1. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles in the United States of not less than the aggregate amount of all of the outstanding money transmission obligations of the licensee. 2. Except for the permissible investments specified in subsection 1 of NRS 671.135 , the Commissioner, with respect to any licensee, may limit the extent to which a specific investment maintained by a licensee within a class of permissible investments may be considered a permissible investment if the specific investment represents an undue risk to customers not reflected in the market value of investments. 3. Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the outstanding money transmission obligations of the licensee if any of the following occurs: (a) Insolvency; (b) The filing of a petition by or against the licensee pursuant to the provisions of United States Bankruptcy Code for bankruptcy or reorganization; (c) The filing of a petition by or against the licensee for receivership; (d) The commencement of any other judicial or administrative proceeding for the dissolution or reorganization of the licensee; or (e) An action against the licensee by a creditor who is not a beneficiary of this statutory trust. 4. A permissible investment impressed with a trust pursuant to subsection 3 is not subject to attachment, levy of execution or sequestration by order of any court, except for a beneficiary of the statutory trust. 5. Upon the establishment of a statutory trust pursuant to subsection 3 or when any money is drawn on a letter of credit pursuant to NRS 671.145 , the Commissioner shall notify the applicable regulator of each other state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the money drawn on the letter of credit. The notice shall be deemed satisfied if performed pursuant to a multistate agreement or through the Registry. 6. Money drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers or holders of the outstanding money transmission obligations of the licensee pursuant to subsection 3, are deemed held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in this State and other states, as applicable. Any statutory trust established pursuant to subsection 3 is terminated upon extinguishment of all of the outstanding money transmission obligations of the licensee. 7. The Commissioner may allow types of investments other than the types specified in NRS 671.135 that the Commissioner determines are of sufficient liquidity and quality to be a permissible investment. The Commissioner may participate in efforts with other state regulators to determine that other types of investments are of sufficient liquidity and quality to be a permissible investment.
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