This bill amends the Nebraska Installment Loan Act by updating the licensing requirements for individuals and entities involved in the loan process. It specifies that a license is required for any person who markets, owns, holds, acquires, or services a loan made by a financial institution. Additionally, it clarifies that a license is not necessary for affiliates of a licensee if their activities are limited to the securitization of loans made by the licensee, provided that servicing rights are retained by the licensee or transferred to a financial institution.

Furthermore, the bill introduces provisions that allow a licensee who controls or owns fifty percent or more of an affiliate to apply for a license on behalf of that affiliate and consolidate compliance obligations. This includes the ability to handle examinations, reporting requirements, audits, and investigations for the affiliate. The bill also defines key terms such as "affiliate" and "control" to ensure clarity in the application of these provisions. The original sections of the law being amended are repealed as part of this legislative update.

Statutes affected:
Introduced: 45-1003, 45-1004