reglab/housing_qa huggingface dataset:
NE Code § 45-725 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-725 - Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing.

45-725.  Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing.(1) No person acting personally or as an agent shall acquire control of any mortgage banking business required to be licensed under the Residential Mortgage Licensing Act without first giving thirty days' notice to the department on a form prescribed by the department of such proposed acquisition and paying a filing fee of two hundred dollars.(2) The director, upon receipt of such notice, shall act upon it within thirty days and, unless he or she disapproves the proposed acquisition within that period of time, the acquisition shall become effective on the thirty-first day after receipt without the director's approval, except that the director may extend the thirty-day period an additional thirty days if, in his or her judgment, any material information submitted is substantially inaccurate or the acquiring party has not furnished all the information required by the department.(3) An acquisition may be made prior to the expiration of the disapproval period if the director issues written notice of his or her intent not to disapprove the action.(4)(a) The director may disapprove any proposed acquisition if:(i) The financial condition of any acquiring person is such as might jeopardize the financial stability of the acquired mortgage banking business;(ii) The character and general fitness of any acquiring person or of any of the proposed management personnel indicate that the acquired mortgage banking business would not be operated honestly, soundly, or efficiently in the public interest; or(iii) Any acquiring person neglects, fails, or refuses to furnish all information required by the department.(b) The director shall notify the acquiring party in writing of disapproval of the acquisition. The notice shall provide a statement of the basis for the disapproval.(c) Within fifteen business days after receipt of written notice of disapproval, the acquiring party may request a hearing on the proposed acquisition in accordance with the Administrative Procedure Act and rules and regulations adopted and promulgated by the department under the act. At the conclusion of such hearing, the director shall, by order, approve or disapprove the proposed acquisition on the basis of the record made at the hearing.Source  Laws 2007, LB124, § 49;  Laws 2008, LB851, § 22;   R.S.Supp.,2008, § 45-722;  Laws 2009, LB328, § 10;  Laws 2010, LB892, § 9. Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 45-726 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-726 - Reports.

45-726.  Reports.Each licensed mortgage banker, registrant, and installment loan company shall submit to the Nationwide Mortgage Licensing System and Registry mortgage reports of condition, which shall be in such form and shall contain such information as the department may require.Source  Laws 2009, LB328, § 11;  Laws 2010, LB892, § 10.
NE Code § 45-728 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-728 - License; application; form; fee; use of nationwide registry.

45-728.  License; application; form; fee; use of nationwide registry.(1) An applicant for a license shall apply on a form prescribed by the director.(2) The application for a license as a mortgage loan originator shall be accompanied by an application fee of one hundred fifty dollars, plus the cost of the criminal history background check required by subsection (3) of this section and any processing fee allowed under subsection (2) of section 45-748.(3) In connection with an application for licensing as a mortgage loan originator, the applicant shall, at a minimum, furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant's identity, including the following:(a) Fingerprints for submission to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check; and(b) Personal history and experience in a format prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the director to obtain the following:(i) An independent credit report obtained from a consumer reporting agency described in 15 U.S.C. 1681a(p), as such section existed on January 1, 2010; and(ii) Information related to any administrative, civil, or criminal findings by any governmental jurisdiction.(4) For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subdivisions (3)(a) and (3)(b)(ii) of this section, the director may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any other governmental agency.(5) For the purposes of this section and in order to reduce the points of contact which the director may have to maintain for purposes of subdivisions (3)(b)(i) and (3)(b)(ii) of this section, the director may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the director.Source  Laws 2009, LB328, § 13;  Laws 2010, LB892, § 11.
NE Code § 45-730 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-730 - Prelicensing education requirements; course review and approval; relicensure requirements.

45-730.  Prelicensing education requirements; course review and approval; relicensure requirements.(1) In order to meet the prelicensing education requirements referred to in subdivision (1)(d) of section 45-729, an individual shall complete at least twenty hours of education approved in accordance with subsection (2) of this section, which shall include at least the following:(a) Three hours of instruction in federal law and regulations regarding mortgage origination;(b) Three hours of instruction in ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and(c) Two hours of instruction related to lending standards for the nontraditional mortgage product marketplace.(2) For purposes of subsection (1) of this section, prelicensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider.(3) Nothing in this section shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.(4) Prelicensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.(5) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subsection (1) of this section for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.(6) An individual who previously held a mortgage loan originator license applying to be licensed again shall prove that he or she has either (a) completed all of the continuing education requirements for the year in which the license was last held or (b) made up any deficiency in continuing education as provided by subsection (8) of section 45-733.Source  Laws 2009, LB328, § 15;  Laws 2010, LB892, § 12.
NE Code § 45-731 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-731 - Written test requirement; subject areas.

45-731.  Written test requirement; subject areas.(1) In order to meet the written test requirement referred to in subdivision (1)(e) of section 45-729, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.(2) A written test shall not be treated as a qualified written test for purposes of subsection (1) of this section unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including the following:(a) Ethics;(b) Federal laws and regulations pertaining to mortgage origination;(c) State laws and regulations pertaining to mortgage origination; and(d) Federal and state laws and regulations, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.(3) Nothing in this section shall prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant, the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.(4)(a) An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.(b) An individual may take a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test.(c) After failing three consecutive tests, an individual shall wait at least six months before taking the test again.(d) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.Source  Laws 2009, LB328, § 16;  Laws 2012, LB965, § 16.
NE Code § 45-732 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-732 - License; term; renewal; minimum standards for renewal; fee; denial; appeal.

45-732.  License; term; renewal; minimum standards for renewal; fee; denial; appeal.(1) All initial mortgage loan originator licenses shall remain in full force and effect until the next succeeding December 31. Mortgage loan originator licenses may be renewed annually by submitting to the director a request for renewal and any supplemental material as required by the director. The mortgage loan originator licensee shall certify that the information contained in the license application, as subsequently amended, that is on file with the department, and the information contained in any supplemental material previously provided to the department, remains true and correct.(2) The minimum standards for license renewal for mortgage loan originators shall include the following:(a) The mortgage loan originator continues to meet the minimum standards for license issuance under subdivisions (1)(a) through (f) of section 45-729;(b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 45-733; and(c) The mortgage loan originator has paid all required fees for renewal of the license.(3) For the annual renewal of a mortgage loan originator license, the fee shall be one hundred twenty-five dollars, plus the cost of the criminal history background check required by the director and any processing fee allowed under subsection (2) of section 45-748.(4) Except as provided in subsection (4) of section 45-734 and subsection (4) of section 45-742, should the director conclude that a mortgage loan originator does not meet the minimum standards for license renewal, the director shall deny the renewal application. A decision of the director denying a renewal of a mortgage loan originator license pursuant to the Residential Mortgage Licensing Act may be appealed. The appeal shall be in accordance with the Administrative Procedure Act and the rules and regulations adopted and promulgated by the department under the act.Source Laws 2009, LB328, § 17.Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 45-735 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-735 - Mortgage loan originator; employee or independent agent; restriction on activities; written agency contract; notification to department; fee; notice of termination.

45-735.  Mortgage loan originator; employee or independent agent; restriction on activities; written agency contract; notification to department; fee; notice of termination.(1) A mortgage loan originator shall be an employee or independent agent of a single licensed mortgage banker, registrant, or installment loan company that shall directly supervise, control, and maintain responsibility for the acts and omissions of the mortgage loan originator.(2) A mortgage loan originator shall not engage in mortgage loan origination activities at any location that is not a main office location of a licensed mortgage banker, registrant, or installment loan company or a branch office of a licensed mortgage banker or registrant. The licensed mortgage banker, registrant, or installment loan company shall designate the location or locations at which each mortgage loan originator is originating residential mortgage loans.(3) Any licensed mortgage banker, registrant, or installment loan company who engages an independent agent as a mortgage loan originator shall maintain a written agency contract with such mortgage loan originator. Such written agency contract shall provide that the mortgage loan originator is originating loans exclusively for the licensed mortgage banker, registrant, or installment loan company.(4) A licensed mortgage banker, registrant, or installment loan company that has hired a licensed mortgage loan originator as an employee or entered into an independent agent agreement with such licensed mortgage loan originator shall provide notification to the department as soon as reasonably possible after entering into such relationship, along with a fee of fifty dollars. The employing entity shall not allow the mortgage loan originator to conduct such activity in this state prior to such notification to the department and confirmation that the department has received notice of the termination of the mortgage loan originator's prior employment.(5) A licensed mortgage banker, registrant, or installment loan company shall notify the department no later than ten days after the termination, whether voluntary or involuntary, of a mortgage loan originator unless the mortgage loan originator has previously notified the department of the termination.Source Laws 2009, LB328, § 20.
NE Code § 45-736 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-736 - Unique identifier; use.

45-736.  Unique identifier; use.The unique identifier of any licensee originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the director.Source  Laws 2009, LB328, § 21;  Laws 2012, LB965, § 18.
NE Code § 45-737.01 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-737.01 - Mortgage loan originator; licensee; duties.

45-737.01.  Mortgage loan originator; licensee; duties.(1) A licensee licensed as a mortgage loan originator shall notify the director in writing or through the Nationwide Mortgage Licensing System and Registry within three business days after the occurrence of any of the following:(a) The filing of a voluntary petition in bankruptcy by such licensee or notice of a filing of an involuntary petition in bankruptcy against such licensee;(b) The filing of a criminal indictment or information against such licensee regarding (i) a misdemeanor under state or federal law which involves dishonesty or fraud or which involves any aspect of the mortgage banking business, depository institution business, or installment loan company business or (ii) any felony under state or federal law;(c) Such licensee was convicted of, pleaded guilty to, or was found guilty after a plea of nolo contendere to (i) a misdemeanor under state or federal law which involves dishonesty or fraud or which involves any aspect of the mortgage banking business, depository institution business, or installment loan company business or (ii) any felony under state or federal law;(d) Any other state or jurisdiction institutes license denial, cease and desist, suspension, or revocation procedures against such licensee;(e) The attorney general of any state, the Consumer Financial Protection Bureau, or the Federal Trade Commission initiates an action to enforce consumer protection laws against such licensee; or(f) The Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Housing Administration, or Government National Mortgage Association suspends or terminates such licensee's status as an approved loan originator.(2) A licensee licensed as a mortgage loan originator shall update through the Nationwide Mortgage Licensing System and Registry his or her employment history on file with the department no later than ten business days after the submission of the required notice of the creation or termination of an employment relationship pursuant to section 45-735.(3) A licensee licensed as a mortgage loan originator shall notify the director in writing or through the Nationwide Mortgage Licensing System and Registry within thirty days after the occurrence of a material development other than as described in subsections (1) and (2) of this section, including, but not limited to, any of the following:(a) A change in such licensee's name;(b) A change in such licensee's residential address;(c) A change in such licensee's employment address;(d) The filing of a tax or other governmental lien against such licensee;(e) The entry of a monetary judgment against such licensee; or(f) The entry of an order against such licensee, including orders to which such licensee consented, by any other state or federal regulator.Source Laws 2013, LB290, § 5.
NE Code § 45-738 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-738 - Licensee; failure to deliver abstract of title.

45-738.  Licensee; failure to deliver abstract of title.If a licensee in connection with a residential mortgage loan has possession of an abstract of title and fails to deliver the abstract to the borrower within twenty business days of the borrower's request made by certified mail, return receipt requested, in connection with a proposed sale of the real property, the borrower may authorize the preparation of a new abstract of title to the real property and the person failing to deliver the original abstract shall pay the borrower the reasonable costs of the preparation of the new abstract of title. If a borrower brings an action against the person failing to deliver an abstract of title to recover the payment made, the borrower shall also be entitled to recover reasonable attorney's fees and court costs incurred in the action.Source   Laws 1989, LB 272, § 15;   R.S.1943, (2004), § 45-712;  Laws 2009, LB328, § 23.
NE Code § 45-739 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-739 - Transfer of servicing rights; duties.

45-739.  Transfer of servicing rights; duties.Not less than fifteen days prior to the effective date of the transfer of servicing rights involving any residential mortgage loan, the licensee transferring the servicing rights shall send a written notice of transfer to each borrower which shall include:(1) The effective date of the transfer;(2) The name, address, and telephone number of the transferee and the name of a referral person or department of the transferee;(3) Instructions concerning payments made before the effective date of the transfer; and(4) Instructions concerning payments made after the effective date of the transfer.The provisions of this section shall not apply when the licensee transferring the servicing rights has provided the borrower with a written notice of transfer at the time of closing on the residential mortgage loan.Source   Laws 1989, LB 272, § 16;   Laws 1996, LB 1053, § 12;   R.S.1943, (2004), § 45-713;  Laws 2009, LB328, § 24.
NE Code § 45-743 (2021)
2021 Nebraska Revised Statutes|Chapter 45 - Interest, Loans, and Debt|45-743 - Violations; administrative fine; costs; lien.

45-743.  Violations; administrative fine; costs; lien.(1) The director may, following a hearing under the Administrative Procedure Act and the rules and regulations adopted and promulgated under the act, impose an administrative fine against any officer, director, shareholder, partner, or member of a licensee, if the director finds the licensee or any such person participated in or had knowledge of any act prohibited by sections 45-737, 45-740, and 45-742 or otherwise violated the Residential Mortgage Licensing Act. Such administrative fine shall be in addition to or separate from any fine imposed against a licensee pursuant to section 45-742.(2) If the director finds, after notice and hearing in accordance with the Administrative Procedure Act and the rules and regulations adopted and promulgated under the act, that any person has knowingly committed any act prohibited by section 45-742 or otherwise violated the Residential Mortgage Licensing Act, the director may order such person to pay (a) an administrative fine of not more than five thousand dollars for each separate violation and (b) the costs of investigation.(3) If a person fails to pay an administrative fine and the costs of investigation ordered pursuant to this section, a lien in the amount of such fine and costs may be imposed upon all assets and property of such person in this state and may be recovered in a civil action by the director. The lien shall attach to the real property of such person when notice of the lien is filed and indexed against the real property in the office of the register of deeds in the county where the real property is located. The lien shall attach to any other property of such person when notice of the lien is filed against the property in the manner prescribed by law. Failure of the person to pay such fine and costs shall constitute a separate violation of the act.Source   Laws 1995, LB 163, § 9;  Laws 2003, LB 218, § 12;  Laws 2006, LB 876, § 34;   R.S.Supp.,2008, § 45-717.01;  Laws 2009, LB328, § 28. Cross References  Administrative Procedure Act, see section 84-920.