1. If a foreign trust company seeks to establish and maintain a retail trust company office and engage in the business of a trust company in this State, the foreign trust company must, in addition to any other requirements of law, submit to the Commissioner a written request on a form prescribed by the Commissioner for authorization to establish and maintain a retail trust company office and engage in the business of a trust company in this State. The written request must be accompanied by:

(a) A nonrefundable fee of $1,000.

(b) Evidence that the foreign trust company is qualified to do business as a foreign corporation or foreign limited-liability company pursuant to chapter 80 or 86 of NRS, as applicable.

(c) The following information about each retail trust company office in this State:

(1) The address of the retail trust company office;

(2) The name of all persons who will be employed at the retail trust company office; and

(3) Evidence of compliance with all applicable requirements for state and local business registrations and licenses.

(d) Confirmation that the foreign trust company is authorized to conduct business as a trust company in its home state.

(e) Confirmation by the applicable regulatory authority in the home state of the foreign trust company that the license or charter of the foreign trust company is in good standing.

(f) Confirmation that the laws of the home state of the foreign trust company authorize a retail trust company organized under the laws of this State, licensed pursuant to this chapter and subject to regulation, supervision and examination by the Commissioner and a federal banking regulator to engage in the activities in which the foreign trust company proposes to engage in this State on substantially the same basis as authorized under the laws of this State.

(g) Confirmation that the foreign trust company’s home state regulator subscribes to and is a signatory of the Nationwide Cooperative Agreement for Supervision and Examination of Multi-State Trust Institutions as adopted by the Conference of State Bank Supervisors.

2. The Commissioner, after considering the views of the home state regulator and the federal banking regulator to the extent available, may deny the approval of a foreign trust company to establish and maintain a retail trust company office and engage in the business of a trust company in this State if the Commissioner finds, after notice and hearing:

(a) That the foreign trust company lacks sufficient financial resources to undertake the proposed activity or expansion without adversely affecting its safety or soundness; or

(b) That such approval would be contrary to the public interest.

3. If the Commissioner approves a written request for authorization to establish and maintain a retail trust company office and engage in the business of a trust company in this State submitted pursuant to subsection 1, the foreign trust company must renew the request annually on a date and form prescribed by the Commissioner to continue such authorization. The written request for renewal must be accompanied by:

(a) A nonrefundable renewal fee of $500; and

(b) Confirmation that the information previously provided pursuant to paragraphs (b) to (g), inclusive, of subsection 1 remains accurate. If any such information has been changed, the foreign trust company shall provide updated information.

4. If the Commissioner approves a written request for authorization to establish and maintain a retail trust company office and engage in the business of a trust company submitted pursuant to subsection 1, the foreign trust company may:

(a) Establish and maintain a retail trust company office in this State; and

(b) Engage in the business of a trust company in this State, including, without limitation:

(1) Acting as a fiduciary in this State;

(2) Accepting fiduciary appointments, executing documents that create a fiduciary relationship and making decisions regarding the investment or distribution of fiduciary assets; and

(3) Advertising and soliciting trust company business in this State and contacting existing or prospective customers.

5. The Commissioner may:

(a) Rely on the applicable regulatory authority of the home state and the applicable federal banking regulator to examine and investigate activity conducted by the foreign trust company;

(b) Investigate any retail trust company office established and maintained in this State by a foreign trust company as the Commissioner may deem necessary to determine if the retail trust company office is being operated in compliance with the applicable laws of this State and in accordance with safe and sound business practices; and

(c) Require periodic reports regarding the operations of any foreign trust company that has established and maintains a retail trust company office in this State.

6. All money received by the Commissioner:

(a) From the payment of fees pursuant to paragraph (a) of subsection 1 must be placed in the Investigative Account for Financial Institutions created by NRS 232.545; and

(b) From the payment of renewal fees pursuant to paragraph (a) of subsection 3 must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.

7. As used in this section, “retail trust company office” means a place of business in this State from which a foreign trust company may engage in the business of a trust company.

(Added to NRS by 2017, 558)