Nev. Rev. Stat. § 666A.170

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 666A.170 - State branch or agency: Acting as agent

1. A state branch of a foreign bank licensed under this chapter may receive deposits and renew time deposits, and a state branch or agency of such a bank may close loans, service loans and receive payments on loans and other obligations, as an agent for any depository institution affiliated with the foreign bank, including branches, agencies and other offices of the same foreign bank located in other states, generally in accordance with the same terms, conditions, procedures and requirements that are applicable under the laws and regulations of this state to such activities as an agent which may be conducted by Nevada banks.

2. A state branch or agency of a foreign bank acting in this state as an agent in accordance with the provisions of this section must not be considered a branch of the affiliated depository institution, but no state branch or agency may act as agent for a branch or agency of an affiliated foreign bank other than the foreign bank which has been licensed to transact business in this state pursuant to this chapter.

3. A state branch or agency of a foreign bank licensed under this chapter may not:

(a) Conduct any activity as an agent under this section which that office is prohibited from conducting as a principal under any applicable federal or state law, including the acceptance of impermissible deposits; or

(b) As a principal, have an agent conduct any activity under this section which that office is prohibited from conducting under any applicable federal or state law, including the acceptance of impermissible deposits.

4. A state branch or agency of a foreign bank licensed under this chapter may act as an agent for a depository institution affiliated with the foreign bank only on terms that are consistent with safe and sound banking practices and all applicable regulations of the Commissioner.

5. A state branch may receive deposits or renew time deposits, and a state branch or agency may close loans, service loans or receive payments on loans and other obligations, as an agent for persons other than those for whom such agency activities are specifically authorized by this section, if the Commissioner so authorizes by regulation.

NRS 666A.170

Added to NRS by 1995, 1539