NE Code § 44-1526 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-1526 - Lender or creditor; prohibited acts; director; powers.

44-1526.  Lender or creditor; prohibited acts; director; powers.(1) No person who lends money or extends credit shall:(a) Require, as a condition precedent to the lending of money or extension of credit or any renewal thereof, that the borrower, mortgagor, or purchaser to whom such money or credit is extended or whose obligation the creditor is to acquire or finance negotiate any policy or renewal thereof through a particular insurer or group of insurers or agent or broker or group of agents or brokers;(b) Solicit insurance for the protection of real property after a borrower, mortgagor, or purchaser indicates interest in securing a first mortgage credit extension until such borrower, mortgagor, or purchaser has received a commitment in writing from the lender as to a loan or credit extension. This requirement for a commitment shall not apply when the premium for the required insurance is to be financed as part of the loan or extension of credit involving personal property transactions;(c) Unreasonably reject a policy furnished by the borrower, mortgagor, or purchaser for the protection of the property securing the credit or lien. A rejection shall not be deemed unreasonable if it is based on reasonable standards, uniformly applied, relating to the extent of coverage required and the financial soundness and the services of an insurer. Such standards shall not discriminate against any particular type of insurer and shall not call for rejection of a policy because it contains coverage in addition to that required in the credit transaction;(d) Require that any borrower, mortgagor, purchaser, insurer, broker, or agent pay a separate charge in connection with the handling of any policy required as security for a loan on real property or pay a separate charge to substitute the policy of one insurer for that of another. This subdivision shall not include the interest which may be charged on premium loans or premium advancements in accordance with the terms of the loan or credit document;(e) Use or disclose, without the prior written consent of the borrower, mortgagor, or purchaser taken at a time other than the making of the loan or extension of credit, information relative to a policy which is required by the credit transaction for the purpose of replacing such insurance; or(f) Require any procedures or conditions of duly licensed agents, brokers, or insurers not customarily required of those agents, brokers, or insurers affiliated or in any way connected with the person who lends money or extends credit.(2) The director may examine and investigate those insurance-related activities of any person who the director believes may be in violation of this section. Any affected person may submit to the director a complaint or material pertinent to the enforcement of this section.(3) Nothing in this section shall prevent a person who lends money or extends credit from placing insurance on real or personal property in the event the borrower, mortgagor, or purchaser has failed to provide required insurance in accordance with the terms of the loan or credit document.(4) Nothing in this section shall apply to credit life or credit accident and health insurance.Source   Laws 1973, LB 349, § 5;   Laws 1991, LB 234, § 8.