669.083 - Retail trust company required to maintain principal office in Nevada. - Nevada Statutes

669.083  Retail trust company required to maintain principal office in Nevada.

      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 are necessary to administer trusts in this State;

      (b) The presence of an employee that is a resident of Nevada in the principal office who has experience that is satisfactory to the Commissioner in accepting and administering trusts;

      (c) Maintenance of originals or true copies of all material business records and accounts of the retail trust company which may be accessed and are readily available for examination by the Division of Financial Institutions;

      (d) Maintenance of the required cash portion of the stockholders’ equity pursuant to NRS 669.100 in accounts with one or more banks or other financial institutions located in this State;

      (e) The provision of services to residents of this State consistent with the business plan provided by the trust company with its license application; and

      (f) Such other conditions that the Commissioner may require to protect the public interest.

      (Added to NRS by 2009, 1949)