[Rev. 11/22/2013 10:20:18 AM--2013]

[NAC-669 Revised Date: 10-06]

CHAPTER 669 - TRUST COMPANIES

669.010††††††††††† Fee for supervision and related activities: Amount; collection; failure to pay.

669.020††††††††††† Deposit with affiliate of money held as fiduciary or agent: Collateral security.

669.030††††††††††† Fees: Application for license to transact trust company business; request for licensing of branch location.

669.040††††††††††† Initial licensing fees.

669.050††††††††††† Annual licensing fees.

669.060††††††††††† Fee for failure to submit required report.

669.070††††††††††† Annual assessments to cover costs related to performance of audits and examinations.

669.080††††††††††† Prerequisites to engaging in business.

669.090††††††††††† Revocation or suspension of license.

669.100††††††††††† Inspection of documents filed with Division of Financial Institutions.

669.110††††††††††† Complaints: Failure to respond; confidentiality.

 

††††† NAC 669.010  Fee for supervision and related activities: Amount; collection; failure to pay. (NRS 658.101, 669.250, 669.270)

†††† 1.  The Commissioner of Financial Institutions will charge and collect a fee of $60 per hour from each trust company for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 669 of NRS.

†††† 2.  The Commissioner will bill each trust company upon the completion of the activity for the fee established in subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after that date must include a penalty of 10 percent of the fee plus an additional 1 percent of the fee for each month, or portion of a month, that the fee is not paid. The Commissioner may waive the penalty for good cause.

†††† 3.  Failure of a trust company to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.

†††† (Added to NAC by Commír of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-1-89)

††††† NAC 669.020  Deposit with affiliate of money held as fiduciary or agent: Collateral security. (NRS 669.270)  If a trust company deposits money held by the trust company as a fiduciary or agent with an affiliate depository institution pursuant to subsection 3 of NRS 669.225 and the money deposited exceeds the amount of federal deposit insurance applicable to the money, the affiliate depository institution shall deliver to the trust company or put under the control of the trust company collateral security in accordance with 12 C.F.R. ß 9.10 or ß 550.8, whichever is applicable.

†††† (Added to NAC by Commír of Financial Institutions, eff. 5-27-92)

††††† NAC 669.030  Fees: Application for license to transact trust company business; request for licensing of branch location. (NRS 669.150, 669.270)

†††† 1.  An application for a license to transact trust company business submitted pursuant to NRS 669.150 must be accompanied by:

†††† (a) A nonrefundable fee of $1,500; and

†††† (b) A fee of $300, prorated by the Commissioner of Financial Institutions.

†††† 2.  A request for the licensing of a branch location submitted by a trust company pursuant to NRS 669.150 must be accompanied by:

†††† (a) A nonrefundable fee of $375 for each request; and

†††† (b) A fee of $200, prorated by the Commissioner of Financial Institutions.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.040  Initial licensing fees. (NRS 669.190, 669.270)

†††† 1.  The initial fee for a trust company with an initial stockholderís equity of:

†††† (a) Not less than $300,000 but not more than $500,000, is $750.

†††† (b) More than $500,000 but not more than $1,000,000, is $1,125.

†††† (c) More than $1,000,000, is $1,500.

†††† 2.  In addition, each trust company must pay an initial fee of $150 for each branch office that is authorized by the Commissioner of Financial Institutions.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.050  Annual licensing fees. (NRS 669.190, 669.270)  On or before April 1 of each year, each licensed trust company shall pay to the Division of Financial Institutions of the Department of Business and Industry, for a trust company with an existing stockholderís equity of:

†††† 1.  Not less than $300,000 but not more than $500,000, a fee of $750.

†††† 2.  More than $500,000 but not more than $1,000,000, a fee of $1,125.

†††† 3.  More than $1,000,000, a fee of $1,500.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.060  Fee for failure to submit required report. (NRS 669.270, 669.286)  A licensed trust company shall pay a fee of $10 for each day that any report required pursuant to this chapter or chapter 669 of NRS is overdue.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.070  Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055, 669.260, 669.270)

†††† 1.  Except as otherwise provided in NAC 658.030, each licensed trust company shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.

†††† 2.  The Division of Financial Institutions of the Department of Business and Industry will bill each licensed trust company for the assessment. The assessment must be paid within 30 days after the date the bill is received.

†††† 3.  A charge of 10 percent of the assessment will be imposed on any licensed trust company whose assessment is received by the Division of Financial Institutions of the Department of Business and Industry after the date on which the assessment is due.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.080  Prerequisites to engaging in business. (NRS 669.270)  A person shall not engage in the business of a trust company in this State unless:

†††† 1.  He possesses any license, certificate or permit required by this chapter, chapter 669 of NRS or a local governmental entity; and

†††† 2.  The location of the trust company complies with any applicable planning and zoning ordinance.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.090  Revocation or suspension of license. (NRS 669.270)  The Commissioner of Financial Institutions may revoke or suspend the license of a trust company pursuant to the procedures provided in chapter 669 of NRS if the trust company violates any provision of this chapter or chapter 669 of NRS, including, without limitation, a provision that imposes a fee or assessment on a licensee.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.100  Inspection of documents filed with Division of Financial Institutions. (NRS 669.270)  Except as otherwise provided in NAC 669.110 or by specific statute, all papers, documents, reports and other written instruments filed with the Division of Financial Institutions of the Department of Business and Industry pursuant to this chapter and chapter 669 of NRS are open to public inspection unless the Commissioner of Financial Institutions determines that the information is required to be withheld to protect the public welfare or the welfare of a licensee.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)

††††† NAC 669.110  Complaints: Failure to respond; confidentiality. (NRS 669.270)

†††† 1.  If a licensed trust company, or an authorized representative of that licensee, fails to respond to the Commissioner of Financial Institutions within 20 business days after receipt of a written notice that a complaint has been filed against the licensee, the licensee is deemed to have admitted to the allegations contained in the complaint.

†††† 2.  Subject to the discretion of the Commissioner of Financial Institutions and except as otherwise provided by specific statute, a complaint filed with the Division of Financial Institutions of the Department of Business and Industry, any documents filed with the complaint, and any report or information resulting from an investigation of a complaint are confidential.

†††† (Added to NAC by Commír of Financial Institutions by R109-06, eff. 6-28-2006)