SUMMARY--Revises provisions governing regulation of banks by Nevada gaming commission. (BDR 41-1391)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to gaming; revising the provisions governing the regulation of banks by the Nevada gaming commission; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1 NRS 463.0139 is hereby amended to read as follows:
463.0139"Capital lease" means a bailment, lease or similar transaction in which:
1. The lease is in writing;
2. The writing includes the names and addresses of the lessor and lessee, the term, amount of rental payments, a specific list of the leased equipment and details of any rights which the lessee has to extend the term or to acquire the leased equipment during the term or at the expiration of the term including any renewals of the original term;
3. The lease serves as the functional equivalent of an extension of credit by the lessor to the lessee;
4. The leased equipment was acquired by the lessor specifically for a leasing transaction; and
5. The lessor is a national banking association [which has its principal place of] that is authorized to do business in this state, a banking corporation formed or regulated under the laws of this state or a wholly owned subsidiary of such a banking association or corporation [which] that is formed or regulated under the laws of this state . [and has its principal place of business in this state.]
Sec. 2. NRS 463.175 is hereby amended to read as follows:
463.1751. As used in this section:
(a) "Bank" means a national banking association [which has its chief place of] that is authorized to do business in this state, a banking corporation formed or regulated under the laws of this state or a trust company formed or regulated under the laws of this state . [which has its chief place of business in this state.]
(b) "Fiduciary" means an executor, an administrator, a special administrator, a trustee of an inter vivos trust, a trustee of a testamentary trust, an escrow agent, a depositary or any combination thereof.
2. The commission may, selectively or by general regulation, at any time and from time to time, exempt a bank acting as a fiduciary from all or any portion of the requirements of NRS 463.160, 463.162, 463.167, 463.170, and 463.490 to 463.645, inclusive, and from the regulations adopted thereunder.
3. The commission may, upon the recommendation of the board or upon its own undertaking, grant, deny, limit, condition, restrict, revoke or suspend any exemption or application for exemption pursuant to subsection 2 for any reasonable cause.
4. An exemption granted pursuant to subsection 2 is a revocable privilege, and no person may acquire any vested rights therein or thereunder.
Sec. 3. This act becomes effective upon passage and approval.