The bill amends various sections of Nebraska law, particularly the Nebraska Money Transmitters Act and the Nebraska Installment Loan and Sales Act, to modernize and clarify the regulatory framework governing financial transactions. Key changes include the introduction of new definitions, the redefinition of terms, and the elimination of outdated provisions. The bill also modifies licensure requirements, enhances the powers of the Director of Banking and Finance, and establishes new penalties for violations. Notably, it changes the name of the Nebraska Installment Sales Act to the Nebraska Installment Loan and Sales Act and streamlines the legislation by repealing several sections.
Additionally, the bill outlines specific conditions for loan-making by associations, including provisions for veterans and collateral types, and emphasizes the differences between small loan rates and bank credit card rates. It introduces enhanced regulatory oversight for money transmission businesses, including requirements for detailed applications, financial reporting, and compliance with multistate supervision. The bill also establishes new consumer protections, such as clear communication of loan terms and conditions, and mandates that licensees maintain adequate financial safeguards. Overall, the legislation aims to strengthen accountability and consumer trust in Nebraska's financial services industry.
Statutes affected: Introduced: 8-319, 8-330, 8-601, 8-820.01, 44-1703, 45-101.04, 45-334, 45-335, 45-336, 45-337, 45-338, 45-339, 45-340, 45-341, 45-342, 45-343, 45-344, 45-345, 45-346, 45-347, 45-348, 45-350, 45-351, 45-352, 45-353, 45-354, 45-355, 45-356, 45-702, 45-703, 45-705, 45-729, 45-734, 45-804, 69-2103, 76-2711
Final Reading: 8-319, 8-330, 8-601, 8-602, 8-820.01, 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, 44-502, 44-1703, 44-4109.01, 45-101.04, 45-334, 45-335, 45-336, 45-337, 45-338, 45-339, 45-340, 45-341, 45-342, 45-343, 45-344, 45-345, 45-346, 45-347, 45-348, 45-350, 45-351, 45-352, 45-353, 45-354, 45-355, 45-356, 45-702, 45-703, 45-705, 45-729, 45-734, 45-804, 69-2103, 76-2711
Slip Law: 8-319, 8-330, 8-601, 8-602, 8-820.01, 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, 44-502, 44-1703, 44-4109.01, 45-101.04, 45-334, 45-335, 45-336, 45-337, 45-338, 45-339, 45-340, 45-341, 45-342, 45-343, 45-344, 45-345, 45-346, 45-347, 45-348, 45-350, 45-351, 45-352, 45-353, 45-354, 45-355, 45-356, 45-702, 45-703, 45-705, 45-729, 45-734, 45-804, 69-2103, 76-2711