A family trust company:

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1.  Is not required to be licensed pursuant to this chapter or chapter 669 of NRS.

2.  May apply for a license as:

(a) A trust company pursuant to chapter 669 of NRS; or

(b) A licensed family trust company pursuant to this chapter.

3.  Is subject to the supervision of the Commissioner under this chapter if licensed as a licensed family trust company pursuant to this chapter.