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)