NRS677.247. Applicant required to obtain insurance of deposits; regulations.

      1.  Except as otherwise provided in subsection 2, an applicant for an authorization to engage in the business regulated pursuant to this chapter must obtain:

      (a) The insurance of deposits provided pursuant to the provisions of the Federal Deposit Insurance Act (12 U.S.C. §§ 1811 et seq.); or

      (b) The insurance of deposits provided pursuant to the provisions of the National Housing Act (12 U.S.C. §§ 1701 to 1743, inclusive).

      2.  A person who:

      (a) Is licensed pursuant to this chapter before October 1, 1997; and

      (b) Has not obtained the insurance of deposits provided in subsection 1,

Ê may obtain a contract for the insurance of deposits that is issued by a private insurer. The contract must be approved by the Commissioner and the Commissioner of Insurance.

      3.  The Commissioner shall adopt regulations prescribing the requirements that must be complied with before a contract issued pursuant to subsection 2 will be approved by him or her.

      (Added to NRS by 1985, 2194; A 1987, 2001; 1997, 1016)