Nevada Revised Statutes Section 666.315 - Banks and Related Organizations

Application for approval required by NRS 666.305; contents; fee and expenses; review of application; issuance of written decision; grounds for disapproval.

1. An application filed with the Commissioner for approval must be on a form prescribed by the Commissioner and must include:

(a) A nonrefundable fee of $3,000 for the application. The depository institution or holding company must also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary. All money received by the Commissioner pursuant to this section must be placed in the Investigative Account created by NRS 232.545.

(b) Information which the Commissioner requires to make the findings specified in subsection 4.

(c) Unless the applicant is a resident of Nevada, a corporation organized in this state or a foreign corporation admitted to do business in this state, a written consent to service of process on a resident of this state in any action arising out of the applicant’s activities in this state.

2. In reviewing the application, the Commissioner shall consider the applicant’s record of compliance with the Community Reinvestment Act of 1977, 12 U.S.C. §§ 2901 to 2905, inclusive, and whether the proposed transaction will meet the needs of those counties whose populations are less than 100,000 and whose residents are not being adequately served by existing financial institutions.

3. The Commissioner shall issue his written decision within 60 days after receiving a completed application. The Commissioner may approve the application subject to any terms and conditions which he considers necessary to protect the public interest.

4. The Commissioner shall disapprove an application if he finds:

(a) That the proposed transaction would be detrimental to the safety and soundness of the applicant, to any institution which is a party to the transaction, or to a subsidiary or affiliate of that institution;

(b) The applicant or its executive officers, directors or principal stockholders have not established a record of sound performance, efficient management, financial responsibility and integrity so that it would be against the interest of the depositors, other customers, creditors or stockholders of an institution, or the public to authorize the proposed transaction;

(c) The financial condition of the applicant or any other institution which is a participant in the proposed transaction might jeopardize the financial stability of the applicant or other institution, or prejudice the interests of depositors or other customers of the applicant or other institutions;

(d) The consummation of the proposed transaction will tend to lessen competition substantially, unless the Commissioner finds that the anticompetitive effects of the proposed transaction are clearly outweighed by the benefit of meeting the convenience and needs of the relevant market to be served; or

(e) The applicant has not established a record of meeting the needs for credit of the communities which it or its subsidiary depository institution serves.

Last modified: February 26, 2006