NRS 671.015: “Passive investor” defined.

“Passive investor” means a person that:

1. Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee;

2. Is not employed by and does not have any managerial duties of a licensee or person in control of a licensee;

3. Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and

4. Does either of the following:

(a) Attests to the characteristics set forth in subsections 1, 2 and 3 in a form prescribed by the Commissioner; or

(b) Commits to the characteristics set forth in subsections 1, 2 and 3 in a written document.