Nevada Administrative Code

NAC 658.040 Assessments for auditing financial institutions: “Financial institution” interpreted. (NRS 658.105) The Commissioner of Financial Institutions interprets the term “financial institution” as used in NRS 658.055 to have the meaning ascribed to it in NRS 232.545. (Added …

NAC 658.050 Fees: Renewal of license for parent bank, branch bank or trust office; application for new branch bank or trust office. (NRS 658.096, 658.105) 1. On or before June 30 of each year, each licensed bank shall pay to the Division of Financial Institutions of the Departmen…

NAC 659.010 Assessment for costs related to audits and examinations. (NRS 658.055, 658.105) 1. Except as otherwise provided in NAC 658.030, each bank shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cov…

NAC 659.020 Unlawful use of terms “bank,” “banking” and “banker.” (NRS 658.105, 659.125) As used in NRS 659.125, the Commissioner of Financial Institutions interprets the terms “bank,” “banking” and “banker” to include all terms in any language which have equivalent meanings. (Ad…

NAC 659.030 Fee for application and survey of proposed bank. (NRS 658.105, 659.045) An applicant for licensure as a bank must pay to the Division of Financial Institutions of the Department of Business and Industry a nonrefundable fee of $4,500 for the application and survey. (Ad…

NAC 660.010 Fee for application to establish and operate mechanical teller; annual fee. (NRS 658.105, 660.075) 1. An applicant who submits an application to establish and operate a mechanical teller pursuant to NRS 660.075 must pay to the Division of Financial Institutions of the…

NAC 662.001 Definitions. (NRS 658.105) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 662.002 and 662.003 have the meanings ascribed to them in those sections. (Added to NAC by Comm’r of Financial Institutions by R008-99, eff. 1…

NAC 662.002 “Commissioner” defined. (NRS 658.105) “Commissioner” means the Commissioner of Financial Institutions. (Added to NAC by Comm’r of Financial Institutions, eff. 5-15-92; A by R008-99, 11-12-99)

NAC 662.003 “Depository institution affiliate” defined. (NRS 658.105) “Depository institution affiliate” means a depository institution that directly or indirectly, through one or more intermediaries, is controlled by or is under common control with another depository institution…

NAC 662.004 Limits on amount of loans: “Capital” interpreted. (NRS 658.105, 662.145, 662.155) The Commissioner will interpret “capital,” as used in NRS 662.145 and 662.155, to include the amount of common stock that is outstanding, the amount of surplus that is unimpaired and the…

NAC 662.006 Limits on amount of loans: “Surplus” interpreted. (NRS 658.105, 662.145, 662.155) The Commissioner will interpret “surplus,” as used in NRS 662.145 and 662.155, to include: 1. Surplus, as that word is defined in NRS 657.075. 2. Undivided profits. 3. Reserves for conti…

NAC 662.008 Limits on amount of loans: “Total outstanding loans” interpreted. (NRS 658.105, 662.145, 662.155) For the purpose of determining “total outstanding loans,” as used in NRS 662.145: 1. If a loan is secured by a cash deposit, which is under the direct control of the bank…

NAC 662.010 Long-term capital notes or debentures: Approval before issuance. (NRS 658.105, 662.115) A bank may issue long-term capital notes or debentures only after having first received the written approval of the Administrator of Financial Institutions. The Administrator will …

NAC 662.020 Long-term capital notes or debentures: Application for approval. (NRS 658.105, 662.115) 1. A bank which desires to obtain approval for the issuance of long-term capital notes or debentures must submit an application to the Administrator of Financial Institutions. 2. T…

NAC 662.030 Long-term capital notes or debentures: Consideration of application. (NRS 658.105, 662.115) The Administrator of Financial Institutions will not consider a bank’s application for or approve the issuance of its long-term capital notes or debentures unless: 1. The bylaw…

NAC 662.040 Long-term capital notes or debentures: Obligation to depositors, other creditors. (NRS 658.105, 662.115) 1. The indebtedness of the bank evidenced by any long-term capital notes or debentures, including the principal and premium, if any, and interest on them, is subor…

NAC 662.050 Long-term capital notes or debentures: Maximum amount of issuance. (NRS 658.105, 662.115) A bank shall not issue long-term capital notes or debentures in an amount exceeding 100 percent of its paid in capital stock plus 50 percent of its unimpaired surplus. [Banking D…

NAC 662.060 Long-term capital notes or debentures: Period of maturity. (NRS 658.105, 662.115) The Administrator of Financial Institutions will prescribe periods of maturity not exceeding 25 years for any issue of such long-term capital notes or debentures, and the issuing bank sh…

NAC 662.070 Long-term capital notes or debentures: Conversion to stock. (NRS 658.105, 662.115) No such long-term capital notes or debentures may be converted into capital stock, either common or preferred, of the issuing bank without prior consent of the Administrator of Financia…

NAC 662.080 Long-term capital notes or debentures: Computation of requirements for capital and limits on amount of loans. (NRS 658.105, 662.115) Any such long-term capital notes or debentures must be considered a portion of the: 1. Capital or capital structure of the issuing bank…

NAC 662.090 Long-term capital notes or debentures: Acquisition by bank. (NRS 658.105, 662.115) 1. A bank chartered by the State of Nevada which issues long-term capital notes or debentures shall not acquire or hold any of these capital notes or debentures in carrying out its duti…

NAC 662.100 Deposit with affiliate of money held as fiduciary or agent: Collateral security. (NRS 658.105) If a bank deposits money held by the bank as a fiduciary or agent with an affiliate pursuant to subsection 3 of NRS 662.097 and the money deposited exceeds the amount of fed…

NAC 662.110 Borrowing money from depository institution affiliates. (NRS 658.105, 662.015) Notwithstanding the provisions of subsections 2 and 3 of NRS 662.175, a bank may borrow money from a depository institution affiliate to the same extent that a national bank may borrow mone…

NAC 662.120 Appointment of foreign organization to act as fiduciary: Fees for appointment and service of process. (NRS 658.105, 662.245) 1. A document filed with the Secretary of State by an organization that seeks to be appointed to act as a fiduciary pursuant to NRS 662.245 mus…

NAC 665.010 Retention of records: Requirements. 1. Each period of retention starts with the date of the final transaction, the closing date of the account or the payment date of the official check. 2. If a record (or printout) generated by a computer can be related to a record li…

NAC 665.020 List of business records to be retained. Every state bank shall retain its business records for the periods prescribed in the following schedule: Type of Record Period of Retention Months Years Permanent Administration: Articles of incorporation P Charter P FDIC certi…

NAC 666.010 Nevada depository institution: Fee for application for approval of merger, consolidation or transfer of assets and liabilities. (NRS 658.105, 666.015) An application submitted by a Nevada depository institution for approval of a merger pursuant to NRS 666.015 must be …

NAC 666.020 Fee for application for approval to take certain actions affecting depository institution or holding company whose home state is Nevada. (NRS 658.105, 666.315) An application for approval to take certain actions that is submitted pursuant to NRS 666.315 must be accomp…

NAC 668.010 Complaints: Failure to respond; confidentiality. (NRS 658.105) 1. If a licensed bank, or an authorized representative of that licensee, fails to respond to the Commissioner of Financial Institutions within 20 business days after receipt of a written notice that a comp…

NAC 669.010 Fee for supervision and related activities: Amount; collection; failure to pay. (NRS 658.101, 669.250, 669.270) 1. The Commissioner of Financial Institutions will charge and collect a fee of $75 per hour from each trust company for any supervision, examination, audit,…

NAC 669.020 Deposit with affiliate of money held as fiduciary or agent: Collateral security. (NRS 669.270) If a trust company deposits money held by the trust company as a fiduciary or agent with an affiliate depository institution pursuant to subsection 3 of NRS 669.225 and the …

NAC 669.030 Fees: Application for license to transact trust company business; request for licensing of branch location. (NRS 669.150, 669.270) 1. An application for a license to transact trust company business submitted pursuant to NRS 669.150 must be accompanied by: (a) A nonref…

NAC 669.040 Initial licensing fees. (NRS 669.190, 669.270) 1. The initial fee for a trust company with an initial stockholder’s equity of: (a) Not less than $300,000 but not more than $500,000, is $750. (b) More than $500,000 but not more than $1,000,000, is $1,125. (c) More than…

NAC 669.050 Annual licensing fees. (NRS 669.190, 669.270) On or before April 1 of each year, each licensed trust company shall pay to the Division of Financial Institutions of the Department of Business and Industry, for a trust company with an existing stockholder’s equity of: 1…

NAC 669.060 Fee for failure to submit required report. (NRS 669.270, 669.286) A licensed trust company shall pay a fee of $10 for each day that any report required pursuant to this chapter or chapter 669 of NRS is overdue. (Added to NAC by Comm’r of Financial Institutions by R109…

NAC 669.070 Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055, 669.260, 669.270) 1. Except as otherwise provided in NAC 658.030, each licensed trust company shall pay to the Division of Financial Institutions of the Department of Bu…

NAC 669.080 Prerequisites to engaging in business. (NRS 669.270) A person shall not engage in the business of a trust company in this State unless: 1. The person possesses any license, certificate or permit required by this chapter, chapter 669 of NRS or a local governmental enti…

NAC 669.090 Revocation or suspension of license. (NRS 669.270) The Commissioner of Financial Institutions may revoke or suspend the license of a trust company pursuant to the procedures provided in chapter 669 of NRS if the trust company violates any provision of this chapter or …

NAC 669.100 Inspection of documents filed with Division of Financial Institutions. (NRS 669.270) Except as otherwise provided in NAC 669.110 or by specific statute, all papers, documents, reports and other written instruments filed with the Division of Financial Institutions of t…

NAC 669.110 Complaints: Failure to respond; confidentiality. (NRS 669.270) 1. If a licensed trust company, or an authorized representative of that licensee, fails to respond to the Commissioner of Financial Institutions within 20 business days after receipt of a written notice th…

NAC 669A.010 Definitions. (NRS 669A.270) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 669A.020 to 669A.190, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Comm’r of Financial Institutions by …

NAC 669A.020 “Board” defined. (NRS 669A.270) “Board” means the body of designated, elected or appointed persons that jointly govern and oversee the activities of the committees, officers and managers of a licensed family trust company. (Added to NAC by Comm’r of Financial Institu…

NAC 669A.030 “Client” defined. (NRS 669A.270) “Client” means a family member who has engaged a licensed family trust company to provide services pursuant to NRS 669A.220. (Added to NAC by Comm’r of Financial Institutions by R051-16, 6-28-2016, eff. 1-1-2017)

NAC 669A.040 “Client complaint” defined. (NRS 669A.270) “Client complaint” means a written, verified complaint regarding the actions or omissions of a licensed family trust company made by one or more clients which has been filed with the Division and furnished to the management …

NAC 669A.050 “Committee” defined. (NRS 669A.270) “Committee” means a body of designated, elected or appointed persons formed by a board pursuant to its governing instruments and applicable law and charged with the oversight of a particular area or function of a licensed family tr…

NAC 669A.060 “Corrective action” defined. (NRS 669A.270) “Corrective action” means any action, plan or other undertaking by a licensed family trust company or the management of the licensed family trust company reasonably required to address a deficiency or material weakness iden…

NAC 669A.070 “Deficiency” defined. (NRS 669A.270) “Deficiency” means an item, matter or condition relating to a licensed family trust company or its organization and operation which does not meet the requirements imposed by this chapter and chapter 669A of NRS. (Added to NAC by C…