AB 500
Provides for the licensure and regulation of payments banks. (BDR 55-999)
Take action
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to create a new type of financial institution in Nevada called a ‘payments bank.’ It would allow the state to license and regulate these banks, giving them similar powers to state or national banks, including activities like money transmission and merchant acquiring. However, the bill prohibits payments banks from making loans. It establishes requirements for licensing, regulation, and oversight by the Commissioner of Financial Institutions, and includes provisions for insurance, capital requirements, and restrictions on advertising and business practices.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.