Chapter 45 — INTEREST, LOANS, AND DEBT
464 sections in this chapter.
Neb. Rev. Stat. § 45-623 Collection of public debts; contracts authorized; requirements.
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(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.
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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.
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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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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…
Transferred to section 45-742.
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[Repealed or reserved.]
Transferred to section 45-747.
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[Repealed or reserved.]
Transferred to section 45-724.
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[Repealed or reserved.]
Transferred to section 45-741.
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[Repealed or reserved.]
Transferred to section 45-737.
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[Repealed or reserved.]
Transferred to section 45-738.
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[Repealed or reserved.]
Transferred to section 45-739.
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[Repealed or reserved.]
Transferred to section 45-740.
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[Repealed or reserved.]
Transferred to section 45-750.
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[Repealed or reserved.]
Transferred to section 45-751.
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[Repealed or reserved.]
Transferred to section 45-744.
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[Repealed or reserved.]
Transferred to section 45-743.
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[Repealed or reserved.]
Transferred to section 45-746.
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[Repealed or reserved.]
Transferred to section 45-745.
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[Repealed or reserved.]
Transferred to section 45-752.
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[Repealed or reserved.]
Transferred to section 45-753.
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[Repealed or reserved.]
Transferred to section 45-754.
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[Repealed or reserved.]
Transferred to section 45-725.
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[Repealed or reserved.]
Transferred to section 45-748.
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[Repealed or reserved.]
Neb. Rev. Stat. § 45-724 Surety bond; requirements.
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(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.
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(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.
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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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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.
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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.
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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.
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(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.
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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.
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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.
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(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.
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(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.
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(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.
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(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.
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(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 …