NRS 666A.350 State branch or agency: Authority and grounds for suspension or revocation of license.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

NRS 666A.350 State branch or agency: Authority and grounds for suspension or revocation of license. If, after notice and a hearing, the Commissioner finds any of the following with respect to a foreign bank which is licensed to establish and maintain a state branch or agency, the Commissioner may issue an order suspending or revoking the license of the foreign bank:

1. The foreign bank has violated any provision of this chapter or of any regulation or order issued under this chapter or any provision of any other applicable law, regulation or order;

2. The foreign bank is transacting activities in this state or elsewhere in an unsafe or unsound manner;

3. The foreign bank or any of its state branches or agencies is in an unsafe or unsound condition;

4. The foreign bank has ceased to operate any of its offices in this state without the prior approval of the Commissioner in accordance with this chapter;

5. The foreign bank is insolvent in that it has ceased to pay its debts in the ordinary course of business, it cannot pay its debts as they become due or its liabilities exceed its assets;

6. The foreign bank has suspended payment of its obligations, has made an assignment for the benefit of its creditors or has admitted in writing its inability to pay its debts as they become due;

7. The foreign bank has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any foreign or domestic law on bankruptcy, reorganization, insolvency or moratorium, or any person has applied for any such relief under such a law against the foreign bank and the foreign bank has by any affirmative act approved of or consented to the action or the relief has been granted;

8. A receiver, liquidator or conservator has been appointed for the foreign bank or any proceeding for such an appointment or any similar proceeding has been initiated in the country of the foreign bank’s organization;

9. The existence of the foreign bank or the authority of the foreign bank to transact banking business under the laws of the country of the foreign bank’s organization has been suspended or terminated; or

10. Any fact or condition exists which, if it had existed at the time when the foreign bank applied for its license to transact business in this state, would have been a ground for denying the application.