677.420 - Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver. - Nevada Statutes

677.420  Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver.

      1.  A licensee shall notify the Commissioner of any change in the ownership of 10 percent or more of the outstanding voting stock of the licensee within 3 business days after the licensee has knowledge of the change.

      2.  An application for approval must be submitted to the Commissioner by a person who acquires:

      (a) At least 25 percent of a licensee’s outstanding voting stock; or

      (b) Any outstanding voting stock of a licensee if the change will result in a change in the control of the licensee.

Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation in accordance with NRS 677.180. If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the licensee.

      3.  The licensee with which the applicant is affiliated shall pay such a portion of the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.

      4.  A licensee may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.

      (Added to NRS by 1975, 1838; A 1983, 1823; 1985, 1348; 1987, 2004; 1991, 1816; 1997, 1018)