Chapter 45 — INTEREST, LOANS, AND DEBT
464 sections in this chapter.
Neb. Rev. Stat. § 45-744 Cease and desist orders; department; powers; judicial review; violation; penalty.
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(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.
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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.
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(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.
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(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.
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(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.
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(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.
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(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.
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(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.
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The Residential Mortgage Licensing Act shall be construed liberally so as to effectuate its purposes.
Neb. Rev. Stat. § 45-753 Personal jurisdiction; when.
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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.
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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.
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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.
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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.
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(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.
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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.
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(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.
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(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.
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(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.
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(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…
Neb. Rev. Stat. § 45-809 Waiver of rights; void.
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A credit services organization shall not attempt to cause a buyer to waive a right under the Credit Services Organization Act. A purported waiver by a buyer of any part of the act shall be void.
Neb. Rev. Stat. § 45-810 Damages.
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A buyer injured by a violation of the Credit Services Organization Act may bring an action for recovery of damages. The damages awarded shall not be less than the amount paid by the buyer to the credit services organization plus reasonable attorney's fees and court costs.
Neb. Rev. Stat. § 45-811 Violation; injunction.
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The Attorney General or a buyer may bring an action in district court to enjoin a violation of the Credit Services Organization Act.
Neb. Rev. Stat. § 45-812 Violation; deceptive trade practice.
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A violation of the Credit Services Organization Act shall be a deceptive trade practice under the Uniform Deceptive Trade Practices Act.
Neb. Rev. Stat. § 45-813 Statute of limitations.
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An action may not be brought under section 45-810 or 45-812 after four years after the date of the execution of the contract for services to which the action relates.
Neb. Rev. Stat. § 45-814 Violation; penalty.
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A person who violates the Credit Services Organization Act shall be guilty of a Class II misdemeanor.
Neb. Rev. Stat. § 45-815 Remedies.
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The remedies provided by the Credit Services Organization Act shall be in addition to other remedies provided by law.
Neb. Rev. Stat. § 45-901 Act, how cited.
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Sections 45-901 to 45-931 shall be known and may be cited as the Delayed Deposit Services Licensing Act.
Neb. Rev. Stat. § 45-902 Terms, defined.
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For purposes of the Delayed Deposit Services Licensing Act: (1) Annual percentage rate means an annual percentage rate as determined under section 107 of the federal Truth in Lending Act, 15 U.S.C. 1606, as such section existed on January 1, 2020, and includes all fees, interest,…
Neb. Rev. Stat. § 45-903 Act; not applicable to financial institutions.
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The Delayed Deposit Services Licensing Act shall not apply to a financial institution organized under the laws of this state or the laws of the United States.
Neb. Rev. Stat. § 45-904 License required; void transaction; effect.
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No person shall operate a delayed deposit services business or make or offer a delayed deposit transaction in this state unless the person is licensed by the director as provided in the Delayed Deposit Services Licensing Act. Any delayed deposit transaction that is made by a pers…
Neb. Rev. Stat. § 45-905 Application for license; form; contents; criminal history record information check.
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(1) An applicant for a license shall submit an application, under oath, to the director on forms prescribed by the director. The forms shall contain such information as the director may prescribe, including, but not limited to: (a) The applicant's financial condition; (b) The qua…
Neb. Rev. Stat. § 45-905.01 Nationwide Mortgage Licensing System and Registry; licensees; requirements; director; powers and duties.
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(1) On and after January 1, 2021, licensees under the Delayed Deposit Services Licensing Act are required 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 participa…
Neb. Rev. Stat. § 45-906 Application; fees; bond.
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The application required by section 45-905 shall be accompanied by: (1) A nonrefundable application fee of five hundred dollars and any processing fee allowed under subsection (2) of section 45-905.01; and (2) A surety bond in the base amount of fifty thousand dollars which, on o…
Neb. Rev. Stat. § 45-907 Application; notice of filing; publication; hearing; investigation; costs.
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(1) When an application for a delayed deposit services business license has been accepted by the director as substantially complete, notice of the filing of the application shall be published by the director for three successive weeks in a legal newspaper published in or of gener…
Neb. Rev. Stat. § 45-908 License; issuance; conditions.
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The director shall issue a license to an applicant, if, after public hearing and any investigation of the applicant, the director determines that: (1) The experience, character, and general fitness of the applicant and its officers, directors, shareholders, partners, or members a…
Neb. Rev. Stat. § 45-909 Application for license; timely action of director required; appeal.
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The director shall approve or deny an application for a license by written order not more than ninety days after the filing of a substantially complete application. Failure of the director to act on a substantially complete application within ninety days shall constitute approval…
Neb. Rev. Stat. § 45-910 License; posting; renewal; fees.
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(1) A license issued pursuant to the Delayed Deposit Services Licensing Act shall be conspicuously posted at the licensee's place of business. (2)(a) Except as provided in subdivision (2)(b) of this section, all licenses shall remain in effect until the next succeeding May 1, unl…
Neb. Rev. Stat. § 45-911 Surrender of license; effect.
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A licensee may surrender a delayed deposit services business license by delivering to the director written notice that the license is surrendered and any processing fee allowed under subsection (2) of section 45-905.01. The department may issue a notice of cancellation of the lic…
Neb. Rev. Stat. § 45-912 Licensee; duty to inform director; when; breach of security of the system; notification.
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(1) A licensee shall be required to notify the director in writing through the Nationwide Mortgage Licensing System and Registry within thirty days after the occurrence of any material development, including, but not limited to: (a) Bankruptcy or corporate reorganization; (b) Bus…
Neb. Rev. Stat. § 45-913 License; not transferable or assignable.
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A license issued pursuant to the Delayed Deposit Services Licensing Act shall not be transferable or assignable.
Neb. Rev. Stat. § 45-914 Change in control of licensee; approval required.
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The prior written approval of the director shall be required whenever a change in control of a licensee is proposed. Control in the case of a corporation shall mean (1) direct or indirect ownership or the right to control ten percent or more of the voting shares of the corporatio…
Neb. Rev. Stat. § 45-915 Licensee; principal place of business; change of location; branch offices; approval required; fees.
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(1) Except as provided in subsection (2) of this section, a licensee, on or before December 31, 2020, may offer a delayed deposit services business only at an office designated as its principal place of business in the application. A licensee may change the location of its design…
Neb. Rev. Stat. § 45-915.01 Licensee; books and records.
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(1) Each licensee shall keep or make available the books and records relating to transactions made under the Delayed Deposit Services Licensing Act as are necessary to enable the department to determine whether the licensee is complying with the act. The books and records shall b…
Neb. Rev. Stat. § 45-916 Operating with other business; conditions.
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A licensee may operate a delayed deposit services business at a location where any other business is operated or in association or conjunction with any other business if: (1) The books, accounts, and records of the delayed deposit services business are kept and maintained separat…
Neb. Rev. Stat. § 45-917 Licensee; written notice; contents; fees, charges, and penalties; posting required.
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(1)(a) Every licensee shall, at the time any delayed deposit transaction is made, give to the maker of the check, or if there are two or more makers, to one of them, a notice written in plain English disclosing: (i) The name of the maker, transaction date, and transaction amount;…
Neb. Rev. Stat. § 45-918 Annual percentage rate; violation; effect; fee; limitation.
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(1) A licensee shall not impose an annual percentage rate greater than thirty-six percent in connection with a delayed deposit transaction. Any delayed deposit transaction made in violation of this section is void, and the licensee making such delayed deposit transaction has no r…
Neb. Rev. Stat. § 45-918.01 Returned check; collection; returned check charge; court costs; attorney's fees.
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If a check held by a licensee as a result of a delayed deposit transaction is returned unpaid to the licensee from a payor financial institution due to insufficient funds, a closed account, a stop-payment order, or any other reason, not including a bank error, the licensee shall …
Neb. Rev. Stat. § 45-918.02 Prepayment; how treated.
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A licensee shall accept prepayment from a maker prior to the due date without charging the maker a penalty of any kind.
Neb. Rev. Stat. § 45-918.03 Rescission; redemption.
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(1) A maker shall have the right to rescind a delayed deposit transaction before 5 p.m. the next business day following the delayed deposit transaction. (2) Prior to the licensee negotiating or presenting the check, the maker shall have the right to redeem any check held by a lic…
Neb. Rev. Stat. § 45-918.04 Licensee; payment options; electronic payment with authorization.
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(1) A licensee may pay the proceeds from a delayed deposit transaction or rebate to the maker in the form of check, money order, cash, stored value card, Internet transfer, or authorized automated clearinghouse transaction. Neither the licensee nor any affiliate of the licensee s…