NRS 669.110 Certain organizational structure required for domestic trust company; authority to do business in this State required for foreign trust company.

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.

NRS 669.130 Unlawful for trust company to commence business without authorization of Commissioner.

NRS 669.150 Application for license: Contents; fees; regulations; withdrawal of application.

NRS 669.160 Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review.

NRS 669.190 Payment of license fees; regulations; deposit in State Treasury.

NRS 669.200 Cancellation of license if trust company fails to open for business.

POWERS AND MISCELLANEOUS PROVISIONS

NRS 669.210 Powers of licensed trust companies; banking business prohibited.

NRS 669.220 Investments: General requirements.

NRS 669.225 Investments: Trust company may invest in securities of and provide services to investment trust or investment company; trust company may deposit money held in trust with affiliate.

NRS 669.230 Discontinuing business.

NRS 669.240 Fidelity bonds; insurance.

EXAMINATION; REGULATION

NRS 669.250 Fees for examination; frequency of examination.

NRS 669.260 Applicability of other provisions of title.

NRS 669.270 Regulations of Commissioner.

DISCIPLINARY ACTION AND REMEDIAL ACTION

NRS 669.280 Authority of Commissioner to take disciplinary action and to close and liquidate business.

NRS 669.282 Authority of Commissioner to seize property, business and assets; duties of Commissioner upon seizure.

NRS 669.284 Persons entitled to remedy conditions leading to seizure; effect of failure to remedy; receivership and liquidation of assets.

UNLAWFUL ACTS; PENALTIES

NRS 669.286 Failure to submit required report; fees; regulations.

NRS 669.290 Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by Commissioner unlawful; penalty.

NRS 669.295 Administrative fines.

NRS 669.300 Violation of chapter constitutes gross misdemeanor unless otherwise specified.

_________

GENERAL PROVISIONS

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 should be licensed and regulated in such manner as to promote the public advantage and convenience.

3. It is the purpose of this chapter to bring under public supervision those persons who are engaged in or who desire to engage in the business of a trust company, not in connection with banking business, and to insure that there is established in this state an adequate, efficient and competitive trust company service.

(Added to NRS by 1969, 1184)

NRS 669.020 Definitions. As used in this chapter, 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)

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 undertaking to act as a fiduciary in the regular course of its business.

(Added to NRS by 1999, 841)

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 669.045 “Fiduciary” defined. “Fiduciary” means a trustee, executor, administrator, guardian of an estate, conservator, assignee for the benefit of creditors, receiver, depositary or person that receives on deposit money or property from a public administrator under any provision of this chapter or from another fiduciary.

(Added to NRS by 1999, 841)

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 669.070 “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 business conducted in this state is not subject to supervision by a regulatory authority of another jurisdiction, the person must be licensed pursuant to this chapter;

(b) Is appointed as a fiduciary pursuant to NRS 662.245;

(d) Acts as a trustee under a deed of trust;

(e) Acts as a resident agent for a domestic or foreign corporation, limited-liability company, limited partnership or limited-liability partnership;

(f) Acts as a trustee of a trust holding real property for the primary purpose of facilitating any transaction with respect to real estate if he is not regularly engaged in the business of acting as a trustee for such trusts;

(g) Engages in the business of a collection agency pursuant to chapter 649 of NRS;

(h) Engages in the business of an escrow agency, escrow agent or escrow officer pursuant to the provisions of chapter 645A or 692A of NRS;

(i) Acts as a trustee of a trust created for charitable or nonprofit purposes if he is not regularly engaged in the business of acting as trustee for such trusts;

(j) Receives money or other property as a real estate broker licensed under chapter 645 of NRS on behalf of a principal;

(k) Engages in transactions as a broker-dealer or sales representative pursuant to chapter 90 of NRS;

(l) Acts as a fiduciary under a court trust;

(m) Does business as an insurer authorized to issue policies of life insurance and annuities or endowment contracts in this state and is subject to regulation and control of the Commissioner of Insurance; or

(n) Acts as a fiduciary if:

(1) The fiduciary relationship is not one of his principal occupations; or

(2) He serves as a fiduciary for a relative by blood or marriage.

2. A bank, savings bank, savings and loan association or thrift company claiming an exemption from this chapter pursuant to paragraph (a) of subsection 1 must notify the Commissioner of Financial Institutions of its intention to engage in the business of a trust company in this state and present proof satisfactory to the Commissioner of Financial Institutions that its fiduciary activities in this state will be subject to regulation by another jurisdiction.

(Added to NRS by 1969, 1184; A 1981, 339; 1999, 843)

ORGANIZATION AND LICENSING

NRS 669.090 Unlawful to engage in business of trust company without license. It is unlawful for any person 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)

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 derivative of that word as a part of its name.

(b) Advertise or use any sign with the word “trust” used as a part of its name.

2. The provisions of subsection 1 do not apply to a person or organization which:

(a) Is supervised by the Commissioner of Financial Institutions pursuant to this chapter or chapters 657 to 668, inclusive, 673 or 677 of NRS;

(b) Is doing business under the laws of the United States or another state relating to banks, savings banks, savings and loan associations or thrift companies;

(d) Is supervised by the Commissioner of Insurance.

(Added to NRS by 1983, 466; A 1985, 357; 1987, 1942; 1999, 844)

NRS 669.100 Minimum stockholders’ equity required for organization and operation. No trust company may be organized or operated with a stockholders’ equity of less than $300,000, 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 commence business.

(Added to NRS by 1969, 1185; A 1983, 1758; 1987, 1943; 1997, 1007)

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 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, 844)

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 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 incorporated in this state, or engaged in the business of a trust company in this state; and

(b) The purpose for which it is formed.

2. The provisions of subsection 1 do not apply to a corporation or limited-liability company engaged in trust company business that is organized under the laws of another state, but it must use a name that distinguishes it from any other trust company organized as or conducting the business of a trust company in this state.

(Added to NRS by 1969, 1185; A 1983, 1759; 1987, 774, 1943; 1997, 1007; 1999, 844)

NRS 669.130 Unlawful for trust company to commence business without authorization of Commissioner. A 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)

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 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 such reasonable additional expenses incurred in the process of investigation as the Commissioner deems necessary. In addition, a fee of not less than $200 or more than $500, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the application.

3. A trust company may maintain offices in this and other states. For every branch location of a trust company organized under the laws of this State, and every branch location in this State of a foreign trust company authorized to do business in this State, a request for approval and licensing must be filed with the Commissioner on such forms as he prescribes. A nonrefundable fee of not more than $500 must accompany each request. In addition, a fee of not more than $200, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the request.

4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account created by NRS 232.545.

5. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information and fees required to complete the application within 12 months after the date the application is first submitted to the Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if an applicant otherwise withdraws an application, the Commissioner may not issue a license to the applicant unless the applicant submits a new application and pays any required fees.

(Added to NRS by 1969, 1186; A 1983, 1317, 1760; 1987, 1944; 1991, 1809; 1999, 845; 2005, 1849)

NRS 669.160 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 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 the limited-liability company, as applicable:

(1) Have a good reputation for honesty, trustworthiness and integrity and display competence to transact the business of a trust company in a manner which safeguards the interests of the general public. The applicant must submit satisfactory proof of these qualifications to the Commissioner.

(2) Have not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.

(3) Have not made a false statement of material fact on the application.

(4) Have not had a license that was issued pursuant to the provisions of this chapter suspended or revoked within the 10 years immediately preceding the date of the application.

(5) Have not had a license as a trust company which was issued in any other state, district or territory of the United States or any foreign country suspended or revoked within the 10 years immediately preceding the date of the application.

(6) Have not violated any of the provisions of this chapter or any regulation adopted pursuant to the provisions of this chapter.

(b) That the financial status of the directors and officers of the corporation or the managers or members acting in a managerial capacity of the limited-liability company is consistent with their responsibilities and duties.

(d) That the initial stockholders’ equity is not less than the required minimum.

2. Notice of the entry of an order refusing a license to a trust company must be given in writing, served personally or sent by certified mail or by telegram to the company affected. The company, upon application, is entitled to a hearing before a hearing officer appointed by the Director of the Department of Business and Industry, but if no such application is made within 30 days after the entry of an order refusing a license to any company, the Commissioner shall enter a final order.

3. If the hearing officer affirms the order of the Commissioner refusing the license, the applicant may file a petition for judicial review pursuant to NRS 233B.130.

(Added to NRS by 1969, 1186; A 1983, 1760; 1987, 1945; 1997, 1008; 1999, 846; 2003, 985; 2005, 1850)

NRS 669.190 Payment of license fees; regulations; deposit in State Treasury.

1. The initial fee to be paid for a trust company license must be in proportion to the initial stockholders’ equity of the trust company as follows:

(a) A trust company with an initial stockholders’ equity of not less than $300,000 but not more than $500,000 must pay a license fee of not more than $1,000.

(b) A trust company with an initial stockholders’ equity of more than $500,000 but not more than $1,000,000 must pay a license fee of not more than not more than $1,500.

(c) A trust company with an initial stockholders’ equity of more than $1,000,000 must pay a license fee of not more than $2,000.

2. In addition, every trust company must pay an initial license fee of not more than $200 for each branch office that is authorized by the Commissioner.

3. Thereafter, every trust company must pay annually on or before April 1 of each year a license fee which must be in proportion to its existing stockholders’ equity as follows:

(a) A trust company with an existing stockholders’ equity of not less than $300,000 but not more than $500,000 must pay a license fee of not more than $1,000.

(b) A trust company with an existing stockholders’ equity of more than $500,000 but not more than $1,000,000 must pay a license fee of not more than $1,500.

(c) A trust company with an existing stockholders’ equity of more than $1,000,000 must pay a license fee of not more than $2,000.

4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section. All money collected under the provisions of this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.

(Added to NRS by 1969, 1187; A 1983, 1317, 1761; 1987, 1945; 1997, 1008; 2003, 3227; 2005, 1851)

NRS 669.200 Cancellation of license if trust company fails to open for business. If a proposed 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, the Commissioner shall issue an order cancelling the trust company’s license.

(Added to NRS by 1969, 1187; A 1983, 1761; 1987, 1946)

POWERS AND MISCELLANEOUS PROVISIONS

NRS 669.210 Powers of licensed trust companies; banking business prohibited.

1. Each licensed trust company may:

(a) Act as trustee under any mortgage or bond of any person or of any municipality or body politic.

(b) Accept and execute any municipal or corporate or individual trust not inconsistent with the laws of this State.

(d) Act as executor or trustee under any will.

(e) Act as fiscal or transfer agent of any state, municipality, body politic or corporation, and in such capacity receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness.

(f) Act as local or resident agent of foreign corporations.

(g) Accept and execute any trust business permitted by any law.

(h) Acquire the fiduciary rights, powers, duties and liabilities of a bank, savings and loan association, thrift company, trust company or credit union licensed pursuant to titles 55 and 56 of NRS, and upon the effective date of such an acquisition, the fiduciary rights, powers, duties and liabilities of the bank, savings and loan association, thrift company, trust company or credit union vest in and must be performed by the acquiring trust company.

(i) Do and perform all acts necessary to exercise the powers enumerated in this subsection and authorized by this chapter and any other applicable laws of this State.

2. A trust company may not engage in any banking business by accepting deposits or making loans.

(Added to NRS by 1969, 1187; A 1989, 2033)

NRS 669.220 Investments: General requirements.

1. A trust company:

(a) Shall keep all trust funds and investments separate from the assets of the trust company, and all investments made by the trust company as a fiduciary must be designated so that the trust or estate to which the investments belong may be clearly identified.

(b) When it holds trust funds awaiting investment or distribution, may deposit or leave those funds on deposit with a state or national bank or credit union. The funds must not be deposited or left with the same corporation depositing them or leaving them on deposit, or with a corporation or association holding or owning a majority of the stock of the trust company making or leaving the deposit, unless that corporation or association first pledges, as security for the deposit, securities eligible for investment by state banks or credit unions which have a market value equal to that of the deposited funds. No security is required with respect to any portion of the deposits that is insured under the provisions of NRS 678.755 or a law of the United States.

(c) When it acts in any capacity under a court trust or private trust, unless the instrument creating the trust provides otherwise, may cause any securities held by it in its representative capacity to be registered in the name of a nominee or nominees of the trust company.

(d) When acting as depositary or custodian for the personal representative of a court trust or private trust, unless the instrument creating the trust provides otherwise, may with the consent of the personal representative of the trust, cause any securities held by it to be registered in the name of a nominee or nominees of the trust company.

2. A trust company is liable for any loss occasioned by the acts of its nominees with respect to securities registered under this section.

3. No corporation or the registrar or transfer agent of the corporation is liable for registering or causing to be registered on the books of the corporation any securities in the name of any nominee of a trust company or for transferring or causing to be transferred on the books of the corporation any securities registered by the corporation in the name of any nominee of a trust company when the transfer is made on the authorization of the nominee.

4. Except as otherwise provided in subsection 5, the assets forming the capital of a trust company must:

(a) Be governmental obligations or insured deposits that mature within 3 years after acquisition.

(b) Have an aggregate market value that equals or exceeds 60 percent of the company’s current stockholders’ equity or 60 percent of the company’s initial stockholders’ equity, whichever is greater.

5. A trust company may purchase or rent land and equipment for use in the daily activities of the trust company.

(Added to NRS by 1969, 1187; A 1983, 299; 1997, 1009; 1999, 847, 1544)

NRS 669.225 Investments: Trust company may invest in securities of and provide services to investment trust or investment company; 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 instrument creating the relationship of fiduciary or agent, a trust company which is acting as a fiduciary or agent may, in its discretion or at the direction of another person who is authorized to direct the investment of money held by the trust company as a fiduciary or agent, invest in the securities of an investment trust or investment company if:

(a) The investment trust or investment company is registered pursuant to the Investment Company Act of 1940, as amended, 15 U.S.C. §§ 80a-1 et seq.; and

(b) The portfolio of the investment trust or investment company consists substantially of investments which are not prohibited by the instrument creating the fiduciary or agency relationship.

2. A trust company or an affiliate of the trust company may provide services to the investment trust or investment company, including, without limitation, acting as an investment adviser, custodian, transfer agent, registrar, sponsor, distributor or manager and may receive reasonable compensation for the services. The manner in which the compensation is calculated must be disclosed to the person who is currently receiving the benefits of the relationship of a fiduciary or agent with the trust company. The disclosure may be made by a prospectus, a statement of account or otherwise.

3. A trust company may deposit money held by the trust company as a fiduciary or agent with an affiliate before investing or making other disposition of the money.

(Added to NRS by 1991, 822; A 1999, 848)

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 law. Thereafter, the Commissioner shall enter an order cancelling the trust company’s license.

(Added to NRS by 1969, 1188; A 1983, 1761; 1987, 1946)

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 receive a salary or other compensation from the trust company, to indemnify the trust company against loss because of any dishonest, fraudulent or criminal act or omission by any of the persons bonded acting alone or in combination with any other person. The bonds may be in any form and may be paid for by the trust company.

2. The trust company shall obtain suitable insurance against burglary, robbery, theft and other hazards to which it may be exposed in the operation of its business.

3. The trust company shall at least annually prescribe the amount or penal sum of the bonds or policies and designate the sureties and underwriters thereof, after giving due and careful consideration to all known elements and factors constituting a risk or hazard. The action must be recorded in the minutes of the trust company and reported to the Commissioner.

(Added to NRS by 1969, 1188; A 1983, 300, 1762; 1987, 1946; 1999, 848)

EXAMINATION; REGULATION

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 preparing and typing the report of the examination at the rate established pursuant to NRS 658.101.

2. All money collected under this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.

3. The Commissioner shall examine a licensee as often as he deems necessary.

(Added to NRS by 1969, 1188; A 1983, 1318, 1762; 1987, 1946, 2223; 2003, 3228)

NRS 669.260 Applicability of other provisions of title. In addition to other provisions of this title which are applicable to this title as a whole or specifically made applicable to trust companies, the Commissioner may by regulation make applicable to trust companies any regulatory provision contained in chapters 657 to 667, inclusive, which can be reasonably applied and which are not inconsistent with the provisions of this chapter.

(Added to NRS by 1969, 1189; A 1983, 1762; 1987, 1947)

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)

DISCIPLINARY ACTION AND REMEDIAL ACTION

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 sufficient cause for the Commissioner to close the trust company, liquidate its business and revoke its license.

2. If a trust company or any person authorized to act on the behalf of the trust company refuses to allow the Commissioner or his deputies to inspect all books, records, papers and effects of the business of the trust company, the Commissioner may revoke its license and proceed to wind up the affairs of the trust company.

(Added to NRS by 1969, 1189; A 1983, 1762; 1987, 1947; 1999, 849)

NRS 669.282 Authority of Commissioner to seize property, business and assets; duties of Commissioner upon seizure.

1. If the Commissioner ascertains by examination or otherwise that the capital or assets of a trust company are impaired or that the affairs of a trust company are in an unsafe condition which may result in danger to the public, he may immediately take possession of all the property, business and assets of the company which are located in this state and retain possession of them pending further proceedings as provided in this chapter.

2. If the directors or officers of a corporation or the managers or members acting in a managerial capacity of a limited-liability company refuse to allow the Commissioner to take possession of the property of the company, the Commissioner shall communicate that fact to the Attorney General. Upon notification from the Commissioner, the Attorney General shall immediately institute such proceedings as may be necessary to place the Commissioner in immediate possession of the property of the company. Upon possession of the property, the Commissioner shall make or have made an inventory of the assets and known liabilities of the company.

3. The Commissioner shall file one copy of the inventory in his office and one copy in the office of the clerk of the district court of the county in which the principal office of the trust company is located and shall mail one copy to each director or officer of the corporation, or the manager or member acting in a managerial capacity of the limited-liability company, at his last known address.

4. The clerk of the court with which the copy of the inventory is filed shall file it as any other case or proceeding pending in the court and shall give it a docket number.

(Added to NRS by 1999, 841)

NRS 669.284 Persons entitled to remedy conditions leading to seizure; effect of failure to remedy; receivership and liquidation of assets.

1. The directors or officers of a corporation or the managers or members acting in a managerial capacity of a limited-liability company licensed as a trust company may, within 60 days after the date the Commissioner takes possession of the property, business and assets of the corporation or limited-liability company licensed as a trust company, make good any deficit that exists or remedy the unsafe condition of the affairs of the corporation or limited-liability company licensed as a trust company.

2. At the expiration of the 60-day period set forth in subsection 1, if the deficiency in assets or capital has not been made good or the unsafe condition remedied, the Commissioner may apply to the court to be appointed receiver and proceed to liquidate the assets of the company that are located in this state in the same manner as now provided by law for liquidation of a private corporation in receivership.

3. Another person may not be appointed receiver by any court unless he first gives the Commissioner ample notice of his application.

4. The inventory made by the Commissioner pursuant to NRS 669.282 and all claims filed by creditors are open at all reasonable times for inspection, and any action taken by the receiver upon any of the claims is subject to the approval of the court before which the cause is pending.

5. The expenses of the receiver and compensation of counsel, as well as all expenditures required in the liquidation proceedings, must be fixed by the Commissioner subject to the approval of the court and, upon certification of the Commissioner, must be paid out of the money in his hands as the receiver.

(Added to NRS by 1999, 842)

UNLAWFUL ACTS; PENALTIES

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 than $10 for each day the report is overdue.

2. The Commissioner shall adopt regulations establishing the amount of the fee that may be imposed pursuant to this section.

(Added to NRS by 2005, 1849)

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 any duty required by this chapter or other applicable law, or who knowingly or willfully fails to conform to any material lawful requirement made by the Commissioner, is subject to removal upon order of the Commissioner, and is guilty of a category D felony and shall be punished as provided in NRS 193.130.

(Added to NRS by 1969, 1189; A 1983, 1763; 1987, 1947; 1995, 1317; 1999, 849)

NRS 669.295 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 provisions of this chapter; or

2. Violates any provision of this chapter or any regulation adopted pursuant thereto.

(Added to NRS by 2005, 1849)

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)

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Chapter 669 — Trust Companies

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