666A.270 - State representative office: Authorized activities; approval of additional activities. - Nevada Statutes

666A.270  State representative office: Authorized activities; approval of additional activities.

      1.  A foreign bank which is licensed to establish and maintain a state representative office may, subject to such regulations as the Commissioner may prescribe:

      (a)  Solicit loans and in connection therewith assemble information concerning credit, inspect and appraise property, secure information on titles, prepare applications for loans and make recommendations with respect to action thereon, solicit investors to purchase loans from the foreign bank and search for investors to contract with the foreign bank for servicing of loans;

      (b) Solicit new business;

      (c) Conduct research; and

      (d) Perform administrative functions.

Ê Any other activity, except as provided in subsection 2, which the foreign bank seeks to conduct at the office is subject to the prior written approval of the Commissioner.

      2.  A state representative office may approve credit if the foreign bank:

      (a) Gives 45 days’ prior written notice to the Commissioner; and

      (b) The Commissioner does not object within the 45-day period to that activity by the state representative office.

      (Added to NRS by 1995, 1541)