Nevada Revised Statutes 645.335 – Depository financial institution prohibited from being licensed
1. For the purposes of this section, ‘depository financial institution’ means any bank, savings and loan association, savings bank, thrift company, credit union or other institution which:
Terms Used In Nevada Revised Statutes 645.335
- real estate: means every interest or estate in real property including but not limited to freeholds, leaseholds and interests in condominiums, town houses or planned unit developments, whether corporeal or incorporeal, and whether the real property is situated in this State or elsewhere. See Nevada Revised Statutes 645.020
(a) Holds or receives deposits, savings or share accounts;
(b) Issues certificates of deposit; or
(c) Provides to its customers other depository accounts which are subject to withdrawal by checks, drafts or other instruments or by electronic means to effect payment to a third party.
2. The purposes of this section are to help maintain the separation between depository financial institutions and the business of real estate and to minimize the possibility of unfair competitive activities by depository financial institutions against real estate brokers and salespersons.
3. No depository financial institution or its holding company, parent, subsidiary or affiliate may directly or indirectly be licensed to sell real estate in this State.