NRS669.2825. Authority of Commissioner to take disciplinary action or initiate proceedings to seize property.

      1.  The Commissioner may institute disciplinary action or forthwith initiate proceedings to take possession of the business and property of any retail trust company when it appears that the retail trust company:

      (a) Has violated its charter or any state or federal laws applicable to the business of a trust company.

      (b) Is conducting its business in an unauthorized or unsafe manner.

      (c) Is in an unsafe or unsound condition to transact its business.

      (d) Has an impairment of its stockholders’ equity.

      (e) Has refused to pay or transfer account assets to its account holders as required by the terms of the accounts’ governing instruments.

      (f) Has become insolvent.

      (g) Has neglected or refused to comply with the terms of a lawful order of the Commissioner.

      (h) Has refused, upon proper demand, to submit its records, affairs and concerns for inspection and examination of an appointed or authorized examiner of the Commissioner.

      (i) Has made a voluntary assignment of its assets to receivers, conservators, trustees or creditors without complying with NRS 669.230.

      (j) Has failed to pay a tax as required pursuant to the provisions of chapter 363A of NRS.

      (k) Has materially and willfully breached its fiduciary duties to its customers.

      (l) Has failed to properly disclose all fees, interest and other charges to its customers.

      (m) Has willfully engaged in material conflicts of interest regarding a customer’s account.

      (n) Has made intentional material misrepresentations regarding any aspect of the services performed or proposed to be performed by the retail trust company.

      2.  The Commissioner also may forthwith initiate proceedings to take possession of the business and property of any trust company when it appears that the officers of the trust company have refused to be examined upon oath regarding its affairs.

      (Added to NRS by 2009, 1954)