NRS 433.539 Personal deposit funds for consumers.

317 words·~1 min read·/nv/chapter-433-general-provisions/433-539

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

1. There may be maintained as a trust fund at each division facility a consumers’ personal deposit fund.

2. Money coming into the possession of the administrative officer of a division facility which belongs to a consumer must be credited in the fund in the name of that consumer.

3. When practicable, individual credits in the fund must not exceed the sum of $300.

4. Any amounts to the credit of a consumer may be used for purchasing personal necessities, for expenses of burial or may be turned over to the consumer upon the consumer’s demand, except that when the consumer is adjudicated incapacitated the guardian of the consumer’s estate has the right to demand and receive the money.

5. An amount accepted for the benefit of a consumer for a special purpose must be reserved for that purpose regardless of the total amount to the credit of the consumer.

6. Except as otherwise provided in subsection 7, the administrative officers shall deposit any money received for the funds of their respective facilities in commercial accounts with one or more banks or credit unions of reputable standing. When deposits in a commercial account exceed $15,000, the administrative officer may deposit the excess in a savings account paying interest in any reputable commercial bank, or in any credit union, savings and loan association or savings bank within this state that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 .

The savings account must be in the name of the fund. Interest paid on deposits in the savings account may be used for recreational purposes at the division facility.

7. The administrative officers may maintain at their respective division facilities petty cash of not more than $400 of the money in the consumers’ personal deposit fund to enable consumers to withdraw small sums from their accounts.