[PART V.]  NONDEPOSITORY TRUST COMPANIES

     [§412:8-500]  Powers and duties.  (a)  Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200.

     (b)  Notwithstanding any other provision in this chapter, a nondepository trust company shall not:

     (1)  Solicit, accept, or hold deposits;

     (2)  Engage in banking business;

     (3)  Engage in business for which a real estate broker's license is required;

     (4)  Engage in any business for which an insurance producer license is required; or

     (5)  Engage in any business of a securities broker or dealer.

     (c)  A nondepository trust company shall not itself perform, and instead shall contract for, the following services for its clients, if needed:

     (1)  Financial advisors for client investments;

     (2)  Property management for client rental properties; or

     (3)  Real estate brokerages for client real estate transactions.

     (d)  A nondepository trust company shall be responsible for the performance of the service providers that it engages for its clients. [L 2021, c 105, §1]