Nevada Administrative Code Chapter 666A - Foreign Banks
Here’s a refined overview of Nevada Administrative Code – Chapter 666A (Foreign Banks), which governs the registration and operation of foreign financial institutions within the state:
1. 🏢 Establishment of Representative Offices (NAC 666A.010)
What it covers: Licensing requirements for a foreign bank’s state representative office, i.e., a non-operational liaison presence in Nevada.
Application fee: $300.
Annual renewal fee: $150 (law.cornell.edu).
Legal basis: NRS 666A.120, defining scope and authority of such offices.
2. 💼 State Branches and Agencies Engaging in Fiduciary Activities (NAC 666A.020)
Who it applies to: A state branch or agency of a foreign bank that seeks to offer fiduciary services (e.g. trustee, executor, custodian).
Required fee: A $750 non‑refundable application fee for a certificate of authority to perform fiduciary duties in Nevada (law.cornell.edu).
Statutory grounding: Tied to NRS 666A.160, which outlines fiduciary powers and authorization conditions.
🔍 Summary of Key Differences
| Entity Type | NAC Section | Purpose | Initial Fee | Renewal Fee |
|---|---|---|---|---|
| Representative Office | 666A.010 | Pure liaison/presence only | $300 | $150 annually |
| State Branch/Agency | 666A.020 | Seeks fiduciary services authorization | $750 | (Renewal unspecified here) |
🔗 Context & Additional Notes
Representative offices are limited to promotional or liaison functions and may not conduct financial activities, including fiduciary duties, deposits, or loans—unless authorized separately.
State branches/agencies wishing to engage in fiduciary services must apply under NAC 666A.020 and are subject to ongoing regulatory oversight under NRS 666A.160.
For further procedural guidance—such as renewal cycles, required documentation, or compliance oversight—you’ll want to consult related statutes in NRS Chapter 666A and possibly NAC sections in nearby chapters (e.g., NAC 666 for general banking infrastructure).
RELATED Blog
0 comments