As of October 1st, Nevada's public trust companies are subject to stricter licensing requirements, such as maintaining a physical office in the state, staffing a satisfactory Nevada employee, and keeping true copies of business records available for inspection. But the biggest change requires public trust companies to post $1 million in capital, with a graduated compliance plan for companies already in existence.
The new law was two years in the making. It does not apply to private family trust companies. A separate law provides for optional licensure under relaxed standards for these private companies.
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