All Roll Calls
Yes: 225 • No: 0
NebraskaLB717109th Legislature 1st and 2nd SessionslegislatureWALLET
Adopt changes to federal law regarding banking and finance, change provisions relating to control of certain banks and trust companies, digital asset depository institutions, interest rates on certain loans, installment loans, mortgage loan originators, mortgage bankers, and the Nebraska Money Transmitters Act, and change references to the Nebraska Money Transmitters Act in the Controllable Electronic Record Fraud Prevention Act
Sponsored By: Mike Jacobson
Signed by Governor
Banking, Commerce and Insurance Committee
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Bill Overview
Analyzed Economic Effects
21 provisions identified: 10 benefits, 3 costs, 8 mixed.
Clearer loan and retail contract disclosures
Lenders must give you an English disclosure with federal credit info and a copy of your loan papers. Your loan papers must say you can prepay without a penalty and may get a refund of unearned charges. For refinances, you get a worksheet showing if the new loan gives a net tangible benefit. You can request a payoff statement and copies; copy fees are capped at $0.50 per page, and repeat payoff requests within 60 days can cost up to $10. Retail installment contracts must list price, down payment, insurance, payment schedule, and warn you not to sign with blanks.
Fast reporting of lender crises and breaches
Mortgage lenders must tell the state within 3 business days about major events like bankruptcy, loss of funding ability, regulator enforcement actions, certain crimes, and data breaches. If they must notify Nebraska residents about a breach, they must also send that notice to the Department. Law enforcement can delay notices when the law allows.
Refinances must clearly benefit borrowers
For any refinance, the lender must give you a worksheet that shows if the deal provides a real, tangible benefit. It must cover things like a lower rate or payment, a shorter term, switching to a fixed rate, removing risky features, avoiding foreclosure, dropping mortgage insurance, or consolidating loans.
Stronger mortgage escrow and payoff rules
Mortgage servicers must pay insurance by the due date and property taxes before they are late. They must do a full escrow review at least once a year and mail notice at least 20 days before your payment changes. Servicers must keep a toll‑free line (or accept collect calls) while servicing and for 12 months after. They must answer written payoff requests within 7 business days; a fee up to $10 is allowed only if it’s a repeat within 60 days. Servicers must keep loan and application records for 5 years and file releases after payoff. If a servicer’s delay causes a penalty, the servicer pays it unless you failed to send funds after written notice.
Fair ATM access and surcharge rules
Banks can install any number of ATMs. Third‑party ATMs must be sponsored by a bank. ATMs must be open to Nebraska customers on a nondiscriminatory basis, with listed exceptions. The director can stop ATMs or switches that block fair access or fail technical standards. Surcharge notices follow federal rules.
State banks and credit unions gain federal powers
Nebraska state banks get the same powers that federal banks in Nebraska had on January 1, 2025, and still owe state taxes. Nebraska savings associations get the same powers that federal S&Ls had on that date. Credit unions may make other types of investments approved by the Department. Certain long‑standing savings associations can convert to state banks and keep mutual form, following federal capital rules from January 1, 2025.
Digital-asset banks face fiat limits
Digital‑asset depositories cannot take U.S. dollar demand deposits and generally cannot make loans in dollars, including overdraft credit. They may still offer digital‑asset services and buy certain debt that state law allows.
Tighter work rules for mortgage originators
A mortgage loan originator must work for only one Nebraska‑licensed lender or company, which must directly supervise and be responsible for the originator. Originators may take applications only at the licensed main office or a listed branch; the Department can set rules for regulated remote work. If a lender opens a branch, it must notify the Director within 30 days using the Department’s form and pay $75 per branch.
Installment loans: new definitions and caps
An installment loan under this law must run at least 6 months, be under $25,000, and carry interest above section 45‑101.03. Offices outside Nebraska that serve Nebraska residents count as branch offices. Interest is capped at 24% a year on the first $1,000 of principal and 21% on the rest, with no charges paid in advance. Loans over $3,000 and under $25,000 (except mobile homes) cannot exceed 145 months. But the general state interest‑rate cap in section 45‑101.03 does not apply to loans by certain licensed lenders, which can allow higher rates under their licenses.
Stronger bank safeguards for seniors
Banks may delay or refuse a transaction when they reasonably believe a senior or vulnerable adult is being exploited. They may alert trusted contacts or law enforcement, and may keep a hold for up to 30 business days, with extensions if risk continues. A refusal made under these rules is not wrongful dishonor. Banks and their staff have immunity for good‑faith actions under these protections. This helps stop scams but can temporarily limit access to money while a hold is in place.
Stronger exam powers for regulators
The Director can subpoena, review records, use recent federal exam reports, and require background and credit checks. Licensees must respond to investigations within 21 days and pay exam costs set in law. Exam reports are not public records, but complaint files are public.
60-day notice before bank control changes
Anyone seeking control of a Nebraska state bank or trust company must give 60 days’ notice to the Department on its forms. The Director has 30 days to act on a complete filing, with a possible 30‑day extension if information is missing. If not disapproved, the deal can take effect on day 61. Some debt‑collection transfers, certain estate‑planning trust transfers with conditions, and emergencies are excepted.
Limits on big and insider bank loans
Banks face caps on loans to one borrower: the higher of 25% of paid‑up capital or 15% of unimpaired capital and surplus, with an extra 10% allowed for well‑secured loans that meet strict collateral rules. Loans to insiders need full‑board approval above the higher of $25,000 or 5% of unimpaired capital and surplus, and again over $500,000. Certain insider loans, like first‑lien home loans or education loans, are allowed under set limits.
New rules for digital asset banks
Nebraska creates a framework for digital asset depositories. They must keep the main office and CEO’s primary office in Nebraska and may open branches, following host‑state law. They may serve only individuals and lawful, bona fide businesses, and must collect documents to meet anti‑money‑laundering and ownership rules. U.S. dollars in customer accounts must be held at an FDIC‑insured bank tied to Nebraska. They must run Bank Secrecy Act programs, keep a public community‑needs file, and teach financial literacy. Starting up requires at least $10,000,000 in paid‑in capital and a surplus equal to three years of estimated operating expenses.
Who counts under Nebraska securities law
The law clarifies key terms in the Securities Act of Nebraska. It defines agents, broker‑dealers, investment advisers, adviser representatives, issuers, issuer‑dealers, and what counts as a sale or a security. It also lists who is excluded from some definitions. These definitions set who must register or is exempt.
Bank and savings accounts for minors
Anyone, including a minor, can be a bank depositor. Minors can withdraw by check, ATM, debit card, phone, or online. People of any age can hold shares in building and loan associations. Minors are only bound for money they actually paid. Trustees can buy or sell these shares without a court order unless a trust limits that power.
What counts as a financial emergency
The law defines an emergency for financial institutions. It includes events like fires, floods, epidemics, civil unrest, disasters, and cyber attacks. It also defines what a financial institution is for these emergency rules. This helps banks and credit unions act quickly and safely in crises.
Locks in 2025 federal market rules
Nebraska ties its references for securities and adviser ethics rules to the federal versions in effect on January 1, 2025. It also fixes references to Commodity Futures Trading Commission rules to those in effect on January 1, 2025. This gives firms a clear baseline for compliance.
More powers for Nebraska credit unions
State‑chartered credit unions have the same powers that federal credit unions had in Nebraska on January 1, 2026, but they still pay state taxes. Credit unions may invest for employee benefit plans up to 15% of net worth with one issuer and 25% in total. The Director can exempt certain plans if they do not pose safety‑and‑soundness risks.
New hiring and reporting rules for mortgage firms
Mortgage firms must give NMLS at least 30 days’ notice before any name change. They must keep minimum net worth, get an annual CPA audit, and file a sworn annual report by March 1 plus any required mortgage condition reports. Independent mortgage originators must have a written, exclusive‑origination contract. When hiring a licensed originator, firms must notify the department and pay $50; the originator cannot start until prior employment is terminated and notice is confirmed. Firms must tell the department within 10 days when an originator leaves. Licensees must notify the department within three business days after learning of a data breach affecting Nebraska residents and provide copies of any resident notices.
New rules for crypto kiosks and pay firms
Crypto kiosk operators must hold a Nebraska money transmitter license. Each kiosk must be reported as an authorized delegate, and operators must file a list of all associated addresses within 45 days after each quarter. The law expands who is exempt from a transmitter license, including many payment systems, banks, brokers, and some service providers under strict conditions. Small payroll processors are exempt if they have under 20 FTE staff doing payroll or serve fewer than 50 Nebraska employees, have no disqualifying felonies or revocations, and do not otherwise transmit money.
Sponsors & Cosponsors
Sponsor
Mike Jacobson
legislature
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
legislature vote • 4/24/2026
Vote
Yes: 38 • No: 0 • Other: 11
legislature vote • 4/24/2026
Vote
Yes: 30 • No: 0 • Other: 19
legislature vote • 2/20/2026
Final Reading
Yes: 48 • No: 0 • Other: 1
legislature vote • 2/9/2026
Vote
Yes: 30 • No: 0 • Other: 19
legislature vote • 1/27/2026
Vote
Yes: 41 • No: 0 • Other: 8
legislature vote • 1/27/2026
Vote
Yes: 38 • No: 0 • Other: 11
Actions Timeline
Approved by Governor on February 25, 2026
2/25/2026legislatureDispensing of reading at large approved
2/20/2026legislaturePassed on Final Reading with Emergency Clause 48-0-1
2/20/2026legislaturePresident/Speaker signed
2/20/2026legislaturePresented to Governor on February 20, 2026
2/20/2026legislaturePlaced on Final Reading
2/17/2026legislatureEnrollment and Review ER105 adopted
2/9/2026legislatureKauth FA346 withdrawn
2/9/2026legislatureJacobson AM1890 adopted
2/9/2026legislatureAdvanced to Enrollment and Review for Engrossment
2/9/2026legislaturePlaced on Select File with ER105
1/30/2026legislatureEnrollment and Review ER105 filed
1/30/2026legislatureJacobson AM1890 filed
1/30/2026legislatureJacobson AM1746 filed
1/27/2026legislatureJacobson AM1746 adopted
1/27/2026legislatureAdvanced to Enrollment and Review Initial
1/27/2026legislaturePlaced on General File
1/21/2026legislatureReferred to Banking, Commerce and Insurance Committee
1/9/2026legislatureNotice of hearing for January 20, 2026
1/9/2026legislatureKauth FA346 filed
1/8/2026legislatureDate of introduction
1/7/2026legislature
Bill Text
Introduced
2/25/2026
Enrolled / Slip Law
Final / Enacted