NV AB500

Creates a new category of state-chartered financial institution called "payments banks" regulated by the Commissioner of Financial Institutions, with powers similar to state and national banks including money transmission, deposit accounts, and merchant acquiring activities, but explicitly prohibited from making loans

Requires payments banks to maintain minimum capital of $3 million, a 10% leverage capital ratio, and tiered payment volume capital requirements ranging from 5% for the first $10 million down to 0.05% for volume exceeding $20 billion

Allows deposit accounts to be insured by FDIC, a Commissioner-approved private insurer, or permits operation without insurance if the bank furnishes a surety bond or pledges assets to cover liquidation costs

Authorizes the Secretary of State to operate a payments bank exclusively serving governmental entities, and appropriates $3,035,862 for FY 2025-2026 and $2,778,095 for FY 2026-2027 to the Division of Financial Institutions for implementation

Requires payments banks to provide elder/vulnerable person exploitation training to staff, conduct annual audits, and submit to Commissioner examinations at least every 2 years, with provisions for merger, voluntary liquidation, and FDIC receivership