1. Except as otherwise provided in subsection 2, the Commissioner may establish the basis upon which reasonable and adequate reserves must be created and maintained, which must be no less than 3 percent of the deposits, in:
(a) Cash and due from federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank;
(b) United States treasury bills or notes;
(c) Short-term obligations of the federal or state government; or
(d) Money deposited in federally insured financial institutions in this state, financial institutions insured by a private insurer approved pursuant to NRS 672.755, or any Federal Reserve Bank.
For the purposes of this subsection, “short-term” means having a maturity of 2 years or less.
2. The Commissioner shall require a licensee who is insured by the Federal Deposit Insurance Corporation to comply with the reserve requirements established by that insurer.
(Added to NRS by 1975, 1833; A 1979, 996; 1983, 1819; 1985, 2198; 1987, 1999; 1989, 1097; 1993, 2815; 1999, 1451)
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