§ 356.127 — Conditions for deposit in insured deposit accounts; redeposit of uninsured amounts

Nevada § 356.127

• Jurisdiction: Nevada
• Title 31: PUBLIC FINANCIAL ADMINISTRATION
• Ch. 356: Depositories

Text

1. In addition to deposits authorized by NRS 356.120 and 356.125 , a county treasurer may enter into an agreement to:
(a) If one or more insured banks, insured credit unions, insured savings and loan associations or insured savings banks are located in the county, deposit county money in such insured banks, credit unions, savings and loan associations or savings banks in insured deposit accounts.
(b) If no such bank, credit union, savings and loan association or savings bank exists in the county, deposit county money in any insured bank, insured credit union, insured savings and loan association or insured savings bank in this State in insured deposit accounts.
2. If at any time the amount of county money deposited in an account pursuant to subsection 1 and any interest accrued on the money exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 , the bank, credit union, savings and loan association or savings bank shall:
(a) Arrange for the redeposit of the amount of the county money that exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 into one or more insured deposit accounts in one or more insured state or national banks, insured credit unions, insured savings and loan associations or insured savings banks; and
(b) Ensure that the total amount of money redeposited in an account and any interest accrued on the money is within the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 .
3. The provisions of this section apply only to an account authorized pursuant to subsection 3 of NRS 356.005 .

Legislative History

(Added to NRS by 2015, 343 )