Title 55

NRS 666.005 “Holding company” defined. “Holding company” means a company: 1. Which directly or indirectly owns or controls 25 percent or more of the voting stock of a depository institution; 2. Which controls the election of a majority of the directors of a depository institution…

NRS 666.006 “Home state” defined. “Home state” means: 1. For a state chartered depository institution, the state that charters the institution; 2. For a federally chartered institution, the state where the institution’s main office is located; and 3. For a holding company, the st…

NRS 666.007 “Host state” defined. “Host state” means: 1. For a depository institution, a state, other than the institution’s home state, where the institution maintains or seeks to establish a branch; and 2. For a holding company, a state, other than the holding company’s home st…

NRS 666.008 “Out-of-state” defined. “Out-of-state” when used to modify the term “bank,” “depository institution” or “holding company” signifies that its home state is not Nevada. (Added to NRS by 1995, 1553) MAJOR ORGANIZATIONAL CHANGES; TRANSFER OF ASSETS AND LIABILITIES

NRS 666.015 Nevada depository institution: Merger or consolidation with or transfer of assets and liabilities to similar institution, out-of-state depository institution or out-of-state holding company; regulations. 1. With the approval of the Commissioner, a Nevada depository in…

NRS 666.020 Powers of Nevada depository institution or its holding company after acquisition of or merger with out-of-state depository institution; applicable laws; powers of Commissioner. 1. A Nevada depository institution or its holding company that acquires an out-of-state dep…

NRS 666.025 Effect of consolidation of banks. 1. When an agreement of consolidation is made and a certified copy thereof is filed with the Secretary of State, together with a certified copy of the approval of the Commissioner of the consolidation, the banks which are parties to t…

NRS 666.035 Consolidation, conversion or merger of state bank with national bank: Minimum vote required; approval by Commissioner; applicable law; determination of value of shares or interests for dissenting stockholders. 1. A state bank may, with the approval of the Commissioner…

NRS 666.045 Merger or consolidation of national bank with state bank; incorporation of national bank as state bank. 1. Any national bank doing business in this state may, with the approval of the Commissioner, merge or consolidate with a state bank or incorporate as a state bank …

NRS 666.055 Fiduciary powers and liabilities of banks merging or transferring assets and liabilities. When any bank organized under the laws of this state or Acts of Congress, and doing business in this state, consolidates or merges with or sells to and transfers its assets and l…

NRS 666.065 Definitions. As used in NRS 666.065 to 666.215, inclusive, unless the context otherwise requires: 1. To “acquire” a bank means to obtain control of an existing bank or to establish a new bank. 2. “Business trust” means an organization in which a business or property i…

NRS 666.070 Applicability. The provisions of NRS 666.065 to 666.215, inclusive, do not apply to a bank holding company which: 1. Owns only national banks within this state until the holding company acquires or applies for approval to acquire a bank licensed by the Commissioner. 2…

NRS 666.075 Rebuttable presumption against control of bank; certain legal relationships and companies deemed not to be bank holding companies. 1. There is a rebuttable presumption that a company which directly or indirectly owns, controls or has the power to vote less than 10 per…

NRS 666.085 Regulations; reports to determine compliance. 1. The Commissioner may adopt such regulations as may be necessary to carry out the provisions of NRS 666.065 to 666.215, inclusive. 2. The Commissioner may require bank holding companies to submit reports under oath to de…

NRS 666.095 Annual registration reports required of bank holding companies. Each bank holding company doing business in this state, directly or through a subsidiary bank, shall file an annual registration report with the Commissioner within 120 days after the end of its fiscal ye…

NRS 666.105 Examinations of bank holding companies by Commissioner. 1. Each year the Commissioner shall make a thorough examination of and into the affairs of every bank holding company and every banking subsidiary thereof doing business in this state or accept a report of an exa…

NRS 666.115 Formation of bank holding company: Approval by Commissioner; limitation; application for approval; acceptance of federal registration. 1. Except as otherwise provided in subsection 4, a person who desires to form a bank holding company after July 1, 1983, must be appr…

NRS 666.125 Approval required before acquisition of bank; application; considerations. 1. A bank holding company must receive the approval of the Commissioner before acquiring a bank. 2. The application for approval must include such information with respect to the financial cond…

NRS 666.135 Approval of transfer of control required; grounds for disapproval. 1. Any transfer of stock or trust certificates of a bank holding company by sale, gift or otherwise, which will result in giving the person who receives the shares voting control of the bank holding co…

NRS 666.145 Order requiring removal of director, officer or employee; petition by person affected; injunction prohibiting participation in affairs of company. 1. If the Commissioner determines that a director, officer or employee of a bank holding company has been negligent, dish…

NRS 666.155 Failure to remove person pursuant to order conclusive evidence of negligence. If the board of directors of a bank holding company neglects or refuses to remove a person pursuant to an order of the Commissioner and the company subsequently incurs losses because of that…

NRS 666.165 Charges against company: Grounds; notice; hearing. 1. If the Commissioner has reasonable cause to believe that a bank holding company: (a) Is engaging, has engaged or is about to engage in any unsafe or unsound practice in connection with the bank holding company or a…

NRS 666.175 Issuance of order to cease and desist; corrective action; effectiveness of order. 1. If a representative of the bank holding company does not appear at the hearing, the company shall be deemed to have consented to the issuance of an order to cease and desist. 2. If th…

NRS 666.185 Temporary orders: Grounds; issuance; effectiveness. 1. If the Commissioner determines that the existing or threatened activity specified in a notice of charges is likely to: (a) Cause insolvency or substantial dissipation of the assets or earnings of a bank which is o…

NRS 666.195 Temporary orders: Application for injunction limiting or setting aside order; application for injunction prohibiting violation. 1. Within 10 days after a bank holding company has been served with a temporary order to cease and desist, the company may apply to the dist…

NRS 666.205 Injunctions; civil penalty; divestiture by holding company in another state. 1. The Commissioner may apply to the district court for an order compelling compliance with any provision of NRS 666.065 to 666.195, inclusive. The court may award the Commissioner the costs …

NRS 666.215 Penalties. 1. A person who willfully violates any provision of NRS 666.145 is guilty of a category D felony and shall be punished as provided in NRS 193.130. 2. A person who willfully violates any provision of NRS 666.065 to 666.135, inclusive, or 666.155 to 666.205, …

NRS 666.305 Approval of Commissioner required before taking certain actions affecting depository institution or holding company whose home state is Nevada; penalty; injunctive relief. 1. Unless the Commissioner gives prior written approval, no person may: (a) Acquire, directly or…

NRS 666.315 Application for approval required by NRS 666.305; contents; fee and expenses; review of application; issuance of written decision; grounds for disapproval; regulations. 1. An application filed with the Commissioner for approval must be on a form prescribed by the Comm…

NRS 666.325 Examination, supervision and regulation of interstate operations. 1. The Commissioner may examine and supervise any out-of-state depository institution or holding company which has been authorized to do business in this state. Such institutions and holding companies a…

NRS 666.355 Authority of Commissioner to authorize or require acquisition of failing depository institution or failing holding company which controls depository institution. If the Commissioner considers it necessary to protect depositors, creditors and other customers of a faili…

NRS 666.365 Rights, powers and privileges of acquired, acquiring or resulting depository institution or holding company. Any depository institution or holding company which is acquired pursuant to NRS 666.355, the institution which acquired the depository institution or holding c…

NRS 666.375 Conditions for authorizing or requiring certain transactions involving out-of-state depository institution or out-of-state holding company. The Commissioner may not authorize or require any transaction pursuant to NRS 666.355 involving an out-of-state depository insti…

NRS 666.390 Authority and conditions for depository institution to act as agent for affiliated depository institution. 1. A depository institution may, at its main office or at any branch, act as an agent of any other depository institution that is a subsidiary of the same holdin…

NRS 666.400 Powers of out-of-state depository institution or its holding company after acquisition of or merger with Nevada depository institution or its holding company; applicable laws; powers of Commissioner. 1. Subject to the provisions of NRS 666.410, 666.415 and 666.420, an…

NRS 666.405 Acquisition of Nevada depository institution for conversion to branch of out-of-state depository institution or out-of-state holding company; restrictions; exceptions. 1. Except as otherwise provided in this section, an out-of-state depository institution without a br…

NRS 666.410 Establishment or acquisition of Nevada branch by out-of-state depository institution or out-of-state holding company. 1. An out-of-state depository institution without a branch in Nevada or an out-of-state holding company without a depository institution in Nevada may…

NRS 666.415 Waiver of federal limits on concentration of deposits. To the extent authorized by federal law, the Commissioner may waive any applicable federal limit on concentration of deposits if the Commissioner finds that the waiver promotes the availability of financial servic…

NRS 666.420 Reports by out-of-state depository institution or holding company. The Commissioner may, by regulation, require an out-of-state depository institution or holding company to submit such reports or permit the submission of such reports prepared pursuant to federal law a…