Nevada Revised Statutes 662.095 – Investment in obligations approved by Federal Housing Administrator, Department of Veterans Affairs, national mortgage association or Federal Home Loan Bank; conditions for making loans; obligations as collateral, de…
1. To the same extent that a bank may invest its money in obligations of the United States, a bank may invest its money and may invest the money in its custody or possession which is eligible for investment:
Terms Used In Nevada Revised Statutes 662.095
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.
(a) In bonds or notes secured by a mortgage or deed of trust insured or guaranteed by the Federal Housing Administrator or the Department of Veterans Affairs;
(b) In mortgages on real property which have been accepted for insurance by the Federal Housing Administrator or Department of Veterans Affairs; and
(c) In obligations of national mortgage associations or bonds, debentures, consolidated bonds or other obligations of any Federal Home Loan Bank or Banks.
2. A bank may make such loans:
(a) Secured by real property, as the Federal Housing Administrator or Department of Veterans Affairs has insured or has made a commitment to insure, and may obtain such insurance.
(b) As are insured or guaranteed by the Federal Housing Administrator, and on being approved as eligible for credit insurance by the Department of Veterans Affairs, may make such loans as are insured or guaranteed by the Department of Veterans Affairs.
3. Wherever by statute of this state:
(a) Collateral is required as security for the deposit of public money;
(b) Deposits are required to be made with any public officer or department; or
(c) An investment of stockholders’ or members’ equity, or a reserve or other fund is required to be maintained, consisting of designated securities, bonds and notes secured by a mortgage or deed of trust insured by the Federal Housing Administrator or Department of Veterans Affairs, debentures issued by the Federal Housing Administrator and obligations of national mortgage associations are eligible for those purposes.
4. No law of this state prescribing the nature, amount or form of security or requiring security upon which loans or investments may be made, prescribing or limiting the rates of time of payment of the interest any obligation may bear, or prescribing or limiting the period for which loans or investments may be made, applies to loans or investments made pursuant to this section.