State branch or agency: Powers, duties, limitations and restrictions.
1. Except as otherwise provided in this chapter or in regulations adopted by the Commissioner, a foreign bank operating at a state branch or agency has the same rights, privileges and powers as a Nevada bank at the same location, including the eligibility to exercise fiduciary powers, and is subject to the same duties, restrictions, penalties, liabilities, conditions and limitations that would apply under the laws of this state to a Nevada bank doing business at the same location, but:
(a) A state branch may not accept from citizens or residents of the United States deposits other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers, but it may accept deposits from persons who are not citizens or residents of the United States;
(b) A state agency may not accept any deposits from citizens or residents of the United States other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers, but it may accept deposits from persons who are not citizens or residents of the United States; and
(c) A state branch or agency is not required to maintain federal deposit insurance and the Commissioner may, by regulation or order, exclude or exempt uninsured state branches or agencies from, or otherwise modify the applicability to uninsured state branches or agencies of, any law or regulation of this state that is generally applicable to insured Nevada banks, or that would otherwise be applicable to an insured Nevada bank doing business at the same location, taking into account applicable limitations on the privileges of state branches and agencies and on their power to take retail deposits.
2. Any limitation or restriction based on the stockholders’ or members’ equity of a Nevada bank shall be deemed to refer, as applied to a state branch or agency, to the dollar equivalent of the stockholders’ or members’ equity of the foreign bank, and if the foreign bank has more than one state branch or agency in this state, the business transacted by all the state branches and agencies must be aggregated in determining compliance with the limitation.
3. The Commissioner may adopt such additional, or modify the applicability of any existing, standards, conditions or requirements, by regulation, as he deems necessary to ensure the safety and soundness and the protection of creditors of the operations of branches and agencies of foreign banks in this state.
Last modified: February 26, 2006