NRS 673.03531 Certain relationships between employees of Division of Financial Institutions and savings bank prohibited; termination of prohibited relationship.

300 words·~1 min read·/nv/chapter-673-savings-banks/673-03531·

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

1. Except as provided in subsections 3 and 4, an officer or employee of the Division of Financial Institutions shall not:

(a)Be directly or indirectly interested in or act on behalf of any savings bank;

(b)Receive, directly or indirectly, any payment from a savings bank;

(c)Be indebted to any savings bank;

(d)Engage in the negotiation of loans for others with any savings bank; or

(e)Obtain credit or services from a savings bank conditioned upon a fraudulent practice or undue or unfair preference over other customers.

2. An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new extensions of credit from a savings bank while in office.

3. Any officer or employee of the Division of Financial Institutions may be indebted to a savings bank on the same terms as are available to the public generally upon:

(a)A mortgage loan upon his or her own real property.

(b)A secured installment debt.

(c)An unsecured debt.

4. Any officer or employee of the Division of Financial Institutions may establish and maintain savings deposits with savings banks to the greatest amount insured, receive interest on those deposits and borrow money secured by a pledge of those deposits.

5. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or a relationship prohibited by this section at the time of his or her appointment or employment, or obtains it during his or her employment, he or she shall terminate it within 120 days after the date of his or her appointment or employment or the discovery of the prohibited act.