NAC677.530. Disclosure required before licensee accepts deposit.

     1. A licensee who has obtained a contract for the insurance of deposits that is issued by a private insurer pursuant to subsection 2 of NRS 677.247 shall, before accepting a deposit from a person, require that person to sign and date a form which contains a disclosure written in substantially the following form:

Your deposit is not insured by the Federal Deposit Insurance Corporation or any other federal or state entity. The deposits with this thrift company are insured only by a private insurer. The name of the private insurer that is insuring your deposit is......(insert name of private insurer). You are advised to fully consider this issue before depositing money with this company.

     2. The disclosure set forth in subsection 1 must be printed in at least 8-point bold type. The licensee may place the disclosure on a form that contains other information if the block for the signature and date are in close proximity to the text of the disclosure.

     3. The licensee shall:

     (a) Provide a copy of the form with the signed disclosure to each person who deposits money with the thrift company of the licensee;

     (b) Retain the original form with the signed disclosure for at least 6 years after the form is signed;

     (c) Present the original or a copy of the disclosure upon request by the Commissioner or an employee of the Division of Financial Institutions designated by the Commissioner;

     (d) Post a placard with the disclosure printed on it in at least 14-point bold type:

          (1) At the main entrance to the principal office and each branch office of the thrift company of the licensee; and

          (2) In a conspicuous place at each teller’s window located at the principal office and each branch office of the thrift company of the licensee; and

     (e) Comply with any other applicable disclosure requirements set forth in federal law.

     (Added to NAC by Comm’r of Financial Institutions by R101-01, eff. 11-15-2001)