Investigation of applicant; rights of applicant upon denial of license; entry of final order; judicial review.
1. Within 60 days after the application for a license is filed, the Commissioner shall investigate the facts of the application and the other requirements of this chapter to determine:
(a) That the persons who will serve as directors or officers of the corporation, or the managers or members acting in a managerial capacity of the limited-liability company, as applicable:
(1) Have a good reputation for honesty, trustworthiness and integrity and display competence to transact the business of a trust company in a manner which safeguards the interests of the general public. The applicant must submit satisfactory proof of these qualifications to the Commissioner.
(2) Have not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.
(3) Have not made a false statement of material fact on the application.
(4) Have not had a license that was issued pursuant to the provisions of this chapter suspended or revoked within the 10 years immediately preceding the date of the application.
(5) Have not had a license as a trust company which was issued in any other state, district or territory of the United States or any foreign country suspended or revoked within the 10 years immediately preceding the date of the application.
(6) Have not violated any of the provisions of this chapter or any regulation adopted pursuant to the provisions of this chapter.
(b) That the financial status of the directors and officers of the corporation or the managers or members acting in a managerial capacity of the limited-liability company is consistent with their responsibilities and duties.
(c) That the name of the proposed company is not deceptively similar to the name of another trust company licensed in this state or is not otherwise misleading.
(d) That the initial stockholders’ equity is not less than the required minimum.
2. Notice of the entry of an order refusing a license to a trust company must be given in writing, served personally or sent by certified mail or by telegram to the company affected. The company, upon application, is entitled to a hearing before a hearing officer appointed by the Director of the Department of Business and Industry, but if no such application is made within 30 days after the entry of an order refusing a license to any company, the Commissioner shall enter a final order.
3. If the hearing officer affirms the order of the Commissioner refusing the license, the applicant may file a petition for judicial review pursuant to NRS 233B.130.
Last modified: February 26, 2006