1. If a foreign independent trust company seeks to engage only in the solicitation of trust company business in this State, regardless of whether the foreign independent trust company has a physical location in this State, the foreign independent trust company must submit to the Commissioner a written request on a form prescribed by the Commissioner for authorization to solicit trust company business in this State. The written request must be accompanied by:
(a) A nonrefundable fee of $1,000.
(b) Evidence that the foreign independent 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 designation of a registered agent who resides or is located in this State to receive service of legal process relating to activities conducted by the foreign independent trust company in this State.
(d) If the foreign independent trust company proposes to have a trust representative office in this State:
(1) The address of the trust representative office;
(2) The names of all persons who will be representing the foreign independent trust company at the trust representative office; and
(3) Evidence of compliance with all applicable requirements for state and local business registrations and licenses.
(e) Confirmation that the foreign independent trust company is authorized to conduct business as a trust company in its home state.
(f) Confirmation by the applicable regulatory authority in the home state of the foreign independent trust company that the license or charter of the foreign independent trust company is in good standing.
(g) Evidence that the foreign independent trust company has a policy of insurance covering liability for errors and omissions relating to any activity by the foreign independent trust company involving residents of this State.
(h) Evidence of compliance with NRS 669.206, if the Commissioner requires a foreign independent trust company to maintain a surety bond.
(i) Confirmation that the laws of the home state of the foreign independent trust company authorize a trust company licensed pursuant to the laws of this State to conduct business in the home state of the foreign independent trust company on substantially the same basis.
(j) Confirmation that the 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 may deny the approval of a foreign independent trust company to engage in the solicitation of trust company business or have a trust representative office in this State if the Commissioner, in acting on the written request submitted pursuant to subsection 1 after consultation with the home state regulator, finds:
(a) That the foreign independent trust company lacks sufficient financial resources to undertake the proposed solicitation 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 solicit trust company business submitted pursuant to subsection 1, the foreign independent 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 (j), inclusive, of subsection 1 remains accurate. If any such information has changed, the foreign independent trust company must provide updated information.
4. If the Commissioner approves a written request for authorization to solicit trust company business submitted pursuant to subsection 1, the foreign independent trust company:
(a) Except as otherwise provided in paragraph (b), may solicit trust company business in this State and contact existing or prospective customers.
(b) Shall not:
(1) Accept a fiduciary appointment;
(2) Execute a document that creates a fiduciary relationship;
(3) Make decisions regarding the investment or distribution of fiduciary assets; or
(4) Otherwise engage in any activity for which a license is required pursuant to this chapter.
5. The Commissioner may:
(a) Rely on the applicable regulatory authority of the home state of a foreign independent trust company to examine and investigate activity conducted by the foreign independent trust company;
(b) Investigate any trust representative office established and maintained in this State by a foreign independent trust company as the Commissioner may deem necessary to determine if the trust representative 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 independent trust company that has been approved under this section.
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, "trust representative office" means a place of business in this State from which a foreign independent trust company may solicit trust company business and contact existing or prospective customers.
(Added to NRS by 2017, 553)