356.360 - Program for monitoring collateral maintained by depositories: Amount of required collateral; limitation on amount of public money held; reports; administrative fine. - Nevada Statutes

356.360  Program for monitoring collateral maintained by depositories: Amount of required collateral; limitation on amount of public money held; reports; administrative fine.  The program established pursuant to NRS 356.350 must provide that:

      1.  Each depository is required to maintain as collateral acceptable securities having a fair market value that is at least 102 percent of the amount of the uninsured balances of the public money held by the depository;

      2.  A depository may satisfy the requirement set forth in subsection 1 by arranging for a third-party depository to hold acceptable securities on behalf of the depository for the benefit of a collateral pool pursuant to regulations adopted by the State Treasurer under NRS 356.390;

      3.  No depository may, at any one time, hold public money in an amount exceeding the total equity of the depository, as reflected on the financial statement of the depository;

      4.  Each depository is required to submit to the State Treasurer, in the form and manner prescribed by the State Treasurer, the following reports:

      (a) A daily report of the total amount of public money held by the depository;

      (b) If requested by the State Treasurer, a weekly summary report of the total fair market value of acceptable securities held by a third-party depository on behalf of the depository;

      (c) A monthly report setting forth a list of acceptable securities, including, without limitation, the fair market value of those securities, held by the depository or held by any third-party depository on behalf of the depository; and

      (d) A current annual report containing the financial statement of the depository; and

      5.  The State Treasurer may impose an administrative fine not to exceed:

      (a) One hundred dollars per day against a depository that fails to submit in a timely manner a report required by subsection 4; and

      (b) Two hundred fifty dollars per day against a depository that fails to maintain the collateral required by subsection 1.

      (Added to NRS by 2003, 20th Special Session, 285; A 2007, 919)