Nev. Admin. Code § 678.070

Current through September 16, 2024

Section 678.070 - Special reserves against losses

If the Commissioner deems the reserves required by NRS 672.670 inadequate to cover a credit union's delinquent loans, the Commissioner will require, upon 5 days' written notice, that the credit union maintain a special reserve against losses equal to 10 percent of the loan balance on all accounts that are between 2 and 6 months delinquent, plus 25 percent of the loan balances on all accounts that are between 7 and 12 months delinquent, plus 80 percent of the loan balances on all accounts that are more than 12 months delinquent.

Nev. Admin. Code § 678.070

Comm'r of Credit Unions, § D, eff. 8-12-76; A and renumbered as §E, 12-14-78-NAC A by Admstr. of Financial Institutions, eff. 6-29-84; A by Comm'r of Financial Institutions by R002-00, 3-13-2000; A by R098-23A, eff. 6/6/2024

NRS 672.250 and 672.680