NRS 673.3272 Payment of charges by savings bank for protection of its investments; required advance monthly payments.
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NRS 673.3272 Payment of charges by savings bank for protection of its investments; required advance monthly payments.
1. A savings bank may pay:
(a)Current or past-due taxes, assessments or other applicable fees levied upon secured property;
(b)Insurance premiums;
(c)Life insurance premiums on policies that a savings bank may require to be assigned as additional collateral; or
(d)Any similar or other charges required for the protection or preservation of its investments or as necessary to discharge any lien.
Ê Such payments shall be added to the unpaid loan balance and shall have the same secured status under the deed of trust provisions as the loan itself. No savings bank may require, as a condition of loan approval or in the extension of any other service, that any kind of insurance coverage be purchased from or through the savings bank or from any agency in which a director or officer of the corporation has any interest.
2. A savings bank may require advance monthly payments on:
(a)Principal.
(b)Interest.
(c)Taxes.
(d)Assessments.
(e)Insurance premiums.
(f)Other statutory charges accruing upon the secured property.
Ê The amount of each such payment and the period over which payment will be made may be agreed upon by the parties. In the absence of such an agreement, each such payment may be equivalent to one-twelfth of the estimated annual amount due. Monthly charges may be adjusted to provide a reasonable method for the payment of estimated taxes, assessments, insurance premiums and other charges. Upon receipt thereof such payments may be carried in a separate trust account or they may be applied to the loan account as a credit upon receipt and debit when disbursed.