Title 55

NRS 669.042 “Family trust company” defined. 1. “Family trust company” means a corporation or limited-liability company that: (a) Acts or proposes to act as a fiduciary; (b) Is organized or qualified to do business in this State to serve family members; and (c) Does not: (1) Trans…

NRS 669.045 “Fiduciary” defined. 1. “Fiduciary” means a trustee, executor, administrator, guardian of an estate, personal representative, conservator, assignee for the benefit of creditors, receiver, depositary or person that receives on deposit money or property from a public ad…

NRS 669.047 “Grandfathered trust company” defined. “Grandfathered trust company” means a trust company that: 1. Held a license pursuant to this chapter on March 16, 2009; or 2. Filed an application for a license pursuant to this chapter with the Commissioner on or before March 16…

NRS 669.049 “Noncustodial trust company” defined. 1. “Noncustodial trust company” means a grandfathered trust company that: (a) Does not manage, or advise regarding, in the aggregate, more than $100,000,000 worth of a client’s assets; (b) Does not have custody or control of clien…

NRS 669.050 “Private trust” defined. “Private trust” means a fiduciary relationship other than a court trust. (Added to NRS by 1969, 1184; A 1999, 843)

NRS 669.065 “Retail trust company” defined. “Retail trust company” means an entity which is licensed under this chapter. (Added to NRS by 2009, 1949)

NRS 669.070 “Trust company” defined. “Trust company” means a corporation or limited-liability company licensed as provided in this chapter and engaged in a trust company business. (Added to NRS by 1969, 1184; A 1999, 843)

NRS 669.080 Applicability of chapter. 1. This chapter does not apply to a person who: (a) Does business under the laws of this State, the United States or another state relating to banks, savings banks, savings and loan associations or thrift companies, but if the trust company b…

NRS 669.083 Retail trust company required to maintain principal office in Nevada. 1. A retail trust company licensed in this State shall maintain its principal office in this State. 2. The conditions for a retail trust company to fulfill the requirements of subsection 1 include, …

NRS 669.085 Pre-opening examination by Commissioner; other requirements. 1. In rendering a decision on an application for a license as a retail trust company, the Commissioner shall consider: (a) The proposed market or markets to be served and, if they extend outside of this Stat…

NRS 669.087 License as retail trust company not transferable; change in control required to be reported; application; investigation fee. 1. A license issued pursuant to this chapter is not transferable or assignable, but upon approval of the Commissioner, a licensee may merge or …

NRS 669.090 Unlawful to engage in business of trust company without license; exception. Except as otherwise provided in NRS 669.201 to 669.209, inclusive, it is unlawful for any retail trust company to engage in the business of a trust company without complying with the provision…

NRS 669.092 Unlawful for retail trust company to engage in business at office outside Nevada without prior approval. 1. It is unlawful for any retail trust company licensed in this State to engage in trust company business at any office outside this State without the prior approv…

NRS 669.095 Unlawful to use or advertise word “trust” as part of name; exceptions. 1. Except as otherwise provided in subsection 2, no person or organization formed and doing business under the laws of this State or any other state may: (a) Use the word “trust” or any direct deri…

NRS 669.100 Minimum stockholders’ equity required for organization and operation. 1. No retail trust company may be organized or operated with a stockholders’ equity of less than $1,000,000, or in such greater amount as may be required by the Commissioner. The full amount of the …

NRS 669.110 Certain organizational structure required for domestic trust company; authority to do business in this State required for foreign trust company. An applicant for a license to conduct the business of a trust company under this chapter must be organized as a corporation…

NRS 669.115 Retail trust company required to have quarterly meetings. The Commissioner may direct that the board of directors or managers of a retail trust company meet at least quarterly in regular meetings to review the books, records, funds and securities held by the retail tr…

NRS 669.116 Requirements concerning management or control of certain trust companies. 1. Except as otherwise provided in subsection 3, the affairs and business of a retail trust company organized as a corporation under the laws of this State must be managed or controlled by a boa…

NRS 669.117 Directors and managers: Qualifications. 1. No person is eligible to serve as a director or manager of any retail trust company unless the person: (a) Displays the competence and integrity to transact the business of the retail trust company in a manner which safeguard…

NRS 669.120 Certain provisions required in articles of incorporation or organization of domestic trust company; limitations on use of certain names by foreign trust company. 1. If a corporation or limited-liability company that is engaged in trust company business is organized un…

NRS 669.130 Unlawful for retail trust company to commence business without authorization of Commissioner. A retail trust company shall not transact business, except business that is incidental to its organization, until it is authorized by the Commissioner to commence the busines…

NRS 669.150 Application for license: Contents; fees; regulations; withdrawal of application. 1. An applicant must file an application for a license to transact trust company business with the Commissioner on forms prescribed by the Commissioner, which must contain or be accompani…

NRS 669.160 Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review. 1. Within 90 days after the application for a license is filed, the Commissioner shall investigate the facts of the application and the other requirements of…

NRS 669.190 Payment of license fees; regulations; deposit in State Treasury. 1. The initial fee to be paid for a retail trust company license must not be more than $3,000. 2. In addition, every retail trust company must pay an initial license fee of not more than $500 for each br…

NRS 669.200 Cancellation of license if retail trust company fails to open for business or maintain regular business hours. The Commissioner shall issue an order cancelling a retail trust company’s license: 1. If the proposed retail trust company fails to open for business within …

NRS 669.201 Definitions. As used in NRS 669.201 to 669.209, inclusive, unless the context otherwise requires, the words and terms defined in NRS 669.2015 to 669.204, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2017, 553)

NRS 669.2015 “Federal banking regulator” defined. “Federal banking regulator” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency or the Federal Deposit Insurance Corporation. (Added to NRS by 2017, 553)

NRS 669.202 “Foreign independent trust company” defined. “Foreign independent trust company” means a trust company licensed under the laws of a state other than Nevada and not subject to regulation, supervision and examination by a federal banking regulator. (Added to NRS by 2017…

NRS 669.203 “Foreign trust company” defined. “Foreign trust company” means a trust company licensed under the laws of a state other than Nevada and subject to regulation, supervision and examination by a state banking regulator and at least one federal banking regulator. (Added t…

NRS 669.204 “Home state” defined. “Home state” means the state in which a foreign independent trust company or foreign trust company is licensed or chartered and maintains its principal place of business. (Added to NRS by 2017, 553)

NRS 669.205 Foreign independent trust company request to engage in the solicitation of trust company business in this State: Procedure for approval or denial; renewal; fees; conditions and prohibited acts if approved. 1. If a foreign independent trust company seeks to engage only…

NRS 669.206 Authority of Commissioner to require an approved foreign independent trust company to maintain a surety bond; amount and form of bond; cancellation of bond. 1. As a condition to engaging in the solicitation of trust company business in this State pursuant to NRS 669.2…

NRS 669.207 Authorization of foreign trust company to act as fiduciary and solicit trust company business in this State; requirements. 1. In addition to the authority provided in NRS 662.245 and 669.209, a foreign trust company may act as a fiduciary in this State, whether the ap…

NRS 669.208 Appointment of Commissioner as agent for service of process; procedure for service of process; continuances; taxable costs; records. 1. A foreign trust company acting in this State in a fiduciary capacity or engaging in this State in the solicitation of trust company …

NRS 669.209 Foreign trust company request to maintain a retail trust company and engage in business in this State; procedure for denial or approval; fees; conditions; renewal; authorization of Commissioner to investigate; deposit of fees. 1. If a foreign trust company seeks to es…

NRS 669.210 Powers of retail trust companies; banking business prohibited. 1. Each retail trust company may, in the conduct of its trust business, within and outside this State, subject to NRS 669.092, as applicable: (a) Act as indenture trustee or as trustee under any mortgage o…

NRS 669.220 Investments: General requirements. 1. A retail trust company: (a) Shall keep all trust funds and investments separate from the assets of the retail trust company, and all investments made by the retail trust company as a fiduciary must be designated so that the trust …

NRS 669.225 Investments: Trust company may invest in securities and provide services to investment trust or investment company; retail trust company may deposit money held in trust with affiliate. 1. In addition to the powers of investment granted to the trust company by the inst…

NRS 669.227 Trust company or savings bank that assumes role of custodian for individual retirement account to provide notice to holder of account. 1. If a trust company or savings bank assumes the role of custodian for any individual retirement account within the meaning of secti…

NRS 669.230 Discontinuing business. Whenever any trust company desires to discontinue its trust business, it shall furnish to the Commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has assumed or which have been imposed by…

NRS 669.235 Licensee compliance with federal regulations; licensee to maintain information security program and notify Commissioner of notification events. 1. A licensee shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addition to complying with the requi…

NRS 669.240 Fidelity bonds; insurance. 1. The directors or managers of a trust company shall require good and sufficient fidelity bonds in the amount of $25,000 or more on all active officers, managers, members acting in a managerial capacity and employees, whether or not they re…

NRS 669.245 Commissioner authorized to be signatory. The Commissioner is authorized to be, on his or her own behalf and that of the Division of Financial Institutions, a signatory to the Nationwide Cooperative Agreement for Supervision and Examination of Multi-State Trust Institu…

NRS 669.250 Fees for examination; frequency of examination. 1. For each examination of a trust company’s books and records required or authorized under this chapter, the Commissioner shall charge and collect from the trust company a fee for conducting the examination and in prepa…

NRS 669.260 Applicability of other provisions of certain chapters. In addition to other provisions of chapters 657 to 671, inclusive, of NRS which are applicable to chapters 657 to 671, inclusive, of NRS as a whole or specifically made applicable to trust companies, the Commissio…

NRS 669.270 Regulations of Commissioner. The Commissioner may adopt such regulations as may be necessary to carry out the purposes and provisions of this chapter. (Added to NRS by 1969, 1189; A 1983, 1762; 1987, 1947)