0205.

����� (Added to NRS by 1977,
1083; A 1983,
153; 2023,
117, 2411;
2025,
267)

����� NRS 671.020  Applicability of chapter:
Generally. [Effective January 1, 2030.]  Except
as otherwise provided in NRS 671.155,
this chapter does not apply to any:

����� 1.  Federally insured depository financial
institution, privately insured depository financial institution, bank holding
company or any subsidiary thereof, office of an international banking
corporation, foreign bank that establishes a federal branch pursuant to 12
U.S.C. � 3102, as amended, corporation organization pursuant to 12 U.S.C. ��
1861 to 1867, inclusive, as amended, or corporation organized pursuant to 12
U.S.C. �� 611 to 633, inclusive, as amended, under the laws of a state or of
the United States.

����� 2.  Operator of a payment system to the
extent that it provides processing, clearing or settlement services between or
among persons exempted pursuant to this section or licensees in connection with
wire transfers, credit card transactions, debit card transactions, stored value
transactions, automated clearinghouse transfers or similar transfers of money.

����� 3.  Person appointed as an agent of a payee
to collect and process a payment from a payor to the payee for goods or
services, other than money transmission, provided to the payor by the payee, so
long as:

����� (a) A written agreement exists between the payee
and the agent directing the agent to collect and process payments from payors
on behalf of the payee;

����� (b) The payee holds the agent out to the public
as accepting payments for goods or services on behalf of the payee; and

����� (c) Payment for the goods and services is treated
as received by the payee upon receipt by the agent so that the obligation of
the payor is extinguished and there is no risk of loss to the payor if the
agent fails to remit the money to the payee.

����� 4.  Person that acts as an intermediary by
processing payments between an entity that has directly incurred an outstanding
money transmission obligation to a sender and the designated recipient of the
sender, so long as the entity:

����� (a) Is a licensee or exempt from licensure
pursuant to this chapter;

����� (b) Provides a receipt, electronic record or
other written confirmation to the sender identifying the entity as the provider
of money transmission in the transaction; and

����� (c) Bears sole responsibility to satisfy the
outstanding money transmission obligation to the sender, including, without
limitation, the obligation to make the sender whole in connection with any
failure to transmit the money to the designated recipient of the sender.

����� 5.  Department, agency, instrumentality or
agent of the United States.

����� 6.  State, county, city or any other
governmental agency, subdivision, instrumentality or agent of a state.

����� 7.  Money transmission by the United States
Postal Service or by an agent of the United States Postal Service.

����� 8.  Trust company that is licensed or
otherwise authorized to engage in the business of a trust company in this State
pursuant to chapter 669 of NRS.

����� 9.  Electronic money transfer of
governmental benefits for a federal, state, county or governmental agency by a
contractor on behalf of the United States or a department, agency or
instrumentality thereof or on behalf of a state or governmental subdivision,
agency or instrumentality thereof.

����� 10.  Board of trade designated as a
contract market under the Commodity Exchange Act, 7 U.S.C. �� 1 et seq., as
amended, or a person that, in the ordinary course of business, provides clearance
and settlement services for a board of trade to the extent of its operation as
or for the board of trade.

����� 11.  Registered futures commission merchant
under the federal commodities laws to the extent of its operation as such a
merchant.

����� 12.  Person registered as a securities
broker-dealer under federal or state securities laws to the extent of the
operations of the person as such a securities broker-dealer.

����� 13.  Natural person employed by a licensee,
authorized delegate or any person exempt from licensure pursuant to this
section when acting within the scope of employment and under the supervision of
the licensee, authorized delegate or exempt person as an employee and not as an
independent contractor.

����� 14.  Person expressly appointed as a third-party
service provider to or agent of an entity exempt pursuant to subsection 1 to
the extent that:

����� (a) The third-party service provider or agent is
engaging in money transmission on behalf of and pursuant to a written agreement
with the exempt entity that sets forth the specific functions that the
third-party service provider or agent is to perform; and

����� (b) The exempt entity assumes all risk of loss
and legal responsibility for satisfying the outstanding money transmission
obligations owed to purchasers and holders of the outstanding money
transmission obligations upon receipt by the third-party service provider of
the money or monetary value of the purchaser or holder.

����� 15.  Employer who performs payroll services
on his or her own behalf or on behalf of an affiliate of an employer.

����� 16.  Professional employer organization, as
defined in NRS 611.400, who performs
payroll services.

����� 17.  Person engaged solely in the provision
of payroll processing services.

����� 18.  Person exempt by regulation or order
of the Commissioner pursuant to NRS
671.0205.

����� (Added to NRS by 1977,
1083; A 1983,
153; 2023,
117, 2411,
2413;
2025,
267, effective January 1, 2030)

����� NRS 671.0205  Applicability of chapter: Authority of Commissioner to exempt
additional persons.  The
Commissioner may, by regulation or order, exempt a person who is not specified
in NRS 671.020 from the provisions of
this chapter if the Commissioner determines that the exemption is in the public
interest and the regulation of the person is not necessary for the purposes of
this chapter.

����� (Added to NRS by 2023,
100)

����� NRS 671.021  Applicability of chapter: Authority of Commissioner to require
demonstration of qualification for exemption.  The
Commissioner may require any person claiming to be exempt from the provisions
of this chapter pursuant to NRS 671.020
to provide to the Commissioner information and documentation demonstrating that
the person qualifies for any claimed exemption.

����� (Added to NRS by 2023,
100)

����� NRS 671.030  Regulations.  [Replaced
in revision by NRS 671.355.]

 

LICENSING

����� NRS 671.040  Prohibition against engaging in business of money transmission
without being licensed or authorized delegate and regardless of location or
method used.

����� 1.  A person shall not engage in the
business of money transmission or advertise, solicit or hold himself, herself
or itself out as providing money transmission unless the person:

����� (a) Has been issued a license pursuant to this
chapter; or

����� (b) Is an authorized delegate of a licensee that
is acting within the scope of authority conferred by a written contract with
the licensee.

����� 2.  A person must have a license or be an
authorized delegate described in paragraph (b) of subsection 1 regardless of
the location or method that the person uses to engage in the business of money
transmission, including, without limitation, at a kiosk, through the Internet,
through any telephone, facsimile machine or other telecommunication device or
through any other machine, network, system, device or means.

����� (Added to NRS by 1977,
1083; A 2023,
118)

����� NRS 671.050  Application for license: Form and medium; contents; bond or
securities; financial statement; fees and expenses; regulations; withdrawal of
application.

����� 1.  Every application for a license
required pursuant to this chapter must be in writing, signed by the applicant,
and in the form and medium prescribed by the Commissioner.

����� 2.  The application must contain:

����� (a) A list of any criminal convictions of the
applicant and any material litigation in which the applicant has been involved
in the 10 years immediately preceding the date on which the application is
submitted;

����� (b) A description of any money transmission
previously provided by the applicant and the money transmission that the
applicant seeks to provide in this State;

����� (c) A list of the applicant�s proposed authorized
delegates and the locations in this State where the applicant and authorized
delegates propose to engage in money transmission;

����� (d) A list of other states in which the applicant
is licensed to engage in money transmission and any suspension or revocation of
such a license or other disciplinary action taken against the applicant in another
state;

����� (e) Information concerning any proceeding
involving bankruptcy or receivership affecting the applicant or a person in
control of the applicant;

����� (f) A sample form of contract for authorized
delegates, if applicable;

����� (g) A sample form of payment instrument or stored
value, as applicable;

����� (h) The name and address of any federally insured
depository financial institution or privately insured depository financial
institution through which the applicant plans to conduct money transmission;
and

����� (i) Such other pertinent information as the
Commissioner or Registry requires.

����� 3.  If the applicant is a business entity,
the application must also contain:

����� (a) The date on which the applicant was
incorporated or formed and the state or country in which the applicant was
incorporated or formed;

����� (b) A certificate of good standing from the state
or country in which the applicant was incorporated or formed, if applicable;

����� (c) A brief description of the structure or
organization of the applicant, including, without limitation, information
concerning any parents or subsidiaries of the applicant and whether any parent
or subsidiary is publically traded;

����� (d) The legal name, any fictitious or trade name,
each business and residential address and the employment history, as
applicable, in the 10 years immediately preceding the submission of the
application of each key individual and person in control of the applicant;

����� (e) A list of any criminal convictions and
material litigation in which a person in control of the applicant that is not a
natural person has been involved in the 10 years immediately preceding the
submission of the application;

����� (f) A copy of audited financial statements of the
applicant for the most recent fiscal year and for the 2 years immediately
preceding the submission of the application;

����� (g) A certified copy of unaudited financial
statements of the applicant for the most recent fiscal quarter;

����� (h) If the applicant is a publicly traded
corporation, a copy of the most recent report filed with the United States
Securities and Exchange Commission pursuant to 15 U.S.C. � 78m, as amended;

����� (i) If the applicant is a wholly owned subsidiary
of:

������������ (1) A corporation publicly traded in the
United States, a copy of audited financial statements for the parent
corporation for the most recent fiscal year or a copy of the most recent report
filed by the parent corporation pursuant to 15 U.S.C. � 78m, as amended; or

������������ (2) A corporation publicly traded outside
the United States, a copy of documentation similar to that described in
subparagraph (1) filed with the regulator of the domicile of the parent
corporation outside the United States;

����� (j) The name and address of the registered agent
of the applicant in this State; and

����� (k) Such other pertinent information as the
Commissioner or Registry requires.

����� 4.  In addition to the application required
by subsection 2, the applicant must also provide to the Commissioner:

����� (a) A surety bond or securities as required by
this chapter.

����� (b) An audited financial statement, satisfactory
to the Commissioner, showing that the applicant�s tangible net worth meets the
requirements set forth in NRS 671.115.

����� (c) A nonrefundable fee of not more than $500 for
the application and survey. The applicant shall also pay such additional
expenses incurred in the process of investigation as the Commissioner deems
necessary.

����� (d) A fee of not less than $200 or more than
$400, prorated on the basis of the licensing year as provided by the
Commissioner.

����� 5.  The Commissioner shall adopt
regulations establishing:

����� (a) The form and medium of any additional content
required to be included in an application for a license. The regulations may
require such an application to be in such form and medium and contain such
additional content that the Commissioner determines to be necessary to carry
out the purposes of this chapter and maintain consistency with the licensing
standards and practices of the Registry.

����� (b) The amount of the fees required pursuant to
this section. All money received by the Commissioner pursuant to this section
must be placed in the Investigative Account created by NRS 232.545.

����� 6.  The Commissioner shall consider an
application to be withdrawn if the Commissioner has not received all
information and fees required to complete the application within 6 months after
the date the application is first submitted to the Commissioner or within such
later period as the Commissioner determines in accordance with any existing
policies of joint regulatory partners. If an application is deemed to be
withdrawn pursuant to this subsection or if an applicant otherwise withdraws an
application, the Commissioner may not issue a license to the applicant unless
the applicant submits a new application and pays any required fees.

����� (Added to NRS by 1977,
1084; A 1981,
755; 1983,
1319, 1764;
1987,
1950; 1991,
1810; 2005,
1854; 2023,
119)

����� NRS 671.060  Completion of application for license; conduct and cost of
investigation of applicant; issuance of license; denial of application; appeal.

����� 1.  When an applicant for a license has
submitted the application required pursuant to NRS 671.050 which appears to include all
the items and address all of the matters that are required by that section,
submitted the information required pursuant to NRS 671.098 and paid all applicable fees
and the Commissioner has approved the surety bond or securities of the
applicant, the application shall be considered complete.

����� 2.  A determination by the Commissioner
that an application is complete pursuant to subsection 1 and is accepted for
processing means only that the application, on its face, appears to include all
of the items and address all of the matters that are required and is not an
assessment of the substance of the application or the sufficiency of the
information.

����� 3.  When an application is filed and
considered complete pursuant to this section, the Commissioner shall
investigate the financial condition and responsibility, the financial and
business experience, and the character and general fitness of the applicant and
may investigate any partners, directors, trustees, principal officers, proposed
key individuals or persons in control of the applicant.

����� 4.  In investigating an applicant pursuant
to subsection 3, the Commissioner may conduct an on-site investigation of the
applicant, the actual cost of which the applicant must pay.

����� 5.  The Commissioner shall issue a license
to the applicant to engage in the business of money transmission if the
Commissioner finds that:

����� (a) The applicant has complied with all
applicable requirements set forth in this chapter for the issuance of a
license; and

����� (b) The financial condition and responsibility,
financial and business experience, competence, character and general fitness of
the applicant and the competence, experience, character and general fitness of
the key individuals and persons in control of the applicant indicate that it is
in the interest of the public to permit the applicant to engage in money
transmission.

����� 6.  If the Commissioner denies an
application for a license, the Commissioner shall issue to the applicant a
formal written notice of the denial setting forth the specific reasons for the
denial. An applicant whose application for a license is denied may appeal and
request a hearing pursuant to NRS 233B.121
to 233B.150, inclusive.

����� (Added to NRS by 1977,
1084; A 1983,
1319, 1765;
1987,
1951; 2023,
121)

����� NRS 671.070  Expiration and renewal of license; fees; regulations.

����� 1.  Except as otherwise provided in this
subsection, a license issued pursuant to this chapter expires on December 31 of
each year, unless it is earlier surrendered, suspended or revoked. A license
which is initially issued on or after November 1 and on or before December 31
of a year expires on December 31 of the year following the year in which the
license was issued, unless it is earlier surrendered, suspended or revoked.

����� 2.  The license may be renewed from year to
year upon the approval of the Commissioner if the licensee, on or after
November 1 and on or before December 31 of each year, files an application
which:

����� (a) Conforms to the requirements for an initial
application; and

����� (b) Contains a description of each material
change in the information submitted to the Commissioner by the licensee in the
initial application which has not yet been reported to the Commissioner.

����� 3.  An application for the renewal of the
license must be accompanied by a fee of not more than $400. No investigation
fee may be charged for the renewal of the license. If the application or fee
for renewal is not filed within the required time, the Commissioner may
reinstate the expired license if the licensee files the application, the fee
for renewal and a fee of not more than $400 for late renewal, if applicable, on
or before February 28 of the year following the expiration of the license.

����� 4.  The Commissioner shall adopt
regulations establishing the amount of the fees required pursuant to this
section. All fees collected pursuant to this section must be deposited in the
State Treasury pursuant to the provisions of NRS
658.091.

����� (Added to NRS by 1977,
1084; A 1981,
755, 991;
1983,
1765; 1987,
1951; 1989,
920; 2003,
3228; 2005,
1855; 2021,
2034; 2023,
122)

����� 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.

����� 1.  A license issued under this chapter is
not transferable or assignable.

����� 2.  The license entitles the holder to
engage in business only at the location or locations specified in the
application or at a location or locations operated by an authorized delegate of
the licensee.

����� 3.  A change must not be made in:

����� (a) The location of any place of business covered
by the license;

����� (b) The name of the licensed business; or

����� (c) The licensee�s operation or services if the
nature of the change affects the qualification for the license,

� without
prior notice to and approval of the Commissioner.

����� (Added to NRS by 1977,
1084; A 1983,
1766; 1987,
1951; 2023,
122)

����� 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.

����� 1.  To establish consistent licensing
between this State and other states, the Commissioner may:

����� (a) Implement the provisions of this chapter in a
manner that is consistent with other states that have adopted laws that are
substantively similar to the provisions of this chapter or multistate licensing
processes; and

����� (b) Participate in nationwide protocols for
licensing cooperation and coordination among state regulators if the protocols
are consistent with the provisions of this chapter.

����� 2.  The Commissioner may, in furtherance of
his or her duties with respect to the issuance and renewal of licenses pursuant
to this chapter, participate in the Nationwide Multistate Licensing System and
Registry. The Commissioner may take any action with respect to participation in
the Registry that the Commissioner deems necessary to carry out his or her
duties, including, without limitation:

����� (a) Facilitating and participating in the
establishment and implementation of the Registry;

����� (b) Establishing relationships or contracts with
the Registry or other entities designated by the Registry;

����� (c) Authorizing the Registry to collect and
maintain records of applicants for licenses and licensees;

����� (d) Taking any action the Commissioner deems
necessary to coordinate multistate licensing processes and supervision
processes through the Registry;

����� (e) Authorizing the Registry to, on behalf of the
Commissioner, collect and process any fees associated with licensure,
examinations, fines, assessments and any other similar fees;

����� (f) Taking any action the Commissioner deems
necessary to facilitate communication between this State and licensees or other
persons subject to the provisions of this chapter;

����� (g) Requiring an applicant for a license or a
licensee to use the Registry to:

������������ (1) Apply for the issuance or renewal of a
license;

������������ (2) Amend or surrender a license;

������������ (3) Submit any reports or the results of
any examination that the Commissioner may require;

������������ (4) Pay any applicable fees; and

������������ (5) Engage in any other activity that the
Commissioner may require;

����� (h) Requiring an applicant for the acquisition of
control of a licensee to use the Registry to submit the application required by
NRS 671.155;

����� (i) Authorizing the Registry to, on behalf of the
Commissioner, collect fingerprints in order to receive or conduct a background
check on the criminal history of an applicant for a license or a licensee; and

����� (j) Requiring the use of the Registry for any
other aspect of licensing that the Commissioner deems necessary.

����� 3.  The Commissioner may use the forms,
processes and functionalities of the Registry to implement the requirements of
this chapter. If the Registry does not provide functionality, forms or
processes necessary to implement a requirement set forth in this chapter, the
Commissioner may strive to implement the requirement in a manner that
facilitates uniformity with respect to licensing, supervision, reporting and
regulation of licensees which are licensed in multiple jurisdictions.

����� 4.  An applicant for a license, an
applicant for the acquisition of control of a licensee or a licensee shall, in
addition to any other fees associated with the license, pay all applicable
charges to use the Registry, including, without limitation, any processing
charges established by the administrator of the Registry.

����� 5.  The Commissioner may adopt any
regulations the Commissioner determines to be necessary or appropriate to carry
out the provisions of this section. Such regulations may, without limitation,
establish any additional procedures and requirements for participation in the
Registry that the Commissioner determines are consistent with law, public
interest and the purposes of this section.

����� 6.  The provisions of this section shall
not be construed to replace or affect the authority of the Commissioner to
grant, deny, suspend, terminate, revoke or refuse to renew a license.

����� (Added to NRS by 2021,
2032; A 2023,
122)

����� 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.

����� 1.  The Commissioner may require an
applicant for a license or a licensee to submit a complete set of fingerprints
when the Commissioner determines necessary.

����� 2.  The Commissioner may use the services
of the Registry to process and to submit the fingerprints to the Federal Bureau
of Investigation, to the Central Repository for Nevada Records of Criminal
History, to any federal or state law enforcement agency or to any other entity
authorized to receive such information for the purpose of conducting a
background check of the criminal history of an applicant for a license or a
licensee.

����� (Added to NRS by 2021,
2033)

����� 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.  [Replaced
in revision by NRS 671.405.]

 

����� NRS 671.098  Additional materials required to be submitted to Commissioner by
certain persons through Nationwide Multistate Licensing System and Registry.

����� 1.  In addition to any other requirements
set forth in this chapter, each natural person who is an applicant for the
issuance of a license pursuant to NRS
671.050, each natural person in control of such an applicant, each owner,
officer, director and proposed key individual of the applicant, each natural
person who seeks to acquire control of a licensee pursuant to NRS 671.155, each person who becomes a key
individual of a licensee and any other person the Commissioner may require in
accordance with guidelines of the Registry or other multistate agreements shall
submit to the Commissioner through the Registry:

����� (a) Except as otherwise provided in subsection 5,
a complete set of fingerprints for submission to the Federal Bureau of
Investigation and any other governmental agency or entity authorized to receive
such information for a state, national and international background check on
the criminal history of the person;

����� (b) Except as otherwise provided in subsection 6,
information concerning the personal history, financial history and experience
of the person in a form prescribed by the Registry, including, without
limitation, an authorization of the person for the Registry and the
Commissioner to obtain:

������������ (1) An independent credit report and
credit score from a consumer reporting agency described in section 603(f) of
the Fair Credit Reporting Act, 15 U.S.C. � 1681a(f), for the purpose of
evaluating the financial responsibility of the person at the time of the
submission of the application; and

������������ (2) Additional independent credit reports
and credit scores to confirm that the person continues to comply with any applicable
requirements concerning financial responsibility;

����� (c) Information related to any regulatory or
administrative action and any civil litigation involving claims of fraud,
misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty
or breach of contract;

����� (d) Information related to any criminal
convictions or pending charges against the person; and

����� (e) Any other information concerning the person
that the Registry or Commissioner may require.

����� 2.  In addition to the requirements set
forth in subsection 1, if a natural person described in subsection 1 has
resided outside of the United States at any time in the 10 years immediately
preceding the date on which the applicable application or notice is submitted
to the Commissioner pursuant to NRS 671.050,
671.155 or 671.195, the natural person must also
submit to the Commissioner, through the Registry, an investigative background
report prepared by an independent search firm.

����� 3.  The search firm described in subsection
2 must, at a minimum:

����� (a) Demonstrate to the satisfaction of the
Commissioner that it has sufficient knowledge and resources and employs
accepted and reasonable methodologies to conduct the research of the
investigative background report; and

����� (b) Not be affiliated with or have an interest
with the natural person it is researching.

����� 4.  The investigative background report
described in subsection 2 must, at a minimum, be written in English and contain
the following information:

����� (a) If available in the jurisdiction in which the
natural person resides, a comprehensive credit report or any equivalent
information obtained or generated by the independent search firm to accomplish
the investigative background report, including, without limitation, a search of
the court data in each country, province, state, city, town and contiguous area
where the natural person resided and worked;

����� (b) Criminal records information for the
immediately preceding 10 years, including, without limitation, information
regarding any felony, misdemeanor or similar conviction for a violation of law
in each country, province, state, city, town and contiguous area where the
natural person resided and worked;

����� (c) Employment history;

����� (d) Media history, including, without limitation,
an electronic search of national and local publications, wire services and
business applications; and

����� (e) Regulatory history relating to financial
services, including, without limitation, money transmission, securities,
banking, insurance and mortgage related industries.

����� 5.  The requirements of paragraph (a) of
subsection 1 do not apply to a natural person who, at the time the applicable
application or notice has been submitted pursuant to NRS 671.050, 671.155 or 671.195, resides outside of the United
States and has resided outside of the United States for the 10 years
immediately preceding the date on which the application or notice was
submitted.

����� 6.  A natural person who does not have a
social security number is not required to provide to the Commissioner
information to obtain an independent credit report from a consumer reporting
agency.

����� (Added to NRS by 2021,
2033; A 2023,
124)

����� 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.

����� 1.  Each licensee shall register with and
maintain a valid unique identifier with the Registry.

����� 2.  The Commissioner may issue a license
through the Registry.

����� 3.  To the extent that the Commissioner has
delegated to the Registry any of his or her duties with respect to the issuance
and renewal of licenses as authorized by the provisions of this chapter, any
reference to the Commissioner in this chapter shall be deemed to be a reference
to the Registry.

����� 4.  As used in this section, �unique
identifier� means a number or other identifier assigned by the protocols
established by the Registry.

����� (Added to NRS by 2021,
2034)

����� 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.

����� 1.  If a licensee does not continue to meet
the qualifications or satisfy the requirements that apply to an applicant for a
license pursuant to this chapter, the Commissioner may suspend or revoke the
license of the licensee.

����� 2.  An applicant for a license must
demonstrate that the applicant meets or will meet the requirements set forth in
NRS 671.100 or 671.110, as applicable, and 671.115 and
671.125.

����� (Added to NRS by 2023,
109)

BOND OR DEPOSIT; TANGIBLE NET WORTH; PERMISSIBLE
INVESTMENTS

����� NRS 671.100  Bond: Amounts; form; notice to Commissioner of action or
judgment; replenishment; liability of surety; increase in amount; cancellation
or alteration.

����� 1.  Except as provided in NRS 671.110, each licensee shall have in
force a surety bond payable to the State of Nevada for the use and benefit of
any purchaser or holder of any outstanding money transmission obligation and
for value in the principal sum of the greater of:

����� (a) One hundred thousand dollars; or

����� (b) An amount equal to 100 percent of the average
daily money transmission liability in this State calculated for the most
recently completed quarter, to a maximum of $500,000.

����� 2.  A licensee may maintain a bond in a
principal sum that exceeds $500,000. A licensee that maintains a bond in a
principal sum of $500,000 or more is not required to calculate the average
daily money transmission liability in this State for the purposes of subsection
1.

����� 3.  The bond must be in a form satisfactory
to the Commissioner, issued by a bonding company authorized to do business in
this State, and must secure the faithful performance of the obligations of the
licensee respecting the provision of money transmission.

����� 4.  A licensee shall, within 10 days after
the commencement of any action or notice of entry of any judgment against the
licensee by any creditor or claimant arising out of business regulated by this
chapter, give notice thereof to the Commissioner by registered or certified
mail with details sufficient to identify the action or judgment. The surety
shall, within 10 days after it pays any claim or judgment to a creditor or
claimant, give notice thereof to the Commissioner by registered or certified
mail with details sufficient to identify the creditor or claimant and the claim
or judgment so paid.

����� 5.  Whenever the principal sum of the bond
is reduced by recoveries or payments thereon, the licensee shall furnish:

����� (a) A new or additional bond so that the total or
aggregate principal sum of the bonds equals the sum required under subsection
1; or

����� (b) An endorsement, duly executed by the surety
reinstating the bond to the required principal sum.

����� 6.  The liability of the surety on the bond
to a creditor or claimant is not affected by any misrepresentation, breach of
warranty, failure to pay a premium or other act or omission of the licensee, or
by any insolvency or bankruptcy of the licensee.

����� 7.  The liability of the surety continues
as to all transactions entered into in good faith by the creditors and
claimants with the licensee�s authorized delegates within 30 days after:

����� (a) The licensee�s death or the dissolution or
liquidation of the licensee�s business; or

����� (b) The termination of the bond,

� whichever
event occurs first.

����� 8.  Whenever the Commissioner determines
that the protection of the public so requires, the Commissioner may order that
an increase be made in the principal sum of the bond of any licensee, except
that the Commissioner may not order an increase of more than $10,000 if the
licensee has submitted a current financial statement, or more than $15,000
otherwise.

����� 9.  Neither a licensee nor the licensee�s
surety may cancel or alter a bond except after notice to the Commissioner by
registered or certified mail. The cancellation or alteration is not effective
until 10 days after receipt of the notice by the Commissioner. A cancellation
or alteration does not affect any liability incurred or accrued on the bond
before the expiration of the 30-day period designated in subsection 7.

����� (Added to NRS by 1977,
1085; A 1983,
1766; 1987,
1951; 2023,
125)

����� NRS 671.110  Deposits in lieu of bond.

����� 1.  In lieu of any surety bond, or any
portion of the principal sum thereof as required by this chapter, a licensee
may deposit with the State Treasurer or with any bank, credit union or trust
company authorized to do business in this state as the licensee may select,
with the approval of the Commissioner:

����� (a) Interest-bearing stocks;

����� (b) Bills, bonds, notes, debentures or other
obligations of the United States or any agency or instrumentality thereof, or
guaranteed by the United States; or

����� (c) Any obligation of this state or any city,
county, town, township, school district or other instrumentality of this state
or guaranteed by this state,

� in an
aggregate amount of, based upon principal amount or market value, whichever is
lower, of not less than the amount of the required surety bond or portion
thereof.

����� 2.  The securities must be held to secure
the same obligation as would the surety bond, but the depositor may receive any
interest or dividends and, with the approval of the Commissioner, substitute
other suitable securities for those deposited.

����� (Added to NRS by 1977,
1086; A 1983,
1767; 1987,
1953; 1999,
1545)

����� NRS 671.115  Tangible net worth: Amount required to be maintained.  A licensee shall maintain at all times a
tangible net worth of the greater of:

����� 1.  One hundred thousand dollars; or

����� 2.  Three percent of total assets for the
first $100,000,000 in assets, 2 percent of additional assets that exceed
$100,000,000 but do not exceed $1 billion and 0.5 percent of additional assets
that exceed $1 billion.

����� (Added to NRS by 2023,
109)

����� NRS 671.120  Examination of licensee by Commissioner; entry upon premises and
access to documents; fee; audit in lieu of examination.  [Replaced in revision by NRS 671.375.]

 

����� NRS 671.125  Permissible investments: Duty of licensee to maintain; amount;
establishment and termination of statutory trust; powers and duties of
Commissioner.

����� 1.  A licensee shall maintain at all times
permissible investments that have a market value computed in accordance with
generally accepted accounting principles in the United States of not less than
the aggregate amount of all of the outstanding money transmission obligations
of the licensee.

����� 2.  Except for the permissible investments
specified in subsection 1 of NRS 671.135,
the Commissioner, with respect to any licensee, may limit the extent to which a
specific investment maintained by a licensee within a class of permissible
investments may be considered a permissible investment if the specific
investment represents an undue risk to customers not reflected in the market
value of investments.

����� 3.  Permissible investments, even if
commingled with other assets of the licensee, are held in trust for the benefit
of the purchasers and holders of the outstanding money transmission obligations
of the licensee if any of the following occurs:

����� (a) Insolvency;

����� (b) The filing of a petition by or against the
licensee pursuant to the provisions of United States Bankruptcy Code for
bankruptcy or reorganization;

����� (c) The filing of a petition by or against the
licensee for receivership;

����� (d) The commencement of any other judicial or
administrative proceeding for the dissolution or reorganization of the
licensee; or

����� (e) An action against the licensee by a creditor
who is not a beneficiary of this statutory trust.

����� 4.  A permissible investment impressed with
a trust pursuant to subsection 3 is not subject to attachment, levy of
execution or sequestration by order of any court, except for a beneficiary of
the statutory trust.

����� 5.  Upon the establishment of a statutory
trust pursuant to subsection 3 or when any money is drawn on a letter of credit
pursuant to NRS 671.145, the
Commissioner shall notify the applicable regulator of each other state in which
the licensee is licensed to engage in money transmission, if any, of the
establishment of the trust or the money drawn on the letter of credit. The
notice shall be deemed satisfied if performed pursuant to a multistate
agreement or through the Registry.

����� 6.  Money drawn on a letter of credit, and
any other permissible investments held in trust for the benefit of the
purchasers or holders of the outstanding money transmission obligations of the
licensee pursuant to subsection 3, are deemed held in trust for the benefit of
such purchasers and holders on a pro rata and equitable basis in accordance
with statutes pursuant to which permissible investments are required to be held
in this State and other states, as applicable. Any statutory trust established
pursuant to subsection 3 is terminated upon extinguishment of all of the
outstanding money transmission obligations of the licensee.

����� 7.  The Commissioner may allow types of
investments other than the types specified in NRS
671.135 that the Commissioner determines are of sufficient liquidity and
quality to be a permissible investment. The Commissioner may participate in
efforts with other state regulators to determine that other types of
investments are of sufficient liquidity and quality to be a permissible
investment.

����� (Added to NRS by 2023,
105)

����� NRS 671.135  Permissible investments: Types; limitations.

����� 1.  The following are permissible
investments for the purposes of NRS 671.125:

����� (a) Cash, including demand deposits, savings
deposits and money in accounts held for the benefit of the customers of the
licensee in a federally insured depository financial institution or privately
insured depository financial institution;

����� (b) Cash equivalents, including, without
limitation, automated clearinghouse items in transit to the licensee and
automated clearinghouse items or international wires in transit to a payee,
cash in transit by means of an armored car, cash in smart safes, cash in
locations owned by the licensee, transmission receivables which are funded by a
debit card or credit card and owed by any bank or money market mutual funds
rated �AAA� by Standard and Poor�s Rating Services or the equivalent from any
eligible rating service;

����� (c) Certificates of deposit or senior debt
obligation of an insured depository institution, as defined in 12 U.S.C. �
1813, as amended, insured credit union, as defined in 12 U.S.C. � 1752, as
amended, or privately insured financial depository institution;

����� (d) An obligation of the United States or a
commission, agency or instrumentality thereof;

����� (e) An obligation that is guaranteed fully as to
principal and interest by the United States;

����� (f) An obligation of a state or a governmental
subdivision, agency or instrumentality thereof;

����� (g) The full drawable amount of an irrevocable
standby letter of credit for which the stated beneficiary is the Division of
Financial Institutions and which:

������������ (1) Stipulates that the beneficiary need
only draw a sight draft under the letter of credit and present it to obtain
money up to the letter of credit amount within 7 days of presentation of the
items required by NRS 671.145; and

������������ (2) Satisfies the requirements set forth
in NRS 671.145; and

����� (h) One hundred percent of the surety bond or
deposit provided pursuant to NRS 671.100
or 671.110 that exceeds the average
daily money transmission liability in this State.

����� 2.  Except as otherwise provided in
subsection 3, the following investments are permissible investments subject to
the limitations set forth in this subsection:

����� (a) Receivables that are payable to a licensee
from the authorized delegates of the licensee in the ordinary course of
business that are less than 7 days old, except that:

������������ (1) The total value of all such
receivables may not exceed 50 percent of the aggregate value of the total
permissible investments of the licensee; and

������������ (2) The value of such receivables that are
payable to a licensee from a single authorized delegate may not exceed 10
percent of the aggregate value of the total permissible investments of a
licensee;

����� (b) Any of the following investments:

������������ (1) A short-term investment of 6 months or
less bearing an eligible rating;

������������ (2) Commercial paper bearing an eligible
rating;

������������ (3) A bill, note, bond or debenture
bearing an eligible rating;

������������ (4) United States tri-party repurchase
agreements collateralized at 100 percent or more with securities of the United
States or an agency of the United States, municipal bonds or other securities bearing
an eligible rating;

������������ (5) Money market mutual funds rated �A-�
or higher but less than �AAA� by Standard and Poor�s Rating Services or the
equivalent from any other eligible rating service; and

������������ (6) A mutual fund or other investment fund
composed solely and exclusively of one or more investments specified in
paragraphs (a) to (f), inclusive, of subsection 1,

� except that
the value of any single investment specified in subparagraphs (1) to (6),
inclusive, may not exceed 20 percent of the aggregate value of the total
permissible investments of the licensee and the total value of all such
investments may not exceed 50 percent of the total permissible investments of
the licensee; and

����� (c) Cash, including, without limitation, demand
deposits, savings deposits and funds in such accounts held for the benefit of
the customers of the licensee, at a foreign depository institution if the
licensee has received a satisfactory rating on the most recent examination
conducted on the licensee and the foreign depository institution:

������������ (1) Has an eligible rating;

������������ (2) Has registered with the Internal
Revenue Service and obtained a global intermediary identification number in
accordance with 26 C.F.R. �� 1.1471-0 et seq.;

������������ (3) Is not located in any country subject
to sanctions from the Office of Foreign Assets Control of the United States
Department of the Treasury; and

������������ (4) Is not located in a jurisdiction that
is listed on the list of high-risk jurisdictions subject to a call for action
or jurisdictions under increased monitoring maintained by the Financial Action
Task Force,

� except that
the total amount of such cash may not exceed 10 percent of the aggregate value
of the total permissible investments of the licensee.

����� 3.  The Commissioner may allow any
investment specified in subsection 2 to exceed the limits prescribed in that
subsection.

����� (Added to NRS by 2023,
106)

����� NRS 671.145  Permissible investments: Letter of credit.

����� 1.  A letter of credit described in
paragraph (g) of subsection 1 of NRS 671.135
must:

����� (a) Be issued by a federally insured depository
financial institution, privately insured depository institution, a foreign bank
that is authorized by federal law to maintain a federal agency or federal
branch office in a state or a foreign bank that is authorized under the laws of
a state to maintain a branch office in a state that:

������������ (1) Bears an eligible rating or whose
parent company bears an eligible rating; and

������������ (2) Is regulated, supervised and examined
by federal or state authorities having regulatory authority over banks and
credit unions;

����� (b) Be irrevocable, unconditional and indicate
that it is not subject to any condition or qualification outside of the letter
of credit;

����� (c) Not contain any reference to any other
agreement, document or entity, or otherwise provide for any security interest
in the licensee;

����� (d) Contain an issue date and expiration date,
and expressly provide for automatic extension, without a written amendment, for
an additional period of 1 year after the present or future expiration date,
unless the issuer of the letter of credit notifies the Commissioner in writing
by certified or registered mail, courier mail or other receipted means, at
least 60 days before any expiration date that the irrevocable letter of credit
will not be extended; and

����� (e) Provide that the issuer of the letter of
credit will honor, at sight, a presentation made by the beneficiary to the
issuer of the following documents on or before the expiration date of the
letter of credit:

������������ (1) The original letter of credit,
including any amendments; and

������������ (2) A written statement from the
beneficiary stating that any of the following events has occurred:

������������������ (I) The filing of a petition by or
against the licensee pursuant to the United States Bankruptcy Code for
bankruptcy or reorganization;

������������������ (II) The filing of a petition by or
against the licensee for receivership or the commencement of any other judicial
or administrative proceeding for the dissolution or reorganization of the
licensee;

������������������ (III) The Commissioner has taken
possession of the business and property of a licensee pursuant to an order
pursuant to NRS 671.425 on the basis of
an action, violation or condition that has caused or is likely to cause the
insolvency of the licensee; or

������������������ (IV) The beneficiary has received
notice of expiration or non-extension of a letter of credit and the licensee
failed to demonstrate to the satisfaction of the beneficiary that the licensee
will maintain permissible investments pursuant to subsection 2.

����� 2.  If the licensee notifies the
Commissioner of the expiration or nonextension of a letter of credit pursuant
to paragraph (d) of subsection 1, the licensee, at least 15 days before the
expiration of the letter of credit, must demonstrate to the satisfaction of the
Commissioner that the licensee maintains and will continue to maintain
permissible investments as required by NRS
671.125. If the licensee fails to make such a demonstration, the Commissioner
may draw on the letter of credit in an amount up to the amount necessary to
meet the requirement that the licensee maintain permissible investments
pursuant to NRS 671.125. The draw must
be offset against the outstanding money transmission obligations of the
licensee. The drawn money must be held in trust by the Commissioner or the
designated agent of the Commissioner, to the extent authorized by law, as agent
for the benefit of the purchasers and holders of the outstanding money
transmission obligations of the licensee.

����� 3.  The Commissioner may designate an agent
to serve on behalf of the Commissioner as beneficiary to a letter of credit so
long as the agent and letter of credit meet any requirements established by the
Commissioner. The agent may serve as agent for multiple licensing authorities
for a single irrevocable letter of credit if the proceeds of the drawable
amount for the purposes of this section are assigned to the Commissioner.

����� 4.  The Commissioner may participate in
multistate processes designed to facilitate the issuance and administration of
letters of credit, including, without limitation, services provided by the
Registry and the State Regulatory Registry, LLC.

����� (Added to NRS by 2023,
108)

CHANGE OF CONTROL OR KEY INDIVIDUAL OF LICENSEE

����� 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.

����� 1.  Except as otherwise provided in NRS 671.175, a person or group of persons
acting in concert seeking to acquire control of a licensee shall obtain the
approval of the Commissioner before acquiring control of the licensee. A
natural person is not deemed to acquire control of a licensee and is not
subject to the provisions of this section when the natural person becomes a key
individual in the ordinary course of business.

����� 2.  A person or group of persons acting in
concert seeking to acquire control of a licensee shall, in cooperation with the
licensee, submit to the Commissioner an application in a form prescribed by the
Commissioner.

����� 3.  The Commissioner may require the
application submitted pursuant to subsection 2 to be submitted through the
Registry or allow some or all of the information contained in the application
to be submitted to the Commissioner without using the Registry.

����� 4.  The application required by subsection
2 must include the information required by NRS
671.098 for any new key individual that has not previously completed the
requirements for a licensee.

����� 5.  When an applicant for acquisition of
control of a licensee has submitted the application required pursuant to
subsection 2 which appears to include all the items and address all of the
matters that are required by the application, the application shall be
considered complete. A determination by the Commissioner that an application is
complete and is accepted for processing means only that the application, on its
face, appears to include all of the items and address all of the matters that
are required and is not an assessment of the substance of the application or of
the sufficiency of the information provided.

����� 6.  When an application is filed and
considered complete pursuant to this section, the Commissioner shall
investigate the financial condition and responsibility, financial and business
experience, competence, character and general fitness of the person or group of
persons acting in concert seeking to acquire control of the licensee. The
Commissioner shall approve an application for the acquisition of control
pursuant to this section if the Commissioner finds that:

����� (a) The requirements of subsections 2 and 4 have
been met, as applicable; and

����� (b) The financial condition and responsibility,
financial and business experience, competence, character and general fitness of
the person or group of persons acting in concert seeking to acquire control of a
licensee and the competence, experience, character and general fitness of the
key individuals and persons that would be in control of the licensee after the
acquisition of control indicate that it is in the interest of the public to
permit the person or group of persons acting in concert to control the
licensee.

����� 7.  If an applicant for approval to acquire
control of a licensee pursuant to this section avails himself, herself or
itself of or is otherwise subject to a multistate licensing process:

����� (a) The Commissioner may accept the investigation
results of a state which is a lead investigative state in the multistate
licensing process for the purposes of this section if the Commissioner
determines that the state has sufficient staffing, expertise and minimum
standards; and

����� (b) If this State is a lead investigative state
in the multistate licensing process, the Commissioner may investigate the
applicant under the time frames established by agreement through the multistate
licensing process.

����� 8.  If the Commissioner denies an
application for approval to acquire control of a licensee submitted pursuant to
subsection 2, the Commissioner shall issue to the applicant a formal written
notice of the denial not more than 30 days after the date on which the Commissioner
has made the decision to deny the application. The notice must set forth the
specific reasons for the denial of the application. An applicant whose
application for approval to acquire control of a licensee is denied may, not
more than 30 days after the date on which the notice was issued, appeal the
decision and request a hearing pursuant to NRS
233B.121 to 233B.150, inclusive.

����� 9.  Except as otherwise provided in
subsection 10, the requirements of this section do not apply to any of the
following:

����� (a) A person that acts as a proxy for the sole
purpose of voting at a designated meeting of the shareholders or holders of
voting shares or voting interests of a licensee or a person in control of a
licensee;

����� (b) A person that acquires control of a licensee
by devise or descent;

����� (c) A person that acquires control of a licensee
as a personal representative, custodian, guardian, conservator or trustee or as
an officer appointed by a court of competent jurisdiction or by operation of
law;

����� (d) A person that is exempt under this chapter;

����� (e) A person that the Commissioner determines is
not subject to this section based on the public interest;

����� (f) A public offering of securities of a licensee
or a person in control of a licensee;

����� (g) An internal reorganization of a person in
control of the licensee where the ultimate person in control of the licensee
remains the same; or

����� (h) A person described in NRS 671.175.

����� 10.  Persons described in paragraphs (b),
(c), (d), (f) and (g) of subsection 9, in cooperation with the licensee, shall
notify the Commissioner within 15 days after the date on which the person
acquires control of the licensee.

����� 11.  For the purposes of this section, a
group of persons �act in concert� when two or more persons knowingly act
together with a common goal of jointly acquiring control of a licensee,
regardless of whether the persons act pursuant to an express agreement.

����� (Added to NRS by 2023,
109)

����� 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.  [Replaced
in revision by NRS 671.425.]

 

����� 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.

����� 1.  Before filing an application for
approval to acquire control of a licensee pursuant to NRS 671.155, a person may request in
writing a determination from the Commissioner as to whether the person would be
considered a person in control of a licensee upon consummation of a proposed
transaction. If the Commissioner determines that the person would not be a
person in control of a licensee, the proposed person and transaction is not
subject to the requirements of NRS 671.155.

����� 2.  If a multistate licensing process
includes a determination pursuant to this section and the person requesting
such a determination avails himself, herself or itself of or is otherwise
subject to the multistate licensing process:

����� (a) The Commissioner may accept the control
determination of a state which is a lead investigative state in the multistate
licensing process if the Commissioner determines that the state has sufficient
staffing, expertise and minimum standards for the purposes of this section; and

����� (b) If this State is a lead investigative state
in the multistate licensing process, the Commissioner may investigate the
person in the time frames established by agreement through the multistate
licensing process.

����� (Added to NRS by 2023,
111)

����� NRS 671.170  Investigations and hearings; fee; required reports; confidential
communications.  [Replaced in
revision by NRS 671.415.]

 

����� NRS 671.175  Acquisition of control of licensee: Exceptions from requirements
for approval.  The requirements of NRS 671.155 do not apply to a person who
has previously complied with and received approval to engage in money
transmission pursuant to this chapter or was identified as a person in control
of a licensee in a prior application filed with and approved by the
Commissioner or by a money services business accredited state pursuant to a
multistate licensing process, so long as:

����� 1.  The person has not had a license
revoked or suspended or controlled a licensee that has had a license revoked or
suspended while the person was in control of the licensee in the 5 years
immediately preceding the date on which the person intends to complete the
acquisition of control of a licensee;

����� 2.  If the person is a licensee, the person
is well managed and has received at least a satisfactory rating for compliance
in the most recent examination of the licensee conducted by a money services
business accredited state, if such rating was given;

����� 3.  The licensee to be acquired is
projected to meet the requirements of this chapter after the acquisition of
control is completed, and if the person acquiring control is a licensee, that
licensee is also projected to meet the requirements of NRS 671.100 or 671.110, as applicable, and 671.115 and
671.125 after the acquisition of control is completed;

����� 4.  The licensee to be acquired will not
implement any material changes to its business plan as a result of the
acquisition of control, and if the person acquiring control is a licensee, that
licensee also will not implement any material changes to its business plan as a
result of the acquisition of control; and

����� 5.  The person provides notice of the
acquisition in cooperation with the licensee and attests to the circumstances
set forth in subsections 1 to 4, inclusive, in a form prescribed by the
Commissioner.

����� (Added to NRS by 2023,
111)

����� NRS 671.180  Suspension, revocation or denial of renewal of license: Notice;
hearing; order; grounds; judicial review.  [Replaced
in revision by NRS 671.435.]

 

����� NRS 671.183  Failure to submit required report; fees; regulations.  [Replaced in revision by NRS 671.475.]

 

����� NRS 671.185  Administrative fines.  [Replaced
in revision by NRS 671.485.]

 

����� NRS 671.190  Unlawful acts; penalty; other remedies.  [Replaced
in revision by NRS 671.495.]

 

����� 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.

����� 1.  If a licensee adds or replaces any key
individual, the licensee shall provide to the Commissioner:

����� (a) Notice in a manner prescribed by the Commissioner
within 15 days after the effective date of the addition or replacement of the
key individual; and

����� (b) The information required by NRS 671.098 within 45 days after the
effective date of the addition or replacement of the key individual.

����� 2.  Within 90 days after the date on which
the licensee has provided the notice and information required by subsection 1,
the Commissioner may issue a notice of disapproval of a key individual if the
Commissioner determines that, based on the competence, experience, character or
integrity of the person, it would not be in the best interest of the public or
of the customers of the licensee to allow the person to be a key individual of
the licensee.

����� 3.  A notice of disapproval issued pursuant
to subsection 2 must contain a statement of the basis for the disapproval and
must be sent to the licensee and the person who has been disapproved as a key
individual. A licensee who receives a notice of disapproval may appeal and
request a hearing pursuant to NRS 233B.121
to 233B.150, inclusive.

����� 4.  If a multistate licensing process
includes a review and disapproval process for key individuals pursuant to this
section and the licensee requesting such a determination avails himself,
herself or itself of or is otherwise subject to the multistate licensing
process:

����� (a) The Commissioner may accept the determination
of another state if the Commissioner determines that the state has sufficient
staffing, expertise and minimum standards for the purposes of this section; and

����� (b) If this State is a lead investigative state
in the multistate licensing process, the Commissioner may investigate the
applicant in the time frames established by agreement through the multistate
licensing process.

����� (Added to NRS by 2023,
112)

AUTHORIZED DELEGATES

����� 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.

����� 1.  A licensee shall not engage in any
business of money transmission through an authorized delegate or allow a person
to act as an authorized delegate unless the licensee has:

����� (a) Adopted, and updated as necessary, written
policies and procedures reasonably designed to ensure that authorized delegates
of the licensee comply with applicable state and federal laws;

����� (b) Entered into a written contract with the
authorized delegate that complies with subsection 3; and

����� (c) Conducted a reasonable risk-based background
investigation sufficient for the licensee to determine whether the authorized
delegate has complied with and likely will comply with applicable state and
federal laws.

����� 2.  An authorized delegate shall operate in
compliance with the provisions of this chapter.

����� 3.  A written contract required pursuant to
subsection 1 must be signed by the licensee and the authorized delegate and
must:

����� (a) Appoint the person proposed to be an
authorized delegate who is signing the contract as the authorized delegate of
the licensee with the authority to conduct money transmission on behalf of the
licensee;

����� (b) Set forth the nature and scope of the
relationship between the licensee and the authorized delegate and the
respective rights and responsibilities of the parties;

����� (c) Require the authorized delegate to agree to
comply fully with all applicable state and federal laws, rules and regulations
pertaining to money transmission, including, without limitation, the provisions
of this chapter, the regulations adopted pursuant thereto and the relevant
provisions of the Bank Secrecy Act and the USA Patriot Act;

����� (d) Require the authorized delegate to remit and
handle money, credits and monetary value in accordance with the terms of the
contract between the licensee and the authorized delegate;

����� (e) Impose a trust on money, credits and monetary
value received for money transmission, net of fees, for the benefit of the
licensee;

����� (f) Require the authorized delegate to prepare
and maintain records as required by this chapter and the regulations adopted
pursuant thereto, or as reasonably requested by the Commissioner;

����� (g) Acknowledge that the authorized delegate
consents to examination or investigation by the Commissioner;

����� (h) State that the licensee is subject to
regulation by the Commissioner and that, as part of that regulation, the
Commissioner may suspend or revoke the designation of an authorized delegate or
require the licensee to terminate the designation of an authorized delegate;
and

����� (i) Acknowledge receipt of the written policies
and procedures required by subsection 1.

����� 4.  If the license of a licensee is
suspended, revoked, surrendered or expired, the licensee must, within 5
business days after the date on which such action occurred, provide
documentation to the Commissioner that the licensee has notified all applicable
authorized delegates of the licensee whose names are in a record filed with the
Commissioner of the suspension, revocation, surrender or expiration of the
license. Upon suspension, revocation, surrender or expiration of a license,
applicable authorized delegates shall immediately cease to provide money
transmission as an authorized delegate of the licensee.

����� 5.  An authorized delegate of a licensee
holds in trust for the benefit of the licensee all money, net of fees, received
from money transmission. If any authorized delegate commingles any money or
credits received from money transmission with any other money or property owned
or controlled by the authorized delegate, all commingled money and other
property shall be considered held in trust in favor of the licensee in an
amount equal to the amount of money, net of fees, received from money
transmission.

����� 6.  An authorized delegate may not use a
subdelegate to conduct money transmission on behalf of a licensee.

����� 7.  As used in this section, �remit� means
to make direct payments of money, credits or monetary value to a licensee or
its representative authorized to receive money or to deposit money in an
account specified by the licensee in a bank or credit union authorized to do
business in this State.

����� (Added to NRS by 2023,
102)

����� NRS 671.215  Engaging in money transmission on behalf of unlicensed or
nonexempt person prohibited; liability.  A
person shall not engage in the business of money transmission on behalf of a
person not licensed under this chapter or who is not exempt from licensure
under this chapter. A person that engages in such activity provides money
transmission to the same extent as if the person were a licensee and is jointly
and severally liable with the unlicensed or nonexempt person.

����� (Added to NRS by 2023,
103)

����� 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.

����� 1.  If, in any action brought by a licensee
against an authorized delegate, the court finds that the authorized delegate
failed to remit money in accordance with the written contract with the licensee
required by NRS 671.205 or as otherwise
directed by the licensee or required by law, the court may grant appropriate
equitable or legal relief, including, without limitation, prohibiting the
authorized delegate from directly or indirectly acting as an authorized
delegate for any licensee in this State and the payment of restitution, damages
or other monetary relief.

����� 2.  If a court issues an order prohibiting
a person from acting as an authorized delegate for any licensee pursuant to
subsection 1, the licensee that brought the action shall report the order to:

����� (a) The Commissioner within 30 days after entry
of the order; and

����� (b) The Registry within 90 days after entry of
the order.

����� 3.  An authorized delegate who holds money
in trust for the benefit of a licensee and knowingly fails to remit money is
guilty of a misdemeanor.

����� 4.  As used in this section, �remit� means
to make direct payments of money, credits or monetary value to a licensee or
its representative authorized to receive money or to deposit money in an
account specified by the licensee in a bank or credit union authorized to do
business in this State.

����� (Added to NRS by 2023,
103)

TRANSACTIONS INVOLVING MONEY TRANSMISSION

����� NRS 671.235  Circumstances under which transaction involving money
transmission is deemed to take place in this State.  For
the purposes of this chapter, a transaction involving money transmission takes
place in this State if:

����� 1.  For a transaction requested in person,
the transaction is requested by a person at a physical location in this State.

����� 2.  For a transaction requested
electronically or by telephone, the provider of money transmission determines
that the person requesting the transaction is located in this State based on
the information available to the provider. Such information may include,
without limitation:

����� (a) Information provided by the person regarding
the residential address of the person, if the person is a natural person, or
the address of the principal place of business or other physical address of the
person, if the person is a business entity; and

����� (b) Any other information contained in the
records of the provider of money transmission which indicate the location of
the person, including, without limitation, an address associated with an
account.

����� (Added to NRS by 2023,
100)

����� 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.

����� 1.  A licensee shall forward all money or
credits received for transmission in accordance with the terms of the agreement
between the licensee and the sender unless the licensee has a reasonable belief
or a reasonable basis to believe that the sender may be a victim of fraud or
that a crime or violation of law, rule or regulation has occurred, is occurring
or may occur.

����� 2.  If a licensee fails to forward money or
credits received for transmission in accordance with this section, the licensee
must respond to inquiries by the sender with the reason for the failure unless
providing a response would violate a state or federal law, rule or regulation.

����� (Added to NRS by 2023,
103)

����� NRS 671.255  Refund required upon written request; exceptions; applicability.

����� 1.  Except as otherwise provided in this
section, a licensee shall, within 10 days after the date on which the licensee
receives a written request from a sender for a refund of money and credits
received, issue such a refund to the sender unless any of the following occurs:

����� (a) The money or credits have been forwarded
within 10 days after the date on which the money or credit was received for
transmission.

����� (b) Instructions have been given committing an
equivalent amount of money or credit to the person designated by the sender
within 10 days of the date on which the money or credit was received for
transmission.

����� (c) The agreement between the licensee and the
sender instructs the licensee to forward the money or credits at a time that is
beyond 10 days after the date on which the money or credits were received for
transmission. If money or credits have not yet been forwarded in accordance
with the terms of the agreement between the licensee and the sender, this
paragraph does not apply.

����� (d) The refund is requested for a transaction
that the licensee has not completed based on a reasonable belief or a
reasonable basis to believe that a crime or violation of law, rule or
regulation has occurred, is occurring or may occur.

����� (e) The request for a refund does not enable the
licensee to:

������������ (1) Identify the name, address or
telephone number of the sender; or

������������ (2) If the sender has multiple
transactions pending with the licensee, identify the particular transaction to
be refunded.

����� 2.  The provisions of this section do not
apply to:

����� (a) Money or credits received for transmission
which are subject to the provisions of 12 C.F.R. Part 1005, Subpart B, as
amended.

����� (b) Money or credits received for transmission
pursuant to a written agreement between a licensee and payee to process
payments for goods or services provided by the payee.

����� (Added to NRS by 2023,
104)

����� NRS 671.265  Receipt required for all money or credits received for
transmission; exceptions; requirements for receipt.

����� 1.  Except as otherwise provided in this
section, a licensee or authorized delegate shall provide to a sender a receipt
for all money or credit received for transmission. For a transaction conducted
in person, the receipt may be provided electronically if the sender requests or
agrees to receive an electronic receipt. For a transaction conducted
electronically or by telephone, a receipt may be provided electronically. If a
licensee provides an electronic receipt, the electronic receipt must be
provided in a retainable form.

����� 2.  A receipt required by this section
must:

����� (a) Be in English and, if different, the language
principally used by the licensee or authorized delegate to advertise, solicit
or negotiate, either orally or in writing, for a transaction conducted in
person, electronically or by telephone; and

����� (b) Contain the following information, as
applicable:

������������ (1) The name of the sender;

������������ (2) The name of the designated recipient;

������������ (3) The date of the transaction;

������������ (4) The unique transaction or
identification number;

������������ (5) The name, unique identifier, business
address and customer service telephone number of the licensee;

������������ (6) The amount of the transaction in
United States dollars;

����� ����� (7) Any fee charged by the licensee to the
sender for the transaction; and

������������ (8) Any taxes collected by the licensee
from the sender for the transaction.

����� 3.  Each licensee and authorized delegate
shall include on a receipt required by this section or on the Internet website
or mobile application of the licensee or authorized delegate:

����� (a) The name and telephone number of the Division
of Financial Institutions; and

����� (b) A statement that the customers of the
licensee may contact the Division of Financial Institutions with questions or
complaints regarding the money transmission services of the licensee.

����� 4.  The provisions of this section do not
apply to:

����� (a) Money or credit received for transmission
which is subject to the provisions of 12 C.F.R. Part 1005, Subpart B, as
amended;

����� (b) Money or credit received for transmission
that is not primarily for personal, family or household purposes;

����� (c) Money or credit received for transmission
pursuant to a written agreement between the licensee and payee to process
payments for goods or service provided to the payee; or

����� (d) Payroll processing services.

����� 5.  As used in this section:

����� (a) �Receipt� means a paper receipt, electronic
record or other written confirmation.

����� (b) �Unique identifier� has the meaning ascribed
to it in NRS 671.099.

����� (Added to NRS by 2023,
104)

����� NRS 671.275  Duties of licensee providing payroll processing services;
exception.  Repealed. (See chapter
52, Statutes
of Nevada 2025, at page 268.)

 

REPORTS AND RECORDS

����� NRS 671.285  Annual filing of financial statement and other information with
Commissioner; requirements for financial statement; order to remove
qualification in financial statement.

����� 1.  A licensee shall, within 90 days after
the end of each fiscal year or within such extended period as approved by the
Commissioner, file with the Commissioner:

����� (a) An audited financial statement of the
licensee for the fiscal year prepared in accordance with generally accepted
accounting principles in the United States; and

����� (b) Any other information the Commissioner may
reasonably require.

����� 2.  The audited financial statement filed
pursuant to subsection 1 must:

����� (a) Be prepared by an independent certified
public accountant or independent public accountant who is satisfactory to the
Commissioner.

����� (b) Include or be accompanied by a certificate of
opinion of the independent certified public accountant or independent public
accountant, as applicable, that is satisfactory in form and content to the
Commissioner. If such a certificate or opinion is qualified, the Commissioner
may order the licensee to take any action the Commissioner deems necessary to
enable the independent certified public accountant or independent public
accountant to remove the qualification.

����� (Added to NRS by 2023,
113)

����� NRS 671.295  Filing of reports required by Bank Secrecy Act and other laws
pertaining to money laundering.  A
licensee and an authorized delegate shall file all reports required by
reporting requirements relating to federal currency reporting, recordkeeping
and suspicious activity reporting as set forth in the Bank Secrecy Act and
other federal and state laws pertaining to money laundering. A licensee and an
authorized delegate who timely files with the appropriate federal agency a
report required pursuant to this section that is complete and accurate shall be
deemed to comply with the requirements of this section.

����� (Added to NRS by 2023,
114)

����� NRS 671.305  Quarterly report of condition: Submission; contents; authority
of Commissioner to waive, modify or alter requirements.

����� 1.  Except as otherwise provided by
regulation of the Commissioner, a licensee shall submit to the Commissioner a
report of condition within 45 days after the end of the calendar quarter, or
within any extended period that the Commissioner may prescribe. The report of
condition must include, without limitation:

����� (a) Financial information concerning the
licensee;

����� (b) Nationwide and state-specific money
transmission transaction information in every jurisdiction in the United States
where the licensee is licensed to engage in money transmission;

����� (c) A report concerning the permissible
investments of the licensee;

����� (d) A report identifying each foreign country to
which the licensee transmitted money or credits and the amount of money or
credits transmitted, if applicable; and

����� (e) Any other information the Commissioner may
reasonably require.

����� 2.  The Commissioner may use the Registry
for the submission of the report required by subsection 1. The Commissioner
may, by regulation, waive, modify or alter the requirements of subsection 1 to
carry out the purposes of this chapter and maintain consistency with reporting
requirements of the Registry.

����� (Added to NRS by 2023,
114)

����� NRS 671.315  Quarterly report concerning authorized delegates: Submission;
contents.

����� 1.  Each licensee shall submit to the
Commissioner a report concerning each authorized delegate of the licensee
within 45 days after the end of the calendar quarter. The report must include,
without limitation, the following information for each authorized delegate:

����� (a) The legal name of the company;

����� (b) Taxpayer employer identification number;

����� (c) Principal provider identifier;

����� (d) Physical address;

����� (e) Mailing address;

����� (f) Any business conducted in other states;

����� (g) Any fictitious or trade name;

����� (h) The name, telephone number and electronic
mail address for the contact person of the authorized delegate;

����� (i) The date upon which the authorized delegate
was designated as an authorized delegate of the licensee;

����� (j) The date upon which the authorized delegate
ceased being an authorized delegate for the licensee, if applicable;

����� (k) Any court order concerning the licensee
pursuant to NRS 671.225; and

����� (l) Any other information the Commissioner may
reasonably require with respect to the authorized delegate.

����� 2.  The Commissioner may use the Registry
for the submission of the report required by this section provided that such
functionality is consistent with the requirements of this section.

����� (Added to NRS by 2023,
115)

����� NRS 671.325  Filing of report upon occurrence of certain events.

����� 1.  A licensee shall file a report with the
Commissioner within 1 business day after the licensee has reason to know of the
occurrence of any of the following events:

����� (a) The filing of a petition by or against the
licensee for bankruptcy or reorganization pursuant to the United States
Bankruptcy Code;

����� (b) The filing of a petition by or against the
licensee for receivership, the commencement of any other judicial or
administrative proceeding for the dissolution or reorganization of the licensee
or the making of a general assignment for the benefit of the creditors of the
licensee; or

����� (c) The commencement of a proceeding to revoke or
suspend the license of the licensee in a state or country in which the licensee
engages in business or is licensed.

����� 2.  A licensee shall file a report with the
Commissioner within 3 business days after the licensee has reason to know of
the occurrence of any of the following events:

����� (a) A charge or conviction of the licensee or of
a key individual or person in control of the licensee for a felony; or

����� (b) A charge or conviction of an authorized
delegate for a felony.

����� (Added to NRS by 2023,
114)

����� NRS 671.335  Records: Maintenance; open to inspection by Commissioner.

����� 1.  A licensee shall maintain the following
records for at least 5 years:

����� (a) A record of each outstanding money
transmission obligation sold;

����� (b) A general ledger posted at least monthly that
contains all asset, liability, capital, income and expense accounts;

����� (c) Bank statements and bank reconciliation
records;

����� (d) A record of each outstanding money
transmission obligation;

����� (e) A record of each outstanding money
transmission obligation paid during the 5-year period;

����� (f) A list of the last known name and address of
each of the authorized delegates of the licensee; and

����� (g) Any other records the Commissioner reasonably
requires by regulation.

����� 2.  A licensee may maintain the records
required to be maintained by subsection 1:

����� (a) In any form; and

����� (b) Outside of this State, so long as any such
record is made available to the Commissioner with 5 business days� notice that
is sent in a record.

����� 3.  The records required to be maintained
pursuant to subsection 1 are open to inspection by the Commissioner pursuant to
NRS 671.375.

����� (Added to NRS by 2023,
114)

ADMINISTRATION, INTERPRETATION AND ENFORCEMENT

����� NRS 671.345  Administration, interpretation and enforcement of chapter:
Powers and duties of Commissioner; regulations.

����� 1.  To carry out the purposes of this
chapter, the Commissioner may:

����� (a) Enter into agreements or relationships with
other governmental officials, federal and state regulatory agencies and
regulatory associations in order to improve efficiencies and reduce regulatory
burden by standardizing methods or procedures and sharing resources, records or
related information obtained under this chapter;

����� (b) Use, hire, contract or employ analytical
systems, methods or software to examine or investigate any person subject to
this chapter;

����� (c) Accept from other state or federal
governmental agencies or officials licensing, examination or investigation
reports made by such agencies or officials; and

����� (d) Accept audit reports made by an independent
certified public accountant or other qualified third-party auditor for an
applicant for a license or licensee and incorporate the audit report into any
report of examination or investigation.

����� 2.  The Commissioner shall administer,
interpret and enforce the provisions of this chapter and may adopt such regulations
as the Commissioner deems appropriate for those purposes.

����� (Added to NRS by 2023,
100)

����� NRS 671.355  Regulations.  The
Commissioner may adopt such reasonable regulations as may be necessary or
appropriate for the administration of this chapter.

����� (Added to NRS by 1977,
1083; A 1983,
1764; 1987,
1950)—(Substituted in revision for NRS 671.030)

����� 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.

����� 1.  Except as otherwise provided in NRS 239.0115 and this section, the
following information and documents are confidential, are not subject to any
subpoena and must not be made public:

����� (a) Any information or reports obtained by the
Commissioner from an applicant, licensee or authorized delegate;

����� (b) Any information contained in or related to an
operating report or condition report prepared by, on behalf of or for the use
of the Commissioner; and

����� (c) Any financial statement or balance sheet of a
licensee or authorized delegate.

����� 2.  The Commissioner may disclose the
information described in subsection 1 and NRS
671.415:

����� (a) To a representative of a state or federal
agency who promises in a record to maintain the confidentiality of the
information; and

����� (b) To any person if the Commissioner finds that
justice and the public advantage will be served by the disclosure of the
information.

����� 3.  The provisions of this section do not
prohibit the Commissioner from disclosing to the public a list of each
licensee.

����� 4.  The Commissioner may make available to
the public on the Internet website of the Division of Financial Institutions,
upon receipt by the Division of Financial Institutions of a written request or
in the Registry, any information in the records of the Division of Financial
Institutions that is not confidential, including, without limitation:

����� (a) The name, business address, telephone number
and unique identifier of a licensee;

����� (b) The business address of the registered agent
of a licensee who has been designated to receive service on behalf of the
licensee;

����� (c) The name, business address and telephone
number of all authorized delegates of a licensee;

����� (d) The terms of or a copy of any surety bond
filed by a licensee, so long as any confidential information, including,
without limitation, prices and fees for such bond, is redacted;

����� (e) A copy of any final order of the Division of
Financial Institutions which is not confidential and related to any violation
of this chapter or a regulation adopted pursuant thereto; and

����� (f) The imposition of an administrative fine or
penalty pursuant to this chapter.

����� 5.  As used in this section, �unique
identifier� has the meaning ascribed to it in NRS
671.099.

����� (Added to NRS by 2023,
101)

����� 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.

����� 1.  The Commissioner shall, as often as the
Commissioner determines to be necessary, examine the financial accounts of each
licensee and any other documents relevant to the conduct of the licensee�s
business and may conduct other examinations of a licensee or authorized
delegate that the Commissioner determines to be necessary. The Commissioner may
take any action authorized by the provisions of this chapter or the regulations
adopted pursuant thereto as reasonably necessary or appropriate to administer
and enforce the provisions of this chapter, the regulations adopted pursuant
thereto and other applicable law, including, without limitation, the Bank
Secrecy Act and the USA Patriot Act.

����� 2.  For the purpose of an examination
conducted pursuant to subsection 1, the Commissioner may:

����� (a) Enter upon any of the business premises of a
licensee or the licensee�s authorized delegates and obtain access to the
relevant documents.

����� (b) Conduct such an examination on-site or
off-site as the Commissioner may reasonably require.

����� (c) Conduct such an examination in conjunction
with an examination conducted by a representative of another agency of this
State, an agency of another state or an agency of the federal government.

����� (d) Accept the examination report of another
agency of this State, an agency of another state or an agency of the federal
government. Upon acceptance by the Commissioner, such an examination report
shall be considered an official report of the Commissioner.

����� (e) Summon and examine under oath a key
individual or employee of a licensee or authorized delegate and require the key
individual or employee to produce records regarding any matter related to the
condition and business of the licensee or authorized delegate.

����� 3.  The Commissioner is entitled to full
access to all records the Commissioner reasonably requires to conduct a
complete examination. A licensee or authorized delegate shall provide all such
records at the location and in the format specified by the Commissioner. Any
person who obstructs or denies the Commissioner entry onto the business premises
of a licensee or authorized delegate or access to the relevant documents of a
licensee or authorized delegate commits a violation of this chapter.

����� 4.  The Commissioner may use multistate
record production standards and examination procedures if the Commissioner
determines that such standards will reasonably achieve the requirements of this
section.

����� 5.  For each examination of a licensee or
an authorized delegate of the licensee, the Commissioner shall charge and
collect from the licensee a fee for conducting the examination and in preparing
and typing the report at the rate established and, if applicable, adjusted
pursuant to NRS 658.101.

����� (Added to NRS by 1977,
1086; A 1979,
956; 1983,
267, 1767;
1987,
1953, 2224;
2017,
398; 2023,
127)—(Substituted in revision for NRS 671.120)

����� 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.

����� 1.  The Commissioner may participate in
multistate supervisory processes established between states and coordinated
through the Conference of State Bank Supervisors, the Money Transmitter
Regulators Association and the affiliates and successors thereof for all
licensees that hold licenses in this State and in other states. As a
participant in such a process, the Commissioner may:

����� (a) Cooperate, coordinate and share information
with other state and federal regulators in accordance with the provisions of
this chapter;

����� (b) Enter into written cooperation, coordination
or information-sharing contracts or agreements with organizations whose
membership consists of state or federal governmental agencies; and

����� (c) Cooperate, coordinate and share information
with organizations whose membership is made up of state or federal governmental
agencies if any such organization agrees to maintain the confidentiality and
security of the shared information pursuant to NRS 671.365.

����� 2.  The Commissioner may not waive, and
nothing in the provisions of this section constitutes a waiver of, the
authority of the Commissioner to conduct an examination or investigation or
otherwise take action authorized by the provisions of this chapter or the
regulations adopted pursuant thereto to enforce compliance with applicable
state or federal laws.

����� 3.  A joint examination or investigation or
acceptance of an examination or investigation report does not waive the fee set
forth in NRS 671.375.

����� (Added to NRS by 2023,
113)

����� NRS 671.395  Inconsistencies between provisions of chapter and federal law
governed by federal law; authority of Commissioner to provide interpretive
guidance concerning inconsistencies.

����� 1.  If state money transmission
jurisdiction is conditioned on a federal law, any inconsistencies between a
provision of this chapter and the federal law governing money transmission is
governed by the applicable federal law to the extent of the inconsistency.

����� 2.  If there is an inconsistency between
this chapter and a federal law that governs pursuant to subsection 1, the
Commissioner may provide interpretive guidance that:

����� (a) Identifies the inconsistency; and

����� (b) Identifies the appropriate means of
compliance with federal law.

����� (Added to NRS by 2023,
113)

����� NRS 671.400  Compliance with federal regulations; maintenance of information
security program; notification of Commissioner of notification events.

����� 1.  A licensee and an authorized delegate
shall comply with the requirements set forth in 16 C.F.R. Part 314.

����� 2.  In addition to complying with the
requirements of 16 C.F.R. Part 314, a licensee and an authorized delegate
shall:

����� (a) Maintain the information security program
required by 16 C.F.R. � 314.3 as part of the books and records of the licensee
or authorized delegate; and

����� (b) Notify the Commissioner of any notification
event in accordance with the regulations adopted by the Commissioner pursuant
to subsection 4 of NRS 658.105.

����� 3.  As used in this section:

����� (a) �Information security program� has the
meaning ascribed to it in 16 C.F.R. � 314.2.

����� (b) �Notification event� has the meaning ascribed
to it in 16 C.F.R. � 314.2.

����� (Added to NRS by 2025,
249)

����� 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.

����� 1.  Subject to any
limitations or restrictions contained in federal or state law governing the
privacy or confidentiality of records, the Commissioner shall report regularly
any violations of applicable laws committed by applicants for licenses or
licensees, enforcement actions and other relevant information to the Registry.

����� 2.  The requirements under any federal or
state law, including, without limitation, rules of a federal or state court,
regarding the privacy and confidentiality of any information or material
provided to the Registry and any privilege arising under federal or state law
with respect to such information or material, continue to apply to such
information or material after it has been disclosed to the Registry. Such
information and material may be shared with federal and state regulatory
officials with oversight authority over licensees without the loss of privilege
or the loss of confidentiality protections provided by federal or state law.

����� 3.  The Commissioner may enter into
agreements or sharing arrangements with other governmental agencies, the
Conference of State Bank Supervisors, the State Regulatory Registry, LLC, or
other associations representing governmental agencies.

����� (Added to NRS by 2021,
2033)—(Substituted in revision for NRS 671.096)

����� NRS 671.415  Investigations and hearings; fee; confidential communications.

����� 1.  The Commissioner may conduct any
necessary investigations and hearings to determine whether any licensee,
authorized delegate or other person has violated any of the provisions of this
chapter or whether any licensee has conducted himself or herself in a manner
which requires the suspension, revocation or denial of renewal of his or her
license.

����� 2.  In conducting any investigation or
hearing pursuant to this chapter, the Commissioner, or any person designated by
the Commissioner, may require the attendance and testimony of any person and
compel the production of all relevant books, records, accounts and other
documents. The Commissioner shall charge and collect from each licensee or
other person a fee at the rate established and, if applicable, adjusted
pursuant to NRS 658.101 for the cost of
any supervision, audit, examination, investigation or hearing conducted
pursuant to this chapter or any regulations adopted pursuant thereto.

����� 3.  The Commissioner may require any
licensee to submit such reports concerning the licensee�s business as the
Commissioner deems necessary for the enforcement of this chapter.

����� 4.  Except as otherwise provided in NRS 239.0115 and 671.365, all reports of investigations and
examinations and other reports rendered pursuant to this section, all correspondence
and memoranda relating to or arising therefrom, including any authenticated
copies thereof in the possession of any licensee or the Commissioner, and all
other information related to an examination or investigation are confidential
communications, are not subject to any subpoena, and must not be made public
unless the Commissioner determines that justice and the public advantage will
be served by their publication. This subsection does not preclude any party to
an administrative or judicial proceeding from introducing into evidence any
information or document otherwise available or admissible.

����� (Added to NRS by 1977,
1087; A 1983,
1769; 1987,
1954; 2007,
2151; 2017,
399; 2021,
2035; 2023,
128)—(Substituted in revision for NRS 671.170)

����� 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.

����� 1.  Within 5 days after a discontinuance of
a licensee�s business, the licensee shall inform the Commissioner of the
discontinuance and shall surrender his or her license for cancellation.

����� 2.  If, as a result of any investigation,
hearing, report or examination, the Commissioner finds that a licensee is
insolvent or is conducting his or her business in such a manner as to render
the licensee�s further operations hazardous to the public, the Commissioner
may, through an order served by registered or certified mail upon the licensee
and any person possessing money of the licensee or the licensee�s customers,
require the immediate discontinuance of the disbursement of the money and the
cessation of the licensee�s business. The order remains in effect until:

����� (a) It is set aside, in whole or in part, by the
Commissioner;

����� (b) The licensee has been adjudged a bankrupt; or

����� (c) A receiver for the licensee has been appointed
by a court of competent jurisdiction.

����� 3.  If a court does not have jurisdiction
over the licensee, the Commissioner may take possession of the licensee�s
business and property until the licensee complies with the requirements of the
Commissioner for resumption of business or the licensee�s affairs are finally
liquidated.

����� 4.  Whenever the Commissioner takes
possession of a licensee�s business and property, the Commissioner may petition
the court for appointment of a receiver to liquidate the affairs of the
licensee.

����� (Added to NRS by 1977,
1087; A 1983,
1768; 1987,
1954)—(Substituted in revision for NRS 671.160)

����� 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.

����� 1.  If the Commissioner has reason to
believe that grounds exist for the suspension, revocation or denial of renewal
of a license, the Commissioner shall give 10 days� written notice to the
licensee, stating the grounds therefor, and shall set a date for a hearing, if
a hearing is requested by the licensee. If the protection of the public so
requires, the Commissioner may suspend the license at any time before the
hearing.

����� 2.  At the conclusion of the hearing, the
Commissioner shall enter a written order either dismissing the charges or
suspending, revoking or denying the renewal of the license. The order must
include a statement of the grounds for the action taken by the Commissioner and
becomes effective 10 days after receipt of a copy of the order by the licensee
at the licensee�s principal place of business. The Commissioner may immediately
suspend, revoke or deny the renewal of the license in a case where the licensee
has failed to maintain in effect the required surety bond or insurance policy.

����� 3.  The grounds for suspension, revocation
or denial of renewal of a license are that:

����� (a) The licensee has failed to pay the annual fee
for renewal or the fee for late renewal;

����� (b) The licensee has failed to maintain in effect
the required bond or securities;

����� (c) The licensee has committed an act of fraud,
misrepresentation or gross negligence or has omitted any material fact in any
application, statement or report;

����� (d) The licensee has failed to pay any judgment
arising from the licensee�s business within 30 days after the judgment becomes
final or within 30 days after the expiration of a stay of execution on the
judgment;

����� (e) The licensee has failed to cooperate with an
examination or investigation by the Commissioner;

����� (f) The competence, experience, character or
general fitness of the licensee, an authorized delegate of the licensee, a
responsible person of such an authorized delegate, a person in control of the
licensee or a key individual of the licensee indicates that it is not in the
public interest to allow the licensee to provide money transmission;

����� (g) The licensee has engaged in an unsafe or
unsound practice;

����� (h) The licensee is insolvent, suspends payment
of its obligations or makes a general assignment for the benefit of its
creditors;

����� (i) The licensee has not removed an authorized
delegate of the licensee after the Commissioner issued and served on the
licensee a final order that includes a finding that the authorized delegate has
committed a violation of any provision of this chapter or any regulation
adopted or order issued by the Commissioner pursuant to this chapter;

����� (j) An authorized delegate of the licensee, as a
result of the willful misconduct or willful blindness of the licensee, has been
convicted of a violation of a state or federal anti-money laundering statute or
has committed a violation of any provision of this chapter or any regulation
adopted or order issued by the Commissioner pursuant to this chapter; or

����� (k) The licensee has committed a violation of any
provision of this chapter or any regulation adopted or order issued by the Commissioner
pursuant to this chapter.

����� 4.  In determining whether a licensee has
engaged in an unsafe or unsound practice pursuant to paragraph (g) of
subsection 3, the Commissioner may consider the size and condition of the money
transmission of the licensee, the magnitude of the loss, the gravity of the
violation of the provisions of this chapter or the regulations adopted or order
issued by the Commissioner pursuant thereto and the previous conduct of the
licensee.

����� 5.  Any action taken by the Commissioner
pursuant to this section is subject to judicial review in the first judicial
district court.

����� (Added to NRS by 1977,
1088; A 1983,
1769; 1987,
1955; 1989,
920; 2023,
128)—(Substituted in revision for NRS 671.180)

����� NRS 671.445  Suspension or revocation of designation of authorized delegate:
Grounds; considerations in determining whether practice is unsafe or unsound;
relief.

����� 1.  The Commissioner may issue an order
suspending or revoking the designation of an authorized delegate if the
Commissioner finds that:

����� (a) The authorized delegate committed a violation
of any provision of this chapter or any regulation adopted or order issued by
the Commissioner pursuant to this chapter;

����� (b) The authorized delegate did not cooperate
with an examination or investigation by the Commissioner;

����� (c) The authorized delegate has engaged in fraud,
intentional misrepresentation or gross negligence;

����� (d) The authorized delegate has been convicted of
a violation of a state or federal anti-money laundering statute;

����� (e) The competence, experience, character or
general fitness of the authorized delegate or a person in control of the
authorized delegate indicates that it is not in the public interest to permit
the authorized delegate to provide money transmission; or

����� (f) The authorized delegate has engaged in an
unsafe or unsound practice.

����� 2.  In determining whether an authorized
delegate has engaged in an unsafe or unsound practice pursuant to paragraph (f)
of subsection 1, the Commissioner may consider the size and condition of the
provision of money transmission by the authorized delegate, the magnitude of
the loss, the gravity of the violation of any provision of this chapter or any
regulation adopted or order issued by the Commissioner pursuant to this chapter
and the previous conduct of the authorized delegate.

����� 3.  An authorized delegate may apply for
relief from a suspension or revocation of designation as an authorized delegate
according to procedures prescribed by the Commissioner.

����� (Added to NRS by 2023,
115)

����� NRS 671.455  Order to cease and desist violation: Issuance; hearing; petition
to set aside, limit or suspend.

����� 1.  The Commissioner may issue an order
requiring a licensee or authorized delegate to cease and desist from a
violation of any provision of this chapter or any regulations adopted pursuant
thereto or order issued by the Commissioner pursuant thereto if the
Commissioner determines that the violation is likely to cause:

����� (a) Immediate and irreparable harm to the
licensee, the customers of the licensee or the public; or

����� (b) Insolvency or significant dissipation of the
assets of the licensee.

����� 2.  If the Commissioner issues an order
against an authorized delegate pursuant to subsection 1, the Commissioner may
also issue a separate order against a licensee to cease and desist from
providing money transmission through the authorized delegate.

����� 3.  Except as otherwise provided in this
subsection, an order issued pursuant to this section becomes effective upon
service of the order and remains effective until it is set aside, in whole or
in part, by the Commissioner or a reviewing court. The licensee or authorized
delegate against whom a cease and desist order is issued may request a hearing
on the cease and desist order pursuant to NRS
233B.121 to 233B.150, inclusive.

����� 4.  A licensee or authorized delegate
against whom a cease and desist order is issued pursuant to this section may
file with the Commissioner a petition requesting that the cease and desist
order be set aside, limited or suspended pending the completion of the
proceedings conducted pursuant to subsection 3.

����� (Added to NRS by 2023,
116)

����� NRS 671.465  Consent order.  In
any matter arising from a violation or alleged violation of the provisions of
this chapter or a regulation adopted or order issued by the Commissioner
pursuant thereto by a person, the Commissioner may enter into a consent order
with the person to resolve the matter. Such a consent order:

����� 1.  Must be signed by the person or the
authorized representative of the person and must indicate that the person
agrees to the terms contained in the consent order; and

����� 2.  May provide that the consent order does
not constitute an admission by the person that a violation of the provisions of
this chapter or the regulations adopted or an order issued by the Commissioner
pursuant thereto has occurred.

����� (Added to NRS by 2023,
116)

UNLAWFUL ACTS; PENALTIES

����� NRS 671.475  Failure to submit required report; fees; regulations.

����� 1.  If a licensee fails to submit any
report required pursuant to this chapter or any regulation adopted pursuant
thereto within the prescribed period, the Commissioner may impose and collect a
fee of not more than $10 for each day the report is overdue.

����� 2.  The Commissioner shall adopt
regulations establishing the amount of the fee that may be imposed pursuant to
this section.

����� (Added to NRS by 2005,
1854)—(Substituted in revision for NRS 671.183)

����� NRS 671.485  Administrative fines.  In
addition to any other remedy or penalty, the Commissioner may impose an
administrative fine of not more than $10,000 upon a person who:

����� 1.  Without a license, conducts any
business or activity for which a license is required pursuant to the provisions
of this chapter; or

����� 2.  Violates any provision of this chapter
or any regulation adopted pursuant thereto.

����� (Added to NRS by 2005,
1854)—(Substituted in revision for NRS 671.185)

����� NRS 671.495  Unlawful acts; penalty; other remedies.

����� 1.  Any person who:

����� (a) Without a license, knowingly engages in any
activity for which a license is required pursuant to this chapter;

����� (b) Violates any provision of this chapter, or
any regulation adopted or order issued by the Commissioner pursuant to this
chapter;

����� (c) Knowingly makes any false or misleading
statement of a material fact in any application, statement or report filed
pursuant to this chapter;

����� (d) Knowingly omits to state any material fact
necessary to provide the Commissioner with information lawfully required by the
Commissioner; or

����� (e) Refuses to permit or obstructs any lawful
investigation, examination, entry or access by the Commissioner,

� is guilty of
a misdemeanor.

����� 2.  Each day during which a violation
continues constitutes a separate offense.

����� 3.  The imposition of any fine or term of
imprisonment pursuant to subsection 1:

����� (a) Is in addition to any suspension, revocation
or denial of renewal of a license which may result from the violation.

����� (b) Is not a bar to enforcement of this chapter
by an injunction or other appropriate civil remedy.

����� (Added to NRS by 1977,
1088; A 1983,
1770; 1987,
1955; 2023,
129)—(Substituted in revision for NRS 671.190)