Chapter 45, INTEREST, LOANS, AND DEBT
245 sections in this chapter.
Neb. Rev. Stat. § 45-623 Collection of public debts; contracts authorized; requirements.
1.9K chars
(1) Any state agency, county, city, village, or other political subdivision may contract to retain a collection agency licensed pursuant to the Collection Agency Act, within or without this state, for the purpose of collecting public debts owed by any person to such state agency,…
Neb. Rev. Stat. § 45-701 Act, how cited.
0.1K chars
Sections 45-701 to 45-754 shall be known and may be cited as the Residential Mortgage Licensing Act.
Neb. Rev. Stat. § 45-702 Terms, defined.
10.8K chars
For purposes of the Residential Mortgage Licensing Act: (1) Borrower means the mortgagor or mortgagors under a real estate mortgage or the trustor or trustors under a trust deed; (2) Branch office means any location at which the business of a mortgage banker or mortgage loan orig…
Neb. Rev. Stat. § 45-702.01 Reverse-mortgage loans; rules applicable; fees authorized; failure by licensee to make loan advances and cure default; forfeiture.
2.3K chars
(1) Reverse-mortgage loans shall be governed by the following rules without regard to the requirements set out elsewhere for other types of mortgage transactions: (a) Payment in whole or in part is permitted without penalty at any time during the period of the loan; (b) an advanc…
Neb. Rev. Stat. § 45-703 Act; exemptions.
4.3K chars
(1) Except as provided in section 45-704, the following shall be exempt from the Residential Mortgage Licensing Act: (a) Any depository institution or wholly owned subsidiary thereof; (b) Any registered bank holding company; (c) Any insurance company that is subject to regulation…
Neb. Rev. Stat. § 45-703.01 Nonprofit organization; certificate of exemption; qualification; application; denial; notice; appeal; department; powers; revocation of certificate; grounds.
2.7K chars
(1) A nonprofit organization may apply to the director for a certificate of exemption on a form as prescribed by the department. The director shall grant such certificate if the director finds that the nonprofit organization is a bona fide nonprofit organization. In order for a n…
Neb. Rev. Stat. § 45-704 Registration required; registration statement; fee; procedure; bond; registrant; duties; renewal.
2.2K chars
(1) Notwithstanding any other provision of the Residential Mortgage Licensing Act, no person exempt from licensing under section 45-703 who employs or enters into an independent agent agreement with an individual who is required to obtain a mortgage loan originator license in thi…
Neb. Rev. Stat. § 45-705 License or registration required; application; fees; background investigation; registered agent.
4.2K chars
(1) No person shall act as a mortgage banker or use the title mortgage banker in this state unless he, she, or it is licensed as a mortgage banker, is registered with the department as provided in section 45-704, is licensed as an installment loan company under the Nebraska Insta…
Neb. Rev. Stat. § 45-706 License; issuance; denial; abandonment; appeal; renewal; fees; inactive status; renewal; reactivation of license; notice of cancellation.
5.8K chars
(1) Upon the filing of an application for a license as a mortgage banker, if the director finds that the character and general fitness of the applicant, the members thereof if the applicant is a partnership, limited liability company, association, or other organization, and the o…
Neb. Rev. Stat. § 45-724 Surety bond; requirements.
2.6K chars
(1) Except as provided in subsection (2) of this section, an applicant for a mortgage banker license or registration shall file with the department a surety bond in the amount of one hundred thousand dollars, furnished by a surety company authorized to do business in the State of…
Neb. Rev. Stat. § 45-725 Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing.
2.2K chars
(1) No person acting personally or as an agent shall acquire control of any mortgage banking business required to be licensed under the Residential Mortgage Licensing Act without first giving thirty days' notice to the department on a form prescribed by the department of such pro…
Neb. Rev. Stat. § 45-726 Reports.
0.3K chars
Each licensed mortgage banker, registrant, and installment loan company shall submit to the Nationwide Mortgage Licensing System and Registry mortgage reports of condition, which shall be in such form and shall contain such information as the department may require.
Neb. Rev. Stat. § 45-727 Mortgage loan originator; license required; loan processor or underwriter; license required; temporary authority to act as mortgage loan originator; conditions.
4.2K chars
(1) An individual, unless specifically exempted from the Residential Mortgage Licensing Act under section 45-703 or, on or after November 24, 2019, unless having temporary authority under subsections (4) or (5) of this section, shall not engage in, or offer to engage in, the busi…
Neb. Rev. Stat. § 45-728 License; application; form; fee; use of nationwide registry.
2.2K chars
(1) An applicant for a license shall apply on a form prescribed by the director. (2) The application for a license as a mortgage loan originator shall be accompanied by an application fee of one hundred fifty dollars, plus the cost of the criminal history background check require…
Neb. Rev. Stat. § 45-729 Issuance of mortgage loan originator license; director; findings required; denial; notice; appeal; application deemed abandoned; when; effect.
4.2K chars
(1) The director shall not issue a mortgage loan originator license unless the director makes at a minimum the following findings: (a) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation…
Neb. Rev. Stat. § 45-730 Prelicensing education requirements; course review and approval; relicensure requirements.
2.0K chars
(1) In order to meet the prelicensing education requirements referred to in subdivision (1)(d) of section 45-729, an individual shall complete at least twenty hours of education approved in accordance with subsection (2) of this section, which shall include at least the following…
Neb. Rev. Stat. § 45-731 Written test requirement; subject areas.
2.1K chars
(1) In order to meet the written test requirement referred to in subdivision (1)(e) of section 45-729, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System and Reg…
Neb. Rev. Stat. § 45-732 License; term; renewal; minimum standards for renewal; fee; denial; appeal.
1.9K chars
(1) All initial mortgage loan originator licenses shall remain in full force and effect until the next succeeding December 31. Mortgage loan originator licenses may be renewed annually by submitting to the director a request for renewal and any supplemental material as required b…
Neb. Rev. Stat. § 45-733 Licensed mortgage loan originator; continuing education; continuing education courses; review and approval; credit as instructor; relicensure requirements.
2.9K chars
(1) A licensed mortgage loan originator shall complete annually at least eight hours of education approved in accordance with subsection (2) of this section, which shall include at least: (a) Three hours of instruction in federal laws and regulations regarding mortgage originatio…
Neb. Rev. Stat. § 45-734 Mortgage loan originator license; inactive status; duration; renewal; reactivation.
3.4K chars
(1) A mortgage loan originator whose license is placed on inactive status under this section shall not act as a mortgage loan originator in this state until such time as the license is reactivated. (2) The department shall place a mortgage loan originator license on inactive stat…
Neb. Rev. Stat. § 45-735 Mortgage loan originator; employee or independent agent; restriction on activities and remote work arrangements; written agency contract; notification to department; fee; notice of termination.
2.5K chars
(1) A mortgage loan originator shall be an employee or independent agent of a single Nebraska licensed mortgage banker, registrant, or installment loan company that shall directly supervise, control, and maintain responsibility for the acts and omissions of the mortgage loan orig…
Neb. Rev. Stat. § 45-736 Unique identifier; use.
0.3K chars
The unique identifier of any licensee shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the director.
Neb. Rev. Stat. § 45-737 Mortgage banker; licensee; duties.
9.3K chars
A licensee licensed as a mortgage banker shall: (1) Disburse required funds paid by the borrower and held in escrow for the payment of insurance payments no later than the date upon which the premium is due under the insurance policy; (2) Disburse funds paid by the borrower and h…
Neb. Rev. Stat. § 45-737.01 Mortgage loan originator; licensee; duties.
2.8K chars
(1) A licensee licensed as a mortgage loan originator shall notify the director in writing or through the Nationwide Mortgage Licensing System and Registry within three business days after the occurrence of any of the following: (a) The filing of a voluntary petition in bankruptc…
Neb. Rev. Stat. § 45-738 Licensee; failure to deliver abstract of title.
0.8K chars
If a licensee in connection with a residential mortgage loan has possession of an abstract of title and fails to deliver the abstract to the borrower within twenty business days of the borrower's request made by certified mail, return receipt requested, in connection with a propo…
Neb. Rev. Stat. § 45-739 Transfer of servicing rights; duties.
0.8K chars
Not less than fifteen days prior to the effective date of the transfer of servicing rights involving any residential mortgage loan, the licensee transferring the servicing rights shall send a written notice of transfer to each borrower which shall include: (1) The effective date …
Neb. Rev. Stat. § 45-740 Prohibited acts; violation; penalty; civil liability.
6.7K chars
(1) A licensee, an officer, an employee, or an agent of the licensee shall not: (a) Assess a late charge if all payments due are received before the date upon which late charges are authorized in the underlying mortgage or trust deed or other loan documents; (b) Delay closing of …
Neb. Rev. Stat. § 45-741 Director; examine documents and records; investigate violations or complaints; director; powers; costs; confidentiality.
7.0K chars
(1) The director may examine documents and records maintained by a licensee, registrant, individual, or person subject to the Residential Mortgage Licensing Act. The director may investigate complaints about a licensee, registrant, individual, or person subject to the act. The di…
Neb. Rev. Stat. § 45-742 License; suspension or revocation; administrative fine; procedure; surrender; cancellation; expiration; effect; reinstatement.
7.1K chars
(1) The director may, following a hearing under the Administrative Procedure Act and the rules and regulations adopted and promulgated under the act, suspend or revoke any license issued under the Residential Mortgage Licensing Act. The director may also impose an administrative …
Neb. Rev. Stat. § 45-742.01 Mortgage banker or mortgage loan originator license; emergency orders authorized; grounds; notice; emergency hearing; judicial review; director; additional proceedings.
3.2K chars
(1) The director may enter an emergency order suspending, limiting, or restricting the license of any mortgage banker or mortgage loan originator without notice or hearing if it appears upon grounds satisfactory to the director that: (a) The licensee has failed to file the report…
Neb. Rev. Stat. § 45-743 Violations; administrative fine; costs; lien.
1.8K chars
(1) The director may, following a hearing under the Administrative Procedure Act and the rules and regulations adopted and promulgated under the act, impose an administrative fine against any officer, director, shareholder, partner, or member of a licensee, if the director finds …
Neb. Rev. Stat. § 45-744 Cease and desist orders; department; powers; judicial review; violation; penalty.
1.6K chars
(1) The department may order any person to cease and desist whenever the department determines that the person has violated any provision of the Residential Mortgage Licensing Act. Upon entry of a cease and desist order, the director shall promptly notify the affected person that…
Neb. Rev. Stat. § 45-745 Appeals.
0.4K chars
In addition to any other remedy a licensee may have, any licensee or any person considering himself or herself aggrieved by any action of the department under the Residential Mortgage Licensing Act may appeal the action, and the appeal shall be in accordance with the Administrati…
Neb. Rev. Stat. § 45-746 Enforcement of act; director; powers; construction of act; failure to comply with act; effect.
1.1K chars
(1) The director may request the Attorney General to enforce the Residential Mortgage Licensing Act. A civil enforcement action by the Attorney General may be filed in the district court of Lancaster County. A civil enforcement action by the Attorney General may seek temporary an…
Neb. Rev. Stat. § 45-747 Prohibited acts; penalty.
1.1K chars
(1) Any person required to be licensed or registered under the Residential Mortgage Licensing Act who, without first obtaining a license or registration under the act or while such license is on inactive status or expired or has been suspended, revoked, or canceled by the directo…
Neb. Rev. Stat. § 45-748 License and registration under Nationwide Mortgage Licensing System and Registry; department; powers and duties; director; duties.
3.0K chars
(1) The department shall require mortgage bankers, registrants, and mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the department is authorized to participate in the Na…
Neb. Rev. Stat. § 45-749 Information sharing; privilege and confidentiality; limitations; applicability of section; director; powers.
2.6K chars
(1) In order to promote more effective regulation and reduce the regulatory burden through supervisory information sharing: (a) Except as otherwise provided in this section, the requirements under any federal or state law regarding the privacy or confidentiality of any informatio…
Neb. Rev. Stat. § 45-750 Department; duties; rules and regulations.
0.5K chars
(1) The department shall be responsible for the administration and enforcement of the Residential Mortgage Licensing Act. (2) The department may adopt and promulgate such rules and regulations as it may deem necessary in the administration of the act and not inconsistent with the…
Neb. Rev. Stat. § 45-751 Money collected; disposition.
0.4K chars
(1) All fees, charges, and costs collected by the department pursuant to the Residential Mortgage Licensing Act shall be remitted to the State Treasurer for credit to the Financial Institution Assessment Cash Fund. (2) The department shall remit fines collected under the Resident…
Neb. Rev. Stat. § 45-752 Act; liberal construction.
0.1K chars
The Residential Mortgage Licensing Act shall be construed liberally so as to effectuate its purposes.
Neb. Rev. Stat. § 45-753 Personal jurisdiction; when.
0.3K chars
Application for a license as a mortgage banker, for registration as a mortgage banker, or for a license as a mortgage loan originator pursuant to the Residential Mortgage Licensing Act shall constitute sufficient contact with this state for the exercise of personal jurisdiction i…
Neb. Rev. Stat. § 45-754 Loans subject to act.
0.3K chars
Any residential mortgage loan made with respect to real property located in this state shall be subject to the Residential Mortgage Licensing Act and all other applicable laws of this state, notwithstanding the place of execution, either nominal or real, of such residential mortg…
Neb. Rev. Stat. § 45-801 Act, how cited.
0.1K chars
Sections 45-801 to 45-815 shall be known and may be cited as the Credit Services Organization Act.
Neb. Rev. Stat. § 45-802 Terms, defined.
1.1K chars
For purposes of the Credit Services Organization Act: (1) Buyer shall mean an individual who is solicited to purchase or who purchases the services of a credit services organization; (2) Consumer reporting agency shall have the meaning assigned by the Fair Credit Reporting Act, 1…
Neb. Rev. Stat. § 45-803 Exemptions.
1.8K chars
(1) The following shall be exempt from the Credit Services Organization Act: (a) A person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States or a lender…
Neb. Rev. Stat. § 45-804 Prohibited acts.
2.8K chars
A credit services organization, a salesperson, an agent, or a representative of a credit services organization, or an independent contractor who sells or attempts to sell the services of a credit services organization shall not: (1) Charge a buyer or receive from a buyer money or…
Neb. Rev. Stat. § 45-805 Surety bond or surety account; requirements; action on surety; depository; Secretary of State; powers and duties.
2.1K chars
(1) A credit services organization conducting business in this state shall obtain a surety bond or establish a surety account which complies with this section. The bond or account shall be in the amount of one hundred thousand dollars. (2) If a surety bond is obtained, the bond s…
Neb. Rev. Stat. § 45-806 Registration statement; contents; requirements; fee.
1.8K chars
(1) A credit services organization shall file a registration statement with the Secretary of State before conducting business in this state. The registration statement shall contain: (a) The name and address of the credit services organization; and (b) The name and address of any…
Neb. Rev. Stat. § 45-807 Written statement to buyer; contents; credit services organization; duties.
2.0K chars
(1) Before executing a contract or agreement with or receiving money or other valuable consideration from a buyer, a credit services organization shall provide the buyer with a written statement containing: (a) A complete and detailed description of the services to be performed b…
Neb. Rev. Stat. § 45-808 Contract; requirements; cancellation; procedure; notice; breach; effect.
2.7K chars
(1) Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, and signed by the buyer and shall include: (a) A statement in type that is boldface, capitalized, underlined, or…