Assembly Bill 21 (2023), money transmission modernization (enrolled text as posted by FID)
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Assembly Bill No. 21–Committee
on Commerce and Labor
CHAPTER..........
AN ACT relating to financial services; revising the powers and
duties of the Commissioner of Financial Institutions with
respect to the licensure and regulation of persons engaged in
the business of money transmission; exempting certain
persons from provisions governing money transmission;
revising provisions relating to the issuance and renewal of
licenses to engage in the business of money transmission;
revising provisions relating to the confidentiality of certain
records maintained by the Commissioner; imposing certain
requirements and restrictions on applicants for a license,
licensees, authorized delegates, key individuals and persons
seeking to acquire control of a licensee; setting forth certain
requirements for transactions involving money transmission;
revising provisions relating to the suspension, revocation or
denial of renewal of a license; providing penalties; and
providing other matters properly relating thereto.
Legislative Counsel’s Digest:
Existing law provides for the licensure and regulation by the Commissioner of
Financial Institutions of persons engaged in the business of selling or issuing
checks or of receiving for transmission or transmitting money or credits. (Chapter
671 of NRS) This bill adds to, revises and repeals various provisions in the existing
statutory scheme governing the licensure and regulation of such persons for the
purposes of establishing a statutory scheme governing persons engaged in the
business of money transmission which is modeled, in general, after the Model
Money Transmission Modernization Act approved by the Conference of State Bank
Supervisors.
Sections 4-32 of this bill define words and terms for the purposes of this bill.
Section 20 of this bill defines “money transmission” to mean: (1) selling or issuing
payment instruments to a person located in this State; (2) selling or issuing stored
value to a person located in this State; or (3) receiving money or credits for
transmission from a person located in this State. Section 20 provides that the term
includes payroll processing services and does not include the provision of certain
other services.
Section 66 of this bill exempts certain specified persons from the provisions of
this bill. Section 34 of this bill authorizes the Commissioner to exempt additional
persons under certain circumstances. Section 35 of this bill authorizes the
Commissioner to require any person claiming an exemption to provide certain
proof of that exemption.
Existing law provides that certain reports relating to investigations, hearings
and examinations conducted by the Commissioner to determine whether a licensee
or other person has committed a violation of the provisions governing money
transmission are confidential. (NRS 671.170) Sections 37 and 82 of this bill make
certain additional information and documents confidential and set forth the
circumstances under which such information and documents may be disclosed.
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Section 36 of this bill authorizes the Commissioner to engage in various
activities to carry out the purposes of the provisions of this bill.
Section 67 of this bill prohibits a person from engaging in the business of
money transmission unless the person: (1) has been issued a license; or (2) is an
authorized delegate of a licensee that is acting within the scope of authority
conferred by a written contract with the licensee. Section 68 of this bill sets forth
certain requirements for an application for a license. Section 69 of this bill sets
forth the circumstances under which the Commissioner is required to issue a license
to an applicant. Section 70 of this bill sets forth certain requirements for the
renewal of a license.
Section 38 of this bill requires a licensee who wishes to engage in the business
of money transmission through an authorized delegate to: (1) enter into a written
contract with the authorized delegate that meets certain requirements; and (2) take
certain other actions. Section 71 of this bill makes a conforming change to refer to
an authorized delegate instead of a duly appointed agent.
Existing law requires all money or credit received by an agent of a licensee
from the sale and issuance of checks or for the purpose of transmission to be
remitted to the licensee or deposited with a bank or credit union authorized to do
business in this State within a certain amount of time following the receipt of the
money or credits. (NRS 671.150) Sections 38, 40 and 84 of this bill revise
requirements regarding the remittance of money, credits or monetary value by a
person who engages in money transmission on behalf of a licensee. Section 38
requires an authorized delegate to remit and handle money, credits and monetary
value in accordance with the terms of the written contract entered into with the
licensee. Section 38 defines “remit” to mean, in general, to make a direct payment
of money, credits or monetary value to a licensee or to deposit money in an account
in a bank or credit union specified by the licensee. Section 38 provides that all
money net of fees received by an authorized delegate from money transmission is
held in trust by the authorized delegate to the benefit of the licensee. Section 40
provides that an authorized delegate who knowingly fails to remit money held in
trust for the benefit of a licensee is guilty of a misdemeanor.
Section 39 of this bill provides that a person who engages in the business of
money transmission on behalf of an unlicensed person who is not exempt from
licensure is jointly and severally liable with the person.
Sections 40-44 of this bill set forth certain requirements relating to transactions
involving money transmission. Section 33 of this bill sets forth the method for
determining whether a transaction involving money transmission takes place in this
State.
Existing law requires a licensee to at all times maintain certain securities or
assets having a value that is equal to or more than the aggregate liability of the
licensee with respect to checks sold and issued and money or credits received for
transmission. (NRS 671.150) Section 84 repeals that requirement. Section 45 of
this bill instead requires a licensee to maintain at all times permissible investments
with a market value of not less than the aggregate amount of all of the outstanding
money transmission obligations, as defined in section 23 of this bill, of the
licensee. Sections 46 and 47 of this bill set forth the investments that qualify as
permissible investments for the purposes of section 45.
Existing law requires a licensee to have in force a surety bond meeting certain
requirements. (NRS 671.100) Section 74 of this bill revises the requirements for
such a surety bond. Section 49 of this bill requires a licensee to at all times
maintain a tangible net worth in a specified amount. Sections 56-61 of this bill
impose certain requirements on a licensee concerning reporting and recordkeeping.
Section 78 of this bill eliminates certain reporting requirements for a licensee.
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Existing law requires the rates charged for services related to money
transmission to be posted in every place of business licensed or covered by a
license and prohibits fees from being charged or collected in excess of the posted
rates. (NRS 671.140) Section 84 repeals those provisions.
Section 50 of this bill requires a person or group of persons acting in concert
seeking to acquire control of a licensee to obtain the approval of the Commissioner
before acquiring control of the licensee. Section 50 sets forth the process for
obtaining such approval. Section 51 of this bill establishes a process by which a
person may request that the Commissioner determine whether the person would be
considered a person in control of a licensee upon consummation of a proposed
transaction. Section 52 of this bill sets forth certain persons who are not required to
comply with the requirements of section 50 under certain circumstances.
Section 53 of this bill requires a licensee to provide certain notice to the
Commissioner if the licensee adds or replaces a “key individual,” which section 13
of this bill defines, in general, to mean any natural person ultimately responsible for
establishing or directing policies and procedures of a licensee. Section 53
authorizes the Commissioner to disapprove a key individual under certain
circumstances.
Existing law authorizes the Commissioner to participate in the Nationwide
Multistate Licensing System and Registry and sets forth various actions the
Commissioner is authorized to take relating to participating in the Registry. (NRS
671.092) Section 72 of this bill authorizes the Commissioner to take certain
additional actions relating to the Registry. Section 54 of this bill authorizes the
Commissioner to participate in certain multistate supervisory processes.
Existing law requires an applicant for a license and certain other persons to
submit to the Registry a complete set of fingerprints and certain information
relating to the background of the person. (NRS 671.098) Section 73 of this bill: (1)
requires certain additional information to be submitted to the Commissioner
through the Registry; and (2) revises the list of persons who are required to submit
a complete set of fingerprints and such information.
Section 75 of this bill revises provisions relating to examinations of licensees
conducted by the Commissioner.
Existing law authorizes the Commissioner to issue an order requiring the
immediate cessation of the business of a licensee under certain circumstances.
(NRS 671.160) Section 63 of this bill authorizes the Commissioner to issue an
order requiring a licensee or authorized delegate to cease and desist certain
violations. Section 62 of this bill authorizes the Commissioner to issue an order
suspending or revoking the designation of an authorized delegate under certain
circumstances. Section 64 of this bill authorizes the Commissioner to resolve a
matter arising from a violation or alleged violation by a person through a consent
order.
Section 79 of this bill revises the list of acts that constitute grounds for
suspension, revocation or denial of renewal of a license. Section 48 of this bill
authorizes the Commissioner to suspend or revoke the license of a licensee if the
licensee does not continue to meet the requirements applicable to an applicant for a
license.
Section 81 of this bill provides that any person who, without a license,
knowingly engages in any activity for which a license is required is guilty of a
misdemeanor.
Section 55 of this bill provides that, if a provision of this bill is inconsistent
with a federal law governing money transmission, the federal law governs to the
extent of the inconsistency. Section 65 of this bill requires that consideration of the
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need to promote uniformity of the law with respect to money transmission be given
in applying and construing the provisions of this bill.
Section 83 of this bill authorizes a person who is licensed on June 30, 2023, to
engage in the business of selling or issuing checks or of receiving for transmission
money or credits to continue engaging in such business in accordance with the
provisions of existing law as they existed before July 1, 2023, until January 1,
2024.
Section 84 repeals certain provisions relating to an agent of a licensee, certain
qualifications for licensure and certain requirements imposed on licensees and their
agents. Section 84 also repeals the definition of “check,” “licensee” and
“Nationwide Multistate Licensing System and Registry.” Sections 14 and 22 of
this bill, respectively, reenact the definitions of “licensee” and “Nationwide
Multistate Licensing System and Registry.” Section 1 of this bill makes a
conforming change to reflect the terminology used to describe persons licensed to
engage in the business of money transmission as set forth in this bill.
EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 658.098 is hereby amended to read as follows:
658.098 1. On a quarterly or other regular basis, the
Commissioner shall collect an assessment pursuant to this section
from each:
(a) Check-cashing service or deferred deposit loan service that is
supervised pursuant to chapter 604A of NRS;
(b) Collection agency that is supervised pursuant to chapter 649
of NRS;
(c) Bank that is supervised pursuant to chapters 657 to 668,
inclusive, of NRS;
(d) Trust company or family trust company that is supervised
pursuant to chapter 669 or 669A of NRS;
(e) Person engaged in the business of [selling or issuing checks
or of receiving for transmission or transmitting] money [or credits]
transmission that is supervised pursuant to chapter 671 of NRS;
(f) Savings and loan association or savings bank that is
supervised pursuant to chapter 673 of NRS;
(g) Person engaged in the business of lending that is supervised
pursuant to chapter 675 of NRS;
(h) Thrift company that is supervised pursuant to chapter 677 of
NRS; and
(i) Credit union that is supervised pursuant to chapter 672 of
NRS.
(j) Consumer litigation funding company that is supervised
pursuant to chapter 604C of NRS.
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2. The Commissioner shall determine the total amount of all
assessments to be collected from the entities identified in subsection
1, but that amount must not exceed the amount necessary to recover
the cost of legal services provided by the Attorney General to the
Commissioner and to the Division of Financial Institutions. The
total amount of all assessments collected must be reduced by any
amounts collected by the Commissioner from an entity for the
recovery of the costs of legal services provided by the Attorney
General in a specific case.
3. The Commissioner shall collect from each entity identified
in subsection 1 an assessment that is based on:
(a) A portion of the total amount of all assessments as
determined pursuant to subsection 2, such that the assessment
collected from an entity identified in subsection 1 shall bear the
same relation to the total amount of all assessments as the total
assets of that entity bear to the total of all assets of all entities
identified in subsection 1; or
(b) Any other reasonable basis adopted by the Commissioner.
4. The assessment required by this section is in addition to any
other assessment, fee or cost required by law to be paid by an entity
identified in subsection 1.
5. Money collected by the Commissioner pursuant to this
section must be deposited in the State Treasury pursuant to the
provisions of NRS 658.091.
Sec. 2. Chapter 671 of NRS is hereby amended by adding
thereto the provisions set forth as sections 3 to 65, inclusive, of this
act.
Sec. 3. As used in this chapter, unless the context otherwise
requires, the words and terms defined in sections 4 to 32,
inclusive, of this act have the meanings ascribed to them in those
sections.
Sec. 4. “Authorized delegate” means a person designated by
a licensee to engage in money transmission on behalf of the
licensee.
Sec. 5. “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.
Sec. 6. “Bank Secrecy Act” means the Bank Secrecy Act, 31
U.S.C. §§ 5311 et seq., as amended, and the regulations adopted
pursuant thereto.
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Sec. 7. “Calendar quarter” has the meaning ascribed to it in
NRS 702.020.
Sec. 8. “Closed loop stored value” means stored valued 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.
Sec. 9. 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 aggregate 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.
Sec. 10. 1. “Eligible rating” means a credit rating that is
within any of the three highest rating categories of a 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 Standards
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 form any
other eligible rating service.
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Sec. 11. “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.
Sec. 12. “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.
Sec. 13. “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.
Sec. 14. “Licensee” means any person licensed under this
chapter.
Sec. 15. “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.
Sec. 16. “Monetary value” means a medium of exchange,
whether or not redeemable in money.
Sec. 17. “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.
Sec. 18. “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.
Sec. 19. “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.
Sec. 20. 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.
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(c) Receiving money or credits for transmission from a person
located in this State.
2. The term includes payroll processing services.
3. The term does not include the provision solely of online or
telecommunications services or network access.
Sec. 21. “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.
Sec. 22. “Nationwide Multistate Licensing System and
Registry” or “Registry” has the meaning ascribed to it in
NRS 604A.083.
Sec. 23. 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 county.
Sec. 24. “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:
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(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.
Sec. 25. 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.
Sec. 26. “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.
Sec. 27. “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.
Sec. 28. “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 or thrift company has deposits which are insured by a
private insurer approved by the Commissioner and the
Commissioner of Insurance.
Sec. 29. “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.
Sec. 30. 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.
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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.
Sec. 31. “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.
Sec. 32. “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.
Sec. 33. 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.
Sec. 34. 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.
Sec. 35. 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.
Sec. 36. 1. To carry out the purposes of this chapter, the
Commissioner may:
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(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.
Sec. 37. 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 671.170:
(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
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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.
Sec. 38. 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;
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(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,
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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.
Sec. 39. 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.
Sec. 40. 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 section 38 of this act 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.
Sec. 41. 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
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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.
Sec. 42. 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.
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Sec. 43. 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 phone; 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 phone 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.
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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.
Sec. 44. 1. Except as otherwise provided in subsection 2, a
licensee that provides payroll processing services shall:
(a) Issue to a client a report detailing the payroll obligations
for the client before the money or monetary value for payroll is
deducted from an account; and
(b) Make available to each worker a paystub or an equivalent
statement.
2. The provisions of subsection 1 do not apply to a licensee
providing payroll processing services if the client of the licensee
designates the intended recipients to the licensee and is
responsible for providing the disclosures required by paragraph
(b) of subsection 1.
Sec. 45. 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 section 46 of this act, 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.
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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 section 47 of this act, 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 section 46 of this act 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.
Sec. 46. 1. The following are permissible investments for
the purposes of section 45 of this act:
(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
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and Poor’s Credit 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 section 47 of this act; and
(2) Satisfies the requirements set forth in section 47 of this
act; and
(h) One hundred percent of the surety bond or deposit
provided pursuant to NRS 671.100 and 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;
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(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 Credit 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 Asset 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.
Sec. 47. 1. A letter of credit described in paragraph (g) of
subsection 1 of section 46 of this act 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
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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 671.160 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
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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 section 45 of this
act. 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 section 45 of this
act. 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.
Sec. 48. 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 sections 45 and 49 of this
act.
Sec. 49. 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
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do not exceed $1 billion and 0.5 percent of additional assets that
exceed $1 billion.
Sec. 50. 1. Except as otherwise provided in section 52 of
this act, 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
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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 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 of voting interests of a licensee of 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;
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(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 section 52 of this act.
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.
Sec. 51. 1. Before filing an application for approval to
acquire control of a licensee pursuant to section 50 of this act, 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 section 50 of
this act.
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 or is otherwise
subject to a 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.
Sec. 52. The requirements of section 50 of this act 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
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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 sections 45 and 49 of this act 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.
Sec. 53. 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.
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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 or is otherwise subject to a 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.
Sec. 54. 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 section 37 of this act.
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
- 82nd Session (2023)
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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 671.120.
Sec. 55. 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.
Sec. 56. 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 account 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.
Sec. 57. 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
- 82nd Session (2023)
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agency a report required pursuant to this section that is complete
and accurate shall be deemed to comply with the requirements of
this section.
Sec. 58. 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 671.120.
Sec. 59. 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.
- 82nd Session (2023)
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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.
Sec. 60. 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.
Sec. 61. 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, phone number and electronic mail address for
the contact person of the authorized delegate;
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(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
section 40 of this act; 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.
Sec. 62. 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 licensee.
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.
Sec. 63. 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
- 82nd Session (2023)
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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.
Sec. 64. 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.
Sec. 65. 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.
Sec. 66. NRS 671.020 is hereby amended to read as follows:
671.020 [1. This] Except as otherwise provided in section 50
of this act, this chapter does not apply to any:
- 82nd Session (2023)
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[(a) Bank, its parent or]
1. Federally insured depository financial institution, privately
insured depository financial institution, bank holding company or
any subsidiary thereof, [trust company, savings bank, savings and
loan association, credit union, industrial bank or industrial loan and
investment company, organized and regulated] 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 the 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
[this] a state or of the United States . [;
(b) Foreign banking corporation licensed to do banking business
in this state; or
(c) Telegraph company providing a public message service.]
2. [Subsection 1 does not reduce or alter any liability otherwise
attaching to the sale, issuance, receipt for transmission or
transmission of checks or money in any form.] 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;
- 82nd Session (2023)
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(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
- 82nd Session (2023)
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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 exempt by regulation or order of the
Commissioner pursuant to section 34 of this act.
Sec. 67. NRS 671.040 is hereby amended to read as follows:
671.040 1. A person shall not engage in the business of
[selling or issuing checks or of receiving for] money transmission or
[transmitting money or credits unless the person is licensed pursuant
to this chapter.] 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 [shall not engage in such business as an agent
except as an agent of a licensee or a payee.] 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.
Sec. 68. NRS 671.050 is hereby amended to read as follows:
671.050 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) [The name and principal business address] A list of any
criminal convictions of the applicant [and, if incorporated, the date
and place of its incorporation;] 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;
- 82nd Session (2023)
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(b) [The name and address of each of the applicant’s branch
offices, subsidiaries or affiliates, if any, which will be operated
under the license;] 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) [The name and addresses, business and residential, of the
proprietor or partners of the applicant or, if the applicant is a
corporation or association, of each of the directors, trustees and
principal officers, and of any stockholder who owns 20 percent or
more of] A list of the applicant’s [stock; and] 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 the
Registry requires.
3. [The] 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
- 82nd Session (2023)
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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 [be accompanied by:] also provide to the
Commissioner:
(a) A surety bond or securities as required by this chapter.
(b) [A certified] An audited financial statement, satisfactory to
the Commissioner, showing that the applicant’s tangible net worth
[exceeds $100,000, unless the applicant’s surety bond or the
securities deposited pursuant to NRS 671.110 are in at least twice
the minimum principal sum required by NRS 671.100.] meets the
requirements set forth in section 49 of this act.
(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.
- 82nd Session (2023)
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(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.
[4.] 5. The Commissioner shall adopt regulations establishing
[the] :
(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.
[5.] 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.
Sec. 69. NRS 671.060 is hereby amended to read as follows:
671.060 1. [Upon the filing of] When an applicant for a
license has submitted the application [, payment of the] 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 [approval of] 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
- 82nd Session (2023)
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and may investigate any partners, directors, trustees , [or] principal
officers , proposed key individuals or persons in control of the
applicant.
[2. If]
4. In investigating an applicant pursuant to subsection 3, the
Commissioner [determines that the business of the applicant will be
conducted lawfully, honestly, fairly and efficiently, the] 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 [selling and issuing checks, receiving for]
money transmission [or transmitting money or credits, or both.] 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.
Sec. 70. NRS 671.070 is hereby amended to read as follows:
671.070 1. [A] 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 [conforming] which:
(a) Conforms to the requirements for an initial application [.] ;
and
- 82nd Session (2023)
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(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.
Sec. 71. NRS 671.080 is hereby amended to read as follows:
671.080 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 [a duly appointed agent] 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.
Sec. 72. NRS 671.092 is hereby amended to read as follows:
671.092 1. [The] 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
- 82nd Session (2023)
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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;
[(e)] (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; [and
(f)] (h) Requiring an applicant for the acquisition of control
of a licensee to use the Registry to submit the application required
by section 50 of this act;
(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 [.
2.] ; and
(j) Require 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
- 82nd Session (2023)
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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 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.
[3.] 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 [.
4.] 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.
Sec. 73. NRS 671.098 is hereby amended to read as follows:
671.098 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 [this chapter and] NRS 671.050,
each natural person in control of such an applicant, each owner,
officer, director and [responsible person] proposed key individual of
the applicant, each natural person [in] who seeks to acquire control
of [the applicant] a licensee pursuant to section 50 of this act, 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) [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) [Information] 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
- 82nd Session (2023)
– 43 –
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 [,
civil or criminal findings made by any governmental jurisdiction
concerning the person;] 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. [As used in this section:
(a) “Control” has the meaning ascribed to it in NRS 682A.047.
(b) “Responsible person” means a person who is employed by
an applicant and who has principal, active managerial authority over
the provision of services in this State.] 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 or section 50 or 53 of this
act, 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,
- 82nd Session (2023)
– 44 –
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
or section 50 or 53 of this act, 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.
Sec. 74. NRS 671.100 is hereby amended to read as follows:
671.100 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
[check sold or issued by a licensee in the normal course of business]
money transmission obligation and for value in the [following
minimum] principal [sums:
(a) For the first location granted in the license, $10,000; and
(b) For each additional location in this State where its business
is conducted directly or through an agent, $5,000.
The] 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 [amount] of [any surety
bond required under this subsection is $250,000.] $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
- 82nd Session (2023)
– 45 –
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 [sale or issuance of
checks and receipt for] provision of money transmission . [or
transmission of money or credits.
3.] 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.
[4.] 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.
[5.] 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.
[6.] 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 [agents] 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.
[7.] 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
- 82nd Session (2023)
– 46 –
more than $10,000 if the licensee has submitted a current financial
statement, or more than $15,000 otherwise.
[8.] 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 [6.] 7.
Sec. 75. NRS 671.120 is hereby amended to read as follows:
671.120 1. [Except as otherwise provided in subsection 4,
once each year the] 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 [the Commissioner] may
conduct other examinations [at additional times.] 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 [the examinations,] an examination
conducted pursuant to subsection 1, the Commissioner may
[enter] :
(a) Enter upon any of the business premises of a licensee or the
licensee’s [agents] authorized delegates and obtain access to the
relevant documents. [Any obstruction or denial of such an entry or
access is a violation of this chapter.]
(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
- 82nd Session (2023)
– 47 –
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.
[4. The Commissioner may accept a report of an audit of the
licensee which covers the most recent fiscal year in lieu of
conducting an examination.]
Sec. 76 and 77. (Deleted by amendment.)
Sec. 78. NRS 671.170 is hereby amended to read as follows:
671.170 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. [Each licensee shall submit to the Registry, on or before
April 15 of each year, an annual report of condition on a form
- 82nd Session (2023)
– 48 –
prescribed by the Commissioner.] 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 section
37 of this act, all reports of investigations and examinations and
other reports rendered pursuant to this section, [and] 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.
Sec. 79. NRS 671.180 is hereby amended to read as follows:
671.180 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) [Failure] The licensee has failed to pay the annual fee for
renewal or the fee for late renewal;
(b) [Failure] The licensee has failed to maintain in effect the
required bond or securities;
- 82nd Session (2023)
– 49 –
(c) [Fraud,] The licensee has committed an act of fraud,
misrepresentation or [omission of] gross negligence or has omitted
any material fact in any application, statement or report;
(d) [Failure] 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; [or]
(e) [Violation] 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.
- 82nd Session (2023)
– 50 –
5. Any action taken by the Commissioner pursuant to this
section is subject to judicial review in the first judicial district court.
Sec. 80. (Deleted by amendment.)
Sec. 81. NRS 671.190 is hereby amended to read as follows:
671.190 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;
[(b)] (c) Knowingly makes any false or misleading statement of
a material fact in any application, statement or report filed pursuant
to this chapter;
[(c)] (d) Knowingly omits to state any material fact necessary to
provide the Commissioner with information lawfully required by the
Commissioner; or
[(d)] (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.
Sec. 82. NRS 239.010 is hereby amended to read as follows:
239.010 1. Except as otherwise provided in this section and
NRS 1.4683, 1.4687, 1A.110, 3.2203, 41.0397, 41.071, 49.095,
49.293, 62D.420, 62D.440, 62E.516, 62E.620, 62H.025, 62H.030,
62H.170, 62H.220, 62H.320, 75A.100, 75A.150, 76.160, 78.152,
80.113, 81.850, 82.183, 86.246, 86.54615, 87.515, 87.5413,
87A.200, 87A.580, 87A.640, 88.3355, 88.5927, 88.6067, 88A.345,
88A.7345, 89.045, 89.251, 90.730, 91.160, 116.757, 116A.270,
116B.880, 118B.026, 119.260, 119.265, 119.267, 119.280,
119A.280, 119A.653, 119A.677, 119B.370, 119B.382, 120A.640,
120A.690, 125.130, 125B.140, 126.141, 126.161, 126.163, 126.730,
127.007, 127.057, 127.130, 127.140, 127.2817, 128.090, 130.312,
130.712, 136.050, 159.044, 159A.044, 172.075, 172.245, 176.015,
176.0625, 176.09129, 176.156, 176A.630, 178.39801, 178.4715,
178.5691, 179.495, 179A.070, 179A.165, 179D.160, 200.3771,
200.3772, 200.5095, 200.604, 202.3662, 205.4651, 209.392,
- 82nd Session (2023)
– 51 –
209.3923, 209.3925, 209.419, 209.429, 209.521, 211A.140,
213.010, 213.040, 213.095, 213.131, 217.105, 217.110, 217.464,
217.475, 218A.350, 218E.625, 218F.150, 218G.130, 218G.240,
218G.350, 224.240, 226.300, 228.270, 228.450, 228.495, 228.570,
231.069, 231.1473, 232.1369, 233.190, 237.300, 239.0105,
239.0113, 239.014, 239B.026, 239B.030, 239B.040, 239B.050,
239C.140, 239C.210, 239C.230, 239C.250, 239C.270, 239C.420,
240.007, 241.020, 241.030, 241.039, 242.105, 244.264, 244.335,
247.540, 247.550, 247.560, 250.087, 250.130, 250.140, 250.150,
268.095, 268.0978, 268.490, 268.910, 269.174, 271A.105, 281.195,
281.805, 281A.350, 281A.680, 281A.685, 281A.750, 281A.755,
281A.780, 284.4068, 284.4086, 286.110, 286.118, 287.0438,
289.025, 289.080, 289.387, 289.830, 293.4855, 293.5002, 293.503,
293.504, 293.558, 293.5757, 293.870, 293.906, 293.908, 293.910,
293B.135, 293D.510, 331.110, 332.061, 332.351, 333.333, 333.335,
338.070, 338.1379, 338.1593, 338.1725, 338.1727, 348.420,
349.597, 349.775, 353.205, 353A.049, 353A.085, 353A.100,
353C.240, 360.240, 360.247, 360.255, 360.755, 361.044, 361.2242,
361.610, 365.138, 366.160, 368A.180, 370.257, 370.327, 372A.080,
378.290, 378.300, 379.0075, 379.008, 379.1495, 385A.830,
385B.100, 387.626, 387.631, 388.1455, 388.259, 388.501, 388.503,
388.513, 388.750, 388A.247, 388A.249, 391.033, 391.035,
391.0365, 391.120, 391.925, 392.029, 392.147, 392.264, 392.271,
392.315, 392.317, 392.325, 392.327, 392.335, 392.850, 393.045,
394.167, 394.16975, 394.1698, 394.447, 394.460, 394.465,
396.1415, 396.1425, 396.143, 396.159, 396.3295, 396.405, 396.525,
396.535, 396.9685, 398A.115, 408.3885, 408.3886, 408.3888,
408.5484, 412.153, 414.280, 416.070, 422.2749, 422.305,
422A.342, 422A.350, 425.400, 427A.1236, 427A.872, 432.028,
432.205, 432B.175, 432B.280, 432B.290, 432B.4018, 432B.407,
432B.430, 432B.560, 432B.5902, 432C.140, 432C.150, 433.534,
433A.360, 439.4941, 439.4988, 439.840, 439.914, 439A.116,
439A.124, 439B.420, 439B.754, 439B.760, 439B.845, 440.170,
441A.195, 441A.220, 441A.230, 442.330, 442.395, 442.735,
442.774, 445A.665, 445B.570, 445B.7773, 447.345, 449.209,
449.245, 449.4315, 449A.112, 450.140, 450B.188, 450B.805,
453.164, 453.720, 458.055, 458.280, 459.050, 459.3866, 459.555,
459.7056, 459.846, 463.120, 463.15993, 463.240, 463.3403,
463.3407, 463.790, 467.1005, 480.535, 480.545, 480.935, 480.940,
481.063, 481.091, 481.093, 482.170, 482.368, 482.5536, 483.340,
483.363, 483.575, 483.659, 483.800, 484A.469, 484B.830,
484B.833, 484E.070, 485.316, 501.344, 503.452, 522.040,
534A.031, 561.285, 571.160, 584.655, 587.877, 598.0964, 598.098,
- 82nd Session (2023)
– 52 –
598A.110, 598A.420, 599B.090, 603.070, 603A.210, 604A.303,
604A.710, 612.265, 616B.012, 616B.015, 616B.315, 616B.350,
618.341, 618.425, 622.238, 622.310, 623.131, 623A.137, 624.110,
624.265, 624.327, 625.425, 625A.185, 628.418, 628B.230,
628B.760, 629.047, 629.069, 630.133, 630.2671, 630.2672,
630.2673, 630.30665, 630.336, 630A.327, 630A.555, 631.332,
631.368, 632.121, 632.125, 632.3415, 632.3423, 632.405, 633.283,
633.301, 633.4715, 633.4716, 633.4717, 633.524, 634.055,
634.1303, 634.214, 634A.169, 634A.185, 635.111, 635.158,
636.262, 636.342, 637.085, 637.145, 637B.192, 637B.288, 638.087,
638.089, 639.183, 639.2485, 639.570, 640.075, 640.152, 640A.185,
640A.220, 640B.405, 640B.730, 640C.580, 640C.600, 640C.620,
640C.745, 640C.760, 640D.135, 640D.190, 640E.225, 640E.340,
641.090, 641.221, 641.2215, 641.325, 641A.191, 641A.217,
641A.262, 641B.170, 641B.281, 641B.282, 641C.455, 641C.760,
641D.260, 641D.320, 642.524, 643.189, 644A.870, 645.180,
645.625, 645A.050, 645A.082, 645B.060, 645B.092, 645C.220,
645C.225, 645D.130, 645D.135, 645G.510, 645H.320, 645H.330,
647.0945, 647.0947, 648.033, 648.197, 649.065, 649.067, 652.126,
652.228, 653.900, 654.110, 656.105, 657A.510, 661.115, 665.130,
665.133, 669.275, 669.285, 669A.310, 671.170, 673.450, 673.480,
675.380, 676A.340, 676A.370, 677.243, 678A.470, 678C.710,
678C.800, 679B.122, 679B.124, 679B.152, 679B.159, 679B.190,
679B.285, 679B.690, 680A.270, 681A.440, 681B.260, 681B.410,
681B.540, 683A.0873, 685A.077, 686A.289, 686B.170, 686C.306,
687A.060, 687A.115, 687B.404, 687C.010, 688C.230, 688C.480,
688C.490, 689A.696, 692A.117, 692C.190, 692C.3507, 692C.3536,
692C.3538, 692C.354, 692C.420, 693A.480, 693A.615, 696B.550,
696C.120, 703.196, 704B.325, 706.1725, 706A.230, 710.159,
711.600, and section 37 of this act, sections 35, 38 and 41 of
chapter 478, Statutes of Nevada 2011 and section 2 of chapter 391,
Statutes of Nevada 2013 and unless otherwise declared by law to be
confidential, all public books and public records of a governmental
entity must be open at all times during office hours to inspection by
any person, and may be fully copied or an abstract or memorandum
may be prepared from those public books and public records. Any
such copies, abstracts or memoranda may be used to supply the
general public with copies, abstracts or memoranda of the records or
may be used in any other way to the advantage of the governmental
entity or of the general public. This section does not supersede or in
any manner affect the federal laws governing copyrights or enlarge,
diminish or affect in any other manner the rights of a person in any
written book or record which is copyrighted pursuant to federal law.
- 82nd Session (2023)
– 53 –
2. A governmental entity may not reject a book or record
which is copyrighted solely because it is copyrighted.
3. A governmental entity that has legal custody or control of a
public book or record shall not deny a request made pursuant to
subsection 1 to inspect or copy or receive a copy of a public book or
record on the basis that the requested public book or record contains
information that is confidential if the governmental entity can
redact, delete, conceal or separate, including, without limitation,
electronically, the confidential information from the information
included in the public book or record that is not otherwise
confidential.
4. If requested, a governmental entity shall provide a copy of a
public record in an electronic format by means of an electronic
medium. Nothing in this subsection requires a governmental entity
to provide a copy of a public record in an electronic format or by
means of an electronic medium if:
(a) The public record:
(1) Was not created or prepared in an electronic format; and
(2) Is not available in an electronic format; or
(b) Providing the public record in an electronic format or by
means of an electronic medium would:
(1) Give access to proprietary software; or
(2) Require the production of information that is confidential
and that cannot be redacted, deleted, concealed or separated from
information that is not otherwise confidential.
5. An officer, employee or agent of a governmental entity who
has legal custody or control of a public record:
(a) Shall not refuse to provide a copy of that public record in the
medium that is requested because the officer, employee or agent has
already prepared or would prefer to provide the copy in a different
medium.
(b) Except as otherwise provided in NRS 239.030, shall, upon
request, prepare the copy of the public record and shall not require
the person who has requested the copy to prepare the copy himself
or herself.
Sec. 83. Notwithstanding the amendatory provisions of this
act, a person who, on June 30, 2023, holds a valid license issued by
the Commissioner of Financial Institutions pursuant to NRS
671.060 is not required to comply with the amendatory provisions
of this act until January 1, 2024, and, until that date, may engage in
the business of selling or issuing checks or of receiving for
transmission money or credits in accordance with the provisions of
chapter 671 of NRS, as those provisions existed before July 1, 2023.
- 82nd Session (2023)
– 54 –
Sec. 84. NRS 671.010, 671.055, 671.090, 671.140 and
671.150 are hereby repealed.
Sec. 85. This act becomes effective on July 1, 2023.
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- 82nd Session (2023)