Revises provisions relating to securities. (BDR 7-486)

- 83rd Session (2025)
Senate Bill No. 76–Committee on Judiciary

CHAPTER..........

AN ACT relating to securities; creating the Fund for the
Compensation of Victims of Securities Fraud and prescribing
the use of money in the Fund; authorizing certain persons to
whom a court orders restitution to apply for compensation
from the Fund; requi ring the Administrator of the Securities
Division of the Office of the Secretary of State to review
applications for and award compensation from the Fund;
making confidential certain information; requiring the
Division to adopt regulations relating to the administration of
the Fund; requiring the Administrator to submit to the
Legislature a biennial report concerning the Fund; requiring a
person who receives compensation from the Fund to
reimburse the State for such compensation under certain
circumstances; revising provisions relating to certain exempt
securities and exempt transactions; revising provisions
governing the deposit of certain money received by the
Division or the Administrator; and providing other matters
properly relating thereto.
Legislative Counsel’s Digest:
Existing law establishes the Uniform Securities Act, which sets forth provisions
governing the sale and purchase of securities in this State in a manner consistent
with federal laws and regulations. In general, the Act prohibits a perso n from
engaging in certain deceptive acts, practices or courses of business in connection
with the offer, sale or purchase of a security. (NRS 90.570 -90.610) The Act also
authorizes certain sanctions against a person who violates these prohibitions,
including civil penalties, criminal fines and payment of restitution. (NRS 90.630 -
90.650) The Nevada Constitution entitles a victim of a crime to full and timely
restitution and requires all monetary payments, money and property collected from
any person ordered to make restitution to be first applied to pay the amounts
ordered as restitution to the victim. (Nev. Const. Art. 1, § 8A)
Section 6 of this bill creates the Fund for the Compensation of Victims of
Securities Fraud and requires that the money in the Fun d be used for the
compensation of certain victims to whom restitution is owed. Section 2 of this bill
defines the term “Fund” to mean the Fund for the Compensation of Victims of
Securities Fraud. Section 3 of this bill: (1) establishes the process by which certain
persons to whom a court orders restitution may apply for and receive compensation
from the Fund; (2) authorizes an applicant to appeal a determination made
concerning an award of compensation from the Fund; and (3) makes confidential
certain infor mation and documentation submitted in connection with such an
application. Section 11 of this bill makes a conforming change relating to the
information made confidential pursuant to section 3.
Section 4 of this bill requires the Securities Division of the Office of the
Secretary of State to adopt certain regulations relating to the Fund, including
regulations: (1) establishing eligibility requirements for an award of compensation
from the Fund; (2) prescr ibing certain other requirements relating to the award of

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compensation from the Fund; and (3) establishing a procedure to appeal a
determination made concerning an award of compensation from the Fund. Section
5 of this bill requires the Administrator of th e Division to prepare and submit a
biennial report to the Legislature that includes certain information relating to the
Fund. Section 6 requires the Division to prepare certain quarterly estimates
concerning the Fund and requires any money remaining in the Fund at the end of
each fiscal year to be carried forward to the next fiscal year. Section 7 of this bill:
(1) requires an applicant, as a condition of accepting an award of compensation
from the Fund, to take certain action if the applicant recovers unpa id restitution
after receiving such compensation; and (2) prescribes certain other conditions of
accepting an award of compensation from the Fund.
Existing law requires all money received by the Division or the Administrator
pursuant to the Act to be depo sited in the State General Fund. (NRS 90.630,
90.650, 90.710) Section 10 of this bill establishes certain exceptions to this
requirement and instead requires the following to be deposited in the Fund for the
Compensation of Victims of Securities Fraud: (1) certain gifts, grants and donations
applied for and accepted by the Division; (2) interest and income earned on money
in the Fund for the Compensation of Victims of Securities Fraud; and (3) money
paid to the Division under right of subrogation for certain recoveries for unpaid
restitution obtained by applicants who have received awards of compensation from
the Fund for the Compensation of Victims of Securities Fraud.
Existing law: (1) prohibits a person from offering to sell or selling any security
in this State unless the security meets certain registration requirements; (2) exempts
certain securities and certain transactions from the registration requirements under
certain circumstances; and (3) authorizes the Administrator to disallow certain
exemptions under certain circumstances. (NRS 90.460, 90.520, 90.530) Sections 8
and 9 of this bill remove a requirement that the Administrator disallow certain
exemptions by order, thereby authorizing the Administrator to disallow any such
exemption without issuing an order.

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Chapter 90 of NRS is hereby amended by adding
thereto the provisions set forth as sections 2 to 7, inclusive, of this
act.
Sec. 2. As used in sections 2 to 7, inclusive, of this act, unless
the context otherwise requires, “Fund” means the Fund for the
Compensation of Victims of Securities Fraud created by section 6
of this act.
Sec. 3. 1. Except as otherwise provided in this subsection, a
person to whom a court orders restitution pursuant to NRS 90.640
may, not later than 12 months after the date on which such
restitution is ordered, apply to the Administrator for compensation
from the Fund. The Adm inistrator may waive the time limit
prescribed by this subsection for good cause shown.

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2. The Administrator or his or her designee shall review each
application submitted pursuant to subsection 1 and determine
whether to award compensation to the appli cant in accordance
with the regulations adopted pursuant to section 4 of this act.
3. An applicant aggrieved by a determination of the
Administrator or his or her designee made pursuant to subsection
2 may appeal the determination in accordance with the
regulations adopted pursuant to section 4 of this act.
4. The Administrator or his or her designee may request that
an applicant submit to the Division any additional information or
documentation necessary to enable the Administrator or his or her
designee to make the determination required by subsection 2. As
soon as practicable after receiving such a request, the applicant
shall submit to the Division any information or documentation
requested.
5. Any information or documentation contained in an
application submitted to the Administrator pursuant to subsection
1 or to the Division pu rsuant to subsection 4 is confidential and,
unless the disclosure is otherwise prohibited by law, must not be
disclosed except:
(a) Upon the request of the applicant or the attorney of the
applicant;
(b) In the necessary administration of this chapter; or
(c) Upon the lawful order of a court of competent jurisdiction.
Sec. 4. The Division shall adopt any regulations necessary to
carry out the provisions of sections 2 to 7, inclusive, of this act,
including, without limitation, regulations:
1. Establishing eligibility requirements for an award of
compensation from the Fund.
2. Establishing a form and procedure for applying for an
award of compensation from the Fund. The form must include,
without limitation, an indicati on of the amount of money the
applicant has received or is likely to receive as restitution for the
financial harm suffered as a result of the commission of a
violation of this chapter or a regulation or order of the
Administrator under this chapter, pursuant to NRS 90.640.
3. Establishing the order of priority in which the
Administrator or his or her designee must:
(a) Review applications submitted pursuant to section 3 of this
act; and
(b) Award compensation to an applicant, if applicable.
4. Prescribing standards for the amount of compensation the
Administrator or his or her designee may award from the Fund.

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Such standards must include, without limitation, a requirement
that such compensation must not exceed the lesser of $25,000 or
an amount equal to 25 percent of the amount of unpaid restitution
awarded by a court.
5. Establishing a procedure to appeal a determination made
by the Administrator or his or her designee pursuant to section 3
of this act.
Sec. 5. On or before January 1 of each odd -numbered year,
the Administrator shall prepare and submit to the Director of the
Legislative Counsel Bureau for transmittal to the Legislature a
report relating to the Fund. The report must include, without
limitation:
1. The total amount of compensation awarded from the
Fund;
2. The number of applicants who applied for compensation
from the Fund;
3. The number of applicants who were denied compensation
from the Fund; and
4. The average length of time taken to award compensation
from the Fund, from the date of receipt of the application to the
date of the payment of compensation.
Sec. 6. 1. Money for payment of compensation as awarded
by the Administrator pursuant to section 3 of this act must be paid
from the Fund for the Compensation of Victims of Securities
Fraud, which is hereby created. Money in the Fund must be
disbursed by the Division in the same manner as other claims
against the State are paid, in accordance with the re gulations
adopted pursuant to section 4 of this act.
2. The Division shall prepare quarterly estimates of:
(a) The money in the Fund which is available for the payment
of compensation; and
(b) The anticipated expenses of the Fund for the next fiscal
quarter.
3. The interest and income earned on the money in the Fund,
after deducting any applicable charges, must be credited to the
Fund.
4. The Division may apply for and accept gifts, grants and
donations from any source for deposit in the Fund.
5. Any money remaining in the Fund at the end of each fiscal
year does not revert to the State General Fund and must be carried
forward to the next fiscal year.
Sec. 7. An applicant who accepts an award of compensation
from the Fund does so under the following conditions:

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1. The State of Nevada is immediately subrogated in the
amount of the award to any right of action to recover any unpaid
restitution, and that right of subrogation may be diminished for
attorney’s fees and other costs of litigation in obtaining such
recovery; and
2. If recovery is obtained for unpaid restitution, the applicant
shall promptly notify the Administrator or his or her designee and
shall promptly pay to the Division for deposit in the Fund the
lesser of the amount of the award made from the Fund or the
amount recovered, less attorney’s fees and costs. The duty of
notice and payment pursuant to this subsection continues until the
amount of the award has been repaid to the State of Nevada.
Sec. 8. NRS 90.520 is hereby amended to read as follows:
90.520 1. As used in this section:
(a) “Guaranteed” means guaranteed as to payment of all or
substantially all of principal and interest or dividends.
(b) “Insured” means insured as to payment of all or substantially
all of principal and interest or dividends.
2. Except as otherwise provided in subsections 4 and 5, the
following securities are exempt from NRS 90.460 and 90.560:
(a) A security, including a revenue obligation, issued, insured or
guaranteed by the United States, an agency or corporate or other
instrumentality of the United States, an international agency or
corporate or other instrumentality of which the United States and
one or more foreign governments a re members, a state, a political
subdivision of a state, or an agency or corporate or other
instrumentality of one or more states or their political subdivisions,
or a certificate of deposit for any of the foregoing, but this
exemption does not include a s ecurity payable solely from revenues
to be received from an enterprise unless the:
(1) Payments are insured or guaranteed by the United States,
an agency or corporate or other instrumentality of the United States,
an international agency or corporate or other instrumentality of
which the United States and one or more foreign governments are
members, a state, a political subdivision of a state, or an agency or
corporate or other instrumentality of one or more states or their
political subdivisions, or by a person whose securities are exempt
from registration pursuant to paragraphs (b) to (e), inclusive, or (g),
or the revenues from which the payments are to be made are a direct
obligation of such a person;
(2) Security is issued by this State or an agency ,
instrumentality or political subdivision of this State; or

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(3) Payments are insured or guaranteed by a person who,
within the 12 months next preceding the date on which the securities
are issued, has received a rating within one of the top four rating
categories of either Moody’s Investors Service, Inc., or Standard
and Poor’s Ratings Services.
(b) A security issued, insured or guaranteed by Canada, a
Canadian province or territory, a political subdivision of Canada or
of a Canadian province or territory, an agency or corporate or other
instrumentality of one or more of the foregoing, or any other foreign
government or governmental combination or entity with which the
United States maintains diplomatic relations, if the security is
recognized as a valid obligation by the issuer, insurer or guarantor.
(c) A security issued by and representing an interest in or a
direct obligation of a depository institution if the deposit or share
accounts of the depository institution are insured by the Federal
Deposit Insurance Corporation, the National Credit Union Share
Insurance Fund or a successor to an applicable agency authorized by
federal law.
(d) A security issued by and representing an interest in or a
direct obligation of, or insured or guaranteed by, an insurance
company organized under the laws of any state and authorized to do
business in this State.
(e) A security issued or guaranteed by a railroad, other common
carrier, public utility or holding company that is:
(1) Subject to the jurisdiction of the Surface Transportation
Board;
(2) A registered holding company under the Public Utility
Holding Company Act of 1935 or a subsidiary of a registered
holding company within the meaning of that act;
(3) Regulated in respect to its rates and charges by a
governmental authority of the United States or a state; or
(4) Regulated in respect to the issuance or guarantee of the
security by a governmental authority of the United States, a state,
Canada, or a Canadian province or territory.
(f) Equipment trust certificates in respect to equipment leased or
conditionally sold to a person, if securities issued by the person
would be exempt pursuant to this section.
(g) A security listed or approved for listing upon notice of
issuance on the New York Stock E xchange, NYSE MKT, the
Chicago Stock Exchange, NYSE ARCA or other exchange
designated by the Administrator, any other security of the same
issuer which is of senior or substantially equal rank, a security

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called for by subscription right or warrant so listed or approved, or a
warrant or right to purchase or subscribe to any of the foregoing.
(h) A security listed or approved for listing upon notice of
issuance on the National Market System of the NASDAQ Stock
Market, any other security of the same issuer w hich is of senior or
substantially equal rank, a security called for by subscription right
or warrant so designated, or a warrant or a right to purchase or
subscribe to any of the foregoing.
(i) An option issued by a clearing agency registered under the
Securities Exchange Act of 1934, other than an off-exchange futures
contract or substantially similar arrangement, if the security,
currency, commodity or other interest underlying the option is:
(1) Registered under NRS 90.470, 90.480 or 90.490;
(2) Exempt pursuant to this section; or
(3) Not otherwise required to be registered under this
chapter.
(j) A security issued by a person organized and operated not for
private profit but exclusively for a religious, educational,
benevolent, charitable, frat ernal, social, athletic or reformatory
purpose, or as a chamber of commerce, or trade or professional
association if at least 10 days before the sale of the security the
issuer has filed with the Administrator a notice setting forth the
material terms of t he proposed sale and copies of any sales and
advertising literature to be used and the Administrator [by order ]
does not disallow the exemption within the next 5 full business
days.
(k) A promissory note, draft, bill of exchange or banker’s
acceptance that evidences an obligation to pay cash within 9 months
after the date of issuance, exclusive of days of grace, is issued in
denominations of at least $50,000 and receives a rating in one of the
three highest rating categories from a nationally recognized
statistical rating organization, or a renewal of such an obligation that
is likewise limited, or a guarantee of such an obligation or of a
renewal.
(l) A security issued in connection with an employees’ stock
purchase, savings, option, profit -sharing, pensi on or similar
employees’ benefit plan.
(m) A membership or equity interest in, or a retention certificate
or like security given in lieu of a cash patronage dividend issued by,
a cooperative organized and operated as a nonprofit membership
cooperative under the cooperative laws of any state if not traded to
the general public.

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(n) A security issued by an issuer registered as an open -end
management investment company or unit investment trust under
section 8 of the Investment Company Act of 1940 if:
(1) The issuer is advised by an investment adviser that is a
depository institution exempt from registration under the Investment
Advisers Act of 1940 or that is currently registered as an investment
adviser, and has been registered, or is affiliated with an adviser that
has been registered, as an investment adviser under the Investment
Advisers Act of 1940 for at least 3 years next preceding an offer or
sale of a security claimed to be exempt pursuant to this paragraph,
and the issuer has acted, or is affili ated with an investment adviser
that has acted, as investment adviser to one or more registered
investment companies or unit investment trusts for at least 3 years
next preceding an offer or sale of a security claimed to be exempt
under this paragraph; or
(2) The issuer has a sponsor that has at all times throughout
the 3 years before an offer or sale of a security claimed to be exempt
pursuant to this paragraph sponsored one or more registered
investment companies or unit investment trusts the aggregate total
assets of which have exceeded $100,000,000.
3. For the purpose of paragraph (n) of subsection 2, an
investment adviser is affiliated with another investment adviser if it
controls, is controlled by, or is under common control with the other
investment adviser.
4. The exemption provided by paragraph (n) of subsection 2 is
available only if the person claiming the exemption files with the
Administrator a notice of intention to sell which sets forth the name
and address of the issuer and the securities to be offered in this State
and pays a fee:
(a) Of $500 for the initial claim of exemption and the same
amount at the beginning of each fiscal year thereafter in which
securities are to be offered in this State, in the case of an open -end
management company; or
(b) Of $300 for the initial claim of exemption in the case of a
unit investment trust.
5. An exemption provided by paragraph (c), (e), (f), (i) or (k)
of subsection 2 is available only if, within the 12 months
immediately preceding the use of the exemption, a notice of claim
of exemption has been filed with the Administrator and a
nonrefundable fee of $300 has been paid.
Sec. 9. NRS 90.530 is hereby amended to read as follows:
90.530 The following transactions are exempt from NRS
90.460 and 90.560:

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1. An isolated nonissuer transaction, whether or not effected
through a broker-dealer.
2. A nonissuer transaction in an outstanding security if the
issuer of the security has a class of securities subject to regi stration
under section 12 of the Securities Exchange Act of 1934, 15 U.S.C.
§ 78l, and has been subject to the reporting requirements of section
13 or 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. §§
78m and 78o(d), for not less than 90 days next preceding the
transaction, or has filed and maintained with the Administrator for
not less than 90 days preceding the transaction information, in such
form as the Administrator, by regulation, specifies, substantially
comparable to the information the iss uer would be required to file
under section 12(b) or 12(g) of the Securities Exchange Act of 1934,
15 U.S.C. §§ 78l(b) and 78l(g), were the issuer to have a class of its
securities registered under section 12 of the Securities Exchange Act
of 1934, 15 U.S.C. § 78l, and paid a fee of $300 with the filing.
3. A nonissuer transaction by a sales representative licensed in
this State, in an outstanding security if:
(a) The security is sold at a price reasonably related to the
current market price of the security at the time of the transaction;
(b) The security does not constitute all or part of an unsold
allotment to, or subscription or participation by, a broker -dealer as
an underwriter of the security;
(c) At the time of the transaction, a recognized securities manual
designated by the Administrator by regulation or order contains the
names of the issuer’s officers and directors, a statement of the
financial condition of the issuer as of a date within the preceding 18
months, and a statement of income or operations for each of the last
2 years next preceding the date of the statement of financial
condition, or for the period as of the date of the statement of
financial condition if the period of existence is less than 2 years;
(d) The issuer of the sec urity has not undergone a major
reorganization, merger or acquisition within the preceding 30 days
which is not reflected in the information contained in the manual;
and
(e) At the time of the transaction, the issuer of the security has a
class of equity security listed on the New York Stock Exchange,
American Stock Exchange or other exchange designated by the
Administrator, or on the National Market System of the National
Association of Securities Dealers Automated Quotation System. The
requirements of this paragraph do not apply if:
(1) The security has been outstanding for at least 180 days;

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(2) The issuer of the security is actually engaged in business
and is not developing the issuer’s business, in bankruptcy or in
receivership; and
(3) The issue r of the security has been in continuous
operation for at least 5 years.
4. A nonissuer transaction in a security that has a fixed
maturity or a fixed interest or dividend provision if there has been
no default during the current fiscal year or within th e 3 preceding
years, or during the existence of the issuer, and any predecessors if
less than 3 years, in the payment of principal, interest or dividends
on the security.
5. A nonissuer transaction effected by or through a registered
broker-dealer pursuant to an unsolicited order or offer to purchase.
6. A transaction between the issuer or other person on whose
behalf the offering of a security is made and an underwriter, or a
transaction among underwriters.
7. A transaction in a bond or other evidenc e of indebtedness
secured by a real estate mortgage, deed of trust, personal property
security agreement, or by an agreement for the sale of real estate or
personal property, if the entire mortgage, deed of trust or agreement,
together with all the bonds o r other evidences of indebtedness
secured thereby, is offered and sold as a unit.
8. A transaction by an executor, administrator, sheriff, marshal,
receiver, trustee in bankruptcy, guardian or conservator.
9. A transaction executed by a bona fide secur ed party without
the purpose of evading this chapter.
10. An offer to sell or the sale of a security to a financial or
institutional investor or to a broker-dealer.
11. Except as otherwise provided in this subsection, a sale or
an offer to sell securities of an issuer if:
(a) The transaction is part of an issue in which there are not
more than 35 purchasers in this State, other than those designated in
subsection 10, during any 12 consecutive months;
(b) No general solicitation or general advertising is used in
connection with the offer to sell or sale of the securities;
(c) No commission or other similar compensation is paid or
given, directly or indirectly, to a person, other than a broker -dealer
licensed or not required to be licensed under this ch apter, for
soliciting a prospective purchaser in this State; and
(d) One of the following conditions is satisfied:
(1) The seller reasonably believes that all the purchasers in
this State, other than those designated in subsection 10, are
purchasing for investment; or

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(2) Immediately before and immediately after the
transaction, the issuer reasonably believes that the securities of the
issuer are held by 50 or fewer beneficial owners, other than those
designated in subsection 10, and the transaction is part of an
aggregate offering that does not exceed $500,000 during any 12
consecutive months.
 The Administrator by rule or order as to a security or transaction
or a type of security or transaction may withdraw or further
condition the exemption set forth in this subsection or waive one or
more of the conditions of the exemption.
12. An offer to sell or sale of a preorganization certificate or
subscription if:
(a) No commission or other similar compensation is paid or
given, directly or indirectly, for soliciting a prospective subscriber;
(b) No public advertising or general solicitation is use d in
connection with the offer to sell or sale;
(c) The number of offers does not exceed 50;
(d) The number of subscribers does not exceed 10; and
(e) No payment is made by a subscriber.
13. An offer to sell or sale of a preorganization certificate or
subscription issued in connection with the organization of a
depository institution if that organization is under the supervision of
an official or agency of a state or of the United States which has and
exercises the authority to regulate and supervise t he organization of
the depository institution. For the purpose of this subsection, “under
the supervision of an official or agency” means that the official or
agency by law has authority to require disclosures to prospective
investors similar to those requ ired under NRS 90.490, impound
proceeds from the sale of a preorganization certificate or
subscription until organization of the depository institution is
completed, and require refund to investors if the depository
institution does not obtain a grant of a uthority from the appropriate
official or agency.
14. A transaction pursuant to an offer to sell to existing
security holders of the issuer, including persons who at the time of
the transaction are holders of transferable warrants exercisable
within not more than 90 days after their issuance, convertible
securities or nontransferable warrants, if:
(a) No commission or other similar compensation, other than a
standby commission, is paid or given, directly or indirectly, for
soliciting a security holder in this State; or
(b) The issuer first files a notice specifying the terms of the offer
to sell, together with a nonrefundable fee of $300, and the

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Administrator does not [by order] disallow the exemption within the
next 5 full business days.
15. A transaction involving an offer to sell, but not a sale, of a
security not exempt from registration under the Securities Act of
1933, 15 U.S.C. §§ 77a et seq., if:
(a) A registration or offering statement or similar record as
required under the Securities Act of 1933, 15 U.S.C. §§ 77a et seq.,
has been filed, but is not effective;
(b) A registration statement, if required, has been filed under
this chapter, but is not effective; and
(c) No order denying, suspending or revoking the effectiveness
of registration, of which the offeror is aware, has been entered by
the Administrator or the Securities and Exchange Commission, and
no examination or public proceeding that may culminate in that kind
of order is known by the offeror to be pending.
16. A transaction involving an offer to sell, but not a sale, of a
security exempt from registration under the Securities Act of 1933,
15 U.S.C. §§ 77a et seq., if:
(a) A registration statement has been filed under this chapter, but
is not effective; and
(b) No order denying , suspending or revoking the effectiveness
of registration, of which the offeror is aware, has been entered by
the Administrator and no examination or public proceeding that may
culminate in that kind of order is known by the offeror to be
pending.
17. A transaction involving the distribution of the securities of
an issuer to the security holders of another person in connection
with a merger, consolidation, exchange of securities, sale of assets
or other reorganization to which the issuer, or its parent o r
subsidiary, and the other person, or its parent or subsidiary, are
parties, if:
(a) The securities to be distributed are registered under the
Securities Act of 1933, 15 U.S.C. §§ 77a et seq., before the
consummation of the transaction; or
(b) The secur ities to be distributed are not required to be
registered under the Securities Act of 1933, 15 U.S.C. §§ 77a et
seq., written notice of the transaction and a copy of the materials, if
any, by which approval of the transaction will be solicited, together
with a nonrefundable fee of $300, are given to the Administrator at
least 10 days before the consummation of the transaction and the
Administrator does not [, by order, ] disallow the exemption within
the next 10 days.

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18. A transaction involving the offer to sell or sale of one or
more promissory notes each of which is directly secured by a first
lien on a single parcel of real estate, or a transaction involving the
offer to sell or sale of participation interests in the notes if the notes
and participation interests are originated by a depository institution
and are offered and sold subject to the following conditions:
(a) The minimum aggregate sales price paid by each purchaser
may not be less than $250,000;
(b) Each purchaser must pay cash either at the time of the sale or
within 60 days after the sale; and
(c) Each purchaser may buy for the purchaser’s own account
only.
19. A transaction involving the offer to sell or sale of one or
more promissory notes directly secured by a first lien on a single
parcel of real estate or participating interests in the notes, if the
notes and interests are originated by a mortgagee approved by the
Secretary of Housing and Urban Development under sections 203
and 211 of the National Housing Act, 12 U.S.C. §§ 1709 and 1715b,
and are offered or sold, subject to the conditions specified in
subsection 18, to a depository institution or insurance company, the
Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association or the Government National Mortgag e
Association.
20. A transaction between any of the persons described in
subsection 19 involving a nonassignable contract to buy or sell the
securities described in subsection 18 if the contract is to be
completed within 2 years and if:
(a) The seller of the securities pursuant to the contract is one of
the parties described in subsection 18 or 19 who may originate
securities;
(b) The purchaser of securities pursuant to a contract is any
other person described in subsection 19; and
(c) The conditions described in subsection 18 are fulfilled.
21. A transaction involving one or more promissory notes
secured by a lien on real estate, or participating interests in those
notes, by a mortgage company licensed pursuant to chapter 645B of
NRS to engage in those transactions.
22. A transaction involving an offer to sell or sale of a security
to a Nevada certified investor if all of the following conditions are
satisfied:
(a) The transaction satisfies the requirements for exemption
under section 3(a)(11) of t he Securities Act of 1933, 15 U.S.C. §

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- 83rd Session (2025)
77c(a)(11) and Rule 147 or 147A of the Securities and Exchange
Commission, 17 C.F.R. § 230.147 or 230.147A.
(b) The transaction satisfies any requirements established by the
Administrator by regulation pursuant to NRS 90.533.
(c) For a transaction involving the sale of a security to a Nevada
certified investor described in paragraph (b) of subsection 1 of NRS
90.257, the transaction would not result in the Nevada certified
investor investing more than 10 percent of t he net worth of
the investor in securities that were purchased by the Nevada
certified investor in transactions exempt from NRS 90.460 and
90.560 pursuant to this subsection. For the purposes of meeting the
requirements of this paragraph, the equity the N evada certified
investor holds in a primary residence must not account for more
than 50 percent of the net worth of the Nevada certified investor.
(d) The person offering to sell or selling the security has
submitted to the Administrator:
(1) A complete set of his or her fingerprints and written
permission authorizing the Administrator to submit the fingerprints
to the Central Repository for Nevada Records of Criminal History
for its report on the criminal history of the person and for
forwarding to the Federal Bureau of Investigation for its report on
the criminal history of the person;
(2) The latest available balance sheet of the issuer; and
(3) A description of any compensation paid by the person
offering to sell or selling the security to any person authorized to
make decisions on behalf of or exert control over the management
or operation of the person offering to sell or selling the security.
(e) The person offering to sell or selling the security has made
available to any Nevada certified i nvestor wishing to purchase the
security:
(1) A full disclosure of any and all previous criminal
convictions; and
(2) The information submitted to the Administrator pursuant
to subparagraphs (2) and (3) of paragraph (d).
Sec. 10. NRS 90.710 is hereby amended to read as follows:
90.710 1. This chapter must be administered by the Secretary
of State and the Administrator. The Secretary of State may employ
personnel necessary to administer the provisions of this chapter.
2. [All] Except as otherwise provided in subsections 3 and 4
of section 6 of this act and subsection 2 of section 7 of this act, all
money received by the Division or the Administrator pursuant to
this chapter must be deposited with the [state] State Treasurer for
credit to the State General Fund.

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- 83rd Session (2025)
Sec. 11. NRS 239.010 is hereby amended to read as follows:
239.010 1. Except as otherwise provided in this section and
NRS 1.4683, 1.4687, 1A.110, 3.2203, 41.0397, 41.071, 49.095,
49.293, 62D.420, 62D.440, 62E.516, 62E.620, 62H.025, 62H.030,
62H.170, 62H.220, 62H.320, 75A.100, 75A.150, 76.160, 78.152,
80.113, 81.850, 82.183, 86.246, 86.54615, 87.515, 87.5413,
87A.200, 87A.580, 87A.640, 88.3355, 88.5927, 88.6067, 88A.345,
88A.7345, 89.045, 89.251, 90.730, 91.160, 116.757, 116A.270,
116B.880, 118B.026, 119.260, 119.265, 119.267, 119.280,
119A.280, 119A.653, 119A.677, 119B.370, 119B.382, 120A.640,
120A.690, 125.130, 125B.140, 126.141, 126.161, 126.163, 126.730,
127.007, 127.057, 127.130, 127.140, 127.2817, 128.090, 130.312,
130.712, 136.050, 159.044, 159A.044, 164.041, 172.075, 172.245,
176.01334, 176.01385, 176.015, 176.0625, 176.09129, 176.156,
176A.630, 178.39801, 178.4715, 178.5691, 178.5717, 179.495,
179A.070, 179A.165, 179D .160, 180.600, 200.3771, 200.3772,
200.5095, 200.604, 202.3662, 205.4651, 209.392, 209.3923,
209.3925, 209.419, 209.429, 209.521, 211A.140, 213.010, 213.040,
213.095, 213.131, 217.105, 217.110, 217.464, 217.475, 218A.350,
218E.625, 218F.150, 218G.130, 218G .240, 218G.350, 218G.615,
224.240, 226.462, 226.796, 228.270, 228.450, 228.495, 228.570,
231.069, 231.1285, 231.1473, 232.1369, 233.190, 237.300,
239.0105, 239.0113, 239.014, 239B.026, 239B.030, 239B.040,
239B.050, 239C.140, 239C.210, 239C.230, 239C.250, 2 39C.270,
239C.420, 240.007, 241.020, 241.030, 241.039, 242.105, 244.264,
244.335, 247.540, 247.545, 247.550, 247.560, 250.087, 250.130,
250.140, 250.145, 250.150, 268.095, 268.0978, 268.490, 268.910,
269.174, 271A.105, 281.195, 281.805, 281A.350, 281A.680,
281A.685, 281A.750, 281A.755, 281A.780, 284.4068, 284.4086,
286.110, 286.118, 287.0438, 289.025, 289.080, 289.387, 289.830,
293.4855, 293.5002, 293.503, 293.504, 293.558, 293.5757, 293.870,
293.906, 293.908, 293.909, 293.910, 293B.135, 293D.510, 331.110,
332.061, 332.351, 333.333, 333.335, 338.070, 338.1379, 338.1593,
338.1725, 338.1727, 348.420, 349.597, 349.775, 353.205,
353A.049, 353A.085, 353A.100, 353C.240, 353D.250, 360.240,
360.247, 360.255, 360.755, 361.044, 361.2242, 361.610, 365.138,
366.160, 368A.180, 370.257, 370.327, 372A.080, 378.290, 378.300,
379.0075, 379.008, 379.1495, 385A.830, 385B.100, 387.626,
387.631, 388.1455, 388.259, 388.501, 388.503, 388.513, 388.750,
388A.247, 388A.249, 391.033, 391.035, 391.0365, 391.120,
391.925, 392.029, 392.14 7, 392.264, 392.271, 392.315, 392.317,
392.325, 392.327, 392.335, 392.850, 393.045, 394.167, 394.16975,
394.1698, 394.447, 394.460, 394.465, 396.1415, 396.1425, 396.143,

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- 83rd Session (2025)
396.159, 396.3295, 396.405, 396.525, 396.535, 396.9685,
398A.115, 408.3885, 408.3886, 408.3888, 408.5484, 412.153,
414.280, 416.070, 422.2749, 422.305, 422A.342, 422A.350,
425.400, 427A.1236, 427A.872, 427A.940, 432.028, 432.205,
432B.175, 432B.280, 432B.290, 432B.4018, 432B.407, 432B.430,
432B.560, 432B.5902, 432C.140, 432C.150, 433.534, 4 33A.360,
439.4941, 439.4988, 439.5282, 439.840, 439.914, 439A.116,
439A.124, 439B.420, 439B.754, 439B.760, 439B.845, 440.170,
441A.195, 441A.220, 441A.230, 442.330, 442.395, 442.735,
442.774, 445A.665, 445B.570, 445B.7773, 449.209, 449.245,
449.4315, 449A. 112, 450.140, 450B.188, 450B.805, 453.164,
453.720, 458.055, 458.280, 459.050, 459.3866, 459.555, 459.7056,
459.846, 463.120, 463.15993, 463.240, 463.3403, 463.3407,
463.790, 467.1005, 480.535, 480.545, 480.935, 480.940, 481.063,
481.091, 481.093, 482.170, 482.368, 482.5536, 483.340, 483.363,
483.575, 483.659, 483.800, 484A.469, 484B.830, 484B.833,
484E.070, 485.316, 501.344, 503.452, 522.040, 534A.031, 561.285,
571.160, 584.655, 587.877, 598.0964, 598.098, 598A.110,
598A.420, 599B.090, 603.070, 603A.210, 6 04A.303, 604A.710,
604D.500, 604D.600, 612.265, 616B.012, 616B.015, 616B.315,
616B.350, 618.341, 618.425, 622.238, 622.310, 623.131, 623A.137,
624.110, 624.265, 624.327, 625.425, 625A.185, 628.418, 628B.230,
628B.760, 629.043, 629.047, 629.069, 630.133, 63 0.2671,
630.2672, 630.2673, 630.2687, 630.30665, 630.336, 630A.327,
630A.555, 631.332, 631.368, 632.121, 632.125, 632.3415,
632.3423, 632.405, 633.283, 633.301, 633.427, 633.4715, 633.4716,
633.4717, 633.524, 634.055, 634.1303, 634.214, 634A.169,
634A.185, 634B.730, 635.111, 635.158, 636.262, 636.342, 637.085,
637.145, 637B.192, 637B.288, 638.087, 638.089, 639.183,
639.2485, 639.570, 640.075, 640.152, 640A.185, 640A.220,
640B.405, 640B.730, 640C.580, 640C.600, 640C.620, 640C.745,
640C.760, 640D.135, 640D.19 0, 640E.225, 640E.340, 641.090,
641.221, 641.2215, 641A.191, 641A.217, 641A.262, 641B.170,
641B.281, 641B.282, 641C.455, 641C.760, 641D.260, 641D.320,
642.524, 643.189, 644A.870, 645.180, 645.625, 645A.050,
645A.082, 645B.060, 645B.092, 645C.220, 645C.225, 645D.130,
645D.135, 645G.510, 645H.320, 645H.330, 647.0945, 647.0947,
648.033, 648.197, 649.065, 649.067, 652.126, 652.228, 653.900,
654.110, 656.105, 657A.510, 661.115, 665.130, 665.133, 669.275,
669.285, 669A.310, 670B.680, 671.365, 671.415, 673.450, 673.480,
675.380, 676A.340, 676A.370, 677.243, 678A.470, 678C.710,
678C.800, 679B.122, 679B.124, 679B.152, 679B.159, 679B.190,
679B.285, 679B.690, 680A.270, 681A.440, 681B.260, 681B.410,

– 17 –

- 83rd Session (2025)
681B.540, 683A.0873, 685A.077, 686A.289, 686B.170, 686C.306,
687A.060, 687A.115, 687B.404, 687C.010, 688C.230, 688C.480,
688C.490, 689A.696, 692A.117, 692C.190, 692C.3507, 692C.3536,
692C.3538, 692C.354, 692C.420, 693A.480, 693A.615, 696B.550,
696C.120, 703.196, 704B.325, 706.1725, 706A.230, 710.159,
711.600, and section 3 of this act, sections 35, 38 and 41 of chapter
478, Statutes of Nevada 2011 and section 2 of chapter 391, Statutes
of Nevada 2013 and unless otherwise declared by law to be
confidential, all public books and public records of a governmental
entity must be open at all times during office hours to inspection by
any person, and may be fully copied or an abstract or memorandum
may be prepared from those public books and public records. Any
such copies, abstracts or memoranda may be used to supply the
general public with copies, abstracts or memoranda of the records or
may be used in any other way to the advantage of the governmental
entity or of the general public. This section does not supersede or in
any manner affect the federal laws governing copyrights or enlarge,
diminish or affect in any other manner the rights of a person in any
written book or record which is copyrighted pursuant to federal law.
2. A governmental entity may not reject a book or record
which is copyrighted solely because it is copyrighted.
3. A governmental entity that has legal custody or control of a
public book or record shall not deny a request made pursuant to
subsection 1 to inspect or copy or receive a copy of a public book or
record on the basis that the requested public book or record contains
information that is confidential if the governmental entity can
redact, delete, conceal or separate, including, without limitation,
electronically, the confidential information from the information
included in the public book or record t hat is not otherwise
confidential.
4. If requested, a governmental entity shall provide a copy of a
public record in an electronic format by means of an electronic
medium. Nothing in this subsection requires a governmental entity
to provide a copy of a p ublic record in an electronic format or by
means of an electronic medium if:
(a) The public record:
(1) Was not created or prepared in an electronic format; and
(2) Is not available in an electronic format; or
(b) Providing the public record in an el ectronic format or by
means of an electronic medium would:
(1) Give access to proprietary software; or

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- 83rd Session (2025)
(2) Require the production of information that is confidential
and that cannot be redacted, deleted, concealed or separated from
information that is not otherwise confidential.
5. An officer, employee or agent of a governmental entity who
has legal custody or control of a public record:
(a) Shall not refuse to provide a copy of that public record in the
medium that is requested because the officer, employee or agent has
already prepared or would prefer to provide the copy in a different
medium.
(b) Except as otherwise provided in NRS 239.030, shall, upon
request, prepare the copy of the public record and shall not require
the person who has requeste d the copy to prepare the copy himself
or herself.
Sec. 12. The provisions of subsection 1 of NRS 218D.380 do
not apply to any provision of this act which adds or revises a
requirement to submit a report to the Legislature.
Sec. 13. 1. This section becomes effective upon passage and
approval.
2. Sections 1 to 12, inclusive, of this act become effective:
(a) Upon passage and approval for the purpose of adopting any
regulations and performing any other preparatory administrative
tasks that are necessary to carry out the provisions of this act; and
(b) On January 1, 2026, for all other purposes.

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