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2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.010 - Declaration of legislative intent.

The Legislature finds as facts and determines that:
1. There exists a need to modernize trust company laws in Nevada to make Nevada more competitive in attracting new business, for Nevada to remain competitive with a majority of other states that have modernized their laws and to ensure the safety and soundness of all trust companies licensed pursuant to the provisions of this chapter or chapter 669 of NRS.
2. Unlike the public trust companies required to be licensed pursuant to the provisions of chapter 669 of NRS, family trust companies do not engage or seek to engage in a trust company business with the public but rather serve solely the interests of members and related parties of a single family and the grantors and beneficiaries of trust instruments created for the purposes of estate planning for the family members. Consequently, there is no public interest to be protected or furthered and requiring the licensing of family trust companies will not promote the public advantage and convenience. There are, however, reasons that some family trust companies may wish to obtain state licensing and appropriate supervision under trust company law.
3. It is the purpose of this chapter to:
(a) Define those persons who are engaged in or who desire to provide fiduciary services to a single family and its related interests as a family trust company and who are not doing trust company business with the public or offering services to the general public; and
(b) Bring under public supervision only those family trust companies desiring the benefits of being licensed pursuant to the provisions of this chapter or chapter 669 of NRS.
(Added to NRS by 2009, 1136)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.020 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 669A.030 to 669A.090, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2009, 1137; A 2011, 1814; 2015, 1210)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.040 - "Confidential information" defined.

"Confidential information" includes:
1. The names of stockholders, members or other owners;
2. Ownership information;
3. Capital contributions;
4. Addresses;
5. Business affiliations;
6. Information obtained from the family trust company;
7. Findings of the Commissioner through any examination or investigation;
8. Any information required to be reported to or filed with the Commissioner;
9. Any information that qualifies as any person’s "nonpublic personal information" under 15 U.S.C. § 6809 and the regulations adopted pursuant thereto;
10. Any information or agreement relating to any merger, consolidation or transfer;
11. Any information or agreement relating to any relationship with a contracting trustee; and
12. Any other nonpublic information that, in the judgment of the Commissioner, could be useful in connection with an act of bribery, extortion, identity theft or terrorism.
(Added to NRS by 2009, 1137)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.050 - "Designated relative" defined.

"Designated relative" means the common ancestor of the family, who may be either a living or deceased person. With regard to:
1. A licensed family trust company or a family trust company applying to be licensed pursuant to this chapter, the designated relative is the person who is designated in the application for a license or in the annual renewal of a license.
2. A family trust company other than a family trust company described in subsection 1, the designated relative is any person designated by the family trust company in a letter to the Commissioner sent by certified mail, return receipt requested.
(Added to NRS by 2009, 1137)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.060 - "Family affiliate" defined.

"Family affiliate" means a company or other entity with respect to which one or more family members or affiliates own, directly or indirectly, a material interest in the company or entity, or possess, directly or indirectly, the power to direct or cause the direction of the management and policies of that company or entity, whether through the ownership of voting securities, by contract, power of direction or otherwise.
(Added to NRS by 2009, 1137; A 2011, 1814)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.070 - "Family member" defined.

1. "Family member" includes, without limitation, the designated relative and:
(a) Any person within the tenth degree of lineal kinship of the designated relative;
(b) Any person within the ninth degree of collateral kinship to the designated relative;
(c) Any nonfamily member who is an individual beneficiary under a will or trust created by a family member specified in paragraph (a) or (b), including the spouse and issue of that person;
(d) The spouse and any former spouse of the designated relative or of any person qualifying as a family member pursuant to paragraph (a) or (b);
(e) A person who is a relative of a spouse or former spouse specified in paragraph (c) or (d) who is within the fifth degree of lineal kinship of the spouse or former spouse;
(f) A family affiliate and the officers, managers and directors of that family affiliate and their immediate families;
(g) An inter vivos or testamentary trust established by a family member either individually or jointly with a spouse or third party and any trustee, advisor or other person assisting with administration of that trust;
(h) An inter vivos or testamentary trust established by a person who is not a family member if noncharitable beneficiaries of that trust include family members;
(i) The estate of a family member;
(j) The estate of a nonfamily member if the noncharitable beneficiaries of that estate include family members; and
(k) A charitable foundation, a charitable trust or charitable entity of which a family member is an organizer, incorporator, officer, member of the governing board, trustee, major donor or noncharitable beneficiary and the officers, directors, individual trustees and managers of that foundation, trust or entity and their immediate families.
2. For the purposes of this section:
(a) A family member is not a member of the public;
(b) A legally adopted person must be treated as a natural child of the adoptive parents;
(c) A stepchild must be treated as a natural child of the family member who is or was the stepparent of that child;
(d) Children of a spouse of a family member must be treated as a natural child of that family member; and
(e) Degrees are calculated by adding the number of steps from the designated relative through each person to the family member either directly, in the case of lineal kinship, or through the common ancestor, in the case of collateral kinship.
3. As used in this section:
(a) "Collateral kinship" means a relationship that is not lineal, but stems from a common ancestor.
(b) "Lineal kinship" means a family member who is in the direct line of ascent or descent from the designated relative.
(Added to NRS by 2009, 1137)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.080 - "Family trust company" defined.

"Family trust company" means a corporation or limited-liability company that:
1. Acts or proposes to act as a fiduciary;
2. Is organized or qualified to do business in this State to serve family members; and
3. Does not:
(a) Transact trust company business with;
(b) Propose to act as a fiduciary for; or
(c) Solicit trust company business from,
a person who is not a family member.
(Added to NRS by 2009, 1138)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.082 - "Fiduciary" defined.

"Fiduciary" means:
1. A person described in NRS 132.145;
2. A person described in NRS 163.554;
3. A directed fiduciary as provided in NRS 163.5548; and
4. A trust protector as defined in NRS 163.5547,
who may not be acting as a fiduciary under the terms of the trust instrument or will.
(Added to NRS by 2015, 1208; A 2019, 1874)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.085 - "Interested person" defined.

"Interested person" means a person, other than the grantor of a trust, who is:
1. A person who would be a necessary party to a judicial proceeding involving a trust; or
2. An authorized representative pursuant to NRS 164.038.
(Added to NRS by 2011, 1809)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.094 - Liberal construction of chapter.

The rule that statutes in derogation of the common law are to be strictly construed has no application to this chapter. This chapter must be liberally construed to give maximum effect to the principle of freedom of disposition and to the enforceability of trust instruments. This chapter will control over any contrary provisions of law.
(Added to NRS by 2015, 1209)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.095 - Applicability of chapter.

Except as otherwise provided in this chapter or by specific statute, a family trust company or licensed family trust company is subject to the provisions of this chapter only to the extent that the family trust company or licensed family trust company is engaged in the business of a family trust company or licensed family trust company, respectively.
(Added to NRS by 2011, 1809)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.097 - Applicability of other provisions of NRS.

1. Except as otherwise specified in the trust or in this chapter, a family trust company or licensed family trust company shall comply with the provisions of NRS 165.147.
2. Any fiduciary duties required pursuant to title 12 or 13 of NRS after October 1, 2015, apply only to a trust or estate administered by a family trust company or licensed family trust company in this State which was created, commenced or became irrevocable after the enactment of such duties. Such duties shall only apply to the extent that they are not inconsistent or contrary with any provision of this chapter or any terms of the trust.
(Added to NRS by 2015, 1209)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 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)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.256 - Sealing of trust documents.

1. In any court proceeding relating to a trust or estate, the family trust company, licensed family trust company, other fiduciary of the trust, settlor or any beneficiary, may petition the court to order the following trust documents to be sealed:
(a) Any trust instruments;
(b) Any inventories;
(c) Any accounts;
(d) Any statements filed by a fiduciary;
(e) Any annual reports of a fiduciary;
(f) Any final reports of a fiduciary;
(g) All petitions, exhibits, objections, pleadings and motions relevant to the trust or its administration; and
(h) All court orders.
2. Any documents sealed by a court pursuant to subsection 1 may not be made part of the public record but are available to the court, any fiduciary of the trust, the beneficiaries or settlor of the trust or their attorneys, and to other interested parties as the court may order upon a showing of good cause.
(Added to NRS by 2015, 1209)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.257 - Privileged communications; applicability of attorney-client relationship.

1. Any communication between an attorney and a family trust company or licensed family trust company acting as a fiduciary is privileged and protected from disclosure to the same extent as if the client were acting in his or her individual capacity.
2. The privilege is not waived by:
(a) A fiduciary relationship between the family trust company or licensed family trust company and a beneficiary of a trust; or
(b) The use of trust property to compensate the attorney for legal services rendered to the family trust company or licensed family trust company as a fiduciary.
3. The attorney-client relationship between an attorney and a family trust company or licensed family trust company acting as a fiduciary shall not extend to a successor fiduciary to the family trust company or licensed family trust company.
4. A family trust company or licensed family trust company acting as a fiduciary and its successor fiduciary may, pursuant to an agreement, share privileged communications relating to the trust or estate. The disclosure of privileged communications under the agreement does not waive the disclosing party’s privilege. Unless otherwise specified in the agreement, privileged communications disclosed under the agreement shall not be disclosed to a third party without the disclosing party’s consent.
5. This section does not abridge, limit, impair, create, enlarge or otherwise affect the law governing exceptions to the attorney-client privilege relative to a claimant through the same deceased person.
(Added to NRS by 2015, 1209)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.260 - Fees for examination.

1. The Commissioner may examine the books and records of a licensed family trust company. For each examination of the books and records of a licensed family trust company as authorized under this chapter, the Commissioner shall charge and collect from the licensed family trust company a fee for conducting the examination and in preparing, typing and copying the report of the examination at the rate established and, if applicable, adjusted pursuant to NRS 658.101.
2. All money collected under this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
(Added to NRS by 2009, 1145; A 2017, 398)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.270 - Regulations of Commissioner; determination of organization as family trust company.

1. The Commissioner may adopt such regulations as may be necessary to carry out the purposes and provisions of this chapter.
2. The Commissioner may issue rules, orders, approvals, declaratory rulings or interpretations which determine, in individual circumstances or circumstances of more general applicability, whether an existing or proposed family trust company meets, or family trust companies within such circumstances of more general applicability would meet, the definition of a family trust company. Any person applying for such a determination shall pay an application fee to the Division of Financial Institutions upon submittal of that application for a determination in such amount as the Commissioner shall prescribe.
(Added to NRS by 2009, 1145)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.280 - Authority of Commissioner to revoke license.

1. The violation of any of the provisions of this chapter by the officers or directors, or the managers or members acting in a managerial capacity, of any licensed family trust company is sufficient cause for the Commissioner to revoke the license of the family trust company.
2. If a licensed family trust company or any person authorized to act on behalf of the family trust company refuses to allow the Commissioner or the Commissioner’s deputies to inspect all books, records, papers and effects of the business of the family trust company, the Commissioner may revoke the license of the licensed family trust company.
(Added to NRS by 2009, 1145)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.290 - Failure to submit required report; fees; regulations.

1. If a licensed family trust company fails to submit within the prescribed period any report required pursuant to this chapter or any regulation adopted pursuant thereto, the Commissioner may impose and collect a fee of not more than $25 for each day the report is overdue.
2. The Commissioner shall adopt regulations establishing the amount of the fee that may be imposed pursuant to this section.
(Added to NRS by 2009, 1145)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.300 - Willful neglect to perform duties imposed by law or failure to conform to material lawful requirement made by Commissioner; removal.

Each officer, director, manager, member, employee or agent of a licensed family trust company who, following written notice from the Commissioner sent by certified mail, knowingly or willfully:
1. Neglects to perform any duty required by this chapter or other applicable law; or
2. Fails to conform to any material lawful requirement made by the Commissioner,
is subject to removal upon order of the Commissioner.
(Added to NRS by 2009, 1145)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.310 - Confidentiality of certain records and documents; authority of Commissioner to use discretion in determining disclosure.

1. Except as otherwise provided in this section, any application and personal or financial records submitted by a person pursuant to the provisions of this chapter, any personal or financial records or other documents obtained by the Division of Financial Institutions pursuant to an examination or audit conducted by the Division pursuant to this chapter and any other private information relating to a family trust company are confidential and may be disclosed only to:
(a) The Division, any authorized employee of the Division and a state or federal agency investigating activities regulated pursuant to this chapter;
(b) The Department of Taxation for its use in carrying out the provisions of chapter 363C of NRS; and
(c) Any other person if the Commissioner, in the Commissioner’s discretion, determines that the interests of the public in disclosing the information outweigh the interests of the person about whom the information pertains in not disclosing the information.
2. The Commissioner shall give to the family trust company to which the information relates 10-days’ prior written notice of intent to disclose confidential information directly or indirectly to a person pursuant to paragraph (c) of subsection 1. Any family trust company which receives such a notice may object to the disclosure of the confidential information and will be afforded the right to a hearing in accordance with the provisions of chapter 233B of NRS. If a family trust company requests a hearing, the Commissioner may not reveal confidential information prior to the conclusion of the hearing and a ruling. Prior to dissemination of any confidential information, the Commissioner shall require a written agreement not to reveal the confidential information by the party receiving the confidential information. In no event shall the Commissioner disclose confidential information to the general public, any competitor or any potential competitor of a family trust company.
3. Nothing in this chapter is intended to preclude a law enforcement officer from gaining access to otherwise confidential records by subpoena, court order, search warrant or other lawful means. Notwithstanding any other provision of this chapter, the Commissioner shall have the ability to share information with other out of state or federal regulators with whom the Department of Business and Industry has an agreement regarding the sharing of information. Nothing in this chapter is intended to preclude any agency of this State from gaining access to otherwise confidential records in accordance with any applicable law.
(Added to NRS by 2009, 1145; A 2015, 2947)
2023 Nevada Revised Statutes › Chapter 669A - Family Trust Companies › NRS 669A.320 - Administrative fines.

In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $10,000 upon a person who:
1. Without a license, conducts any business or activity for which a license is required pursuant to the provisions of this chapter; or
2. Violates any provision of this chapter or any regulation adopted pursuant thereto.
(Added to NRS by 2009, 1146)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.010 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 670B.020 to 670B.130, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2023, 2855)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.020 - "Control person" defined.

1. "Control person" means:
(a) An executive officer, director, general partner, trustee, member, qualified employee or shareholder of a student loan servicer, licensee or applicant for a license; or
(b) A person who is authorized to participate in direct or indirect control of the management or policies of a student loan servicer, licensee or applicant for a license.
2. As used in this section, "executive officer" means an officer, manager, partner or managing member of a student loan servicer, licensee or applicant for a license. The term includes, without limitation, a chief executive officer, president, vice president, chief financial officer, chief operating officer, chief legal officer, controller or compliance officer or a natural person who holds any similar position.
(Added to NRS by 2023, 2855)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.030 - "Cosigner" defined.

"Cosigner" means:
1. Any person who is liable for the obligation of another without compensation, regardless of how the person is designated in the contract or instrument with respect to that obligation, including, without limitation, an obligation under a private education loan extended to consolidate a borrower’s pre-existing private education loans. The term includes any person whose signature is requested as a condition to grant credit or to forbear on collection.
2. As used in this section, the term does not include a spouse of a person described in subsection 1 whose signature is needed to perfect the security interest in a loan.
(Added to NRS by 2023, 2855)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.060 - "Nationwide Multistate Licensing System and Registry" or "Registry" defined.

"Nationwide Multistate Licensing System and Registry" or "Registry" has the meaning ascribed to it in NRS 604A.083.
(Added to NRS by 2023, 2856)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.070 - "Private education lender" defined.

1. "Private education lender" means any person engaged in the business of securing, making or extending private education loans, or any holder of a private education loan.
2. To the extent that state law is not preempted by federal law, the term does not include:
(a) A bank, savings bank, savings and loan association or credit union;
(b) A wholly owned subsidiary of a bank or credit union;
(c) An operating subsidiary if each owner of the operating subsidiary is wholly owned by the same bank or credit union;
(d) The Nevada System of Higher Education; or
(e) The Western Interstate Commission for Higher Education.
(Added to NRS by 2023, 2856)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.080 - "Private education loan" defined.

1. "Private education loan" means an extension of credit that is:
(a) Extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the loan is provided by the educational institution that the student attends; and
(b) Not made, insured or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. §§ 1070 et seq.
2. The term does not include an:
(a) Open-end credit or any loan that is secured by real property or a dwelling; or
(b) Extension of credit in which the covered educational institution is the creditor if:
(1) The term of the extension of credit is 90 days or less; or
(2) An interest rate is not applied to the credit balance and the term of the extension of credit is 1 year or less, even if the credit is payable in more than four installments.
(Added to NRS by 2023, 2856)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.110 - "Student loan borrower" defined.

"Student loan borrower" means a:
1. Resident of this State who receives or agrees to pay a student education loan; or
2. Person who shares responsibility with such a resident for repaying the student education loan.
(Added to NRS by 2023, 2856)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.120 - "Student loan servicer" defined.

"Student loan servicer" means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower. The term includes a licensee and a person who engages in student loan servicing without a license pursuant to subsection 2 of NRS 670B.200. The term does not include the Nevada System of Higher Education or the Western Interstate Commission for Higher Education.
(Added to NRS by 2023, 2857)