[PART V.] NONDEPOSITORY TRUST COMPANIES
[§412:8-500] Powers and duties. (a) Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200.
(b) Notwithstanding any other provision in this chapter, a nondepository trust company shall not:
(1) Solicit, accept, or hold deposits;
(2) Engage in banking business;
(3) Engage in business for which a real estate broker's license is required;
(4) Engage in any business for which an insurance producer license is required; or
(5) Engage in any business of a securities broker or dealer.
(c) A nondepository trust company shall not itself perform, and instead shall contract for, the following services for its clients, if needed:
(1) Financial advisors for client investments;
(2) Property management for client rental properties; or
(3) Real estate brokerages for client real estate transactions.
(d) A nondepository trust company shall be responsible for the performance of the service providers that it engages for its clients. [L 2021, c 105, §1]