reglab/housing_qa huggingface dataset:
NV Rev Stat § 669A.100 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.100 - Family trust company not required to be licensed as trust company.

A family trust company is not required to be licensed as a trust company pursuant to chapter 669 of NRS. Unless a family trust company applies for licensure pursuant to chapter 669 of NRS, the family trust company is not:  1. Subject to supervision by the Commissioner pursuant to this chapter or chapter 669 of NRS; or  2. Except as otherwise provided in this chapter, subject to the provisions of chapter 669 of NRS applicable to a trust company that offers trust company services to:  (a) Persons who are not family members; or  (b) The public at large.  (Added to NRS by 2009, 1139)
NV Rev Stat § 669A.110 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.110 - Family trust company not required to be licensed but may apply for license.

A family trust company:  1. Is not required to be licensed pursuant to this chapter or chapter 669 of NRS.  2. May apply for a license as:  (a) A trust company pursuant to chapter 669 of NRS; or  (b) A licensed family trust company pursuant to this chapter.  3. Is subject to the supervision of the Commissioner under this chapter if licensed as a licensed family trust company pursuant to this chapter.  (Added to NRS by 2009, 1139; A 2015, 1210)
NV Rev Stat § 669A.120 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.120 - Exchange of license as trust company for license as family trust company.

A trust company licensed pursuant to the provisions of chapter 669 of NRS may exchange its license granted pursuant to that chapter for a license under this chapter, thereby becoming a licensed family trust company, upon providing the Commissioner with satisfactory evidence that at or before the effective date of its license under this chapter, the trust company will:  1. Satisfy the definition of a family trust company; and  2. Comply with the requirements of NRS 669A.140.  (Added to NRS by 2009, 1139)
NV Rev Stat § 669A.130 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.130 - Licensed family trust company has same rights, privileges and exemptions as trust company.

Except as otherwise provided in NRS 669A.150, a family trust company licensed pursuant to this chapter has all the rights, privileges and exemptions from licensing and regulation requirements made applicable by any law of this State to trust companies licensed pursuant to chapter 669 of NRS, including, without limitation, the requirements for registration, licensing and supervision set forth in chapter 90 of NRS.  (Added to NRS by 2009, 1139)
NV Rev Stat § 669A.133 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.133 - Standards for administration and management of trust.

While acting as the fiduciary of a trust, a family trust company or licensed family trust company:  1. Shall administer and manage the trust in accordance with the terms of the trust;  2. Shall administer and manage the trust in the interest of the beneficiaries of the trust;   3. Shall administer and manage the trust in accordance with the provisions of this chapter; and  4. May administer and manage the trust by the exercise of discretionary power of administration given to the fiduciary by the terms of the trust instrument.  (Added to NRS by 2011, 1809)
NV Rev Stat § 669A.135 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.135 - Limitations on liability.

Notwithstanding the provisions of any law to the contrary, a family trust company or licensed family trust company, or an employee or agent of a family trust company or licensed family trust company, is not liable to an interested person for any transaction, decision to act or decision to not act if the family trust company or licensed family trust company or employee or agent thereof acted in good faith and in reasonable reliance on the express terms of a trust instrument, a written consent, a court order, a nonjudicial settlement agreement or a written waiver contained in a trust instrument or in a separate written instrument such as a waiver of any duty to diversify. Good faith shall be presumed unless rebutted by clear and convincing evidence to the contrary.  (Added to NRS by 2011, 1809; A 2015, 1210)
NV Rev Stat § 669A.140 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.140 - Requirements for licensed family trust company: Resident officer; physical office; registered agent; licenses, registrations and permits; bank account.

A licensed family trust company shall maintain:  1. At least one officer of the licensed family trust company who is a resident of this State;  2. A physical office in this State where original or true copies of all material business records and accounts of the licensed family trust company may be accessed and readily available for examination by the Division of Financial Institutions;  3. A registered agent, with an office at the street address of the registered agent, in this State;  4. All applicable state and local business licenses, registrations and permits; and  5. A bank account with a state chartered or national bank having a principal or branch offices in this State.  (Added to NRS by 2009, 1139)
NV Rev Stat § 669A.150 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.150 - Unlawful to use or advertise word "trust" as part of name; exceptions.

  1. Except as otherwise provided in subsections 2 and 3, or pursuant to the provisions of NRS 669.095, a family trust company formed and doing business under the laws of this State or any other state shall not:  (a) Advertise its services to the public; or  (b) Use the word "trust" or any direct derivative of that word as a part of its name.  2. The provisions of subsection 1 do not apply to a family trust company which is licensed pursuant to chapter 669 of NRS.  3. The provisions of paragraph (b) of subsection 1 do not apply to a licensed family trust company.  (Added to NRS by 2009, 1139)
NV Rev Stat § 669A.160 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.160 - Minimum stockholders’ equity required for organization and operation.

A licensed family trust company must not be organized or operated with a stockholders’ equity of less than $300,000. The full amount of the initial stockholders’ equity must be paid in cash, exclusive of all organization expenses, before the licensed family trust company is authorized to commence business as a licensed family trust company.  (Added to NRS by 2009, 1140)
NV Rev Stat § 669A.170 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.170 - Certain organizational structure required for domestic family trust company; authority to do business in this State required for foreign family trust company.

An applicant for a license to conduct business as a licensed family trust company under this chapter must be organized as a corporation or limited-liability company under the laws of this State or authorized to do business in this State as a foreign corporation or foreign limited-liability company.  (Added to NRS by 2009, 1140)
NV Rev Stat § 669A.180 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.180 - Certain provisions required in articles of incorporation, certificate of incorporation or articles of organization of domestic family trust company; limitation on use of certain names by foreign trust company.

  1. If a licensed family trust company is organized under the laws of this State as a corporation or limited-liability company, the articles of incorporation, certificate of incorporation or articles of organization must contain:  (a) The name adopted by the licensed family trust company, which must be such as to distinguish it from any other trust company formed or incorporated in this State, or engaged in the business of a trust company or licensed family trust company in this State; and  (b) The purpose for which it is formed.  2. The provisions of subsection 1 do not apply to a licensed family trust company which is licensed or chartered to do business as a trust company under the laws of another state, but the licensed family trust company must use a name that distinguishes it from any other trust company organized as or conducting the business of:  (a) A trust company; or  (b) A licensed family trust company,  in this State.  (Added to NRS by 2009, 1140)
NV Rev Stat § 669A.190 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.190 - Application for license: Contents; fees; regulations; withdrawal of application.

  1. An applicant for a license as a family trust company must file an application with the Commissioner on forms prescribed by the Commissioner. The application must contain or be accompanied by such information as the Commissioner requires.  2. A nonrefundable fee of not more than $3,000 must accompany the application. The applicant must also pay such reasonable additional expenses incurred in the process of investigation as the Commissioner deems necessary. In addition, a fee of not less than $300 or more than $1,000, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the application.  3. A licensed family trust company may maintain offices in this and other states. For every branch location of a family trust company organized under the laws of this State, and every branch location in this State of a foreign family trust company electing to be licensed as a family trust company in this State, a request for approval and licensing must be filed with the Commissioner on such forms as the Commissioner prescribes. A nonrefundable fee of not more than $500 must accompany each request. In addition, a fee of not more than $200, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the request.  4. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.  5. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information and fees required to complete the application within 12 months of the Commissioner’s first request therefor or within such later period as the Commissioner determines. If an application is deemed to be withdrawn pursuant to this subsection or if an applicant otherwise withdraws an application, the Commissioner must not issue a license to the applicant unless the applicant submits a new application and pays any required fees.  (Added to NRS by 2009, 1140)
NV Rev Stat § 669A.200 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.200 - Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review.

  1. Within 60 days after the application for a license as a family trust company is filed, the Commissioner shall investigate the facts of the application and the other requirements of this chapter to determine:  (a) That the persons who will serve as directors or officers of the corporation, or the managers or members acting in a managerial capacity of the limited-liability company, as applicable:  (1) Have a good reputation for honesty, trustworthiness and integrity and display competence to transact the business of a licensed family trust company. The applicant must submit satisfactory proof of these qualifications to the Commissioner.  (2) Have not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.  (3) Have not made a false statement of material fact on the application.  (4) Have not had a license that was issued pursuant to the provisions of this chapter or chapter 669 of NRS suspended or revoked within the 10 years immediately preceding the date of the application.  (5) Have not had a license as a trust company which was issued in any other state, district or territory of the United States or any foreign country suspended or revoked within the 10 years immediately preceding the date of the application.  (6) Have not been found guilty of any violation of any of the provisions of this chapter or any regulation adopted pursuant thereto that in the judgment of the Commissioner would render the person unfit for the proposed position.  (b) That the financial status of the directors and officers of the corporation, or the managers or members acting in a managerial capacity of the limited-liability company, as applicable, is consistent with their responsibilities and duties.  (c) That the name of the proposed company complies with the provisions of NRS 657.200.  (d) That the initial stockholders’ equity is not less than the required minimum.  2. Notice of the entry of an order refusing a license to a family trust company must be given in writing, served personally or sent by certified mail to the company affected. The company, upon application, is entitled to a hearing before a hearing officer appointed by the Director of the Department of Business and Industry, but if no such application is made within 30 days after the entry of an order refusing a license to any company, the Commissioner shall enter a final order.  3. If the hearing officer affirms the order of the Commissioner refusing the license, the applicant may file a petition for judicial review pursuant to NRS 233B.130.  (Added to NRS by 2009, 1141)
NV Rev Stat § 669A.210 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.210 - Payment of license fees; deposit in State Treasury.

  1. On or before April 1 of each year, each licensed family trust company must pay to the Division of Financial Institutions a license fee of $1,500. All money collected under the provisions of this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.  2. A licensed family trust company which identifies a new designated relative when the licensed family trust company renews its license shall pay an additional annual license fee for renewal in such amount as the Commissioner shall determine.  (Added to NRS by 2009, 1142)
NV Rev Stat § 669A.220 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.220 - Powers of family trust companies; banking business prohibited.

  1. A family trust company may, but only for family members:  (a) Act as a fiduciary within and outside this State as permitted by law and as consistent with the trust or will.  (b) Act within and outside this State as advisory agent, agent, assignee, assignee for the benefit of creditors, attorney-in-fact, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, curator, custodian, escrow agent, exchange agent, fiscal or paying agent, financial advisor, investment advisor, investment manager, managing agent, purchase agent, receiver, registrar, safekeeping agent, subscription agent, transfer agent except for public companies, warrant agent, or in similar capacities generally performed by corporate trustees, and in so acting to possess, purchase, sell, invest, reinvest, safekeep or otherwise manage or administer real or personal property of other persons.  (c) Exercise the powers of a business corporation or a limited-liability company organized or qualified as a foreign corporation or a limited-liability company under the laws of this State and any incidental powers that are reasonably necessary to enable it to fully exercise, in accordance with commonly accepted customs and usages, a power conferred in this chapter.  (d) Do and perform all acts necessary or incidental to exercise the powers enumerated in this section or authorized by this chapter and any other applicable laws of this State.  2. A family trust company shall not engage in any:  (a) Banking with the public; or  (b) Trust company business with the public unless licensed pursuant to chapter 669 of NRS.  (Added to NRS by 2009, 1142; A 2015, 1210)
NV Rev Stat § 669A.222 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.222 - Appointment of guardian for certain persons who are not residents of this State.

Any court of competent jurisdiction may appoint a guardian of the estate or guardian ad litem for persons who are adjudicated incapacitated or minors who are not residents of this State and who are family members or beneficiaries of a trust or an estate for which a family trust company or licensed family trust company administers the trust or estate in this State.  (Added to NRS by 2015, 1208)
NV Rev Stat § 669A.223 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.223 - Designation of person to represent and bind beneficiary and receive information regarding trust; exceptions; limitation on liability.

  1. Except as otherwise provided in subsections 2 and 3, if specifically nominated in the trust instrument, one or more persons may be designated to represent and bind a beneficiary of a trust administered by a family trust company or licensed family trust company and to receive any notice, information, accounting or report regarding the trust. The trust instrument may also authorize any person or persons, other than a trustee, to designate one or more persons to represent and bind a beneficiary and to receive any notice, information, accounting or report.  2. A person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, may not represent and bind a beneficiary while that person is serving as a trustee of that trust.  3. Notwithstanding any provision of law to the contrary, a person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, may not represent and bind a beneficiary if that person is also a beneficiary, unless that person is:  (a) Specifically nominated in the trust instrument;  (b) The beneficiary’s spouse; or  (c) A parent, grandparent or descendant of a grandparent of the beneficiary or the beneficiary’s spouse.  4. A person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, is not liable to that beneficiary or his or her agent or successor for any acts or omissions made in good faith.  (Added to NRS by 2015, 1208)
NV Rev Stat § 669A.233 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.233 - Nonjudicial settlement agreements: Authority to enter; scope; judicial approval.

  1. A family trust company or licensed family trust company and an interested person may enter into a nonjudicial settlement agreement with respect to any matter involving the management, administration or interpretation of a trust that is managed pursuant to this chapter.  2. A nonjudicial settlement agreement that is entered into pursuant to this section must not contain:  (a) Terms that violate a material purpose of the trust; or  (b) Terms or conditions that could not be approved by a court.  3. The matters that may be resolved by a nonjudicial settlement agreement which is entered into pursuant to this section include, without limitation:  (a) Those pertaining to any transaction or action authorized pursuant to paragraphs (a) to (m), inclusive, of subsection 1 of NRS 669A.225;  (b) The investment or use of trust assets;  (c) The lending or borrowing of money;  (d) The addition, deletion or modification of a term or condition of the trust;  (e) The interpretation or construction of a term or condition of the trust;  (f) The designation or transfer of the principal place of administration of the trust;  (g) The approval of a report or accounting that is provided pursuant to NRS 669A.255;  (h) Direction to a fiduciary to refrain from performing a particular act or the grant to a fiduciary of any necessary or desirable power;  (i) The resignation or appointment of a fiduciary;  (j) The liability of a fiduciary for an action related to the management of the trust; and  (k) The termination of the trust.  4. After notice has been provided pursuant to NRS 669A.235, a family trust company or licensed family trust company or an interested person may petition a court to approve a nonjudicial settlement agreement, to determine whether the nonjudicial settlement agreement was accurately represented to each interested person or to determine whether the nonjudicial settlement agreement contains terms or conditions that the court could approve. A family trust company or licensed family trust company is not liable to an interested person for taking an action that is authorized by a nonjudicial settlement agreement which has been approved by a court.  (Added to NRS by 2011, 1811)
NV Rev Stat § 669A.237 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.237 - Nonjudicial settlement agreements: Refraining from taking authorized action.

  1. A family trust company or licensed family trust company may refrain from taking an action that is authorized by a nonjudicial settlement agreement if the family trust company or licensed family trust company determines in good faith that the action is not in the interest of the beneficiaries of the trust.  2. A family trust company or licensed family trust company that refrains from taking an action pursuant to subsection 1 shall provide written notice to each interested person within 15 days after its decision not to take the action and include in the notice the reasons for not taking the action.  3. An interested person who receives notice pursuant to subsection 2 may petition the court for an order requiring the family trust company or licensed family trust company to take the action authorized by the nonjudicial settlement agreement. The burden is on the beneficiary to prove that the proposed action is in the interest of the beneficiaries of the trust and should be taken.  4. A family trust company or licensed family trust company is not liable to an interested person for not taking an action that is authorized by a nonjudicial settlement agreement if the family trust company or licensed family trust company acted in good faith in not taking the action.  (Added to NRS by 2011, 1813)
NV Rev Stat § 669A.240 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.240 - Discontinuing business.

Whenever a licensed family trust company desires to discontinue its business as a family trust company, it shall furnish to the Commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has assumed or which have been imposed by law. Thereafter, the Commissioner shall enter an order cancelling the license of the family trust company.  (Added to NRS by 2009, 1144)
NV Rev Stat § 669A.250 (2021)
2021 Nevada Revised Statutes|Chapter 669A - Family Trust Companies|NRS 669A.250 - Fidelity bonds; insurance.

  1. The directors or managers of a licensed family trust company shall obtain fidelity bonds in such amounts as they shall determine on any active officers, managers, members acting in a managerial capacity and employees, whether or not they receive a salary or other compensation from the licensed family trust company, to indemnify the licensed family trust company against loss because of any dishonest, fraudulent or criminal act or omission by any of the persons bonded, acting alone or in combination with any other person. The bonds may be in any form and may be paid for by the licensed family trust company.  2. A licensed family trust company may also procure property and casualty insurance of a nature and with such coverage amounts as the licensed family trust company deems advisable.  (Added to NRS by 2009, 1144)