Title 55

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)

NRS 669.275 Commissioner authorized to require audited financial statement; submission of list of stockholders or members. 1. The Commissioner may require a licensee to provide an audited financial statement prepared by an independent certified public accountant licensed to do bu…

NRS 669.280 Authority of Commissioner to take disciplinary action and to close and liquidate business. 1. The violation of any of the provisions of this chapter by the officers or directors, or the managers or members acting in a managerial capacity, of any trust company is suffi…

NRS 669.281 Authority of Commissioner to remove officer, director, manager or employee of retail trust company; appeal of removal; hearing; judicial review. 1. The Commissioner may require the immediate removal from office of any officer, director, manager or employee of any reta…

NRS 669.2825 Authority of Commissioner to take disciplinary action or initiate proceedings to seize property. 1. The Commissioner may institute disciplinary action or forthwith initiate proceedings to take possession of the business and property of any retail trust company when i…

NRS 669.283 Authority of Commissioner to investigate. 1. For the purpose of discovering violations of chapters 657 to 671, inclusive, of NRS or of securing information required under this chapter, the Commissioner or the Commissioner’s duly authorized representatives may at any t…

NRS 669.2845 Revocation of license; notice and hearing required. If the Commissioner finds that probable cause for revocation of any license exists and that enforcement of the provisions of this chapter requires immediate suspension of a license pending investigation, the Commiss…

NRS 669.2846 Authority of Commissioner to issue cease and desist order; action to enjoin by Attorney General or Commissioner; appointment of receiver. 1. Whenever the Commissioner has reasonable cause to believe that any person is violating or is threatening to or intends to viol…

NRS 669.2847 Revocation or suspension of license; notice and hearing required; administrative fines. 1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, the Commissioner shall give at least 20 days’ written notice to the lice…

NRS 669.285 Confidentiality of records and documents. Except as otherwise provided in NRS 239.0115, any application and personal or financial records submitted by a person pursuant to the provisions of this chapter and any personal or financial records or other documents obtained…

NRS 669.286 Failure to submit required report; fees; regulations. 1. If a trust company fails to submit any report required pursuant to this chapter or any regulation adopted pursuant thereto within the prescribed period, the Commissioner may impose and collect a fee of not more …

NRS 669.290 Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by Commissioner unlawful; penalty. Each officer, director, manager, member, employee or agent of a trust company who knowingly or willfully neglects to perform a…

NRS 669.295 Administrative fines. 1. In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $10,000 per violation upon a person who: (a) Without a license, conducts any business or activity for which a license is required p…

NRS 669.300 Violation of chapter constitutes gross misdemeanor unless otherwise specified. Where no other punishment is otherwise provided by law, any person violating any provision of this chapter is guilty of a gross misdemeanor. (Added to NRS by 1969, 1189)

NRS 669A.010 Declaration of legislative intent. The Legislature finds as facts and determines that: 1. There exists a need to modernize trust company laws in Nevada to make Nevada more competitive in attracting new business, for Nevada to remain competitive with a majority of oth…

NRS 669A.020 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 669A.030 to 669A.090, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2009, 1137; A 2011, 1814; 2015, 1210)

NRS 669A.030 “Affiliate” defined. “Affiliate” means a family affiliate of any family member of the family trust company who is qualified to serve and any person controlling, controlled by or under common control with the family trust company. (Added to NRS by 2009, 1137)

NRS 669A.035 “Beneficiary” defined. “Beneficiary” has the meaning ascribed to it in NRS 132.050. (Added to NRS by 2015, 1208)

NRS 669A.040 “Confidential information” defined. “Confidential information” includes: 1. The names of stockholders, members or other owners; 2. Ownership information; 3. Capital contributions; 4. Addresses; 5. Business affiliations; 6. Information obtained from the family trust c…

NRS 669A.050 “Designated relative” defined. “Designated relative” means the common ancestor of the family, who may be either a living or deceased person. With regard to: 1. A licensed family trust company or a family trust company applying to be licensed pursuant to this chapter,…

NRS 669A.060 “Family affiliate” defined. “Family affiliate” means a company or other entity with respect to which one or more family members or affiliates own, directly or indirectly, a material interest in the company or entity, or possess, directly or indirectly, the power to d…

NRS 669A.070 “Family member” defined. 1. “Family member” includes, without limitation, the designated relative and: (a) Any person within the tenth degree of lineal kinship of the designated relative; (b) Any person within the ninth degree of collateral kinship to the designated …

NRS 669A.080 “Family trust company” defined. “Family trust company” means a corporation or limited-liability company that: 1. Acts or proposes to act as a fiduciary; 2. Is organized or qualified to do business in this State to serve family members; and 3. Does not: (a) Transact t…

NRS 669A.082 “Fiduciary” defined. “Fiduciary” means: 1. A person described in NRS 132.145; 2. A person described in NRS 163.554; 3. A directed fiduciary as provided in NRS 163.5548; and 4. A trust protector as defined in NRS 163.5547, Ê who may not be acting as a fiduciary under …

NRS 669A.085 “Interested person” defined. “Interested person” means a person, other than the grantor of a trust, who is: 1. A person who would be a necessary party to a judicial proceeding involving a trust; or 2. An authorized representative pursuant to NRS 164.038. (Added to NR…

NRS 669A.090 “Licensed family trust company” defined. “Licensed family trust company” means a trust company licensed pursuant to this chapter. (Added to NRS by 2009, 1138)

NRS 669A.094 Liberal construction of chapter. The rule that statutes in derogation of the common law are to be strictly construed has no application to this chapter. This chapter must be liberally construed to give maximum effect to the principle of freedom of disposition and to …

NRS 669A.095 Applicability of chapter. Except as otherwise provided in this chapter or by specific statute, a family trust company or licensed family trust company is subject to the provisions of this chapter only to the extent that the family trust company or licensed family tru…

NRS 669A.097 Applicability of other provisions of NRS. 1. Except as otherwise specified in the trust or in this chapter, a family trust company or licensed family trust company shall comply with the provisions of NRS 165.147. 2. Any fiduciary duties required pursuant to title 12 …

NRS 669A.100 Family trust company not required to be licensed as trust company. A family trust company is not required to be licensed as a trust company pursuant to chapter 669 of NRS. Unless a family trust company applies for licensure pursuant to chapter 669 of NRS, the family …

NRS 669A.110 Family trust company not required to be licensed but may apply for license. A family trust company: 1. Is not required to be licensed pursuant to this chapter or chapter 669 of NRS. 2. May apply for a license as: (a) A trust company pursuant to chapter 669 of NRS; or…

NRS 669A.120 Exchange of license as trust company for license as family trust company. A trust company licensed pursuant to the provisions of chapter 669 of NRS may exchange its license granted pursuant to that chapter for a license under this chapter, thereby becoming a licensed…