reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1502 - Acquisition; notice required; exception; Director of Banking and Finance; duties.

8-1502.
Acquisition; notice required; exception; Director of Banking and Finance; duties.
(1) Except as provided in subsection (2) of this section, no person acting personally or as agent shall acquire control of any state-chartered bank or trust company without first giving sixty days' notice to the Department of Banking and Finance on forms provided by the department of such proposed acquisition.
The Director of Banking and Finance, 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, it may become effective on the sixty-first day after receipt without his or her 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 sections 8-1501 to 8-1505 or by the director.
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.
Within three days after his or her decision to disapprove any proposed acquisition, the director shall notify the acquiring party in writing of the disapproval. The notice shall provide a statement of the basis for the disapproval.
(2) The notice requirements of subsection (1) of this section shall not apply when:
(a) Shares of a state-chartered bank or trust company are acquired by a person in the regular course of securing or collecting a debt previously contracted in good faith or through inheritance or a bona fide gift if notice of such acquisition is given to the department, on forms provided by the department, within thirty days after the acquisition;
(b) Shares of a state-chartered bank or trust company are transferred from an individual or individuals to a trust formed by the individual or individuals for estate-planning purposes if (i) there is no change in the proportion of shares held by the trust for such individual or individuals compared to the ownership of such individual or individuals prior to the formation of the trust, (ii) the individual or individuals control the trust, and (iii) notice of the proposed transfer is given to the department, on forms provided by the department, at least thirty days prior to the proposed transfer and the department does not disapprove the transfer for the reason that the transfer is an attempt to subvert the requirements of sections 8-1501 to 8-1505; or
(c) The director, the Governor, and the Secretary of State jointly determine that an emergency exists which requires expeditious action or that the department must act immediately to prevent probable failure of the institution to be acquired.
Source
Laws 1983, LB 240, § 2;
Laws 1986, LB 907, § 1;
Laws 1987, LB 531, § 1;
Laws 1995, LB 599, § 6;
Laws 2000, LB 932, § 22;
Laws 2003, LB 131, § 12;
Laws 2010, LB890, § 12;
Laws 2022, LB707, § 22.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1503 - Acquisition; hearing; when required; procedure.

8-1503.
Acquisition; hearing; when required; procedure.
Within ten days after receipt of notice of disapproval pursuant to section 8-1502, the acquiring party may request an agency hearing on the proposed acquisition. At such hearing, all issues shall be determined on the record pursuant to the administrative rules of procedure and the rules and regulations as may be issued by the Department of Banking and Finance in accordance with the Administrative Procedure Act. At the conclusion of such hearing, the Director of Banking and Finance shall by order approve or disapprove the proposed acquisition on the basis of the record made at such hearing.
Source
Laws 1983, LB 240, § 3;
Laws 2003, LB 217, § 25.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1504 - Acquisition; notice; contents.

8-1504.
Acquisition; notice; contents.
Except as otherwise provided by rule and regulation of the department, a notice filed pursuant to section 8-1502 shall contain the following information:
(1) The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including his or her material business activities and affiliations during the past five years, and a description of any material pending legal or administrative proceedings in which he or she is a party and any criminal indictment or conviction of such person by a state or federal court;
(2) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year immediately preceding the date of the notice;
(3) The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;
(4) The identity, source, and amount of the funds or other consideration used or to be used in making the acquisition, and if any part of these funds or other consideration has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons;
(5) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the bank or trust company, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;
(6) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on his or her behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a brief description of the terms of such employment, retainer, or arrangement for compensation;
(7) Copies of all invitations, tenders, or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition; and
(8) Any additional relevant information in such form as the Director of Banking and Finance may require by rule and regulation or by specific request in connection with any particular notice.
Source
Laws 1983, LB 240, § 4;
Laws 1995, LB 599, § 7;
Laws 1999, LB 396, § 14;
Laws 2003, LB 131, § 13.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1505 - Acquisition; disapproval; grounds.

8-1505.
Acquisition; disapproval; grounds.
The Director of Banking and Finance may disapprove any proposed acquisition if:
(1) The financial condition of any acquiring person is such as might jeopardize the financial stability of the bank or trust company or prejudice the interests of the depositors of the bank or trust company;
(2) The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank or trust company or in the interest of the public to permit such person to control the bank or trust company; or
(3) Any acquiring person neglects, fails, or refuses to furnish the Director of Banking and Finance all the information required by him or her.
Source
Laws 1983, LB 240, § 5;
Laws 1995, LB 599, § 8;
Laws 2003, LB 131, § 14.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1506 - Failing financial institution; Director of Banking and Finance; powers; hearing; order; appeal.

8-1506.
Failing financial institution; Director of Banking and Finance; powers; hearing; order; appeal.
(1) Whenever the Department of Banking and Finance determines the acquisition of any financial institution is necessary because its capital is impaired, it is conducting its business in an unsafe or unauthorized manner, or it is endangering the interest of depositors or savers, the Director of Banking and Finance may take immediate action in the case of an emergency so declared by the Governor, the Secretary of State, and the Director of Banking and Finance, without the benefit of a hearing, to convert or merge the charter, form of ownership or operating powers, some or all of the assets and liabilities, or one or more of the branches of the financial institution into the charter, form of ownership, or operating powers of one or more financial institutions to facilitate the acquisition. In the case of a financial institution chartered under the laws of Nebraska, such immediate action may include the ability by the director to take possession of the institution.
(2) Any stockholder, depositor, or creditor of any state-chartered financial institution shall, upon application to the director within five days of the entry of the order, be afforded a hearing relating to the department's order and determination not later than ten days after such application has been filed. On the basis of such hearing, the director shall enter a final order which may continue the original order in effect, revoke it, or modify it. Any person aggrieved by a final order of the director made pursuant to this section may appeal the order by filing, within ten days after the entry of the final order, a written petition praying that the final order be modified or set aside in whole or in part. Upon service of the petition, the director shall within fifteen days certify and file in such court a copy of the original order, the application for hearing, all exhibits and testimony, and the final order from which the appeal is taken. Such appeal shall otherwise be governed by the Administrative Procedure Act.
Source
Laws 1983, LB 241, § 1;
Laws 1985, LB 653, § 10;
Laws 1988, LB 352, § 13;
Laws 1990, LB 956, § 12.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1506.01 - Financial institution, defined.

8-1506.01.
Financial institution, defined.
For purposes of sections 8-1506 to 8-1510, financial institution shall mean a bank, savings bank, savings and loan association, building and loan association, trust company, or credit union, organized under the laws of this state or organized under the laws of the United States to do business in this state.
Source
Laws 1990, LB 956, § 11;
Laws 2003, LB 131, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1507 - Cross-industry acquisition; acquisition and operation as bank subsidiary; when authorized.

8-1507.
Cross-industry acquisition; acquisition and operation as bank subsidiary; when authorized.
Pursuant to section 8-1506, the Department of Banking and Finance may permit cross-industry acquisition of any failing financial institution or permit acquisition and operation of such financial institution as a bank subsidiary by a bank holding company when the department determines the acquisition of any of the financial institutions is necessary because its capital is impaired, it is conducting its business in an unsafe or unauthorized manner, or it is endangering the interests of depositors or savers. If the acquiring institution is a bank, it may continue to operate such financial institution in its original form notwithstanding its denomination as a bank subsidiary. Acquisitions by any financial institution under sections 8-1506 to 8-1510 or section 8-1516 shall be deemed to be of the same nature as an acquisition of a state-chartered bank and shall follow such rules or regulations as may be established by the Director of Banking and Finance for acquisition of state-chartered banks by a bank holding company.
Source
Laws 1983, LB 241, § 2;
Laws 1983, LB 239, § 4;
Laws 1990, LB 956, § 13;
Laws 1995, LB 456, § 2;
Laws 1996, LB 1275, § 4;
Laws 2002, LB 1089, § 9;
Laws 2003, LB 217, § 26.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1508 - Application by bank or bank holding company; terms and conditions.

8-1508.
Application by bank or bank holding company; terms and conditions.
Whenever an application by a bank or a bank holding company is received by the Department of Banking and Finance to acquire any other financial institution, the following terms and conditions shall be met and such acquisitions shall be valid only when and for as long as these conditions are satisfied:
(1) The acquiring bank holding company may not apply for and it shall not operate such a financial institution as a nonbank subsidiary under section 4 of the federal Bank Holding Company Act of 1956, as such act existed on July 20, 2002, unless such financial institution is a savings association as defined by section 2(j) of the federal Bank Holding Company Act of 1956, as such act existed on July 20, 2002;
(2) The financial institution to be acquired by a bank or a bank holding company shall be subject to the conditions upon which a bank incorporated under the laws of this state may establish, maintain, relocate, or close any of its offices pursuant to the Nebraska Banking Act, but nothing in sections 8-1506 to 8-1510 or any other provision of law shall require divestiture of any branch or office in operation at the time of acquisition; and
(3) A financial institution to be acquired by a bank holding company shall be subject to the provisions of section 3 of the federal Bank Holding Company Act of 1956, as such act existed on July 20, 2002, and those rules and regulations that apply to bank subsidiaries of bank holding companies as are or may be established by both the Board of Governors of the Federal Reserve System and the Director of Banking and Finance.
Source
Laws 1983, LB 241, § 3;
Laws 1983, LB 239, § 5;
Laws 1988, LB 795, § 4;
Laws 1990, LB 956, § 14;
Laws 2002, LB 857, § 3.
Cross References
Nebraska Banking Act, see section 8-101.02.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1509 - Acquisition by bank holding company; prohibited; exceptions.

8-1509.
Acquisition by bank holding company; prohibited; exceptions.
A bank holding company shall not acquire, hold, or operate a financial institution acquired under sections 8-1506 to 8-1510 or section 8-1516 located in this state as a nonbank subsidiary under section 4 of the federal Bank Holding Company Act of 1956, as amended, unless such financial institution is a savings association as defined by section 2(j) of the federal Bank Holding Company Act of 1956, as amended. The Director of Banking and Finance shall not either accept or approve an application for acquisition under sections 8-1506 to 8-1510 or section 8-1516 which contains as a term or condition thereof the approval of the Board of Governors of the Federal Reserve System under section 4(c)(8) of the federal Bank Holding Company Act of 1956, as amended, unless such financial institution is a savings association as defined by section 2(j) of the federal Bank Holding Company Act of 1956, as amended.
Source
Laws 1983, LB 241, § 4;
Laws 1990, LB 956, § 15;
Laws 1996, LB 1275, § 5.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1511 - Terms, defined.

8-1511.
Terms, defined.
For purposes of sections 8-1511 to 8-1513, unless the context otherwise requires:
(1) Affiliated bank or thrift institution means (a) if the bank or thrift institution is a subsidiary of a state bank, national banking association, or thrift institution, the parent bank or thrift institution as the case may be and (b) if the bank or thrift institution is a subsidiary of a bank or thrift institution holding company, the principal subsidiary of the holding company which is a bank or thrift institution as the case may be;
(2) Association of banks or thrift institutions means two or more banks or thrift institutions formed for the purpose of acquiring and holding all or substantially all of the voting stock of one credit card bank pursuant to sections 8-1512 and 8-1513;
(3) Bank or banking corporation means the principal office of (a) any national bank doing business in this state, (b) any corporation which is chartered to conduct a bank in this state as provided in the Nebraska Banking Act, (c) any association of banks, (d) a bank holding company as defined in the Nebraska Bank Holding Company Act of 1995, or (e) an out-of-state bank holding company as defined in the Nebraska Bank Holding Company Act of 1995;
(4) Qualifying association means an association, corporation, partnership, limited liability company, or other entity which at all times maintains an office in this state at which it employs at least fifty persons in this state and which pursuant to contract or otherwise offers at least the following services to banks: (a) The distribution, as agent for a bank, of credit cards or transaction cards; (b) the preparation of periodic statements of amounts due under such account; (c) the receipt from credit card or transaction card holders of amounts paid on or with respect to such accounts; and (d) the maintenance of financial records reflecting the status of such accounts from time to time;
(5) Thrift institution means (a) any corporation which is chartered as a building and loan association, savings and loan association, savings bank, or credit union under the laws of the United States, any other state, or the District of Columbia and whose operations are principally conducted outside of Nebraska, (b) any holding company of a thrift institution with subsidiaries whose operations are principally conducted outside of Nebraska, or (c) any association of thrift institutions; and
(6) Transaction card means a device or means used to access a prearranged revolving credit plan account.
Source
Laws 1984, LB 1076, § 5;
Laws 1987, LB 332, § 3;
Laws 1993, LB 121, § 103;
Laws 1995, LB 384, § 12;
Laws 2002, LB 857, § 4;
Laws 2002, LB 1094, § 9;
Laws 2004, LB 999, § 14.
Cross References
Nebraska Bank Holding Company Act of 1995, see section 8-908.
Nebraska Banking Act, see section 8-101.02.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1512 - Bank or thrift institution; acquire credit card bank; conditions; sections, how construed.

8-1512.
Bank or thrift institution; acquire credit card bank; conditions; sections, how construed.
(1) Notwithstanding any other provisions of law and subject to the provisions of this section and to the approval of the Director of Banking and Finance, any bank or thrift institution may acquire and hold all or substantially all of the voting stock of one credit card bank located in this state when and so long as the credit card bank meets the conditions set forth in section 8-2401.
(2) Sections 8-1511 to 8-1513 and 8-2401 to 8-2403 shall not be construed so as to limit the acquisition or ownership of a credit card bank to banks or thrift institutions.
Source
Laws 1983, LB 454, § 2;
R.S.Supp.,1983, § 8-905;
Laws 1984, LB 1076, § 3;
Laws 1987, LB 332, § 4;
Laws 2004, LB 999, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1513 - Application; contents; approval; considerations; director; powers and duties.

8-1513.
Application; contents; approval; considerations; director; powers and duties.
(1) Any bank or thrift institution proposing any acquisition pursuant to section 8-1512 shall file an application with the Department of Banking and Finance for approval to make the acquisition. The application shall contain such information as the Director of Banking and Finance may by regulation require and shall specifically acknowledge the applicant's agreement to be bound by the conditions set forth in section 8-2401. In addition, the application shall designate a resident of this state as the applicant's agent for the service of any paper, notice, or legal process upon the applicant in connection with the matters arising out of the laws of this state and shall be accompanied by the filing fee provided in section 8-602.
(2) In determining whether to approve an acquisition by a bank or thrift institution of any voting stock of a credit card bank located in this state, the director shall consider: (a) The financial and managerial resources of such bank or thrift institution; (b) whether the acquisition may result in undue concentration of resources or substantial lessening of competition; and (c) whether the convenience and benefit to the public outweigh any adverse competitive effects.
(3) Any approval granted to a bank or thrift institution by the director is subject to such reasonable conditions as the director deems necessary and to the director's continuing authority to ascertain such financial institution's compliance with the provisions of the laws of this state and the conditions of approval.
(4) Whenever the director determines after notice and hearing that any bank or thrift institution is not in compliance with the laws of this state or the conditions of approval, the director shall order such bank or thrift institution to divest itself of all stock of the credit card bank acquired pursuant to section 8-1512 and such bank or thrift institution shall be liable for a penalty of ten thousand dollars per day from the date such divestiture is ordered until it is completed.
Source
Laws 1983, LB 454, § 3;
R.S.Supp.,1983, § 8-906;
Laws 1984, LB 1076, § 4;
Laws 1987, LB 332, § 5;
Laws 2004, LB 999, § 16.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1516 - Bank; purchase or merger; financial institution; cross-industry merger or acquisition; when.

8-1516.
Bank; purchase or merger; financial institution; cross-industry merger or acquisition; when.
(1)(a) With the approval of the director, a bank may only acquire another bank in Nebraska as a result of a purchase or merger if the acquired bank and its branches are converted to branches of the acquiring bank.
(b) With the approval of the director, a financial institution may only acquire another financial institution in Nebraska as a result of a cross-industry merger or acquisition under section 8-1510 if (i) the acquired financial institution and its branches are converted to branches of the acquiring financial institution and (ii) section 8-1510 has been satisfied.
(2) For purposes of this section:
(a) Bank means a bank organized under the laws of this state or organized under the laws of the United States to do business in this state; and
(b) Financial institution means a bank, savings bank, savings and loan association, building and loan association, trust company, or credit union, organized under the laws of this state or organized under the laws of the United States to do business in this state.
Source
Laws 1996, LB 1275, § 1;
Laws 2002, LB 1089, § 10;
Laws 2003, LB 131, § 16.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1601 - Terms, defined.

8-1601.
Terms, defined.
For purposes of sections 8-1601 to 8-1605, unless the context otherwise requires:
(1) Bank has the same meaning as in section 8-909;
(2) Bank holding company has the same meaning as in section 8-909;
(3) Bankers bank means a bank formed pursuant to section 8-1602;
(4) Department means the Department of Banking and Finance;
(5) Foreign bank holding company has the same meaning as out-of-state bank holding company in section 8-909;
(6) Foreign bankers bank means a bank which is chartered in a foreign state and which is:
(a) Insured by the Federal Deposit Insurance Corporation;
(b) Owned substantially by banks in the state in which the bank was chartered; and
(c) Directly and through its subsidiaries engaged exclusively in providing services for other banks and their officers, directors, and employees;
(7) Foreign state means any state of the United States other than the State of Nebraska, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, or the District of Columbia; and
(8) Owned substantially means at least eighty percent of the outstanding voting stock is owned.
Source
Laws 1986, LB 1123, § 1;
Laws 1999, LB 396, § 15;
Laws 2006, LB 876, § 21.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1602 - Formation of bankers bank; requirements.

8-1602.
Formation of bankers bank; requirements.
A bankers bank may be formed with the approval of the department and subject to requirements and procedures for the issuance of a new bank charter or the transfer of an existing bank charter as provided in the Nebraska Banking Act. A bankers bank shall be a bank which is:
(1) Insured by the Federal Deposit Insurance Corporation;
(2) Owned substantially by other Nebraska banks, bank holding companies, foreign bank holding companies, or a combination of such entities; and
(3) Directly and through all its subsidiaries engaged exclusively in providing services for other banks and their officers, directors, and employees.
Source
Laws 1986, LB 1123, § 2;
Laws 1998, LB 1321, § 72;
Laws 1999, LB 396, § 16;
Laws 2006, LB 876, § 22.
Cross References
Nebraska Banking Act, see section 8-101.02.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1603 - Provisions applicable.

8-1603.
Provisions applicable.
A bankers bank shall be subject to the Nebraska Banking Act and any rules and regulations adopted and promulgated by the department.
Source
Laws 1986, LB 1123, § 3;
Laws 1998, LB 1321, § 73;
Laws 2003, LB 217, § 28.
Cross References
Nebraska Banking Act, see section 8-101.02.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1604 - Repurchase of capital stock; limitation.

8-1604.
Repurchase of capital stock; limitation.
A bankers bank may repurchase, for its own account, shares of its own capital stock, but the outstanding capital stock may not be reduced below the minimum required by law.
Source
Laws 1986, LB 1123, § 4.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1605 - Acquisition of stock; limitation.

8-1605.
Acquisition of stock; limitation.
A bank may subscribe to, invest in, buy, or own voting stock of one or more bankers banks, foreign bankers banks, bank holding companies, or foreign bank holding companies of such bankers bank or foreign bankers bank in an amount not to exceed five percent of any class of voting stock of each such bankers bank, foreign bankers bank, bank holding company, or foreign bank holding company of such bankers bank or foreign bankers bank. In no event shall such bank's holdings of the stock of a bankers bank, foreign bankers bank, bank holding company, or foreign bank holding company of such bankers bank or foreign bankers bank exceed ten percent of the capital stock and paid-in and unimpaired surplus of the bank holding such stock.
Source
Laws 1986, LB 1123, § 5;
Laws 1999, LB 396, § 17;
Laws 2006, LB 876, § 23.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1701 - Code, how cited.

8-1701.
Code, how cited.
Sections 8-1701 to 8-1737 shall be known and may be cited as the Commodity Code.
Source
Laws 1987, LB 575, § 1;
Laws 1993, LB 283, § 1.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1703 - Board of trade, defined.

8-1703.
Board of trade, defined.
Board of trade shall mean any person or group of persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or group of persons is characterized as a board of trade, exchange, or other form of marketplace.
Source
Laws 1987, LB 575, § 3.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1704 - CFTC rule, defined.

8-1704.
CFTC rule, defined.
CFTC rule shall mean any rule, regulation, or order of the Commodity Futures Trading Commission in effect on January 1, 2023.
Source
Laws 1987, LB 575, § 4;
Laws 1993, LB 283, § 2;
Laws 2011, LB76, § 4;
Laws 2019, LB259, § 6;
Laws 2020, LB909, § 16;
Laws 2021, LB363, § 15;
Laws 2022, LB707, § 23;
Laws 2023, LB92, § 15.
Operative Date: June 7, 2023
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1705 - Commodity, defined.

8-1705.
Commodity, defined.
(1) Commodity shall mean, except as otherwise specified by the director by rule, regulation, or order:
(a) Any agricultural, grain, or livestock product or byproduct;
(b) Any metal or mineral, including a precious metal;
(c) Any gem or gemstone, whether characterized as precious, semi-precious, or otherwise;
(d) Any fuel, whether liquid, gaseous, or otherwise;
(e) Any foreign currency; and
(f) All other goods, articles, products, or items of any kind.
(2) Commodity shall not include:
(a) A numismatic coin, the fair market value of which is at least fifteen percent higher than the value of the metal it contains;
(b) Real property or any timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of such real property; or
(c) Any work of art offered or sold by art dealers at public auction or offered or sold through a private sale by the owner of such work.
Source
Laws 1987, LB 575, § 5;
Laws 1993, LB 283, § 3.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1706 - Commodity contract, defined.

8-1706.
Commodity contract, defined.
Commodity contract shall mean any account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. Any commodity contract offered or sold shall, in the absence of evidence to the contrary, be presumed to be offered or sold for speculation or investment purposes.
Source
Laws 1987, LB 575, § 6;
Laws 1993, LB 283, § 4.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1707 - Commodity Exchange Act, defined.

8-1707.
Commodity Exchange Act, defined.
Commodity Exchange Act shall mean the act of Congress known as the Commodity Exchange Act, 7 U.S.C. 1, as amended on January 1, 2023.
Source
Laws 1987, LB 575, § 7;
Laws 1993, LB 283, § 5;
Laws 2011, LB76, § 5;
Laws 2019, LB259, § 7;
Laws 2020, LB909, § 17;
Laws 2021, LB363, § 16;
Laws 2022, LB707, § 24;
Laws 2023, LB92, § 16.
Operative Date: June 7, 2023
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1709 - Commodity merchant, defined.

8-1709.
Commodity merchant, defined.
Commodity merchant shall mean any of the following, as defined or described in the Commodity Exchange Act or by CFTC rule:
(1) Futures commission merchant;
(2) Commodity pool operator;
(3) Commodity trading advisor;
(4) Introducing broker;
(5) Leverage transaction merchant;
(6) An associated person of any of the foregoing;
(7) Floor broker; and
(8) Any other person, other than a futures association, required to register with the Commodity Futures Trading Commission.
Source
Laws 1987, LB 575, § 9.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1710 - Commodity option, defined.

8-1710.
Commodity option, defined.
Commodity option shall mean any account, agreement, or contract giving a party thereto the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise, but shall not include an option traded on a national securities exchange registered with the Securities and Exchange Commission.
Source
Laws 1987, LB 575, § 10.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1714 - Person, defined.

8-1714.
Person, defined.
Person shall mean an individual, a corporation, a partnership, a limited liability company, an association, a joint-stock company, a trust in which the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government, but shall not include a contract market designated by the Commodity Futures Trading Commission or any clearinghouse thereof or a national securities exchange registered with the Securities and Exchange Commission or any employee, officer, or director of such contract market, clearinghouse, or exchange acting solely in that capacity.
Source
Laws 1987, LB 575, § 14;
Laws 1993, LB 121, § 104.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1715 - Precious metal, defined.

8-1715.
Precious metal, defined.
Precious metal shall mean the following in either coin, bullion, or other form:
(1) Silver;
(2) Gold;
(3) Platinum;
(4) Palladium;
(5) Copper; and
(6) Such other items as the director may specify by rule, regulation, or order.
Source
Laws 1987, LB 575, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1717 - Sale or purchase of commodity; prohibited; exception.

8-1717.
Sale or purchase of commodity; prohibited; exception.
Except as otherwise provided in section 8-1718 or 8-1719, no person shall sell or purchase or offer to sell or purchase any commodity under any commodity contract or under any commodity option or offer to enter into or enter into as seller or purchaser any commodity contract or any commodity option.
Source
Laws 1987, LB 575, § 17.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1717.01 - Failure to make physical delivery; defense.

8-1717.01.
Failure to make physical delivery; defense.
It shall be a defense in any complaint, information, indictment, writ, or proceeding brought under the Commodity Code alleging a violation of section 8-1717 based solely on the failure in an individual case to make physical delivery within the applicable time period under subdivisions (1)(b) and (e) of section 8-1719 if (1) the failure to make physical delivery was due solely to factors beyond the control of the seller, the seller's officers, directors, partners, limited liability company members, agents, servants, or employees, every person occupying a similar status or performing similar functions, every person who directly or indirectly controls or is controlled by the seller or any of them, or the seller's affiliates, subsidiaries, or successors and (2) physical delivery was completed within a reasonable time under the applicable circumstances.
Source
Laws 1993, LB 283, § 11;
Laws 1994, LB 884, § 15.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1718 - Transactions; authorized purchaser or seller.

8-1718.
Transactions; authorized purchaser or seller.
(1) Section 8-1717 shall not apply to any transaction offered by and in which any of the following persons, or any employee, officer, or director of such person acting solely in that capacity, is the purchaser or seller:
(a) A person registered with the Commodity Futures Trading Commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration;
(b) A person registered with the Securities and Exchange Commission as a broker-dealer whose activities require such registration;
(c) A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by, a person referred to in subdivision (1)(a) or (b) of this section;
(d) A person who is a member of a contract market designated by the Commodity Futures Trading Commission or any clearinghouse thereof;
(e) A financial institution; or
(f) A person registered under the laws of this state as a securities broker-dealer whose activities require such registration.
(2) This section shall not apply to any transaction or activity which is prohibited by the Commodity Exchange Act or CFTC rule.
Source
Laws 1987, LB 575, § 18.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1720 - Commodity merchant; board of trade; requirements.

8-1720.
Commodity merchant; board of trade; requirements.
(1) No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person (a) is registered or temporarily licensed with the Commodity Futures Trading Commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired or been suspended or revoked or (b) is exempt from such registration by virtue of the Commodity Exchange Act or of a CFTC rule.
(2) No board of trade shall trade or provide a place for the trading of any commodity contract or commodity option required to be traded on or subject to the rules of a contract market designated by the Commodity Futures Trading Commission unless such board of trade has been so designated for such commodity contract or commodity option and such designation shall not have been vacated, suspended, or revoked.
Source
Laws 1987, LB 575, § 20.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1721 - Prohibited acts.

8-1721.
Prohibited acts.
(1) No person shall directly or indirectly (a) cheat, defraud, or attempt to cheat or defraud any other person or employ any device, scheme, or artifice to defraud any other person, (b) make any false report, enter any false record, or make any untrue statement of a material fact or omit to state a material fact, (c) engage in any transaction, act, practice, or course of business, including, but not limited to, any form of advertising or solicitation, which operates or would operate as a fraud or deceit upon any person, or (d) misappropriate or convert the funds, security, or property of any other person in or in connection with the purchase or sale of, the offer to sell, the offer to purchase, the offer to enter into, or the entry into of any commodity contract or commodity option subject to section 8-1717 or 8-1718 or subdivision (1)(b) or (d) of section 8-1719.
(2) No person shall sell a commodity contract under the terms of which the purchaser, other than a person referred to in section 8-1718 or subdivision (1)(d) of section 8-1719, finances the transaction (a) through a lender affiliated with or related to the seller, (b) through a lender who directly supplies the seller with the contract documents used by the purchaser to evidence the loan and the seller has knowledge of the credit terms and participates in the preparation of the document, (c) through a lender who knowingly participates with the seller in the sale, or (d) under an agreement which conditions the granting of the loan on the purchase of the commodity from a particular seller.
Source
Laws 1987, LB 575, § 21;
Laws 1993, LB 283, § 7.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1721.01 - Cause of action under commodity contract authorized; exception; statute of limitations; waiver of compliance with code; void.

8-1721.01.
Cause of action under commodity contract authorized; exception; statute of limitations; waiver of compliance with code; void.
(1) Any person who violates section 8-1721 shall be liable to the purchaser who may sue either at law or in equity to recover the consideration paid under the commodity contract, including interest paid under a financing agreement in connection with the purchase, costs, and reasonable attorney's fees, less (a) the amount received upon the disposition of the commodity or (b) the value of the commodity on the date of the entry of judgment.
(2) Every cause of action under this section shall survive the death of any person who might have been a plaintiff or defendant. No person may sue under this section more than three years after the contract of sale. If the cause of action is not discovered and could not be reasonably discovered within the three-year period, then the action may be commenced within two years from the date of the discovery or from the date of discovery of facts which would reasonably lead to the discovery, whichever is earlier. In no event may a person sue under this section more than five years after the contract of sale.
(3) No person who has made or engaged in the performance of any contract in violation of any provision of the Commodity Code or any rule or order under the code or who has acquired any purported right under any such contract with knowledge of the facts by reason of which its making or performance was in violation of the code may base any suit on the contract. Any condition, stipulation, or provision purportedly binding any purchaser to waive compliance with any provision of the code or any rule or order under the code shall be void.
Source
Laws 1993, LB 283, § 10.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1722 - Liability; joint and several.

8-1722.
Liability; joint and several.
(1) The act, omission, or failure of any official, agent, or other person acting for any individual, association, partnership, limited liability company, corporation, or trust within the scope of his or her employment or office shall be deemed the act, omission, or failure of such individual, association, partnership, limited liability company, corporation, or trust as well as of such official, agent, or other person.
(2) Every person who directly or indirectly controls another person liable under any provision of the Commodity Code, every partner, member, officer, or director of such other person, every person occupying a similar status or performing similar functions, and every employee of such other person who materially aids in the violation shall also be liable jointly and severally with and to the same extent as such other person unless the person who is also liable by virtue of this section sustains the burden of proof that he or she did not know and in exercise of reasonable care could not have known of the existence of the facts by reason of which the liability is alleged to exist.
Source
Laws 1987, LB 575, § 22;
Laws 1993, LB 121, § 105.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1723 - Securities Act of Nebraska; applicability of code.

8-1723.
Securities Act of Nebraska; applicability of code.
Nothing in the Commodity Code shall impair, derogate, or otherwise affect the authority or powers of the director under the Securities Act of Nebraska or the application of any provision of the act to any person or transaction subject to such act.
Source
Laws 1987, LB 575, § 23.
Cross References
Securities Act of Nebraska, see section 8-1123.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1724 - Code, how construed.

8-1724.
Code, how construed.
The Commodity Code may be construed and implemented to effectuate its general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodity contracts, and to maximize coordination with federal and other states' law and the administration and enforcement thereof.
Source
Laws 1987, LB 575, § 24;
Laws 1993, LB 283, § 8.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1725 - Director; investigation; enforcement; powers.

8-1725.
Director; investigation; enforcement; powers.
(1) The director may make investigations, within or without this state, as he or she finds necessary or appropriate to:
(a) Determine whether any person has violated or is about to violate any provision of the Commodity Code or any rule, regulation, or order of the director; or
(b) Aid in enforcement of the Commodity Code.
(2) The director may publish information concerning any violation of the code or any rule, regulation, or order of the director.
(3) For purposes of any investigation or proceeding under the Commodity Code, the director or any officer or employee designated by rule, regulation, or order may administer oaths and affirmations, subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the director finds to be relevant or material to the inquiry.
(4)(a) In case of contumacy by or refusal to obey a subpoena issued to any person, any court of competent jurisdiction, upon application by the director, may issue to that person an order requiring him or her to appear before the director or the officer designated by the director to produce documentary evidence if so ordered or to give evidence touching the matter under investigation or in question. Any failure to obey the order of the court may be punished by the court as a contempt of court.
(b) The request for order of compliance may be addressed to either (i) the district court of Lancaster County or the district court in the county where service may be obtained on the person refusing to testify or produce, if the person is within this state, or (ii) the appropriate district court of this state having jurisdiction over the person refusing to testify or produce, if the person is outside this state.
Source
Laws 1987, LB 575, § 25.
2023 Nebraska Revised Statutes › Chapter 8 - Banks and Banking › 8-1726 - Violations of code; director; powers.

8-1726.
Violations of code; director; powers.
(1) If the director believes, whether or not based upon an investigation conducted under section 8-1725, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of the Commodity Code or any rule, regulation, or order under the code, the director may:
(a) Issue a cease and desist order;
(b) Issue an order imposing a civil penalty in an amount which may not exceed twenty-five thousand dollars for any single violation or one hundred thousand dollars for multiple violations in a single proceeding or a series of related proceedings; or
(c) Initiate any of the actions specified in subsection (2) of this section.
(2) The director may institute any of the following actions in the appropriate district court of this state or in the appropriate courts of another state in addition to any legal or equitable remedies otherwise available:
(a) An action for a declaratory judgment;
(b) An action for a prohibitory or mandatory injunction to enjoin the violation and to ensure compliance with the Commodity Code or any rule, regulation, or order of the director;
(c) An action for disgorgement or restitution; or
(d) An action for appointment of a receiver or conservator for the defendant or the defendant's assets.
(3)(a) The fines and costs shall be in addition to all other penalties imposed by the laws of this state. The director shall collect the fines and costs and remit them to the State Treasurer. The State Treasurer shall credit the costs to the Securities Act Cash Fund and distribute the fines in accordance with Article VII, section 5, of the Constitution of Nebraska.
(b) If a person fails to pay the administrative fine or investigation costs referred to in 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 by suit by the director. Failure of the person to pay such fine and costs shall constitute a separate violation of the code.
Source
Laws 1987, LB 575, § 26;
Laws 1993, LB 283, § 9;
Laws 2019, LB259, § 8.