Applicability of chapter.
1. This chapter does not apply to a person who:
(a) Does business under the laws of this state, the United States or another state relating to banks, savings banks, savings and loan associations or thrift companies, but if the business conducted in this state is not subject to supervision by a regulatory authority of another jurisdiction, the person must be licensed pursuant to this chapter;
(b) Is appointed as a fiduciary pursuant to NRS 662.245;
(c) Is acting in the performance of his duties as an attorney at law;
(d) Acts as a trustee under a deed of trust;
(e) Acts as a resident agent for a domestic or foreign corporation, limited-liability company, limited partnership or limited-liability partnership;
(f) Acts as a trustee of a trust holding real property for the primary purpose of facilitating any transaction with respect to real estate if he is not regularly engaged in the business of acting as a trustee for such trusts;
(g) Engages in the business of a collection agency pursuant to chapter 649 of NRS;
(h) Engages in the business of an escrow agency, escrow agent or escrow officer pursuant to the provisions of chapter 645A or 692A of NRS;
(i) Acts as a trustee of a trust created for charitable or nonprofit purposes if he is not regularly engaged in the business of acting as trustee for such trusts;
(j) Receives money or other property as a real estate broker licensed under chapter 645 of NRS on behalf of a principal;
(k) Engages in transactions as a broker-dealer or sales representative pursuant to chapter 90 of NRS;
(l) Acts as a fiduciary under a court trust;
(m) Does business as an insurer authorized to issue policies of life insurance and annuities or endowment contracts in this state and is subject to regulation and control of the Commissioner of Insurance; or
(n) Acts as a fiduciary if:
(1) The fiduciary relationship is not one of his principal occupations; or
(2) He serves as a fiduciary for a relative by blood or marriage.
2. A bank, savings bank, savings and loan association or thrift company claiming an exemption from this chapter pursuant to paragraph (a) of subsection 1 must notify the Commissioner of Financial Institutions of its intention to engage in the business of a trust company in this state and present proof satisfactory to the Commissioner of Financial Institutions that its fiduciary activities in this state will be subject to regulation by another jurisdiction.
Last modified: February 26, 2006