Section 412:8-500 - Powers and duties(a) Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200.(b) Notwithstanding any other provision in this chapter, a nondepository trust company shall not: (1) Solicit, accept, or hold deposits;(2) Engage in banking business;(3) Engage in business for which a real estate broker's license is required;(4) Engage in any business for which an insurance producer license is required; or(5) Engage in any business of a securities broker or dealer.(c) A nondepository trust company shall not itself perform, and instead shall contract for, the following services for its clients, if needed: (1) Financial advisors for client investments;(2) Property management for client rental properties; or(3) Real estate brokerages for client real estate transactions.(d) A nondepository trust company shall be responsible for the performance of the service providers that it engages for its clients.Added by L 2021, c 105,§ 12, eff. 7/1/2021.