NRS 353.250 Designation of financial institutions for deposit of state money; requirements for deposit of state money; criminal penalty.

387 words·~2 min read·/nv/chapter-353-state-financial-administration/353-250

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The State Treasurer shall designate the financial institutions into which money received by a state officer, department or commission must be deposited.

2. Except as otherwise provided in subsections 3, 4 and 5, every state officer, department or commission which receives or which may receive any money of the State of Nevada or for its use and benefit shall deposit on or before Thursday of each week, in a financial institution designated by the State Treasurer to the credit of the State Treasurer’s Account, all money received by that officer, department or commission during the previous week.

3. Except as otherwise provided in subsections 4 and 5, if on any day the money accumulated for deposit is $10,000 or more, a deposit must be made not later than the next working day.

4. If the Department of Wildlife or the Division of State Parks of the State Department of Conservation and Natural Resources accumulates for deposit $10,000 or more on any day, the money must be deposited within 10 working days.

5. Except as otherwise provided in this subsection, if the Division of Social Services of the Department of Human Services accumulates for deposit $10,000 or more in child support payments on any day, the money must be deposited within 2 working days after its accumulation. Any such money for which the Division is unable to identify the obligee within 2 working days after its accumulation must, within 5 working days after its accumulation, be:

(a)Deposited, if the Division is able to identify the obligee.

(b)Returned to the payor, if the Division is unable to identify the obligee.

6. Every officer, department or commission which is required to deposit money with the State Treasurer shall comply with that requirement by depositing the money in a financial institution designated by the State Treasurer to the credit of the State Treasurer’s Account.

7. Every officer, head of any department or commissioner who fails to comply with the provisions of this section is guilty of a misdemeanor in office.

8. As used in this section, “financial institution” means a bank, savings and loan association, savings bank, thrift company or credit union regulated pursuant to title 55 of NRS.