The proposed bill amends the Nebraska Money Transmitters Act to modernize and enhance the regulatory framework governing money transmission services. Key insertions include new definitions for terms such as "acting in concert," "applicant," "authorized delegate," and "money transmission," which clarify the roles of involved entities. The bill also updates the powers and duties of the Director of Banking and Finance, including provisions for penalties, fees, and financial disclosures. Additionally, it introduces requirements for licensees, such as submitting quarterly reports and maintaining a surety bond, while also establishing guidelines for the licensing process, including background checks for applicants who have resided outside the U.S. in the last ten years.

The bill further emphasizes compliance and consumer protection by mandating written contracts between licensees and authorized delegates, outlining their responsibilities, and ensuring that money received for transmission is handled appropriately. It also introduces penalties for violations, allowing the director to impose fines and take action against licensees for non-compliance. The act will become operative on October 1, 2025, and repeals outdated sections of the law to streamline the regulatory process. Overall, these amendments aim to enhance the efficiency, security, and oversight of money transmission activities in Nebraska.

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