reglab/housing_qa huggingface dataset:
NE Code § 76-2702 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2702 - Legislative findings and intent.

76-2702.  Legislative findings and intent.The Legislature hereby finds, determines, and declares that home ownership and the accumulation of equity in one's home provide significant social and economic benefits to the state and its citizens. Unfortunately, too many homeowners in financial distress, especially the poor, elderly, and financially unsophisticated, are vulnerable to a variety of deceptive or unconscionable business practices designed to dispossess them or otherwise strip the equity from their homes. There is a compelling need to curtail and prevent the most deceptive and unconscionable of these business practices, provide each homeowner with information necessary to make an informed and intelligent decision regarding transactions with certain foreclosure consultants and equity purchasers, provide certain minimum requirements for contracts between such parties, including statutory rights to cancel such contracts, and ensure and foster fair dealing in the sale and purchase of homes in foreclosure. Therefor, it is the intent of the Legislature that all violations of the Nebraska Foreclosure Protection Act have a significant public impact and that the terms of the act be liberally construed to achieve these purposes.Source Laws 2008, LB123, § 2.
NE Code § 76-2703 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2703 - Definitions, where found.

76-2703.  Definitions, where found.For purposes of the Nebraska Foreclosure Protection Act, unless the context otherwise requires, the definitions found in sections 76-2704 to 76-2712 apply.Source Laws 2008, LB123, § 3.
NE Code § 76-2704 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2704 - Associate, defined.

76-2704.  Associate, defined.Associate means a partner, a subsidiary, an affiliate, an agent, or any other person working in association with a foreclosure consultant or an equity purchaser. Associate does not include a person who is excluded from the definition of an equity purchaser or a foreclosure consultant.Source Laws 2008, LB123, § 4.
NE Code § 76-2705 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2705 - Equity purchase contract, defined.

76-2705.  Equity purchase contract, defined.Equity purchase contract means an agreement between an equity purchaser and a homeowner pertaining to the acquisition of title to the homeowner's personal residence.Source Laws 2008, LB123, § 5.
NE Code § 76-2706 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2706 - Equity purchaser, defined.

76-2706.  Equity purchaser, defined.Equity purchaser means a person who, in the course of the person's business, vocation, or occupation, acquires title to a residence in foreclosure. Equity purchaser does not include a person who acquires such title:(1) For the purpose of using such property as his or her personal residence for at least one year;(2) By a deed in lieu of foreclosure to the holder of an evidence of debt, or an associate of the holder of an evidence of debt, of a consensual lien or encumbrance of record, if such consensual lien or encumbrance is recorded in the register of deeds office of the county where the residence in foreclosure is located prior to a foreclosure sale;(3) By a deed from any trustee, sheriff, or other person appointed by a court as a result of a foreclosure sale;(4) At a sale of property authorized by statute;(5) By order or judgment of any court;(6) From the person's spouse, relative, or relative of a spouse, by the half or whole blood or by adoption, or from a guardian, conservator, or personal representative of such person; or(7) While performing services as a part of a person's normal business activities under any law of this state or the United States that regulates banks, trust companies, savings and loan associations, credit unions, insurance companies, title insurers, insurance producers, or escrow companies authorized to conduct business in this state, an affiliate or subsidiary of such person, or an employee or agent acting on behalf of such person.Source Laws 2008, LB123, § 6.
NE Code § 76-2707 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2707 - Evidence of debt, defined.

76-2707.  Evidence of debt, defined.Evidence of debt means a writing that evidences a promise to pay or a right to the payment of a monetary obligation such as a promissory note; bond; negotiable instrument; loan, credit, or similar agreement; or monetary judgment entered by a court of competent jurisdiction.Source Laws 2008, LB123, § 7.
NE Code § 76-2709 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2709 - Foreclosure consulting contract, defined.

76-2709.  Foreclosure consulting contract, defined.Foreclosure consulting contract means any agreement between a foreclosure consultant and a homeowner.Source Laws 2008, LB123, § 9.
NE Code § 76-2710 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2710 - Holder of evidence of debt, defined.

76-2710.  Holder of evidence of debt, defined.Holder of evidence of debt means the person in actual possession of or otherwise entitled to enforce an evidence of debt, except that holder of evidence of debt does not include a person acting as a nominee solely for the purpose of holding the evidence of debt or deed of trust as an electronic registry without any authority to enforce the evidence of debt or deed of trust. The following persons are presumed to be the holder of evidence of debt:(1) The person who is the obligee of and who is in possession of an original evidence of debt;(2) The person in possession of an original evidence of debt together with the proper endorsement or assignment thereof to such person;(3) The person in possession of a negotiable instrument evidencing a debt which has been duly negotiated to such person or to bearer or indorsed in blank; or(4) The person in possession of an evidence of debt with authority, which may be granted by the original evidence of debt or deed of trust, to enforce the evidence of debt as an agent, a nominee, or a trustee or in a similar capacity for the obligee of the evidence of debt.Source Laws 2008, LB123, § 10.
NE Code § 76-2711 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2711 - Homeowner, defined.

76-2711.  Homeowner, defined.Homeowner means the owner of a residence in foreclosure, including a vendee under a contract for deed to real property as defined in section 45-1002.Source  Laws 2008, LB123, § 11;  Laws 2009, LB328, § 52.
NE Code § 76-2712 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2712 - Residence in foreclosure, defined.

76-2712.  Residence in foreclosure, defined.Residence in foreclosure means a residence or dwelling that is occupied as the homeowner's principal place of residence and against which any type of foreclosure action, including, but not limited to, the filing of a notice of default of a deed of trust or the filing of a lawsuit to foreclose a mortgage or other lien, has been commenced.Source Laws 2008, LB123, § 12.
NE Code § 76-2714 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2714 - Homeowner; right to cancel foreclosure consulting contract; notice; when effective; repayment of funds.

76-2714.  Homeowner; right to cancel foreclosure consulting contract; notice; when effective; repayment of funds.(1) In addition to any right of rescission available under state or federal law, a homeowner has the right to cancel a foreclosure consulting contract at any time.(2) Cancellation occurs when a homeowner gives written notice of cancellation of the foreclosure consulting contract to the foreclosure consultant at the address specified in the contract or through any facsimile number or email address identified in the contract or other materials provided to the homeowner by the foreclosure consultant.(3) Notice of cancellation, if given by mail, is effective when deposited in the United States mail, properly addressed, with postage prepaid.(4) Notice of cancellation need not be in the form provided with the contract and is effective, however expressed, if it indicates the intention of the homeowner to cancel the foreclosure consulting contract.(5) As part of the cancellation of a foreclosure consulting contract, the homeowner shall repay, within sixty days after the date of cancellation, all funds paid or advanced in good faith prior to the receipt of notice of cancellation by the foreclosure consultant or his or her associate under the terms of the foreclosure consulting contract, together with interest at the prime rate published by the Federal Reserve Board plus two percentage points, with the total interest rate not to exceed eight percent per year, from the date of expenditure until repaid by the homeowner.(6) Except as provided in subsection (5) of this section, the right to cancel shall not be conditioned on the repayment of any funds.Source Laws 2008, LB123, § 14.
NE Code § 76-2715 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2715 - Foreclosure consulting contract; provisions prohibited.

76-2715.  Foreclosure consulting contract; provisions prohibited.A provision in a foreclosure consulting contract is void as against public policy if the provision attempts or purports to:(1) Waive any of the rights specified in sections 76-2713 to 76-2718 or the right to a jury trial;(2) Consent to jurisdiction for litigation or choice of law in a state other than Nebraska;(3) Consent to venue in a county other than the county in which the residence in foreclosure is located; or(4) Impose any costs or fees greater than the actual costs and fees.Source Laws 2008, LB123, § 15.
NE Code § 76-2716 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2716 - Foreclosure consultant; prohibited acts.

76-2716.  Foreclosure consultant; prohibited acts.A foreclosure consultant shall not:(1) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform;(2) Claim, demand, charge, collect, or receive any interest or any other compensation for a loan that the foreclosure consultant makes to the homeowner that exceeds the prime rate published by the Federal Reserve Board at the time of any loan plus two percentage points, with the total interest rate not to exceed eight percent per year;(3) Take a wage assignment, a lien of any type on real or personal property, or any other security to secure the payment of compensation;(4) Receive any consideration from a third party in connection with foreclosure consulting services provided to a homeowner unless the consideration is first fully disclosed in writing to the homeowner;(5) Acquire an interest, directly, indirectly, or through an associate, in the real or personal property of a homeowner with whom the foreclosure consultant has contracted;(6) Obtain a power of attorney from a homeowner for any purpose other than to inspect documents as provided by law; or(7) Induce or attempt to induce a homeowner to enter into a foreclosure consulting contract that does not comply in all respects with sections 76-2713 to 76-2718.Source Laws 2008, LB123, § 16.
NE Code § 76-2717 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2717 - Foreclosure consultant or associate; unconscionable transaction or contract; review by court.

76-2717.  Foreclosure consultant or associate; unconscionable transaction or contract; review by court.(1) A foreclosure consultant or associate may not facilitate or engage in any transaction that is unconscionable given the terms and circumstances of the transaction.(2)(a) If a court, as a matter of law, finds a foreclosure consulting contract or any clause of such contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract, enforce the remainder of the contract without the unconscionable clause, or so limit the application of any unconscionable clause as to avoid an unconscionable result.(b) When it is claimed or appears to the court that a foreclosure consulting contract or any clause of such contract may be unconscionable, the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose, and effect to aid the court in making the determination.(c) In order to support a finding of unconscionability, there must be evidence of an unreasonable inequality of bargaining power or other circumstances in which there is an absence of meaningful choice for one of the parties, together with contract terms that are, under standard industry practices, unreasonably favorable to the foreclosure consultant or associate.Source Laws 2008, LB123, § 17.
NE Code § 76-2718 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2718 - Foreclosure consulting contract and notices; English required; translation into other language.

76-2718.  Foreclosure consulting contract and notices; English required; translation into other language.A foreclosure consulting contract, and all notices of cancellation provided for therein, shall be written in English and shall be accompanied by a written translation from English into any other language principally spoken by the homeowner, certified by the person making the translation as a true and correct translation of the English version. The translated version shall be presumed to have equal status and credibility as the English version.Source Laws 2008, LB123, § 18.
NE Code § 76-2719 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2719 - Equity purchase contract; form.

76-2719.  Equity purchase contract; form.Every equity purchase contract shall be written in at least twelve-point, boldface type and fully completed, signed, and dated by the homeowner and equity purchaser prior to the execution of any instrument quitclaiming, assigning, transferring, conveying, or encumbering an interest in the residence in foreclosure.Source Laws 2008, LB123, § 19.
NE Code § 76-2720 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2720 - Equity purchase contract; contents; notice.

76-2720.  Equity purchase contract; contents; notice.(1) Every equity purchase contract shall contain the entire agreement of the parties and shall include the following:(a) The name, business address, telephone number, facsimile number, and email address of the equity purchaser;(b) The street address and full legal description of the residence in foreclosure;(c) Clear and conspicuous disclosure of any financial or legal obligations of the homeowner that will be assumed by the equity purchaser. If the equity purchaser will not be assuming any financial or legal obligations of the homeowner, the equity purchase contract shall so state;(d) The total consideration to be paid by the equity purchaser in connection with or incident to the acquisition by the equity purchaser of the residence in foreclosure;(e) The terms of payment or other consideration, including, but not limited to, any services of any nature that the equity purchaser represents will be performed for the homeowner before or after the sale;(f) The date and time when possession of the residence in foreclosure is to be transferred to the equity purchaser;(g) The terms of any rental agreement or lease;(h) The specifications of any option or right to repurchase the residence in foreclosure, including the specific amounts of any escrow deposit, downpayment, purchase price, closing costs, commissions, or other fees or costs;(i) A notice of cancellation as provided in section 76-2722; and(j) The following notice, in at least fourteen-point, boldface type, completed with the name of the equity purchaser, immediately above the statement required by section 76-2722:NOTICE REQUIRED BY NEBRASKA LAWUNTIL YOUR RIGHT TO CANCEL THIS CONTRACT HAS ENDED, .................... (NAME) OR ANYONE WORKING FOR .................... (NAME) CANNOT ASK YOU TO SIGN OR HAVE YOU SIGN ANY DEED OR ANY OTHER DOCUMENT.(2) The equity purchase contract required by this section survives delivery of any instrument of conveyance of the residence in foreclosure, but does not have any effect on persons other than the parties to the contract or affect title to the residence in foreclosure.Source Laws 2008, LB123, § 20.
NE Code § 76-2721 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2721 - Homeowner; right to cancel equity purchase contract; limitation; when effective.

76-2721.  Homeowner; right to cancel equity purchase contract; limitation; when effective.(1)(a) In addition to any right of rescission available under state or federal law, a homeowner has the right to cancel an equity purchase contract until midnight of the third business day following the day on which the homeowner signs a contract that complies with the Nebraska Foreclosure Protection Act or until noon on the last business day before the foreclosure sale of the residence in foreclosure, whichever occurs first.(b) There shall be no right to cancel under the act with regard to any equity purchase contract executed on or after noon of the last business day before the foreclosure sale of the residence in foreclosure, if the homeowner first agrees to enter into an equity purchase contract with the equity purchaser on or after noon of the last business day before the foreclosure sale.(2) Cancellation occurs when a homeowner personally delivers written notice of cancellation to the address specified in the equity purchase contract or upon deposit of such notice in the United States mail, properly addressed, with postage prepaid.(3) A notice of cancellation given by a homeowner need not take the particular form as provided with the equity purchase contract and, however expressed, is effective if it indicates the intention of the homeowner not to be bound by the equity purchase contract.(4) In the absence of any written notice of cancellation from a homeowner, the execution by the homeowner of a deed or other instrument of conveyance of an interest in the residence in foreclosure to the equity purchaser after the expiration of the rescission period creates a rebuttable presumption that the homeowner did not cancel the equity purchase contract.Source Laws 2008, LB123, § 21.
NE Code § 76-2722 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2722 - Equity purchase contract; Notice of Cancellation; form; copy provided to homeowner.

76-2722.  Equity purchase contract; Notice of Cancellation; form; copy provided to homeowner.(1)(a) The equity purchase contract shall contain, as the last provision before the space reserved for the homeowner's signature, a conspicuous statement in at least twelve-point, boldface type, as follows:YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE WITHOUT ANY PENALTY OR OBLIGATION AT ANY TIME BEFORE ............... (DATE AND TIME OF DAY). SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.(b) The equity purchaser shall accurately specify, within the equity purchase contract, the date and time of day on which the cancellation right ends.(c) If no right to cancel the equity purchase contract exists under the Nebraska Foreclosure Protection Act as set forth in subdivision (1)(b) of section 76-2721, the equity purchase contract shall conspicuously state that no such cancellation right exists.(2) The equity purchase contract shall be accompanied by duplicate completed forms, captioned Notice of Cancellation in at least twelve-point, boldface type if the equity purchase contract is printed or in capital letters if the equity purchase contract is typed, followed by a space in which the equity purchaser shall enter the date on which the homeowner executed the equity purchase contract. Such form shall:(a) Be attached to the equity purchase contract;(b) Be easily detachable; and(c) Contain the following statement, in at least ten-point type if the equity purchase contract is printed or in capital letters if the contract is typed:NOTICE OF CANCELLATION............... (ENTER DATE EQUITY PURCHASE CONTRACT WAS SIGNED). YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME BEFORE ............... (ENTER DATE AND TIME OF DAY). TO CANCEL THIS TRANSACTION, PERSONALLY DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF CANCELLATION IN THE UNITED STATES MAIL, POSTAGE PREPAID, TO ..............., (NAME OF PURCHASER) AT ............... (STREET ADDRESS OF PURCHASER'S PLACE OF BUSINESS) NOT LATER THAN ............... (ENTER DATE AND TIME OF DAY). I HEREBY CANCEL THIS TRANSACTION............... (DATE)............... (SELLER'S SIGNATURE).(3) The equity purchaser shall provide the homeowner with a copy of the equity purchase contract and the attached notice of cancellation.(4) The time during which the homeowner may cancel the equity purchase contract does not begin to run until the equity purchaser has complied with this section.Source Laws 2008, LB123, § 22.
NE Code § 76-2723 (2021)
2021 Nebraska Revised Statutes|Chapter 76 - Real Property|76-2723 - Option to repurchase; conditions.

76-2723.  Option to repurchase; conditions.A transaction in which a homeowner purports to grant a residence in foreclosure to an equity purchaser by an instrument that appears to be an absolute conveyance and in which an option to repurchase is reserved to the homeowner or is given by the equity purchaser to the homeowner shall be permitted only where all of the following conditions have been met:(1) The reconveyance contract complies in all respects with section 76-2720;(2) The reconveyance contract provides the homeowner with a nonwaivable, thirty-day right to cure any default of the reconveyance contract and specifies that the homeowner may exercise this right to cure on at least three separate occasions during the term of such reconveyance contract;(3) The equity purchaser fully assumes or discharges the lien in foreclosure as well as any prior liens that will not be extinguished by the foreclosure, which assumption or discharge shall be accomplished without a violation of the terms and conditions of the liens being assumed or discharged;(4) The equity purchaser verifies and can demonstrate that the homeowner has or will have a reasonable ability to make the lease payments and to repurchase the residence in foreclosure within the term of the option to repurchase under the reconveyance contract. For purposes of this section, there is a rebuttable presumption that the homeowner has a reasonable ability to make lease payments and to repurchase the residence in foreclosure if the homeowner's payments for primary housing expenses and regular principal and interest payments on other personal debt do not exceed sixty percent of the homeowner's monthly gross income; and(5) The price the homeowner must pay to exercise the option to repurchase the residence in foreclosure is not unconscionable. Without limitation on available claims under section 76-2726, a repurchase price exceeding twenty-five percent of the price at which the equity purchaser acquired the residence in foreclosure creates a rebuttable presumption that the reconveyance contract is unconscionable. The acquisition price paid by the equity purchaser may include any actual costs incurred by the equity purchaser in acquiring the residence in foreclosure, including repairs and capital improvements, and may include below market rent discounts. The equity purchaser shall provide the homeowner with documentation proving such costs and below market rent discounts prior to the homeowner's exercise of the option to purchase.Source Laws 2008, LB123, § 23.