SB 375 Nevada Senate · 2025 Regular Session

Revises provisions relating to credit unions. (BDR 55-605)

SB 375 updates Nevada's credit union regulations to make operations more flexible and accessible. It reduces the minimum share price from $5 to $1, allowing credit unions to issue shares to nonmembers (up to 20% of capital) if designated as low-income credit unions. The bill also simplifies opening new offices by removing the "reasonably necessary" requirement and mandates boards meet at least six times yearly. These changes directly affect Nevada credit unions and their members by lowering barriers to entry, expanding service options, and streamlining administrative processes. The bill passed unanimously and was signed into law as Chapter 206.

Bill status signed all 5 stages cleared

Introduction

Mar 2025

Committee Review

May 2025

Senate Passage

Apr 2025

Assembly Passage

May 2025

Signed into Law

May 2025

Introduced Mar 17, 2025 Signed May 31, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

Reprint 1 → As Enrolled · 8 edits · May 31, 2025

MODERATE

This bill updates Nevada's credit union laws to modernize regulations and expand flexibility. Key changes include allowing low-income credit unions to issue shares to nonmembers, reducing the minimum share value from $5 to $1, and streamlining rules for opening new offices and filling board vacancies. These updates aim to improve access to financial services for underserved communities while giving credit unions more operational flexibility.

Scope change

The bill expands the scope of eligibility for nonmember share issuance to specifically approved low-income credit unions and broadens the definition of permissible investments to include out-of-state municipal bonds.

ELIGIBILITY

Authorized low-income credit unions to issue shares to nonmembers under specific conditions to increase financial access.

REQUIREMENT

Reduced the mandatory minimum par value for credit union shares from $5 to $1, allowing for lower entry barriers.

Revised board vacancy procedures to allow directors to fill vacancies for the remainder of a term before requiring a member vote.

Updated board meeting frequency requirements from monthly to at least six times per year, including quarterly meetings.

Authorized the Commissioner to temporarily suspend regulations for up to 90 days during emergencies or for public interest.

Allowed credit union bylaws to set flexible share par values or allow the board to determine them via resolution.

TIMELINE

Changed the timeline for opening additional offices, requiring the Commissioner to approve or deny applications within 60 days.

SCOPE

Expanded permissible investments to include municipal bonds issued by public entities outside of Nevada.

Floor votes · Senate Apr 21, 2025 · Assembly May 22, 2025

How they voted

20–0

Passed

Total votes 20

Apr 21, 2025

D Democratic12

12 Yea

100% Yea

R Republican8

8 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

May 31, 2025

Signed into law

Approved by the Governor. Chapter 206.

executive

May 23, 2025

Lower · Passed

To enrollment.

lower

May 22, 2025

Lower · Passed

Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate. In Senate.

lower

May 19, 2025

Lower · Passed

From committee: Do pass.

lower

Apr 21, 2025

Upper · Passed

Read third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To printer.

upper

Apr 18, 2025

Upper · Passed

From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 316.) Reprinting dispensed with. Placed on General File.

upper

Mar 18, 2025

Upper · Passed

From printer. To committee.

upper

1 primary · 0 co-sponsors