NRS 672.790 Examinations and audits; exceptions; fees.

364 words·~2 min read·/nv/chapter-672-credit-unions/672-790·

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

1. The Commissioner shall make a thorough examination of and into the affairs of each credit union organized under the provisions of this chapter, as often as the Commissioner may deem necessary, but at least once within each 18-month period. In lieu thereof, the Commissioner may accept any or all of a report of an examination of a credit union made by a federal regulatory agency. If the Commissioner accepts any part of such a report in one 18-month period, he or she shall examine the credit union to which the report pertains in the succeeding 18-month period. For the purpose of performing the examination, the Commissioner may:

(a)Subpoena witnesses and documents;

(b)Administer oaths; and

(c)Compel the giving of testimony.

2. The report of the examination must contain comments to the members relative to the management of the affairs of the credit union and the general condition of the assets. Within 30 days following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report.

3. The Commissioner shall forward a copy of the report to the chair of each credit union within 30 days after it is completed. The board of directors shall inform the members of the credit union of its general condition at the next annual meeting.

4. For each examination the credit union shall pay a fee based on the rate established and, if applicable, adjusted pursuant to NRS 658.101 .

5. The board of directors may engage a certified public accountant to perform such an examination in lieu of the Commissioner. In such cases, the examination must be equivalent to the type of examination made by the Commissioner and the expense must be borne by the credit union being inspected.

6. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Commissioner. The Commissioner may examine any area of the operation of a credit union if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Commissioner.