Title 55

NRS 669A.150 Unlawful to use or advertise word “trust” as part of name; exceptions. 1. Except as otherwise provided in subsections 2 and 3, or pursuant to the provisions of NRS 669.095, a family trust company formed and doing business under the laws of this State or any other sta…

NRS 669A.160 Minimum stockholders’ equity required for organization and operation. A licensed family trust company must not be organized or operated with a stockholders’ equity of less than $300,000. The full amount of the initial stockholders’ equity must be paid in cash, exclus…

NRS 669A.170 Certain organizational structure required for domestic family trust company; authority to do business in this State required for foreign family trust company. An applicant for a license to conduct business as a licensed family trust company under this chapter must be…

NRS 669A.180 Certain provisions required in articles of incorporation, certificate of incorporation or articles of organization of domestic family trust company; limitation on use of certain names by foreign trust company. 1. If a licensed family trust company is organized under …

NRS 669A.190 Application for license: Contents; fees; regulations; withdrawal of application. 1. An applicant for a license as a family trust company must file an application with the Commissioner on forms prescribed by the Commissioner. The application must contain or be accompa…

NRS 669A.200 Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review. 1. Within 60 days after the application for a license as a family trust company is filed, the Commissioner shall investigate the facts of the application an…

NRS 669A.210 Payment of license fees; deposit in State Treasury. 1. On or before April 1 of each year, each licensed family trust company must pay to the Division of Financial Institutions a license fee of $1,500. All money collected under the provisions of this section must be d…

NRS 669A.220 Powers of family trust companies; banking business prohibited. 1. A family trust company may, but only for family members: (a) Act as a fiduciary within and outside this State as permitted by law and as consistent with the trust or will. (b) Act within and outside th…

NRS 669A.222 Appointment of guardian for certain persons who are not residents of this State. Any court of competent jurisdiction may appoint a guardian of the estate or guardian ad litem for persons who are adjudicated incapacitated or minors who are not residents of this State …

NRS 669A.223 Designation of person to represent and bind beneficiary and receive information regarding trust; exceptions; limitation on liability. 1. Except as otherwise provided in subsections 2 and 3, if specifically nominated in the trust instrument, one or more persons may be…

NRS 669A.225 Authorized actions and transactions; conflicts of interest. 1. In addition to the transactions authorized by NRS 669A.230 and notwithstanding the provisions of any other law to the contrary, while acting as the fiduciary of a trust, a family trust company or licensed…

NRS 669A.230 Investments. 1. Except as otherwise provided in subsection 2, the assets forming the minimum capital of a licensed family trust company pursuant to NRS 669A.160 must: (a) Consist of: (1) Cash; (2) Governmental obligations or insured deposits that mature within 3 year…

NRS 669A.233 Nonjudicial settlement agreements: Authority to enter; scope; judicial approval. 1. A family trust company or licensed family trust company and an interested person may enter into a nonjudicial settlement agreement with respect to any matter involving the management,…

NRS 669A.235 Nonjudicial settlement agreements: Notice to necessary parties; objections; actions alleging fraud, bad faith or willful violation of terms of trust; limitation of liability. 1. A family trust company or licensed family trust company shall provide written notice by p…

NRS 669A.237 Nonjudicial settlement agreements: Refraining from taking authorized action. 1. A family trust company or licensed family trust company may refrain from taking an action that is authorized by a nonjudicial settlement agreement if the family trust company or licensed …

NRS 669A.240 Discontinuing business. Whenever a licensed family trust company desires to discontinue its business as a family trust company, it shall furnish to the Commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has as…

NRS 669A.250 Fidelity bonds; insurance. 1. The directors or managers of a licensed family trust company shall obtain fidelity bonds in such amounts as they shall determine on any active officers, managers, members acting in a managerial capacity and employees, whether or not they…

NRS 669A.255 Annual and final reports; allocation to income. 1. Except as otherwise provided in subsection 4, a family trust company or licensed family trust company, while acting as the fiduciary of a trust, shall provide an annual report to each beneficiary who is entitled to a…

NRS 669A.256 Sealing of trust documents. 1. In any court proceeding relating to a trust or estate, the family trust company, licensed family trust company, other fiduciary of the trust, settlor or any beneficiary, may petition the court to order the following trust documents to b…

NRS 669A.257 Privileged communications; applicability of attorney-client relationship. 1. Any communication between an attorney and a family trust company or licensed family trust company acting as a fiduciary is privileged and protected from disclosure to the same extent as if t…

NRS 669A.260 Fees for examination. 1. The Commissioner may examine the books and records of a licensed family trust company. For each examination of the books and records of a licensed family trust company as authorized under this chapter, the Commissioner shall charge and collec…

NRS 669A.270 Regulations of Commissioner; determination of organization as family trust company. 1. The Commissioner may adopt such regulations as may be necessary to carry out the purposes and provisions of this chapter. 2. The Commissioner may issue rules, orders, approvals, de…

NRS 669A.280 Authority of Commissioner to revoke license. 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 licensed family trust company is sufficient cause for the Commissio…

NRS 669A.290 Failure to submit required report; fees; regulations. 1. If a licensed family trust company fails to submit within the prescribed period any report required pursuant to this chapter or any regulation adopted pursuant thereto, the Commissioner may impose and collect a…

NRS 669A.300 Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by Commissioner; removal. Each officer, director, manager, member, employee or agent of a licensed family trust company who, following written notice from the C…

NRS 669A.310 Confidentiality of certain records and documents; authority of Commissioner to use discretion in determining disclosure. 1. Except as otherwise provided in this section, any application and personal or financial records submitted by a person pursuant to the provision…

NRS 669A.320 Administrative fines. 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: 1. Without a license, conducts any business or activity for which a license is required pursuant to the pr…

NRS 670B.010 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 670B.020 to 670B.130, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2023, 2855)

NRS 670B.020 “Control person” defined. 1. “Control person” means: (a) An executive officer, director, general partner, trustee, member, qualified employee or shareholder of a student loan servicer, licensee or applicant for a license; or (b) A person who is authorized to particip…

NRS 670B.030 “Cosigner” defined. “Cosigner” means: 1. Any person who is liable for the obligation of another without compensation, regardless of how the person is designated in the contract or instrument with respect to that obligation, including, without limitation, an obligatio…

NRS 670B.040 “License” defined. “License” means a license issued by the Commissioner pursuant to this chapter. (Added to NRS by 2023, 2856)

NRS 670B.050 “Licensee” defined. “Licensee” means a student loan servicer licensed by the Commissioner pursuant to this chapter. (Added to NRS by 2023, 2856)

NRS 670B.060 “Nationwide Multistate Licensing System and Registry” or “Registry” defined. “Nationwide Multistate Licensing System and Registry” or “Registry” has the meaning ascribed to it in NRS 604A.083. (Added to NRS by 2023, 2856)

NRS 670B.070 “Private education lender” defined. 1. “Private education lender” means any person engaged in the business of securing, making or extending private education loans, or any holder of a private education loan. 2. To the extent that state law is not preempted by federal…

NRS 670B.080 “Private education loan” defined. 1. “Private education loan” means an extension of credit that is: (a) Extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the loan is provided by the educational instit…

NRS 670B.090 “Private education loan borrower” defined. “Private education loan borrower” means any resident of this State who has received or agreed to pay a private education loan for the borrower’s own educational expenses. (Added to NRS by 2023, 2856)

NRS 670B.100 “Student education loan” defined. “Student education loan” means any loan primarily for personal use to finance education or other school-related expenses. The term includes a private education loan. (Added to NRS by 2023, 2856)

NRS 670B.110 “Student loan borrower” defined. “Student loan borrower” means a: 1. Resident of this State who receives or agrees to pay a student education loan; or 2. Person who shares responsibility with such a resident for repaying the student education loan. (Added to NRS by 2…

NRS 670B.120 “Student loan servicer” defined. “Student loan servicer” means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower. The term includes a licensee and a person who engages in student loan servicing with…

NRS 670B.130 “Student loan servicing” or “servicing” defined. “Student loan servicing” or “servicing” means: 1. Receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan or any notification that a student loan borrowe…

NRS 670B.200 License required; exceptions. 1. Except as otherwise provided in subsection 2, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a license from the Commissioner pursuant to this chapter. 2. The following persons may ac…

NRS 670B.210 Application for license: Submission; financial statement; supporting information; fees; surety bond. Except as otherwise provided in NRS 670B.240, a person may apply for a license as a student loan servicer by submitting a written application to the Commissioner on a…

NRS 670B.220 Statement concerning obligation for child support required for issuance or renewal of license; suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until the date of the repeal of 42…

NRS 670B.230 Investigation of applicant; issuance of license. Except as otherwise provided in NRS 670B.240, upon the filing of an application for an initial license and the payment of the license fee and the investigation fee and submission of the surety bond required by NRS 670B…

NRS 670B.240 Person conducting student loan servicing pursuant to contract with United States Department of Education: Procedures for issuance of license; exemption from certain requirements; requirements upon expiration, revocation or termination of contract; provisions do not p…

NRS 670B.250 Expiration and renewal of license; filing of annual report. 1. A license issued pursuant to this chapter expires on December 31 of each year following its issuance, unless renewed or earlier surrendered, suspended or revoked pursuant to this chapter. 2. A licensee ma…