This legislative bill proposes extensive amendments to the Nebraska Revised Statutes, particularly targeting the Nebraska Installment Loan Act and the Nebraska Installment Sales Act. The bill aims to rename the Nebraska Installment Sales Act and transfer its provisions while repealing the Nebraska Installment Loan Act. Key changes include the insertion of "and Sales" into the title of the Nebraska Installment Loan Act, reflecting the merging of these two acts. The bill also introduces new provisions regarding loan security, interest rates, and the responsibilities of associations in making loans, while streamlining legal language and harmonizing provisions across the statutes.

Additionally, the bill updates definitions and expands the scope of the Nebraska Installment Loan and Sales Act, introducing new terms such as "Applicant," "Branch office," and "Installment sale." It establishes licensing requirements for installment loan activities, including a detailed application process and fee structure, while emphasizing regulatory oversight. The bill also clarifies the rights and responsibilities of licensees and borrowers, enhancing consumer protection through provisions related to loan origination fees, insurance, and the conduct of licensees during loan collection. Overall, the amendments aim to modernize the legal framework governing installment loans and sales in Nebraska, ensuring alignment with current financial practices and consumer protections.

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