666.390 - Authority and conditions for depository institution to act as agent for affiliated depository institution.
666.390 Authority and conditions for depository institution to act as agent for affiliated depository institution.
1. A depository institution may, at its main office or at any branch, act as an agent of any other depository institution that is a subsidiary of the same holding company in conducting the activities authorized by this section. This section applies whether or not the affiliated depository institutions have the same home state.
2. A depository institution acting as an agent for an affiliated depository institution may:
(a) Receive deposits;
(b) Renew time deposits;
(c) Close loans;
(d) Service loans; and
(e) Receive payments on loans and other obligations.
3. A depository institution may not do any of the following as an agent on behalf of an affiliated depository institution:
(a) Open or originate deposit, savings or share accounts;
(b) Evaluate or approve loans;
(c) Disburse money loaned; or
(d) Conduct any activity as an agent that it is prohibited from conducting as a principal under any applicable law.
4. A depository institution acting as a principal may not have an affiliated depository institution act as its agent in conducting any activity that:
(a) The principal depository institution is prohibited from conducting; or
(b) The agent depository institution would be prohibited from conducting as a principal.
5. An agency between affiliates under this section must be consistent with safe and sound practices and shall comply with all applicable laws.
6. A depository institution acting as an agent shall not be deemed a branch of the affiliate solely because of activities conducted under this section.
7. A depository institution that proposes to enter into an agreement for an agency under this section shall file with the Commissioner, at least 30 days before the effective date of the agreement:
(a) A notice of intention to enter into an agreement for an agency with a depository institution;
(b) A description of the services proposed to be performed under the agreement; and
(c) A copy of the agreement.
(Added to NRS by 1995, 1553)