reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-605.01 - Nationwide Mortgage Licensing System and Registry; licensure and registration; requirements.

45-605.01.
Nationwide Mortgage Licensing System and Registry; licensure and registration; requirements.
(1) Effective October 1, 2020, or within one year after the Nationwide Mortgage Licensing System and Registry is capable of processing licenses issued under the Collection Agency Act, whichever is later, the board, upon its discretion, may require licensees under the act to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the board may participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the board may establish, by adopting and promulgating rules and regulations or by order, requirements as necessary. The requirements may include, but not be limited to:
(a) Any information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;
(b) The payment of fees to apply for or renew a license provided for in sections 45-606 and 45-620 and any processing fee allowed under this section through the Nationwide Mortgage Licensing System and Registry;
(c) The setting or resetting, as necessary, of renewal processing or reporting dates; and
(d) Amending or surrendering a license or any other such activities as the board deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(2) In order to fulfill the purposes of the Nebraska Collection Agency Act, the board may establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to the act. The board may allow such system to collect licensing fees on behalf of the board and allow such system to collect a processing fee for the services of the system directly from each licensee or applicant for a license.
(3) The board shall regularly report enforcement actions and other relevant information to the Nationwide Mortgage Licensing System and Registry.
(4) The board shall establish a process whereby applicants and licensees may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the board.
(5) The board shall ensure that the Nationwide Mortgage Licensing System and Registry adopts a privacy, data security, and breach of security of the system notification policy. The board shall make available upon written request a copy of the contract between the board and the Nationwide Mortgage Licensing System and Registry pertaining to the breach of security of the system provisions.
(6) Upon written request, the board shall provide the most recently available audited financial report of the Nationwide Mortgage Licensing System and Registry.
Source
Laws 2020, LB909, § 33.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-606 - License; application; fees; financial statement; form.

45-606.
License; application; fees; financial statement; form.
(1) Any person, firm, corporation, or association desiring to engage in this state in the collection business under the Collection Agency Act shall make written and sworn application for such license to the board upon a form to be prescribed by the board, which application shall be accompanied by an investigation fee of not to exceed two hundred fifty dollars and any processing fee allowed under section 45-605.01. The amount of the investigation fee shall be fixed by the board and shall not exceed the amount actually necessary to sustain the administration and enforcement of the act. Such application shall be accompanied by a duly verified financial statement of the applicant in form prescribed by the board. The Secretary of State shall remit the fees received pursuant to this section to the State Treasurer for credit to the Secretary of State Cash Fund.
(2) The board may require applicants to utilize the Nationwide Mortgage Licensing System and Registry or an entity designated by the Nationwide Mortgage Licensing System and Registry for the processing of applications and fees.
Source
Laws 1963, c. 500, § 10, p. 1596;
Laws 1974, LB 639, § 2;
R.S.1943, (1981), § 81-8,167;
Laws 1984, LB 471, § 6;
Laws 1989, LB 206, § 1;
Laws 1993, LB 261, § 6;
Laws 2020, LB909, § 28;
Laws 2020, LB910, § 14.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-607 - License; qualifications of licensee.

45-607.
License; qualifications of licensee.
(1) The license provided for by section 45-606 shall be granted only to applicants who are trustworthy, who have a good reputation for honesty and fair dealings, who are financially responsible, and who are, in the opinion of the board, competent to engage in the collection of accounts and claims of others. No license shall be issued to a partnership, limited liability company, corporation, or association unless the manager or executive officer thereof has been engaged in the collection business either as owner, officer, partner, member, or employee of an established reputable collection agency for a period of at least two years, except that the board may, if satisfied that the applicant or the manager or executive officer thereof has had sufficient business experience to be fully competent to engage in the collection business without such previous collection experience, approve such application.
(2) No such license shall be issued to any person, firm, limited liability company, corporation, or association who or which is not a resident of this state or does not keep and maintain a regular office in this state in which are kept complete records of collections and claims handled by such person, firm, limited liability company, corporation, or association for creditors residing in this state and against debtors residing in this state, except that a foreign corporation or limited liability company duly authorized, admitted, and licensed to do business in this state may be issued such a license if it complies with all requirements of the Collection Agency Act, nor shall any license be issued to any person, firm, limited liability company, corporation, or association who or which or the principal officers of which have, within the past five years, been convicted in any court of fraud or have been convicted of or had judgment entered against them in any court for failure to account to their client or customer for money or property collected by them for such client or customer.
Source
Laws 1963, c. 500, § 11, p. 1596;
R.S.1943, (1981), § 81-8,168;
Laws 1984, LB 471, § 7;
Laws 1993, LB 121, § 273;
Laws 1993, LB 261, § 7.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-608 - Licensee; bond; conditions.

45-608.
Licensee; bond; conditions.
No license shall be issued under section 45-607 until the applicant has furnished a good and sufficient corporate surety bond in the sum of fifteen thousand dollars for those agencies or foreign corporations having sixteen or more licensed solicitors, ten thousand dollars for any agency having five to fifteen licensed solicitors, and five thousand dollars for any agency having less than five solicitors, payable to and approved by the board and conditioned that the licensee shall faithfully and truly perform all agreements entered into with the licensee's clients or customers and shall, within forty-five days after the close of each calendar month, report to and pay to his, her, or its client or customer the net proceeds of all collections made during the preceding calendar month and due to each client or customer, which bond shall be in such form as approved by the board and shall be filed in the office of the Secretary of State. No person shall be required to post a bond in excess of one hundred thousand dollars.
An action may be brought in any court of competent jurisdiction upon such bond by any person to whom the licensee fails to account and pay as set forth in such bond or who has been damaged by failure of the licensee to comply with all agreements entered into with such person, except that the aggregate liability of the surety to all such persons shall, in no event, exceed the sum of such bond.
Source
Laws 1963, c. 500, § 12, p. 1597;
R.S.1943, (1981), § 81-8,169;
Laws 1984, LB 471, § 8;
Laws 1993, LB 261, § 8.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-609 - License; form; display.

45-609.
License; form; display.
The license provided for in section 45-607 shall be in such form as prescribed by the board. If the licensee maintains a branch office, the licensee shall not do a collection agency business in such branch office until the licensee has secured a branch office certificate for such branch office. A licensee, so long as his, her, or its license is in full force and effect and in good standing, shall be entitled to branch office certificates for any branch offices operated by such licensee upon payment of the fee as set forth in section 45-620 and any processing fee allowed under section 45-605.01. A licensee shall display his, her, or its license in a conspicuous place in his, her, or its principal place of business, and if the licensee conducts a branch office, the branch office certificate shall be conspicuously displayed in the branch office.
Source
Laws 1963, c. 500, § 13, p. 1598;
R.S.1943, (1981), § 81-8,170;
Laws 1984, LB 471, § 9;
Laws 1993, LB 261, § 9;
Laws 2020, LB909, § 29.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-610 - Licensee; employees; solicitor's certificates; form.

45-610.
Licensee; employees; solicitor's certificates; form.
The board shall, upon written application by a licensee and the payment of the fee as set forth in section 45-620 and any processing fee allowed under section 45-605.01, issue solicitor's certificates to employees of the licensee who solicit or collect accounts, which certificates shall be in such form as determined by the board. Such certificates shall entitle the solicitor named in the certificate to solicit and handle, for the licensee named in the certificate, collection agency business, accounts, and claims. Upon the termination of the employment of the solicitor by the licensee, such certificate shall become null and void and shall be returned by such solicitor to the licensee for cancellation by the board.
Source
Laws 1963, c. 500, § 14, p. 1598;
R.S.1943, (1981), § 81-8,171;
Laws 1984, LB 471, § 10;
Laws 1993, LB 261, § 10;
Laws 2020, LB909, § 30.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-611 - Licenses; certificates; expiration; renewal; application; time.

45-611.
Licenses; certificates; expiration; renewal; application; time.
(1) All licenses and certificates issued under the Collection Agency Act shall expire on December 31 following the date of issuance unless renewed as provided in this section prior to such date. All branch office certificates and solicitor's certificates shall continue in full force and effect only so long as the license under which they are issued is in full force and effect.
(2) Each licensee shall, if he or she desires to have his or her license renewed, make application to the board for such renewal on or before December 31 of each year and shall, with such application, furnish the bond required by section 45-608 or furnish evidence of the continuation in effect of the prior bond so furnished and pay the renewal fee provided for in section 45-620 and any processing fee allowed under section 45-605.01.
(3) If an application for renewal of a license is denied, the applicant may appeal from such refusal the same as from the refusal to issue an original license.
(4) Upon renewal of a license, the board shall issue to the licensee a new license or a certificate of renewal of the previous license in such form as the board determines. Upon the renewal of a license, the licensee may, if the licensee maintains a branch office, secure a renewal of his, her, or its branch office certificate upon payment of the renewal fee provided for in section 45-620 and any processing fee allowed under section 45-605.01. Such licensee may also secure renewals of his, her, or its solicitor's certificates upon payment of the renewal fee provided for in section 45-620 and any processing fee allowed under section 45-605.01.
Source
Laws 1963, c. 500, § 15, p. 1598;
R.S.1943, (1981), § 81-8,172;
Laws 1984, LB 471, § 11;
Laws 1993, LB 261, § 11;
Laws 2020, LB909, § 31.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-612 - Licensee; solicitor; violation; conviction; revocation; hearing; order.

45-612.
Licensee; solicitor; violation; conviction; revocation; hearing; order.
Upon final conviction of any licensee or solicitor by any court in Nebraska of fraud or embezzlement or upon final judgment against such licensee or solicitor in any court in Nebraska for fraud or embezzlement or for failure to account to his, her, or its client or customer within the time provided for in section 45-608 or upon the termination of the bond furnished by the licensee under such section without another sufficient bond being substituted therefor, the board shall forthwith revoke such license or, in the case of a solicitor, such solicitor's certificate. Such license shall also be revoked by the board at any time a licensee fails to maintain a regular office in this state in which are kept complete records of all collections and claims handled and being handled by such licensee or at any time the licensee becomes a nonresident of this state or, in the case of a foreign corporation, is no longer licensed to do business in this state. Such license or solicitor's certificate shall also be revoked if after a hearing, as provided in sections 45-613 and 45-614, the board finds that such license or certificate should be revoked.
Source
Laws 1963, c. 500, § 16, p. 1599;
Laws 1969, c. 778, § 5, p. 2952;
R.S.1943, (1981), § 81-8,173;
Laws 1984, LB 471, § 12;
Laws 1993, LB 261, § 12.
Cross References
Additional cause for revocation or suspension of license as collection agency, see section 71-3205.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-613 - Licensee; solicitor; complaint; citation; notice; hearing.

45-613.
Licensee; solicitor; complaint; citation; notice; hearing.
The board may, upon its own motion, and shall, upon the sworn complaint of any customer or client of a licensee, cite such licensee or solicitor of such licensee to appear before it at a time and place as set forth in such citation to show cause, if any, why such license or certificate should not be suspended or revoked. Such citation shall be in writing and shall set forth the exact charges against the licensee or solicitor, and a true copy thereof shall be served on such licensee or solicitor at least twenty days prior to the day of hearing in the same manner as summons of the district courts are served. If the citation is against a solicitor, a true copy of the citation shall also be served upon the licensee under whose license the solicitor's certificate has been issued.
Source
Laws 1963, c. 500, § 17, p. 1600;
R.S.1943, (1981), § 81-8,174;
Laws 1984, LB 471, § 13;
Laws 1993, LB 261, § 13.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-614 - Licensee; solicitor; citation; power to issue subpoenas; depositions.

45-614.
Licensee; solicitor; citation; power to issue subpoenas; depositions.
In the preparation for and the conduct of a hearing held pursuant to section 45-613, the board may issue subpoenas to require the attendance and testimony of witnesses and the production of any pertinent records, papers, books, and documents and may administer oaths, examine witnesses, and take any evidence it deems pertinent to a proper determination of the charge. The party against whom such citation is issued shall have the right to obtain from the Secretary of State subpoenas for witnesses such party may desire to have at such hearing. Depositions may be taken and used at such hearings the same as taken and used in civil actions in the district courts of this state. Witnesses so subpoenaed shall receive the same fees as witnesses in the district courts of this state.
Source
Laws 1963, c. 500, § 18, p. 1600;
R.S.1943, (1981), § 81-8,175;
Laws 1984, LB 471, § 14;
Laws 1993, LB 261, § 14.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-615 - Licensee; solicitor; citation; hearing; board; findings; powers.

45-615.
Licensee; solicitor; citation; hearing; board; findings; powers.
After a hearing held pursuant to sections 45-613 and 45-614, the board shall state in writing its findings in the matter. If the board finds that the cited licensee or solicitor has failed to comply with the intent and purposes of the Collection Agency Act or, in the case of a licensee, has failed to account to a customer or client as provided for in section 45-608 or is not financially responsible, the board may suspend or revoke such license or certificate. A certified copy of the findings of the board shall be served upon the cited licensee or solicitor by certified mail within five days of the issuance of such findings.
Source
Laws 1963, c. 500, § 19, p. 1600;
Laws 1969, c. 778, § 6, p. 2952;
R.S.1943, (1981), § 81-8,176;
Laws 1984, LB 471, § 15;
Laws 1993, LB 261, § 15.
Annotations
Failure to report and pay collections made within specified time justified revocation of license. State ex rel. Hartman v. Weiss, 181 Neb. 685, 150 N.W.2d 264 (1967).
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-616 - License; solicitor's certificate; appeals; procedure.

45-616.
License; solicitor's certificate; appeals; procedure.
Any refusal to grant a license or solicitor's certificate under the Collection Agency Act or the suspension or revocation of a license or solicitor's certificate may be appealed, and the appeal shall be in accordance with the Administrative Procedure Act.
Source
Laws 1963, c. 500, § 20, p. 1601;
R.S.1943, (1981), § 81-8,177;
Laws 1984, LB 471, § 16;
Laws 1988, LB 352, § 76;
Laws 1993, LB 261, § 16.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-617 - Licensee; solicitor's certificate; appeal; effect.

45-617.
Licensee; solicitor's certificate; appeal; effect.
Pending final determination of an appeal as provided in section 45-616, the holder of a license or the holder of a solicitor's certificate shall be permitted to do business as a collection agency or as a collection agency solicitor the same as though such license or certificate was in full force and effect.
Source
Laws 1963, c. 500, § 21, p. 1602;
R.S.1943, (1981), § 81-8,178;
Laws 1984, LB 471, § 17.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-618 - Licensee; change place of business; notify Secretary of State; new license; issuance; solicitor; employment terminated; return certificate.

45-618.
Licensee; change place of business; notify Secretary of State; new license; issuance; solicitor; employment terminated; return certificate.
If a licensed collection agency or its branch office changes the location of its place of business, the licensee shall forthwith notify the Secretary of State of such change and the Secretary of State shall thereupon issue a new license or branch office certificate, as the case may be, setting forth the new address. If the employment, by a licensee, of a solicitor holding a certificate is terminated, such certificate shall be forthwith turned over to the licensee by such solicitor and the licensee shall forthwith turn such certificate over to the Secretary of State for cancellation.
Source
Laws 1963, c. 500, § 22, p. 1602;
R.S.1943, (1981), § 81-8,179;
Laws 1984, LB 471, § 18.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-619 - Licensee; board; require financial statement; confidential.

45-619.
Licensee; board; require financial statement; confidential.
The board may, at any time, require a licensee to submit a verified financial statement for examination so that it may determine whether the licensee is financially responsible to carry on a collection agency business within the intents and purposes of the Collection Agency Act. Any financial statement submitted by a licensee shall be confidential and not a public record unless introduced in evidence at a hearing conducted by the board.
Source
Laws 1963, c. 500, § 23, p. 1602;
R.S.1943, (1981), § 81-8,180;
Laws 1984, LB 471, § 19;
Laws 1993, LB 261, § 17.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-620 - License; certificates; fees.

45-620.
License; certificates; fees.
No license, renewal of license, branch office certificate, or solicitor's certificate, as provided for in the Collection Agency Act, shall be issued by the board until any processing fee allowed under section 45-605.01 has been paid and the following fees have been paid to the Secretary of State: For a license, not to exceed two hundred dollars; for renewal of a license, not to exceed one hundred dollars; for a branch office certificate, not to exceed fifty dollars; for renewal of a branch office certificate, not to exceed thirty-five dollars; for a solicitor's certificate and for renewal of a solicitor's certificate, not to exceed ten dollars. The amount of the fees to be paid to the Secretary of State shall be fixed by the board and shall not exceed the amounts actually necessary to sustain the administration and enforcement of the act. The Secretary of State shall remit the fees received pursuant to this section to the State Treasurer for credit to the Secretary of State Cash Fund.
Source
Laws 1963, c. 500, § 24, p. 1603;
Laws 1974, LB 639, § 3;
R.S.1943, (1981), § 81-8,181;
Laws 1984, LB 471, § 20;
Laws 1989, LB 206, § 2;
Laws 1993, LB 261, § 18;
Laws 2020, LB909, § 32;
Laws 2020, LB910, § 15.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-622 - Licensee; solicitor; prohibited from practice of law.

45-622.
Licensee; solicitor; prohibited from practice of law.
Nothing in the Collection Agency Act shall be construed to authorize or permit the holder of a license or the holder of a solicitor's certificate, as provided for in the act, to engage in the practice of law.
Source
Laws 1963, c. 500, § 26, p. 1603;
R.S.1943, (1981), § 81-8,183;
Laws 1984, LB 471, § 22;
Laws 1993, LB 261, § 20.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-623 - Collection of public debts; contracts authorized; requirements.

45-623.
Collection of public debts; contracts authorized; requirements.
(1) Any state agency, county, city, village, or other political subdivision may contract to retain a collection agency licensed pursuant to the Collection Agency Act, within or without this state, for the purpose of collecting public debts owed by any person to such state agency, county, city, village, or other political subdivision.
(2) No debt owed pursuant to subsection (1) of this section may be assigned to a collection agency unless (a) there has been an attempt to advise the debtor by first-class mail, postage prepaid, at the last-known address of the debtor (i) of the existence of the debt and (ii) that the debt may be assigned to a collection agency for collection if the debt is not paid and (b) at least thirty days have elapsed from the time the notice was sent, except that in the case of an order for support being enforced by a county attorney, authorized attorney, or prosecuting attorney pursuant to Chapter 42 or 43, this notice requirement shall not apply and Title IV-D of the federal Social Security Act, as amended, shall be complied with.
(3) A collection agency which is assigned a debt under this section shall have only those remedies and powers which would be available to it as an assignee of a private creditor. This subsection shall not be construed to in any way limit the remedies and powers available to an authorized attorney as defined in section 43-512.
(4) For purposes of this section, debt shall include all delinquent fees or payments except delinquent property taxes on real estate. In the case of debt arising as a result of an order or judgment of a court in a criminal or traffic matter, a collection fee may be added to the debt. The collection fee shall be twenty-five dollars or four and one-half percent of the debt, whichever is greater. The collection fee shall be paid by the person who owes the debt directly to the person or agency providing the collection service.
Source
Laws 1993, LB 161, § 1;
Laws 2020, LB909, § 34.
Cross References
Collection Agency Act, see section 45-601.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-701 - Act, how cited.

45-701.
Act, how cited.
Sections 45-701 to 45-754 shall be known and may be cited as the Residential Mortgage Licensing Act.
Source
Laws 1989, LB 272, § 4;
Laws 1995, LB 163, § 1;
Laws 2006, LB 876, § 27;
Laws 2007, LB124, § 40;
Laws 2009, LB328, § 3;
Laws 2010, LB892, § 3;
Laws 2012, LB965, § 10;
Laws 2013, LB290, § 1.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-702.01 - Reverse-mortgage loans; rules applicable; fees authorized; failure by licensee to make loan advances and cure default; forfeiture.

45-702.01.
Reverse-mortgage loans; rules applicable; fees authorized; failure by licensee to make loan advances and cure default; forfeiture.
(1) Reverse-mortgage loans shall be governed by the following rules without regard to the requirements set out elsewhere for other types of mortgage transactions: (a) Payment in whole or in part is permitted without penalty at any time during the period of the loan; (b) an advance and interest on the advance have priority over a lien filed after the closing of a reverse-mortgage loan; (c) an interest rate may be fixed or adjustable and may also provide for interest that is contingent on appreciation in the value of the residential real estate; and (d) the advance shall not be reduced in amount or number based on an adjustment in the interest rate when a reverse-mortgage loan provides for periodic advances to a borrower.
(2) Reverse-mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds; (b) limitations on future advances to a term of years or limitations on the term of credit line advances; (c) limitations on the term during which future advances take priority over intervening advances; (d) requirements that a maximum mortgage amount be stated in the mortgage; (e) limitations on loan-to-value ratios; (f) prohibitions on balloon payments; (g) prohibitions on compounded interest and interest on interest; and (h) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.
(3) A licensee may, in connection with a reverse-mortgage loan, charge to the borrower (a) a nonrefundable loan origination fee which does not exceed two percent of the appraised value of the owner-occupied principal residence at the time the loan is made, (b) a reasonable fee paid to third parties originating loans on behalf of the licensee, and (c) such other fees as are necessary and required, including fees for inspections, insurance, appraisals, and surveys.
(4) Licensees failing to make loan advances as required in the loan documents and failing to cure the default as required in the loan documents shall forfeit to the borrower an amount equal to the greater of two hundred dollars or one percent of the amount of the loan advance the licensee failed to make.
Source
Laws 2010, LB892, § 5.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-703.01 - Nonprofit organization; certificate of exemption; qualification; application; denial; notice; appeal; department; powers; revocation of certificate; grounds.

45-703.01.
Nonprofit organization; certificate of exemption; qualification; application; denial; notice; appeal; department; powers; revocation of certificate; grounds.
(1) A nonprofit organization may apply to the director for a certificate of exemption on a form as prescribed by the department. The director shall grant such certificate if the director finds that the nonprofit organization is a bona fide nonprofit organization. In order for a nonprofit organization to qualify as a bona fide nonprofit organization, the director shall find that it meets the following:
(a) Has the status of a tax exempt organization under section 501(c) of the Internal Revenue Code of 1986;
(b) Promotes affordable housing or provides homeownership education or similar services;
(c) Conducts its activities in a manner that serves public or charitable purposes rather than commercial purposes;
(d) Receives funding and revenue and charges fees in a manner that does not incentivize it or its employees to act other than in the best interests of its clients;
(e) Compensates its employees in a manner that does not incentivize employees to act other than in the best interests of its clients; and
(f) Provides or identifies for the borrower residential mortgage loans with terms favorable to the borrower and comparable to mortgage loans and housing assistance provided under government assistance programs.
(2) For residential mortgage loans to have terms that are favorable to the borrower, the director shall determine that terms are consistent with loan origination in a public or charitable context rather than in a commercial context.
(3) If the director determines that the application for a certificate of exemption should be denied, the director shall notify the applicant in writing of the denial and of the reasons for the denial. A decision of the director denying an application for a certificate of exemption pursuant to the Residential Mortgage Licensing Act may be appealed. The appeal shall be in accordance with the Administrative Procedure Act and rules and regulations adopted and promulgated by the department.
(4) The department has the authority to examine the books and activities of an organization it determines is a bona fide nonprofit organization. The director may, following a hearing under the Administrative Procedure Act, revoke the certificate of exemption granted to a bona fide nonprofit organization if he or she determines that such nonprofit organization fails to meet the requirements of subsection (1) of this section.
(5) In making its determinations and examinations under subsections (1), (2), and (4) of this section, the department may rely on its receipt and review of:
(a) Reports filed with federal, state, or local housing agencies and authorities; or
(b) Reports and attestations required by the department.
Source
Laws 2012, LB965, § 13.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-704 - Registration required; registration statement; fee; procedure; bond; registrant; duties; renewal.

45-704.
Registration required; registration statement; fee; procedure; bond; registrant; duties; renewal.
(1) Notwithstanding any other provision of the Residential Mortgage Licensing Act, no person exempt from licensing under section 45-703 who employs or enters into an independent agent agreement with an individual who is required to obtain a mortgage loan originator license in this state pursuant to section 45-727 shall act as a mortgage banker until such person has registered with the department.
(2) Any person required to register pursuant to subsection (1) of this section shall submit to the department a registration statement on a form prescribed by the department. The form shall contain such information as the department may prescribe as necessary or appropriate, including, but not limited to, (a) all addresses at which business is to be conducted, (b) the names and titles of each director and principal officer of the business, and (c) a description of the activities of the applicant in such detail as the department may require.
(3) The registration statement required in subsection (2) of this section shall be accompanied by a registration fee of two hundred dollars.
(4) The department shall acknowledge the registration by issuing to the registrant a receipt or other form of acknowledgment.
(5) A registrant shall maintain a surety bond as required by section 45-724, submit mortgage reports of condition as required by section 45-726, and comply with the requirements of section 45-735 pertaining to the employment of mortgage loan originators.
(6) A registration under this section shall not be assignable.
(7) After original registration, all registrations shall remain in full force and effect until the next succeeding December 31. Thereafter, a registration under this section may be renewed on an annual basis for a renewal fee of one hundred dollars.
(8)(a) If a registrant fails to maintain a surety bond as required by section 45-724, the department may issue a notice of cancellation of the registration.
(b) If a registrant fails to renew his, her, or its registration as required by this section and does not voluntarily surrender the registration by delivering to the director written notice of the surrender, the department may issue a notice of expiration of the registration.
Source
Laws 1989, LB 272, § 7;
Laws 1999, LB 396, § 32;
Laws 2003, LB 218, § 2;
Laws 2005, LB 533, § 51;
Laws 2008, LB851, § 21;
Laws 2009, LB328, § 6;
Laws 2010, LB892, § 6.
2023 Nebraska Revised Statutes › Chapter 45 - Interest, Loans, and Debt › 45-724 - Surety bond; requirements.

45-724.
Surety bond; requirements.
(1) Except as provided in subsection (2) of this section, an applicant for a mortgage banker license or registration shall file with the department a surety bond in the amount of one hundred thousand dollars, furnished by a surety company authorized to do business in the State of Nebraska. The surety bond also shall cover all mortgage loan originators who are employees or independent agents of the applicant. The bond shall be for the use of the State of Nebraska and any Nebraska resident who may have claims or causes of action against the applicant or against an individual who is a mortgage loan originator employed by, or in an independent agent relationship with, the applicant. Submission of a rider to an existing bond indicating that the required coverage is outstanding and evidencing the beneficiaries required in this subsection shall satisfy the requirements of this section. The bond or a substitute bond shall remain in effect during all periods of licensing or registration.
(2) Upon filing of the mortgage report of condition required by section 45-726, a mortgage banker licensee or registrant shall maintain or increase its surety bond to reflect the total dollar amount of the closed residential mortgage loans originated in this state in the preceding calendar year in accordance with the following table. A licensee or registrant may decrease its surety bond in accordance with the following table if the surety bond required is less than the amount of the surety bond on file with the department.
Dollar Amount of Closed
Residential Mortgage Loans
Surety Bond Required
$0.00 to $5,000,000.00
$100,000.00
$5,000,000.01 to $10,000,000.00
$125,000.00
$10,000,000.01 to $25,000,000.00
$150,000.00
Over $25,000,000.00
$200,000.00
(3) Should the department determine that a mortgage banker licensee or registrant does not maintain a surety bond in the amount required by subsection (2) of this section, the department shall give written notification to the mortgage banker licensee or registrant requiring him, her, or it to increase the surety bond within thirty days to the amount required by subsection (2) of this section.
(4) At any time the director may require the filing of a new or supplemental bond in the form as provided in subsection (1) of this section if he or she determines that the bond filed under subsection (1) or (2) of this section is exhausted or is inadequate for any reason, including the financial condition of the licensee, the registrant, or the applicant for a license or registration. The new or supplemental bond shall not exceed one million dollars.
Source
Laws 1989, LB 272, § 12;
Laws 1993, LB 217, § 2;
Laws 2003, LB 218, § 6;
Laws 2006, LB 876, § 31;
R.S.Supp.,2008, § 45-709;
Laws 2009, LB328, § 9;
Laws 2010, LB892, § 8.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.