Chapter 8 — BANKS AND BANKING
750 sections in this chapter.
Neb. Rev. Stat. § 8-3008 Digital asset depository account; disclosures to customer; requirements.
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The terms and conditions of a customer's digital asset depository account at a digital asset depository shall be disclosed at the time the customer contracts for a digital asset business service. Such disclosure shall be full and complete, contain no material misrepresentations, …
Neb. Rev. Stat. § 8-3009 Digital asset depository; required liquid assets.
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(1) At all times, a digital asset depository shall maintain unencumbered liquid assets denominated in United States dollars valued at not less than one hundred percent of the value of any outstanding stablecoin issued by the digital asset depository. (2) For purposes of this sect…
Neb. Rev. Stat. § 8-301 Supervision and control; powers of Department of Banking and Finance.
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The Department of Banking and Finance shall have power to issue permits to and shall have general supervision and control of all building and loan associations as defined in sections 8-301 to 8-340.01.
Repealed. Laws 1984, LB 899, § 7.
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[Repealed or reserved.]
Neb. Rev. Stat. § 8-3010 Digital asset depository; compliance with state and federal laws; required.
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A digital asset depository shall comply with all state and federal laws, including, but not limited to, those relating to anti-money laundering, customer identification, and beneficial ownership.
Neb. Rev. Stat. § 8-3011 Digital asset depository; notice and statement regarding insurance and risk; customer; acknowledgment.
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(1) With respect to all digital asset business activities, a digital asset depository shall display and include in all advertising, in all marketing materials, on any Internet website or mobile application it maintains, and at each window or place where it accepts digital asset d…
Neb. Rev. Stat. § 8-3012 Digital asset depository institution; formation; articles of incorporation; contents; filing requirements; capital requirements; bank holding company; powers.
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(1) Except as otherwise provided by subsection (5) of this section, five or more adult persons, including at least one Nebraska resident, may form a digital asset depository institution. The incorporators shall subscribe the articles of incorporation and transmit them and the byl…
Neb. Rev. Stat. § 8-3013 Digital asset depository institution; capital and surplus requirements.
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(1) The capital stock of each digital asset depository institution chartered under the Nebraska Financial Innovation Act shall be subscribed for as paid-up stock. Except as provided in subsection (3) of this section, a digital asset depository institution shall not be chartered w…
Neb. Rev. Stat. § 8-3014 Financial institution; digital asset depository department; charter amendment; director; powers and duties.
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(1) Any financial institution, having adopted or amended its articles of incorporation to authorize the conduct of a digital asset depository business may be further chartered by the director to transact a digital asset depository business in a digital asset depository department…
Neb. Rev. Stat. § 8-3015 Digital asset depository; act as; charter to operate; required; application; fee.
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(1) No corporation shall act as a digital asset depository without first obtaining a charter to operate from the director under the Nebraska Financial Innovation Act. (2) The incorporators under section 8-3012 shall apply to the director for a charter. The application shall conta…
Neb. Rev. Stat. § 8-3016 Application for charter; notice; hearing; director; department; powers and duties.
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(1) After a substantially complete application for a digital asset depository institution charter or a digital asset depository department charter has been submitted, the director shall notify the applicants in writing within thirty calendar days of any deficiency in the required…
Neb. Rev. Stat. § 8-3017 Application for charter; hearing; how conducted.
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The hearing required by section 8-3016 shall be conducted under the Administrative Procedure Act and shall comply with the requirements of the act.
Neb. Rev. Stat. § 8-3018 Application for charter; director; investigation and examination.
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Upon receiving an application for a charter to become a digital asset depository institution or for a charter to operate a digital asset depository department, the applicable fee, and other information required by the director, the director shall make a careful investigation and …
Neb. Rev. Stat. § 8-3019 Application for charter; decision; criteria and requirements; approval, conditional approval, or denial; how effected.
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(1) Within ninety days after receipt of the transcript of the public hearing, the director shall render a decision on the application based on the following criteria and requirements: (a) Whether the character, reputation, criminal record, financial standing, and ability of the s…
Neb. Rev. Stat. § 8-302 Power to require and receive payments from members; limitations.
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Any association of not less than five persons, which shall be organized within this state for the purpose of raising money to be loaned among its members, shall be authorized and empowered to levy, assess and collect from its members such sums of money by rates of stated dues, fi…
Neb. Rev. Stat. § 8-3020 Conditions to commence business; compliance required; failure to commence business; effect.
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(1) If an application is approved, a charter shall not be issued and the digital asset depository shall not commence business before satisfaction of all conditions precedent contained in the director's order or conditional order. (2) If an approved digital asset depository fails …
Neb. Rev. Stat. § 8-3021 Appeal.
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Any decision of the department or director in approving, conditionally approving, or denying a charter for a digital asset depository is appealable in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 8-3022 Surety bond; pledge of assets; requirements; treatment.
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(1) Except as otherwise provided by subsection (2) of this section, a digital asset depository shall, before transacting any business, pledge or furnish a surety bond to the director to cover costs likely to be incurred by the director in a liquidation or conservatorship of the d…
Neb. Rev. Stat. § 8-3023 Reports; director; powers; examination by department; when; assessments and costs; insurance or bond required.
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(1) The director may call for reports verified under oath from a digital asset depository at any time as necessary to inform the director of the condition of the digital asset depository. Such reports shall be available to the public. (2) All reports required of a digital asset d…
Neb. Rev. Stat. § 8-3024 Digital asset business activities authorized.
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A digital asset depository is authorized to carry on one or more of the following digital asset business activities: (1) Provide digital asset and cryptocurrency custody services. Such custody services shall not be provided for a digital asset or cryptocurrency unless the digital…
Neb. Rev. Stat. § 8-3025 Charter; suspend or revoke; grounds.
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The director may suspend or revoke the charter of a digital asset depository if, after notice and opportunity for a hearing, the director determines that: (1) The digital asset depository has failed or refused to comply with an order issued under section 8-1,136, 8-2504, or 8-274…
Neb. Rev. Stat. § 8-3026 Charter; surrendered, suspended, or revoked; effect.
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If the charter of a digital asset depository is surrendered, suspended, or revoked, the digital asset depository shall continue to be subject to the provisions of the Nebraska Financial Innovation Act during any liquidation or conservatorship.
Neb. Rev. Stat. § 8-3027 Failure, unsafe or unsound condition, or endangerment of customers' interests; director; conduct liquidation or appoint receiver.
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(1) If the director finds that a digital asset depository has failed, is operating in an unsafe or unsound condition, or is endangering the interests of customers, and the failure, unsafe or unsound condition, or endangerment has not been remedied within the time prescribed under…
Neb. Rev. Stat. § 8-3028 Voluntary dissolution; procedure.
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(1) A digital asset depository institution may voluntarily dissolve in accordance with this section. Voluntary dissolution shall be accomplished by either liquidating the digital asset depository institution or reorganizing the digital asset depository institution into an appropr…
Neb. Rev. Stat. § 8-3029 Reports; failure to submit as prescribed; fee.
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If a digital asset depository fails to submit any report required by the Nebraska Financial Innovation Act or by order or rules and regulations of the director within the prescribed period, the director may impose and collect a fee of five thousand dollars for each day the report…
Neb. Rev. Stat. § 8-303 Stock; ownership; limit; investment shares; loans.
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(1) No person shall hold in his own right, or jointly with others, a total of withdrawal value of investment stock of more than sixty thousand dollars or an amount representing two percent of the total assets of the association, whichever is greater, except that investment shares…
Neb. Rev. Stat. § 8-3030 Digital asset depository; officer, director, employee, or agent; removal; grounds.
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Each officer, director, employee, or agent of a digital asset depository, following written notice from the director, is subject to removal upon order of the director if such officer, director, employee, or agent knowingly, willfully, or negligently: (1) Fails to perform any duty…
Neb. Rev. Stat. § 8-3031 Orders; rules and regulations.
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The director may issue any order and adopt and promulgate any rules and regulations necessary to implement the Nebraska Financial Innovation Act.
Neb. Rev. Stat. § 8-3032 Controllable Electronic Record Fraud Prevention Act, how cited.
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Sections 8-3032 to 8-3042 shall be known and may be cited as the Controllable Electronic Record Fraud Prevention Act.
Neb. Rev. Stat. § 8-3033 Terms, defined.
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For purposes of the Controllable Electronic Record Fraud Prevention Act: (1) Blockchain analytics means the analysis of data from blockchains or public distributed ledgers, including associated transaction information; (2) Blockchain analytics software means a software service th…
Neb. Rev. Stat. § 8-3034 Controllable electronic record kiosk operator; license required; reporting requirements.
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(1) A controllable electronic record kiosk operator shall not engage in controllable electronic record kiosk transactions or hold itself out as being able to engage in such transactions with or on behalf of another person unless the kiosk operator has a license issued under the N…
Neb. Rev. Stat. § 8-3035 Disclosures; acknowledgment of receipt; warning statements; form; transaction, receipt; contents.
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(1) A controllable electronic record kiosk operator shall disclose to a customer in a clear, conspicuous, and easily readable manner in the chosen language of the customer, all relevant terms and conditions generally associated with the products, services, and activities of the o…
Neb. Rev. Stat. § 8-3036 Blockchain analytics software; antifraud policy; requirements.
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(1) All controllable electronic record kiosk operators shall use blockchain analytics software to assist in the prevention of sending purchased controllable electronic records from an operator to a controllable electronic record wallet known to be affiliated with fraudulent activ…
Neb. Rev. Stat. § 8-3037 Compliance officer; compliance responsibilities.
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(1) Each controllable electronic record kiosk operator shall designate and employ a compliance officer on a full-time basis. (2) The compliance officer shall be qualified to coordinate and monitor compliance with the Controllable Electronic Record Fraud Prevention Act and all oth…
Neb. Rev. Stat. § 8-3038 Fraudulently induced controllable electronic record kiosk transaction; refunds.
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(1) If a new customer has been fraudulently induced to engage in a controllable electronic record kiosk transaction and contacts the controllable electronic record kiosk operator and a law enforcement agency or government agency to inform the operator and agency of the fraudulent…
Neb. Rev. Stat. § 8-3039 Controllable electronic record kiosk transactions; limitations.
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A controllable electronic record kiosk operator shall not accept transactions in a day in connection with controllable electronic record kiosk transactions for a single customer in this state via one or more controllable electronic record kiosks exceeding: (1) For new customers, …
Neb. Rev. Stat. § 8-304 Stockholders; voting; limitations.
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Subject to the limitations set forth in section 8-303, each investing member shall be permitted to cast one vote for each hundred dollars of withdrawal value of his stock. Each borrowing member shall be permitted as a borrower to cast one vote, or to cast one vote for each one hu…
Neb. Rev. Stat. § 8-3040 Controllable electronic record transactions; fees and charges.
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The aggregate fees and charges, directly or indirectly, charged to a customer related to a single transaction or series of related transactions involving controllable electronic records effected through a controllable electronic record kiosk in this state, including any differenc…
Neb. Rev. Stat. § 8-3041 Customer service.
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All controllable electronic record kiosk operators performing business in the state shall, at a minimum, provide live customer service on Monday through Friday between the hours of 7:00 a.m. and 9:00 p.m. via a toll-free telephone number. The telephone number shall be displayed o…
Neb. Rev. Stat. § 8-3042 Law enforcement; contact method.
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All controllable electronic record kiosk operators performing business in the state shall, at a minimum, have a dedicated method of contact for law enforcement to contact the controllable electronic record kiosk operator. This method of communications shall be monitored at least …
Neb. Rev. Stat. § 8-305 Corporate name; requirements; penalty.
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The words loan and building association, building association, building and loan association, savings and loan association, or loan and savings association, shall form part of the corporate name of every such corporation. No person, firm, company, corporation, or association oper…
Neb. Rev. Stat. § 8-306 Capital stock; amount; articles of incorporation; filing fees.
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The capital stock of an association is not limited and shall consist of the aggregate of payments made by its members and dividends credited thereon, less withdrawals, and shall be represented by shares. It shall not be necessary for any association organized in and operating und…
Repealed. Laws 1978, LB 717, § 7.
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[Repealed or reserved.]
Neb. Rev. Stat. § 8-307.01 Pensions and retirement plans; adoption.
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A building and loan association may provide for pensions, retirement plans, and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by a two-thirds vote of the board of directors, and approved by a vote of a ma…
Neb. Rev. Stat. § 8-308 Stock; credit value; right of shareholder to withdraw; conditions; withdrawal notice; exception for liquidation.
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Any shareholder of an association shall be permitted to withdraw any or all of the credit value of his or her stock as shown by the books of the association, provided such stock is not pledged as security for a loan, by giving written notice of such intention to the secretary or …
Neb. Rev. Stat. § 8-309 Stock; withdrawal; limit; funds applicable.
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At no time shall more than one-half of the unloaned funds in the treasury of the association and one-half of the accumulations thereto be applicable to the demands of the withdrawing shareholders without the consent by resolution of the board of directors. If there is delay in me…
Neb. Rev. Stat. § 8-310 Stock; withdrawal; insufficient funds to meet notices; limit of loans; requirements.
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So long as any association is delayed in meeting payment to withdrawing members due to insufficient funds applicable to such purpose, any loan made to a member shall be from funds not applicable for payment to withdrawing members, and shall not exceed one-half of the credit value…
Neb. Rev. Stat. § 8-3101 Act, how cited.
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Sections 8-3101 to 8-3104 shall be known and may be cited as the LIBOR Transition Act.
Neb. Rev. Stat. § 8-3102 Terms, defined.
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For purposes of the LIBOR Transition Act: (1) Benchmark means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of or as a reference for calculating or determining any valuation, payment, or other measurement under or in respect of a con…
Neb. Rev. Stat. § 8-3103 Contract, security, or instrument; recommended benchmark replacement; how determined; act; effect; applicability.
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(1) On the LIBOR replacement date, the recommended benchmark replacement shall, by operation of law, be the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and: (a) Contains no fallback provisions; or (b) Contains fallback provisions…