Nev. Rev. Stat. ch. 669 – Trust Companies | Midpage

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Nevada Revised Statutes

Chapter 669

Nev. Rev. Stat. ch. 669

Trust Companies

669.010Declaration of legislative intent 669.020Definitions 669.029“Business of a trust company” and “trust company business” defined 669.040“Court trust” defined 669.042“Family trust company” defined 669.045“Fiduciary” defined 669.047“Grandfathered trust company” defined 669.049“Noncustodial trust company” defined 669.050“Private trust” defined 669.065“Retail trust company” defined 669.070“Trust company” defined 669.080Applicability of chapter 669.083Retail trust company required to maintain principal office in Nevada 669.085Pre-opening examination by Commissioner; other requirements 669.087License as retail trust company not transferable; change in control required to be reported; application; investigation fee 669.090Unlawful to engage in business of trust company without license; exception 669.092Unlawful for retail trust company to engage in business at office outside Nevada without prior approval 669.095Unlawful to use or advertise word “trust” as part of name; exceptions 669.100Minimum stockholders’ equity required for organization and operation 669.110Certain organizational structure required for domestic trust company; authority to do business in this State required for foreign trust company 669.115Retail trust company required to have quarterly meetings 669.116Requirements concerning management or control of certain trust companies 669.117Directors and managers: Qualifications 669.120Certain provisions required in articles of incorporation or organization of domestic trust company; limitations on use of certain names by foreign trust company 669.130Unlawful for retail trust company to commence business without authorization of Commissioner 669.150Application for license: Contents; fees; regulations; withdrawal of application 669.160Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review 669.190Payment of license fees; regulations; deposit in State Treasury 669.200Cancellation of license if retail trust company fails to open for business or maintain regular business hours 669.201Definitions 669.2015“Federal banking regulator” defined 669.202“Foreign independent trust company” defined 669.203“Foreign trust company” defined 669.204“Home state” defined 669.205Foreign 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 669.206Authority of Commissioner to require an approved foreign independent trust company to maintain a surety bond; amount and form of bond; cancellation of bond 669.207Authorization of foreign trust company to act as fiduciary and solicit trust company business in this State; requirements 669.208Appointment of Commissioner as agent for service of process; procedure for service of process; continuances; taxable costs; records 669.209Foreign 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 669.210Powers of retail trust companies; banking business prohibited 669.220Investments: General requirements 669.225Investments: 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 669.227Trust company or savings bank that assumes role of custodian for individual retirement account to provide notice to holder of account 669.230Discontinuing business 669.235Licensee compliance with federal regulations; licensee to maintain information security program and notify Commissioner of notification events 669.240Fidelity bonds; insurance 669.245Commissioner authorized to be signatory 669.250Fees for examination; frequency of examination 669.260Applicability of other provisions of certain chapters 669.270Regulations of Commissioner 669.275Commissioner authorized to require audited financial statement; submission of list of stockholders or members 669.280Authority of Commissioner to take disciplinary action and to close and liquidate business 669.281Authority of Commissioner to remove officer, director, manager or employee of retail trust company; appeal of removal; hearing; judicial review 669.2825Authority of Commissioner to take disciplinary action or initiate proceedings to seize property 669.283Authority of Commissioner to investigate 669.2845Revocation of license; notice and hearing required 669.2846Authority of Commissioner to issue cease and desist order; action to enjoin by Attorney General or Commissioner; appointment of receiver 669.2847Revocation or suspension of license; notice and hearing required; administrative fines 669.285Confidentiality of records and documents 669.286Failure to submit required report; fees; regulations 669.290Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by Commissioner unlawful; penalty 669.295Administrative fines 669.300Violation of chapter constitutes gross misdemeanor unless otherwise specified