The proposed bill amends the Nebraska Money Transmitters Act to modernize and clarify various terms and provisions related to money transmission. Key insertions include new definitions for terms such as "acting in concert," "applicant," "authorized delegate," and "money transmission," which aim to enhance clarity and streamline the regulatory framework for stakeholders. The bill also introduces changes to licensing requirements, confidentiality provisions, examination processes, and penalties for violations, thereby improving operational efficiency while ensuring consumer protection. Additionally, it broadens exemptions from licensing requirements for certain entities and enhances the director's authority regarding investigations and examinations of licensees.

Furthermore, the bill repeals outdated sections of existing law and updates the citation for the Nebraska Money Transmitters Act. It establishes new requirements for license applicants, including comprehensive background checks and financial disclosures, and mandates that licensees maintain specific net worth and surety bond amounts. The bill also clarifies the responsibilities of licensees and their authorized delegates, including maintaining compliance with applicable laws and reporting significant events. Overall, these amendments aim to strengthen regulatory oversight, enhance compliance, and ensure that the framework governing money transmission activities in Nebraska remains effective and relevant.

Statutes affected:
Introduced: 8-602, 8-2701, 8-2702, 8-2703, 8-2704, 8-2705, 8-2706, 8-2707, 8-2708, 8-2709, 8-2710, 8-2711, 8-2712, 8-2713, 8-2714, 8-2715, 8-2716, 8-2717, 8-2718, 8-2719, 8-2720, 8-2721, 8-2722, 8-2723, 8-2724, 8-2725, 8-2726, 8-2727, 8-2728, 8-2729, 8-2730, 8-2731, 8-2732, 8-2733, 8-2734, 8-2735, 8-2736, 8-2737, 8-2738, 8-2739, 8-2740, 8-2741, 8-2742, 8-3025, 8-3027