Nevada § 677.420 Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver

Nevada Statutes

§ 677.420 — Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver

Nevada § 677.420

Title 55BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL

Ch. 677Thrift

Reports, Examinations and Audits

This text of Nevada § 677.420 (Notification of change in ownership of stock; application for approval after certain acquisitions; investigation; costs; waiver) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 677.420 (2026).

Text

1. A licensee shall notify the Commissioner of any change in the ownership of 10 percent or more of the outstanding voting stock of the licensee within 3 business days after the licensee has knowledge of the change. 2. An application for approval must be submitted to the Commissioner by a person who acquires:

(a)At least 25 percent of a licensee’s outstanding voting stock; or

(b)Any outstanding voting stock of a licensee if the change will result in a change in the control of the licensee. Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation in accordance with NRS 677.180 . If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the licensee. 3. The licensee with which the applicant is

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1. A licensee shall notify the Commissioner of any change in the ownership of 10 percent or more of the outstanding voting stock of the licensee within 3 business days after the licensee has knowledge of the change.
2. An application for approval must be submitted to the Commissioner by a person who acquires:
(a) At least 25 percent of a licensee’s outstanding voting stock; or
(b) Any outstanding voting stock of a licensee if the change will result in a change in the control of the licensee.
Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation in accordance with NRS 677.180 . If the Commissioner denies the application, he or she may forbid the applicant from participating in the business of the licensee.
3. The licensee with which the applicant is affiliated shall pay such a portion of the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545 .
4. A licensee may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.