NRS 672.250 Administration of chapter; regulations of Commissioner; temporary suspension of regulations.

268 words·~1 min read·/nv/chapter-672-credit-unions/672-250·

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

1. Except as otherwise provided in this section, the Commissioner shall administer the provisions of this chapter, subject to administrative supervision by the Director.

2. The Commissioner shall make the decisions and determinations and adopt regulations which are necessary or reasonably appropriate to accomplish the purposes of this chapter.

3. The Commissioner may issue an order to temporarily suspend a regulation of the Commissioner adopted pursuant to this chapter, in accordance with the requirements of this section, if:

(a)The Governor or the Legislature proclaims the existence of a state of emergency or issues a declaration of disaster pursuant to NRS 414.070 ; or

(b)The Commissioner determines that the order is in the public interest.

4. An order issued pursuant to subsection 3:

(a)Is effective for not more than 90 days unless the Commissioner extends the order for one additional period of not more than 90 days. The Commissioner shall not extend an order issued pursuant to paragraph

(b)of subsection 3 more than once.

(b)Must include:

(1)The regulation that the order suspends;

(2)The specific reason for the order, including, without limitation, the public interest which is served by the order, if applicable; and

(3)The date on which the order becomes effective and the date on which the order terminates.

5. If the Commissioner issues an order to temporarily suspend a regulation pursuant to subsection 3, the Commissioner shall promptly provide written notice and a copy of the order to any credit union subject to the provisions of this chapter.