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Nevada Revised Statutes Title 55. Banks and Related Organizations § 671.195. Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process

Current as of January 01, 2025 | Updated by Findlaw Staff

1. If a licensee adds or replaces any key individual, the licensee shall provide to the Commissioner:

(a) Notice in a manner prescribed by the Commissioner within 15 days after the effective date of the addition or replacement of the key individual; and

(b) The information required by NRS 671.098 within 45 days after the effective date of the addition or replacement of the key individual.

2. Within 90 days after the date on which the licensee has provided the notice and information required by subsection 1, the Commissioner may issue a notice of disapproval of a key individual if the Commissioner determines that, based on the competence, experience, character or integrity of the person, it would not be in the best interest of the public or of the customers of the licensee to allow the person to be a key individual of the licensee.

3. A notice of disapproval issued pursuant to subsection 2 must contain a statement of the basis for the disapproval and must be sent to the licensee and the person who has been disapproved as a key individual. A licensee who receives a notice of disapproval may appeal and request a hearing pursuant to NRS 233B.121 to 233B.150, inclusive.

4. If a multistate licensing process includes a review and disapproval process for key individuals pursuant to this section and the licensee requesting such a determination avails himself, herself or itself of or is otherwise subject to the multistate licensing process:

(a) The Commissioner may accept the determination of another state if the Commissioner determines that the state has sufficient staffing, expertise and minimum standards for the purposes of this section; and

(b) If this State is a lead investigative state in the multistate licensing process, the Commissioner may investigate the applicant in the time frames established by agreement through the multistate licensing process.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 55. Banks and Related Organizations § 671.195. Addition or replacement of key individual: Notice and information required to be provided to Commissioner; notice of disapproval; appeal; authority of Commissioner if licensee is subject to multistate licensing process - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-55-banks-and-related-organizations/nv-rev-st-671-195/

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