NRS 666A.360 State branch or agency: Immediate suspension or revocation of license.

248 words·~1 min read·/nv/chapter-666a-foreign-banks/666a-360

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

1. If the Commissioner finds that any of the factors set forth in NRS 666A.350 are true with respect to any foreign bank which is licensed to maintain a state branch or agency and that it is necessary for the protection of the interests of creditors of the foreign bank’s business in this state or, in any case, for the protection of the public interest that the Commissioner immediately suspend or revoke the license of the foreign bank, the Commissioner may issue an order suspending or revoking the license of the foreign bank.

2. Within 30 days after an order is issued pursuant to subsection 1, the foreign bank to which the order is issued may file with the Commissioner a request for a hearing on the order. If the Commissioner fails to commence the hearing within 15 business days after the request is filed with the Commissioner, or within such longer period as the foreign bank consents to, the order shall be deemed rescinded. Within 30 days after the hearing, the Commissioner shall affirm, modify or rescind the order. Otherwise, the order shall be deemed rescinded.

3. The right of any foreign bank to which an order is issued pursuant to subsection 1 to petition for judicial review of the order is not affected by the failure of the foreign bank to petition the commissioner for a hearing on the order pursuant to subsection 2.