Nevada legislation · 83rd Legislature (2025)
Nevada AB500: Provides for the licensure and regulation of payments banks. (BDR 55-999)
Status: Signed into law, June 3, 2025
What the bill says
An act relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; making an appropriation…
From the engrossed text, June 2, 2025:
AN ACT relating to financial institutions; providing for the licensure and regulation by the Commissioner of Financial Institutions of payments banks; setting forth various procedures and requirements for the organization and licensure of payments banks; setting forth the powers and duties of the Commissioner with respect to payments banks; imposing various requirements and restrictions concerning the operation of payments banks; establishing certain prohibited acts relating to payments banks; revising certain provisions relating to financial institutions; making an appropriation; providing penalties; and providing other matters properly relating thereto. Legislative Counsel's Digest: Existing law provides for the licensure and regulation of various financial institutions by the Commissioner of Financial Institutions. (Title 55 of NRS) This bill provides for the licensure and regulation by the Commissioner of payments banks. Under section 70 of this bill, a payments bank, with certain exceptions, has all the powers, privileges and authorities that a state bank or national bank has, including, engaging in money transmission, engaging in activities concerning the maintenance of deposit accounts and the conducting of merchant acquiring activities, which section 18 of this bill defines to mean activities associated with effecting transactions within payment card networks. Section 70 prohibits a payments bank from making loans and engaging in various activities relating to loans. Sections 3-29 of this bill define words and terms for the …