Nevada Administrative Code Chapter 670A - Corporations for Economic Revitalization and Diversification
Here’s a summary of Nevada Administrative Code Chapter 670A – Corporations for Economic Revitalization and Diversification, which governs regulations for certain public-benefit corporations aiming to boost economic development:
📌 1. Scope & Definition
Applies to special-purpose Nevada corporations established under NRS Chapter 670A to support economic revitalization and diversification. (leg.state.nv.us)
💸 2. Fees & Financial Reporting (NAC 670A.010–.050)
Corporations must pay:
Supervision fees to the Nevada financial regulator (NAC 670A.010).
Licensing fees for initial operation under NAC 670A.020.
Annual renewal fees (NAC 670A.030).
Late-submission penalties for required reports (NAC 670A.040).
Annual assessments to fund audits and examinations (NAC 670A.050). (nvrules.elaws.us, regulations.justia.com)
✅ 3. Licensing Requirements (NAC 670A.060)
Before beginning operations, a corporation must:
Obtain all required licenses, certificates, and permits, per NAC, NRS, and local jurisdiction.
Comply with local zoning and planning regulations regarding facility location. (casetext.com)
📚 4. Regulatory Oversight
The Nevada Commissioner of Financial Institutions oversees these corporations, ensuring compliance via audits, examinations, and fee assessment.
Failure to comply with fee payments or operate under licence can result in enforcement action under NAC 670A.040 and .050. (nvrules.elaws.us)
🛠 5. Purpose and Powers
Originating from statutes under Title 55 – Banks and Related Organizations, these corporations have specified powers (e.g., issuing loans, accepting investments) outlined in NRS 670A.150–.160.
Must operate in alignment with Nevada’s State Plan for Economic Development. (law.justia.com)
🧾 Summary Table
Regulation Area
Highlights
Licensing & Zoning
Must secure all licenses and comply with zoning before operations
Fee Structure
Covers licence, renewal, supervision, audits, and late reports
Oversight
Regulated by Commissioner; subject to audits and penalties
Statutory Powers
Governed by corresponding NRS sections; must further state economic objectives
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