Title 55

NRS 667.185 Provisions additional to other remedies. NRS 667.115 to 667.175, inclusive, are in addition to and not in substitution for any other remedy provided by law. (Added to NRS by 1971, 1005)

NRS 667.195 Validation of sales by liquidator under security instruments giving power of sale. If the Commissioner, the Federal Deposit Insurance Corporation or any liquidating agent appointed pursuant to the provisions of NRS 667.035 to 667.085, inclusive, exercises the power of…

NRS 667.205 Report of banks under liquidation: Contents; filing with Secretary of State; publication. 1. The Commissioner shall, on January 1 and July 1 of each year, file with the Secretary of State a report showing all banks under liquidation in the State of Nevada, the names o…

NRS 667.215 Conditions under which banks may reopen. When the Commissioner or the Federal Deposit Insurance Corporation has taken possession of any bank, the bank may, with the consent of the Commissioner, resume business upon such terms and conditions as may be approved by the C…

NRS 667.225 Conditions under which bank may reorganize before actual dissolution. 1. When any bank is authorized to dissolve and has taken the necessary steps to effect dissolution in accordance with the laws of this state or the laws of the United States, but before actual disso…

NRS 668.015 False or deceptive financial statements: Criminal penalty; liability for damages; removal from office. Every president, director, manager, cashier or other officer or employee of any bank who knowingly prepares, signs, approves or concurs in any account, statement, re…

NRS 668.045 Receiving deposits in insolvent banks with knowledge of insolvency; unfair preference to creditor; penalty. 1. It is unlawful for a president, director, manager, cashier or other officer or employee of any bank to permit the bank to remain open for business, or to ass…

NRS 668.051 Unreasonable delay in responding to offer for sale in lieu of foreclosure. 1. A banking or other financial institution, or an officer, manager or employee of a banking or other financial institution, shall not unreasonably delay responding to an offer for a sale in li…

NRS 668.055 Embezzlement; willful misapplication of money; penalties. A president, director, manager, cashier, teller, clerk, officer or agent of any bank who embezzles, abstracts or willfully misapplies any money, funds, securities or credits of any bank, or who issues or puts f…

NRS 668.065 False oath or affirmation of officer, director, manager or employee; penalty. Every officer, director, manager or employee of a bank required by chapters 657 to 671, inclusive, of NRS to take an oath or affirmation who willfully swears or affirms falsely is guilty of …

NRS 668.075 Limitation on advertising or publishing statement of stock. A bank or an officer or manager of a bank shall not advertise in any manner or publish any statement of the stock authorized or subscribed, unless the amount of stock actually paid up is advertised or publish…

NRS 668.085 Unauthorized disclosure of confidential information; penalty. If any person fails to keep secret the facts and information obtained in the course of, or as a result of, an examination of a bank, except when the duty of such examiner or employee requires him or her to …

NRS 668.095 Penalties for making, aiding in making, or suppressing evidence of false or fraudulent report. 1. An examiner of financial institutions who knowingly and willfully makes any false or fraudulent report of the condition of any bank which has been examined by him or her,…

NRS 668.112 Administrative fines. 1. In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $10,000 upon a person who: (a) Without a license, conducts any business or activity for which a license is required pursuant to the…

NRS 668.115 Violation constitutes misdemeanor unless otherwise specified. Where no other punishment is provided in chapters 657 to 671, inclusive, of NRS, any person violating any of the provisions of chapters 657 to 671, inclusive, of NRS is guilty of a misdemeanor. (Added to NR…

NRS 669.010 Declaration of legislative intent. The Legislature finds as facts and determines that: 1. There exists in this State a need, for the protection of the public interest, to regulate companies which are engaged in the trust company business. 2. Such trust companies shoul…

NRS 669.020 Definitions. As used in this chapter and chapter 669A of NRS, unless the context otherwise requires, the words and terms defined in NRS 669.029 to 669.070, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1969, 1184; A 1999, 842; 2009,…

NRS 669.029 “Business of a trust company” and “trust company business” defined. “Business of a trust company” or “trust company business” means the holding out by a person, by advertising, solicitation or other means, that it is available to act as a fiduciary in this state and u…

NRS 669.040 “Court trust” defined. “Court trust” means a fiduciary relationship created by an appointment, order or decree of any court. (Added to NRS by 1969, 1184; A 1999, 842)

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)