Nevada Trust Company Case Study

701 Words2 Pages

A.B. 54

This bill was presented by the Administrator for the Division Industrial Relations, J.D. Decker. According to Decker, the purpose of this bill was to revise certain provisions regarding the reporting of certain accidents or motor vehicle incidents by employers in order to match federal standards. Assemblywoman Carlton stated that Nevada already had fairly high standards and questioned the total effects of this bill Decker responded by saying that the current law states that employers must report these accidents if 3 or more individuals are involved. This would reduce it to the individual level. Assemblywoman Carlton asked Decker whether an employer was required to submit both oral and written reports about an accident. Decker
61 which would revise current provisions regarding the regulation of trust companies. The main function of this bill would allow Nevada trust companies to compete in order states and vise versa. Outside trust companies from different states would be able to bring their business to the state of Nevada. Assemblywoman Tolles asked how many trust funds operated in Nevada. Burns replied that there are currently 21 license trust fund companies. Assemblyman Kramer asked what the impact was regarding out of state trust companies entering the Nevada market. Burners said that while it is difficult to determine the amount of out of state trust fund companies that will be entering Nevada, the industry is Nevada is certainly prepared. According to Burners, they are well prepared to compete with this out of state trust fund companies as they believe that they will be able to deliver better services. Assemblywoman Jauregui asked why Nevada would open its business for out of state trust funds. Burners responded that in order for Nevada trust fund companies to operate in other states, they have to give the same reciprocal treatment to other states. Burners also added that although those out of state trust fund companies will be examined by their home state, he still holds the authority

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