Nevada Revised Statutes
Chapter 669 - Trust Companies
NRS 669.2847 - Revocation or suspension of license; notice and hearing required; administrative fines.

1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, the Commissioner shall give at least 20 days’ written notice to the licensee stating the contemplated action and, in general, the grounds therefor and set a date for a hearing.
2. At the conclusion of a hearing, the Commissioner shall:
(a) Enter a written order dismissing the charges, revoking the license or suspending the license for a period of not more than 60 days, which period must include any prior temporary suspension. The Commissioner shall send a copy of the order to the licensee by registered or certified mail.
(b) Impose upon the licensee an administrative fine of not more than $10,000 for each violation by the licensee of any provision of this chapter or any regulation adopted pursuant thereto.
(c) If a fine is imposed pursuant to this section, enter such order as is necessary to recover the costs of the proceeding, including his or her investigative costs and attorney’s fees.
3. The grounds for revocation or suspension of a license are that:
(a) The licensee has failed to pay the annual license fee;
(b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this chapter or any regulation adopted pursuant thereto or any lawful order of the Division of Financial Institutions;
(c) The licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS;
(d) Any fact or condition exists which would have justified the Commissioner in denying the licensee’s original application for a license pursuant to the provisions of this chapter; or
(e) The licensee:
(1) Failed to open an office for the conduct of the business authorized by his or her license within 180 days after the date the license was issued; or
(2) Has failed to remain open for the conduct of the business for a period of 30 days without good cause therefor.
4. An order suspending or revoking a license becomes effective 5 days after being entered unless the order specifies otherwise or a stay is granted.
(Added to NRS by 2009, 1955; A 2015, 2946)

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