Nevada Revised Statutes
Chapter 673 - Savings Banks
NRS 673.228 - Powers, privileges and authorities of savings bank to engage in trust company business; requirements and conditions.


1. A savings bank shall have the powers, privileges and authorities to engage in trust company business, including engaging in fiduciary or custodial activities and establishing common trust funds, either directly or indirectly through a subsidiary, that any state bank, foreign bank, foreign savings bank, national bank or federal savings bank may exercise, subject to the requirements and conditions for engaging in such business of a trust company set forth in this section.
2. Before engaging in trust company business, a savings bank shall apply to the Commissioner on such form as he or she shall determine and pay the same fee as required for a state bank to engage in trust company business. In considering such an application, the Commissioner shall determine whether:
(a) The management and personnel of the savings bank are qualified to conduct trust company business;
(b) Trust company business will be adequately conducted in compliance with the law; and
(c) The financial and managerial resources of the savings bank are sufficient to support the conduct of trust company business.
3. A savings bank subscribing to trustee and custodial power authorized by this section shall be required to segregate all funds held in a fiduciary or custodial capacity from the general assets of the savings bank and keep a separate set of books and records showing in proper detail all transactions engaged in under the authority of this section.
4. If individual records are kept of each self-employed individual retirement plan, all funds held in such trust or custodial capacity by the savings bank may be commingled for appropriate purposes of investment.
5. No funds held in a fiduciary capacity by a savings bank may be used by the savings bank in the conduct of its business, although such funds may be invested in or swept to the deposit accounts of the savings bank if the instrument governing the trust, retirement plan or other fiduciary account does not prohibit the funds from being invested or swept as such.
6. With respect to a fiduciary account for which a savings bank has investment discretion or discretion over distributions, the savings bank shall not allow funds awaiting investment or distribution to remain uninvested and undistributed any longer than is reasonable for the proper management of the fiduciary account and consistent with applicable law. With respect to a fiduciary account for which a savings bank has investment discretion, the savings bank shall obtain for funds awaiting investment or distribution a rate of return that is consistent with applicable law.
7. A savings bank may deposit funds of a fiduciary account that are awaiting investment or distribution in the commercial, savings or another department of the savings bank, unless prohibited by applicable law. To the extent that the funds are not insured by the Federal Deposit Insurance Corporation, the savings bank shall set aside collateral as security, under the control of appropriate fiduciary officers and employees, in accordance with subsection 8. The market value of the collateral set aside must at all times equal or exceed the amount of the uninsured fiduciary funds.
8. A savings bank may satisfy the collateral requirement of subsection 7 with any of the following:
(a) Direct obligations of the United States, or other obligations fully guaranteed by the United States as to principal and interest;
(b) Securities that qualify as eligible for investment by savings banks in this State under applicable law;
(c) Readily marketable securities of the classes in which state banks, trust companies or other corporations exercising fiduciary powers are permitted to invest fiduciary funds under applicable state law;
(d) Surety bonds, to the extent that they provide adequate security, unless prohibited by applicable law; and
(e) Any other assets that qualify under applicable state law as appropriate security for deposits of fiduciary funds.
9. A savings bank, acting in its fiduciary capacity, may deposit funds of a fiduciary account that are awaiting investment or distribution with an affiliated insured depository institution, unless prohibited by applicable law. A savings bank may set aside collateral as security for a deposit by or with an affiliate of fiduciary funds awaiting investment or distribution, unless prohibited by applicable law.
10. As used in this section:
(a) "Applicable law" means the laws of this State governing the fiduciary relationships of a savings bank, any applicable federal law governing such relationships, the terms of the instrument governing a fiduciary relationship or any court order pertaining to such a relationship.
(b) "Business of a trust company" or "trust company business" has the meaning ascribed to it in NRS 669.029.
(c) "Fiduciary account" means an account administered by a savings bank acting in a fiduciary capacity.
(d) "Fiduciary capacity" means:
(1) Trustee;
(2) Executor;
(3) Administrator;
(4) Registrar of stocks and bonds;
(5) Transfer agent;
(6) Guardian;
(7) Assignee;
(8) Receiver;
(9) Custodian under chapter 167 of NRS;
(10) Investment advisor, if the savings bank receives a fee for its investment advice;
(11) Any capacity in which the savings bank possesses investment discretion on behalf of another; or
(12) Any other similar capacity that the Commissioner authorizes.
(e) "Guardian" means a guardian or conservator of the estate of a minor, an incompetent person, an absent person or a person over whose estate a court has taken jurisdiction, other than under laws governing bankruptcy or insolvency.
(f) "Investment discretion" means, with respect to an account, the sole or shared authority, whether or not that authority is exercised, to determine what securities or other assets to purchase or sell on behalf of the account. A savings bank that delegates its authority over investments and a savings bank that receives delegated authority over investments are both deemed to have investment discretion.
(Added to NRS by 1963, 465; A 1977, 492; 2017, 1934; 2021, 1423)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 673 - Savings Banks

NRS 673.001 - Definitions.

NRS 673.0054 - "Commissioner" defined.

NRS 673.0056 - "Cooperative housing corporation" defined.

NRS 673.0057 - "Deposit" defined.

NRS 673.00575 - "Deposit account" defined.

NRS 673.00577 - "Depository institution" defined.

NRS 673.0065 - "Director" defined.

NRS 673.0075 - "Division of Financial Institutions" defined.

NRS 673.0077 - "Federal savings bank" defined.

NRS 673.008 - "Foreign" defined.

NRS 673.0155 - "Insolvency" or "insolvent" defined.

NRS 673.016 - "Insured depository institution" defined.

NRS 673.017 - "Investment certificate" defined.

NRS 673.0175 - "Main office" defined.

NRS 673.0185 - "Merger" defined.

NRS 673.0313 - "Savings association" defined.

NRS 673.0317 - "Savings bank" defined.

NRS 673.0321 - "Service office" defined.

NRS 673.0323 - "State bank" or "commercial bank" defined.

NRS 673.034 - "Withdrawal value" defined.

NRS 673.035 - Administration of chapter.

NRS 673.03531 - Certain relationships between employees of Division of Financial Institutions and savings bank prohibited; termination of prohibited relationship.

NRS 673.039 - Records of Commissioner.

NRS 673.040 - Commissioner to supervise and make policy.

NRS 673.043 - Regulations; authority of Commissioner to waive, modify or alter any requirement of chapter.

NRS 673.0435 - Commissioner may secure injunctions and restraining orders.

NRS 673.044 - Notices.

NRS 673.045 - Amendment or alteration of license by Commissioner; appeal.

NRS 673.046 - Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.

NRS 673.048 - Suspension or revocation of license: Additional grounds.

NRS 673.049 - Authority of Commissioner to issue subpoenas and require attendance of parties.

NRS 673.055 - Savings associations automatically converted into savings banks; issuance by Commissioner of savings bank charters to converted entities; rights, powers, privileges, immunities and exceptions provided to converted entities.

NRS 673.060 - Deposit of money in State Treasury; payment of expenses; exceptions.

NRS 673.065 - Applicability of provisions concerning Regulatory Experimentation Program for Product Innovation.

NRS 673.070 - Incorporation of domestic savings banks: Procedure; applicability of chapter 78 of NRS; limitations on advertising for savings banks.

NRS 673.080 - Articles to be approved by Commissioner; application; permission to organize; fees; conditions; regulations; withdrawal of application.

NRS 673.090 - Provisions of chapter abridge, enlarge and modify powers and privileges of foreign and domestic savings banks.

NRS 673.111 - Required filings before savings bank begins business: Statement concerning directors, managers and officers; proof of approval of Federal Deposit Insurance Corporation to insure its deposit accounts.

NRS 673.112 - Branch offices: Definition; establishment and regulation; revocation of approval by Commissioner; advertisement; fees; regulations.

NRS 673.113 - Surety bond of savings bank.

NRS 673.114 - Service offices: Authority to establish and maintain; notification to Commissioner required; service office does not constitute branch office.

NRS 673.115 - Restrictions on advertising.

NRS 673.117 - Use or change of business name; prohibitions.

NRS 673.207 - Directors: Number; filling of vacancies; amendment of bylaws.

NRS 673.208 - Persons requiring Commissioner’s approval to serve as director.

NRS 673.209 - Removal of director, officer or employee on objection of Commissioner.

NRS 673.211 - Removal of director for cause.

NRS 673.212 - Standard of conduct in discharge of duties of directors and officers.

NRS 673.214 - Election of officers.

NRS 673.215 - Directors: Meetings; quorum.

NRS 673.216 - Official communication from Commissioner: Presentation at next board meeting and made part of minutes.

NRS 673.2176 - Notification of change in ownership of stock; application required after certain acquisitions; investigation; costs; waiver.

NRS 673.218 - Pensions and retirement plans for officers and employees.

NRS 673.219 - Directors: Approval of depositary for money of savings bank.

NRS 673.221 - Unlawful acts; penalty.

NRS 673.2211 - Liability of directors, officers or other persons.

NRS 673.222 - Authority of savings bank to indemnify and defend officers, directors, employees, agents and other parties.

NRS 673.225 - Certain savings banks possess same powers and privileges as federal savings banks and foreign savings banks; federal law prevails in event of conflict with state law.

NRS 673.226 - Savings banks possess same powers, privileges and authorities as state banks and national banks; exceptions and limitations; savings banks subject to restrictions, limitations and requirements applicable to state and national banks.

NRS 673.2265 - Membership in Federal Reserve System: Authorization; powers, duties and examination of member.

NRS 673.227 - Land and office buildings of savings bank; limitation on costs.

NRS 673.228 - Powers, privileges and authorities of savings bank to engage in trust company business; requirements and conditions.

NRS 673.229 - Savings bank or trust company that assumes role of custodian for individual retirement account to provide notice to holder of account.

NRS 673.250 - Licenses for issuance or sale of stock; contents and conditions of licenses.

NRS 673.260 - Annual license: Fees; renewal; penalty; regulations.

NRS 673.2755 - Investment certificates: Rights and liabilities of holders; types of certificates; limitation on approval.

NRS 673.2758 - Requirements.

NRS 673.276 - Permissible investments.

NRS 673.2765 - Investments in certain related service companies, operating subsidiaries or financial subsidiaries.

NRS 673.2766 - Investments in real property for subdivision or residential development.

NRS 673.278 - Power to make loans includes power to purchase loans and make loans upon security of other loans.

NRS 673.279 - Purchases of real property contracts; conditions.

NRS 673.280 - Certain federal obligations are legal investments.

NRS 673.300 - Savings bank may become member and stockholder of Federal Home Loan Bank, borrow money and invest in bonds.

NRS 673.301 - Savings bank may issue capital notes; voting rights of holders.

NRS 673.302 - Limitation on borrowing.

NRS 673.310 - Loans and advances of credit insured by Federal Housing Administration or Department of Veterans Affairs.

NRS 673.315 - Investment in Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and SLM Corporation.

NRS 673.316 - Additional advances or loans to borrower; renewal or extension of loans; loans on property sold by savings bank.

NRS 673.318 - Appraisal or evaluation of real estate at time of acquisition.

NRS 673.324 - Permissible loans.

NRS 673.3244 - Loans to directors, officers, shareholders or company owned or controlled by savings bank.

NRS 673.3255 - Loans to finance interest in cooperative housing corporation; first security interests.

NRS 673.3271 - Loans to one borrower.

NRS 673.3272 - Payment of charges by savings bank for protection of its investments; required advance monthly payments.

NRS 673.332 - Property acquired at or by foreclosure or developed by savings bank.

NRS 673.340 - Minors and married persons; payment as valid discharge of savings bank.

NRS 673.360 - Administrators, executors, guardians and trustees; payment as valid discharge of savings bank.

NRS 673.373 - Notice of overdue rental; opening of box; retention of contents in general vaults; delivery of contents to State Treasurer.

NRS 673.430 - Annual reports: Filing; form and contents; fees; penalty; regulations.

NRS 673.440 - Commissioner may require further information.

NRS 673.450 - Hearings, investigations and examinations by Commissioner; confidentiality of examination reports and certain other information; powers of Commissioner; biennial examination required.

NRS 673.451 - Authorization of Commissioner to investigate business; free access required; compelling attendance of witnesses.

NRS 673.453 - Enforcement of subpoena by district court.

NRS 673.455 - Examination of holding companies.

NRS 673.460 - Examinations outside State; fees and traveling expenses; regulations.

NRS 673.470 - Other examinations acceptable in lieu of examination by Commissioner.

NRS 673.480 - Authority of Commissioner to make information available to other officers and agencies; documents, reports and information remain property of Division of Financial Institutions or Commissioner; disclosures by savings bank.

NRS 673.483 - Audit of books and accounts.

NRS 673.4835 - Independent audit and examination: Payment of assessment; cooperation.

NRS 673.484 - Suspension or revocation of charter: Grounds; notice and hearing.

NRS 673.4843 - Authority of Commissioner to order discontinuance of unlawful or unsafe practices; special meetings of directors concerning noncompliance.

NRS 673.4845 - Procedure; approval by savings bank and Commissioner; fee; regulations.

NRS 673.5911 - Procedure; applicable law; power to sell and transfer assets.

NRS 673.5912 - Federal Deposit Insurance Corporation authorized to act as receiver or liquidator of closed savings bank having insured deposits; no bond required.

NRS 673.5913 - Acceptance of appointment as receiver or liquidator; possession of and title to assets, business and property rests in Federal Deposit Insurance Corporation.

NRS 673.5914 - Enforcement of individual liability of stockholders or members and directors or managers of savings bank in receivership or liquidation.

NRS 673.5915 - Payment of insured deposits; subrogation.

NRS 673.5916 - Loans to closed savings banks by Federal Deposit Insurance Corporation; sale of assets of savings banks to Federal Deposit Insurance Corporation.

NRS 673.5917 - Commissioner to furnish copies of examinations and reports to Federal Deposit Insurance Corporation.

NRS 673.5918 - Deposit of books, papers and records with Commissioner upon final liquidation.

NRS 673.5919 - Destruction of records of liquidated insolvent savings banks.

NRS 673.5921 - Termination of trusteeship under security instruments upon insolvency; appointment of successor trustee by petition to district court or pursuant to security instrument.

NRS 673.5922 - Petition for appointment of successor trustee by district court: Order to appear and show cause why successor trustee should not be appointed; publication and contents of notice.

NRS 673.5923 - Appointment of successor trustee when no objection made.

NRS 673.5924 - Hearing on objections to appointment of successor trustee; appeal from order.

NRS 673.5925 - Recordation of order appointing successor trustee.

NRS 673.5926 - Petition and order may relate to all instruments in which former trustee was named.

NRS 673.5927 - Provisions are in addition to any other remedy provided by law.

NRS 673.5928 - Validation of sales by liquidator under security instruments giving power of sale.

NRS 673.5929 - Conditions under which savings banks may reopen.

NRS 673.5931 - Conditions under which savings bank may reorganize before actual dissolution.

NRS 673.595 - Certain foreign savings banks not required to be licensed under chapter; certain foreign savings banks permitted to operate and establish service offices in this State; limitations.

NRS 673.597 - Conflict of laws; report to Commissioner of forbidden course or act.

NRS 673.600 - Conversion authorized.

NRS 673.610 - Notice of stockholders’ meeting: Service and proof of service.

NRS 673.620 - Majority approval of resolution at stockholders’ meeting required; filing of minutes with Commissioner.

NRS 673.630 - Filing of charter or certificate with Commissioner; fee; taxation; regulations.

NRS 673.640 - When supervision as state savings bank ceases; when property and assets vest in converted entity; enjoyment of property by converted entity.

NRS 673.650 - Conversion authorized; votes necessary.

NRS 673.660 - Time for election of directors after conversion; time directors to hold office.

NRS 673.670 - Filing of verified minutes of stockholders’ meeting.

NRS 673.680 - Verified copy of minutes as presumptive evidence of holding meeting and action taken.

NRS 673.690 - Converting institution and directors to take necessary action to incorporate as state savings bank; no minimum amount of capital required.

NRS 673.700 - Inclusion of statement of conversion in articles permissible.

NRS 673.710 - Time for filing articles of incorporation with Federal Home Loan Bank or Federal Reserve Bank; number of copies; certification by Secretary of State.

NRS 673.720 - Time of cessation as federal savings bank or state or national bank; time of vesting of property in savings bank under new name and style.

NRS 673.730 - Enjoyment of property by converted savings bank; savings bank as continuation of previous institution.

NRS 673.740 - Acts permitted executors, administrators, fiduciaries and certain other entities without obtaining court approval.

NRS 673.750 - Powers and privileges same as domestic savings bank; conditions.

NRS 673.773 - Definitions.

NRS 673.777 - "Designated reporter" defined.

NRS 673.783 - "Exploitation" defined.

NRS 673.787 - "Older person" defined.

NRS 673.793 - "Reasonable cause to believe" defined.

NRS 673.797 - "Vulnerable person" defined.

NRS 673.803 - Training; reporting to designated reporter.

NRS 673.807 - Designated reporter: Designation; duty to report; immunity.

NRS 673.810 - Making false statement concerning financial condition of savings bank.

NRS 673.820 - Violation of chapter or fraudulent misrepresentation of contract or securities by savings bank; administrative fines.

NRS 673.830 - Violation of chapter or sale of securities through fraudulent misrepresentation.

NRS 673.840 - Sale or offer to sell securities without license or for failure to pay fee or penalty.

NRS 673.850 - Effect of revocation of license.