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, but are not limited to: (a) A verifiable physical office in this State that conducts such business operations in this State as […]
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 State, any exceptional risk, examination or supervision concerns associated with such markets; (b) Whether the proposed organizational and capital […]
1. A license issued pursuant to this chapter is not transferable or assignable, but upon approval of the Commissioner, a licensee may merge or consolidate with, or transfer its assets and control to, another entity that has been issued a license under this chapter. In making a determination regarding whether to grant such approval, the […]
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 provisions of this chapter and having a license issued by the Commissioner. (Added to NRS by 1969, 1184; A 1983, 1758; 1987, 1942; 2009, […]
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 approval of the Commissioner. 2. Before the Commissioner will approve a branch to be located in another state, the retail trust company must: (a) Obtain from that […]
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 derivative of that word as a part of its name. (b) Advertise or use any sign with the word “trust” […]
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 initial stockholders’ equity must be paid in cash, exclusive of all organization expenses, before the trust company is authorized to […]
An applicant for a license to conduct the business of a trust company under this chapter must be organized as a corporation or limited-liability company under the laws of this State or authorized to do business in this State as a foreign corporation or foreign limited-liability company. (Added to NRS by 1969, 1185; A 1999, […]
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 trust company in its individual and fiduciary capacities and maintain a written record of those meetings for review by the […]
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 board of directors of not less than five in number who must be selected by the stockholders at the annual meeting […]
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 safeguards the interests of the general public; and (b) Has a financial status consistent with his […]
1. If a corporation or limited-liability company that is engaged in trust company business is organized under the laws of this state, the articles of incorporation or articles of organization must contain: (a) The name adopted by the trust company, which must be such as to distinguish it from any other trust company formed or […]
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 business of a trust company as provided in this chapter. (Added to NRS by 1969, 1185; A 1983, 1759; 1987, 1944; 1997, 1007; 1999, 845; 2009, 1958)
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 accompanied by such information as the Commissioner requires. 2. A nonrefundable fee of not more than $2,000 must accompany the application. The applicant must also pay […]
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 this chapter to determine: (a) That the persons who will serve as directors or officers of the corporation, or the managers or members acting in a managerial capacity of […]
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 branch office that is authorized by the Commissioner. 3. Thereafter, every retail trust company must pay […]
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 6 months after the date the license was issued, or within an additional 6-month extension granted by the Commissioner upon written application and for good cause shown; or 2. If […]
