Nev. Rev. Stat. § 669.227

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

Section 669.227 - Trust company or savings bank that assumes role of custodian for individual retirement account to provide notice to holder of account

1. If a trust company or savings bank assumes the role of custodian for any individual retirement account within the meaning of section 408(a) of the Internal Revenue Code of 1986, 26 U.S.C. § 408(a), from:

(a) An affiliate of the trust company or savings bank, as applicable;

(b) Another trust company or savings bank; or

(c) An affiliate of another trust company or savings bank,

the trust company or savings bank, as applicable, which is assuming the role of custodian shall, in the manner required pursuant to the terms of the documentation of the individual retirement account and any requirements set forth in applicable federal law, provide each holder of the account with notice that the trust company or savings bank, as applicable, is assuming the role of custodian of the account.

2. As used in this section, "savings bank" has the meaning ascribed to it in NRS 673.0317.

NRS 669.227

Added to NRS by 2021, 1422

Added by 2021, Ch. 270,§1, eff. 10/1/2021.