The proposed bill amends the Nebraska Money Transmitters Act to modernize and clarify various definitions and regulatory requirements related to money transmission services. Key insertions include new definitions for terms such as "acting in concert," "applicant," "authorized delegate," and "money transmission," which aim to enhance the understanding of the roles and responsibilities within the industry. The bill also grants the Director of Banking and Finance the authority to impose penalties for violations, requires licensees to respond to investigation notices within a specified timeframe, and establishes a nonrefundable application fee for obtaining a money transmission license. Additionally, it introduces provisions for the renewal of licenses and outlines the conditions under which licenses may be suspended or revoked.

Furthermore, the bill repeals outdated sections of the existing law, specifically sections 8-2743 through 8-2747, and updates the citation for the Act to reflect the new range of sections from 8-2701 to 8-2742. It emphasizes the importance of compliance with federal laws related to money laundering and mandates that licensees maintain certain financial stability measures, including surety bonds and permissible investments. The overall aim of the bill is to streamline the regulatory framework for money transmitters in Nebraska, ensuring adequate oversight and consumer protection while aligning with current practices in the financial services industry. The act is set to become operative on October 1, 2025.

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