SB 438
Provides for the licensure and regulation of merchant acquirer limited purpose banks. (BDR 55-974)
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill establishes a framework for licensing and regulating merchant acquirer limited purpose banks (also known as merchant banks) in Nevada. It outlines the activities these banks can engage in, such as processing payment card transactions and accepting deposits, while also imposing restrictions on their operations, including limitations on deposit acceptance and prohibited activities like traditional banking. The bill details procedures for application, licensing, and ongoing regulation by the Commissioner of Financial Institutions, with provisions for oversight, enforcement, and addressing potential issues like insolvency.
Sponsors
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Primary sponsor
Senate Committee on Commerce and Labor
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