Nevada Administrative Code Chapter 669 - Trust Companies
vHere’s an in-depth look at Nevada Administrative Code Chapter 669 (Trust Companies)—regulating both retail and foreign trust entities operating in Nevada:
📘 Scope & Purpose
Chapter 669 outlines the licensing, operation, and oversight of trust companies—entities authorized to act as fiduciaries, including corporate trustees, personal representatives, guardians, and agent administrators (law.cornell.edu).
Key Sections Overview
NAC 669.010 – Supervision Fees
Trust companies pay $75 per hour for examinations, audits, or related oversight services (leg.state.nv.us).
NAC 669.020 – Collateral Security
If depositing fiduciary funds with an affiliate, the trusting company must require collateral, as permitted by law (casetext.com).
Sections 669.030–669.070 – Licensing & Annual Fees
Covers application fees for licenses and branches, initial and renewal licensing fees, penalties for late or non-filing of required reports, and annual assessments to fund supervision and examinations (law.cornell.edu).
NAC 669.080 – Licensing Prerequisites
Specifies eligibility criteria—minimum capital, qualifications of directors/officers, Nevada-residency requirements, corporate structure, etc., in line with NRS 669 .
NAC 669.090 – Revocation/Suspension
Outlines Commissioner’s authority to revoke or suspend a trust company’s license for cause (law.cornell.edu).
NAC 669.100 – Inspection Rights
Grants Commissioner access to all documents and filings made with the Financial Institutions Division (law.cornell.edu).
NAC 669.110 – Handling Complaints
Mandates confidentiality and sets procedures/timeframes for responding to customer complaints (leg.state.nv.us).
👥 Applicability
Applies to retail trust companies (licensed and serving public clients).
Also governs procedures for foreign trust companies and foreign independent trust companies seeking business in Nevada—regarding branch licensing, oversight, and permissible scope (fid.nv.gov).
🔍 How This Relates to Family Trust Companies
Licensed retail trust companies are regulated under Chapter 669.
Family Trust Companies (FTCs) fall under Chapter 669A and may operate under a lighter regulatory framework—either unlicensed (private family office) or licensed (but with different thresholds and exemptions) (leg.state.nv.us, spencerfane.com).
🧾 Summary Table
Section
Topic
669.010
$75/hr supervision fee
669.020
Collateral for funds deposited with affiliate
669.030–.070
Licensing, application & annual fees
669.080
Pre-licensing requirements
669.090
License revocation/suspension
669.100
Inspection rights
669.110
Complaint handling & confidentiality
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