Nevada Revised Statutes 677.230 – Reserves
1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in:
Terms Used In Nevada Revised Statutes 677.230
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(a) Cash and due from federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank;
(b) United States treasury bills or notes;
(c) Short-term obligations of the federal or state government; or
(d) Money deposited in federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank. For the purposes of this subsection, ‘short-term’ means having a maturity of 2 years or less.
2. The Commissioner shall require a licensee who is insured by the Federal Deposit Insurance Corporation to comply with the reserve requirements established by that insurer.