Chapter 8 — BANKS AND BANKING
750 sections in this chapter.
Neb. Rev. Stat. § 8-2401 Formation; conditions.
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A credit card bank may be formed under the Nebraska Banking Act if all of the following conditions are met: (1) A credit card bank shall not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties; (2) A credit car…
Neb. Rev. Stat. § 8-2402 Charter; grant; when.
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The Department of Banking and Finance may grant a charter to transact the business of a credit card bank if the Director of Banking and Finance is satisfied that the applicant has met the conditions set forth in section 8-2401 and the Nebraska Banking Act as to the formation of a…
Neb. Rev. Stat. § 8-2403 Provisions applicable.
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A credit card bank shall be subject to the Interstate Branching and Merger Act, the Nebraska Bank Holding Company Act of 1995, the Nebraska Banking Act, and Chapter 8, articles 5, 6, 7, 8, 13, 14, 15, 16, 19, and 20, unless otherwise limited or excluded or the context otherwise r…
Neb. Rev. Stat. § 8-2501 Written solicitation; restrictions.
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(1) Except as provided in section 8-2503, no person shall include the name, trade name, logo, or symbol of a financial institution in a written solicitation for financial products or services directed to a consumer who has obtained a loan from the financial institution without th…
Neb. Rev. Stat. § 8-2502 Written solicitation; restriction on use of loan information; exception.
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Except as provided in section 8-2503, no person shall include a consumer's loan number, loan amount, or other specific loan information, whether or not publicly available, in a written solicitation for products or services without the consent of the consumer, unless the solicitat…
Neb. Rev. Stat. § 8-2503 Advertisement or written solicitation; comparison authorized.
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It is not a violation of section 8-2501 or 8-2502 for a person in an advertisement or written solicitation for products or services to use the name, trade name, logo, or symbol of a financial institution without the statement described in section 8-2501 or 8-2502, if that use is …
Neb. Rev. Stat. § 8-2504 Violation; cease and desist order; fine.
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(1) The Department of Banking and Finance may order any person to cease and desist whenever the Director of Banking and Finance determines that such person has violated section 8-2501 or 8-2502. Upon entry of a cease and desist order, the director shall promptly notify the affect…
Neb. Rev. Stat. § 8-2505 Financial institution, defined.
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For purposes of sections 8-2501 to 8-2504, financial institution means a state or federally chartered bank, savings and loan association, savings bank, or credit union or any affiliate, subsidiary, or agent thereof.
Neb. Rev. Stat. § 8-2601 Act, how cited.
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Sections 8-2601 to 8-2615 shall be known and may be cited as the Credit Report Protection Act.
Neb. Rev. Stat. § 8-2602 Terms, defined.
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For purposes of the Credit Report Protection Act: (1) Consumer reporting agency means any person which, for monetary fees, for dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information …
Neb. Rev. Stat. § 8-2603 Security freeze; request.
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A consumer may elect to place a security freeze on his or her file by submitting a request at the address or other point of contact and in the manner specified by the consumer reporting agency.
Neb. Rev. Stat. § 8-2603.01 Protected consumer; security freeze; request; creation of record for protected consumer; placement of freeze.
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(1) A consumer reporting agency shall place a security freeze for a protected consumer if: (a) The consumer reporting agency receives a request from the representative for the placement of the security freeze under this section; and (b) The representative: (i) Submits the request…
Neb. Rev. Stat. § 8-2604 Consumer reporting agency; release of credit report or other information prohibited without authorization.
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If a security freeze is in place with respect to a consumer's or protected consumer's file, the consumer reporting agency shall not release a credit report or any other information derived from the file to a third party without the prior express authorization of the consumer, pro…
Neb. Rev. Stat. § 8-2605 Consumer reporting agency; placement of security freeze; when; written confirmation to consumer.
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(1) A consumer reporting agency shall place a security freeze on a file no later than three business days after receiving a request under section 8-2603. (2) Until July 1, 2008, a consumer reporting agency shall, within ten business days after receiving a request under section 8-…
Neb. Rev. Stat. § 8-2606 Consumer reporting agency; disclose process of placing and temporarily lifting security freeze; consumer request to lift freeze; when.
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(1) When a consumer requests a security freeze under section 8-2603, the consumer reporting agency shall disclose the process of placing and temporarily lifting the security freeze, including the process for allowing access to his or her credit report or any other information der…
Neb. Rev. Stat. § 8-2607 Security freeze; duration; consumer reporting agency; place hold on file; release; notice; temporarily lift security freeze; removal of freeze; request from consumer.
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(1) A security freeze shall remain in place, subject to being put on hold or temporarily lifted as otherwise provided in this section, until the consumer reporting agency receives a request from the consumer to remove the freeze under section 8-2608. (2) A consumer reporting agen…
Neb. Rev. Stat. § 8-2608 Consumer reporting agency; mandatory removal of security freeze; conditions.
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A consumer reporting agency shall remove a security freeze placed under section 8-2603 within three business days after receiving a request for removal from the consumer who provides both of the following: (1) Sufficient proof of identity of the consumer; and (2) The unique perso…
Neb. Rev. Stat. § 8-2608.01 Protected consumer; security freeze; duration; consumer reporting agency; restrictions on release of information.
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A security freeze for a protected consumer shall remain in effect unless removed in accordance with section 8-2608.02 or 8-2608.03. A consumer reporting agency may not release the protected consumer’s credit report, any information derived from the protected consumer’s credit rep…
Neb. Rev. Stat. § 8-2608.02 Protected consumer; removal of security freeze; request.
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If a protected consumer or the representative wishes to remove a security freeze placed under section 8-2603.01 for the protected consumer, the protected consumer or the representative shall: (1) Submit a request for the removal of the security freeze to the consumer reporting ag…
Neb. Rev. Stat. § 8-2608.03 Protected consumer; remove security freeze; delete record of protected consumer; when.
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A consumer reporting agency may remove a security freeze for a protected consumer or delete a record of a protected consumer if the security freeze was placed or the record was created based on a material misrepresentation of fact by the protected consumer or the protected consum…
Neb. Rev. Stat. § 8-2609 Consumer reporting agency; power with respect to fees.
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(1) A consumer reporting agency shall not charge any fee for placing, temporarily lifting, or removing a security freeze placed under section 8-2603 or for placing, temporarily lifting, or removing any other substantially similar type of security product. This subsection does not…
Neb. Rev. Stat. § 8-2609.01 Protected consumer; consumer reporting agency; power with respect to fees.
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A consumer reporting agency shall not charge any fee for placement or removal of a security freeze or for placement or removal of any other substantially similar type of security product for a protected consumer. This section does not apply if the substantially similar type of se…
Neb. Rev. Stat. § 8-2610 Consumer reporting agency; changes to official information in file; written confirmation required; exceptions.
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If a security freeze is in place, a consumer reporting agency may not change any of the following official information in a file without sending a written confirmation of the change to the consumer, protected consumer, or representative within thirty days after the change is made…
Neb. Rev. Stat. § 8-2611 Consumer reporting agency; restrictions with respect to third parties; request by third party; how treated.
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(1) A consumer reporting agency may not suggest or otherwise state or imply to a third party that a security freeze on a consumer's or protected consumer's file reflects a negative credit score, history, report, or rating. (2) If a third party requests access to a credit report o…
Neb. Rev. Stat. § 8-2612 Consumer reporting agency; information furnished to governmental agency.
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The Credit Report Protection Act does not prohibit a consumer reporting agency from furnishing to a governmental agency a consumer's or protected consumer's name, address, former address, place of employment, or former place of employment.
Neb. Rev. Stat. § 8-2613 Act; use of credit report or information derived from file; applicability.
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The Credit Report Protection Act does not apply to the use of a credit report or any information derived from the file by any of the following: (1) A person or entity, a subsidiary, affiliate, or agent of that person or entity, an assignee of a financial obligation owing by the c…
Neb. Rev. Stat. § 8-2614 Entities not considered consumer reporting agencies; not required to place security freeze on file.
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The following entities are not consumer reporting agencies for purposes of the Credit Report Protection Act and are not required to place a security freeze under section 8-2603 or 8-2603.01: (1) A check services or fraud prevention services company that issues reports on incident…
Neb. Rev. Stat. § 8-2614.01 Protected consumer provisions; applicability.
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Sections 8-2603.01, 8-2608.01, 8-2608.02, 8-2608.03, and 8-2609.01 shall not apply to any person or entity that maintains a database used solely for the following: (1) Criminal record information; (2) Personal loss history information; (3) Fraud prevention or detection; (4) Emplo…
Neb. Rev. Stat. § 8-2615 Enforcement of act; Attorney General; powers and duties; violation; civil penalty; recovery of damages.
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The Attorney General shall enforce the Credit Report Protection Act. For purposes of the act, the Attorney General may issue subpoenas, adopt and promulgate rules and regulations, and seek injunctive relief and a monetary award for civil penalties, attorney's fees, and costs. Any…
Neb. Rev. Stat. § 8-2701 Act, how cited.
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Sections 8-2701 to 8-2754 shall be known and may be cited as the Nebraska Money Transmitters Act.
Neb. Rev. Stat. § 8-2702 Terms, defined.
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For purposes of the Nebraska Money Transmitters Act: (1) Acting in concert means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement; (2) Applicant means a person filing an application for…
Neb. Rev. Stat. § 8-2703 Exemptions.
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The Nebraska Money Transmitters Act does not apply to: (1) An operator of a payment system to the extent that such operator provides processing, clearing, or settlement services, between or among persons exempted from the Nebraska Money Transmitters Act under this section or lice…
Neb. Rev. Stat. § 8-2704 Authority to require demonstration of exemption.
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The director may require that any person claiming to be exempt from licensing under the Nebraska Money Transmitters Act pursuant to section 8-2703 provide information and documentation to the director demonstrating that such person qualifies for exemption.
Neb. Rev. Stat. § 8-2705 Director; implementation; broad administrative authority.
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(1) In order to carry out the purposes of the Nebraska Money Transmitters Act, the director may, subject to subsections (1) and (2) of section 8-2706: (a) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulator…
Neb. Rev. Stat. § 8-2706 Information; reports; records; confidentiality; disclosure; director; powers.
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(1) Except as otherwise provided in subsection (2) of this section, all information or reports obtained by the director from an applicant, licensee, or authorized delegate, related to an examination or investigation, on behalf of, or for the use of the director, are not public re…
Neb. Rev. Stat. § 8-2707 Licensee or authorized delegate; supervision; director; powers; violation of act; administrative fine.
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(1) The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by the Nebraska Money Transmitters Act or by a rule or regulation adopted and promulgated or an order issued under the act as reasonab…
Neb. Rev. Stat. § 8-2708 Multistate supervisory process; authority to participate.
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(1) The director is authorized to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors and Money Transmitter Regulators Association and any affiliates and successors thereof for all licensees t…
Neb. Rev. Stat. § 8-2709 Money transmission; license required; when; not transferable or assignable.
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(1) A person may not engage in the business of money transmission or advertise, solicit, or hold such person out as providing money transmission unless the person is licensed under the Nebraska Money Transmitters Act. (2) Subsection (1) of this section does not apply to: (a) A pe…
Neb. Rev. Stat. § 8-2710 Licensing cooperation and coordination among state regulators; Nationwide Mortgage Licensing System and Registry; participation authorized.
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(1) To establish consistent licensing between Nebraska and other states, the director is authorized to: (a) Implement all licensing provisions of the Nebraska Money Transmitters Act in a manner that is consistent with other states that have adopted a version of the Model Money Tr…
Neb. Rev. Stat. § 8-2711 License; application; form; contents; fee.
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(1) Applicants for a license shall apply in a form and in a medium as prescribed by the director. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the director and may be changed or updated by the director in accordance with appl…
Neb. Rev. Stat. § 8-2712 Individual in control or seeking control; key individuals; background information; investigative background report; director; powers.
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(1) Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and any key individual shall furnish to the director, through the Nationwide Mortgage Licensing System and Registry, the following items: (a) The individual's fin…
Neb. Rev. Stat. § 8-2713 License; issuance or denial; procedure; appeal; license term.
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(1) When the director determines an application for an original license under the Nebraska Money Transmitters Act appears to include all the items and addresses all of the matters that are required, the application is complete. The director shall promptly notify the applicant in …
Neb. Rev. Stat. § 8-2714 License renewals.
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(1) A license under the Nebraska Money Transmitters Act shall be renewed annually. (2) An annual renewal fee of seven hundred fifty dollars shall be paid no more than sixty days before the license expiration. (3) The renewal term shall be for a period of one year and shall begin …
Neb. Rev. Stat. § 8-2715 License; suspend or revoke; grounds; applicant or licensee; demonstrate compliance with law.
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(1) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the director may suspend or revoke the licensee's license in accordance with the procedures established by the Nebraska Mone…
Neb. Rev. Stat. § 8-2716 Licensee; application to acquire control; approval or denial; procedure; appeal; applicability of provisions.
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(1) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to this section when that …
Neb. Rev. Stat. § 8-2717 Key individual; add or replace; notice; disapproval; conditions; appeal.
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(1) A licensee adding or replacing any key individual shall: (a) Provide notice in a manner prescribed by the director within fifteen days after the date the key individual's appointment became effective; and (b) Provide the information required by section 8-2712 within forty-fiv…
Neb. Rev. Stat. § 8-2718 Report of condition.
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(1) Each licensee shall submit a report of condition within forty-five days after the end of a calendar quarter, or within any extended time as the director may prescribe. (2) The report of condition shall include: (a) Financial information at the licensee level; (b) Nationwide a…
Neb. Rev. Stat. § 8-2719 Audited financial statement; other information; filing; requirements.
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(1) Each licensee shall, within ninety days after the end of each fiscal year or within any time period after the end of the fiscal year as the director may prescribe, file with the director: (a) An audited financial statement of the licensee for the fiscal year prepared in accor…
Neb. Rev. Stat. § 8-2720 Authorized delegate report.
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(1) Each licensee shall submit a report of authorized delegates within forty-five days after the end of each calendar quarter. The director is authorized to utilize the Nationwide Mortgage Licensing System and Registry for the submission of the report required by this section pro…
Neb. Rev. Stat. § 8-2721 Licensee; report to director; when; breach of security of the system; notification.
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(1) A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee under the United States Bankruptcy Code for bankruptcy or r…