1. A Nevada depository institution or its holding company that acquires an out-of-state depository institution, a Nevada depository institution that is the resulting depository institution after merging with an out-of-state depository institution, or a Nevada depository institution that otherwise establishes or acquires a branch outside of this state, may, in accordance with applicable state and federal law:
(a) Continue to operate the out-of-state depository institution or branch;
(b) Convert any existing main office or branch outside of this state into a branch of the Nevada depository institution;
(c) Establish or acquire additional branches of the Nevada depository institution in any state where the out-of-state institution could have done so if it had not been acquired or merged;
(d) Continue or establish its principal office or principal place of business outside this state notwithstanding the provisions of NRS 660.015 and 662.245; and
(e) Subject to the approval of the Commissioner, exercise any power and engage in any activity outside of this state to the same extent as the out-of-state depository institution could have if it had not been acquired or merged, even if the Nevada depository institution is not authorized to exercise those powers or engage in those activities in this state.
2. The Commissioner shall not approve the exercise of any power or the engagement in any activity pursuant to paragraph (d) or (e) of subsection 1 if the Commissioner determines that the exercise of that power or the engagement in that activity would be inconsistent with safe and sound banking practices.
3. Except as otherwise provided in paragraph (d) of subsection 1, a branch outside this state of a Nevada depository institution shall comply with, and have all rights and powers prescribed in, the laws of this state relating to depository institutions.
4. This section does not affect the authority of the Commissioner to examine, supervise and regulate a Nevada depository institution operating or seeking to operate a branch outside this state.
(Added to NRS by 1997, 995)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.