Nev. Rev. Stat. § 666A.400

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 666A.400 - Establishment of interstate branches in this State

1. Except as otherwise provided in subsection 2, an out-of-state foreign bank may establish an interstate Nevada branch in the same manner, including by merger or other transaction under section 44 of the Federal Deposit Insurance Act and comparable provisions of the laws of this State, with Nevada banks or other institutions, as, and subject to the same criteria, standards, conditions, requirements and procedures applicable to the establishment of interstate branches in this State by, an out-of-state bank having the same home state in the United States.

2. The Commissioner:

(a) Shall apply to the establishment of an initial interstate branch, and subsequent intrastate state branches, of any out-of-state foreign bank the same criteria, standards, conditions, requirements and procedures applicable under this chapter or regulations adopted thereunder to the establishment of an initial state branch, and of subsequent intrastate Nevada branches, respectively by other foreign banks;

(b) May apply any other criterion, standard, condition, requirement or provision of the laws or regulations of this State that the Commissioner determines to be substantially equivalent to or consistent with a criterion, standard, condition, requirement or provision of federal law or regulation generally applicable to the establishment of branches in the United States by foreign banks or specifically applicable to the establishment of a branch in the United States by the applicant foreign bank; and

(c) May by regulation allow an out-of-state foreign bank:

(1) To acquire or merge with another foreign bank maintaining a state branch or agency and thereafter continue such operations as its own; and

(2) To acquire or establish an interstate Nevada branch through any other means not inconsistent with section 5 of the federal International Banking Act (12 U.S.C. § 3103).

3. As used in this section, the words and terms defined in NRS 666.006 and 666.008 have the meanings ascribed to them in those sections.

NRS 666A.400

Added to NRS by 1995, 1548