reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 5 - SCHEDULE FOR RETENTION OF RECORDS: BANKS EXERCISING TRUST POWERS AND TRUST COMPANIES › Section 45-5-006 - ALL OTHER FIDUCIARY RECORDS

Current through June 17, 2024
006.01 Institutions
				must retain the following original records for six years after fulfillment of
				duties specified in the governing documents of individual accounts. After six
				years, the original document may be maintained electronically, provided the
				record, however maintained, is clearly readable or legible.
006.01A Advice of payments of bequests,
				gifts, discretionary distributions, income distributions, scheduled payments,
				or extraordinary payments requested by interested parties
006.01B Common Investment Fund (CIF) or
				Common Trust Fund (CTF) records including annual reports, annual fund audits,
				governing plan documents, and all terminations reports. Retention shall
				continue six years beyond the date of termination of the CIF or CTF and full
				payment of all investor share accounts.
006.01C Correspondence relative to the
				administration of accounts
006.01D
				Court orders issued regarding legal appointment, judgments, or other litigation
				settlement and/or trustee requests for direction
006.01E Cremation/destruction certificates
				regarding matured, redeemed, or cancelled corporate bond issue
				certificates
006.01F Dividend
				checks paid on corporate bond issue accounts
006.01G Escrow account records (including
				payment schedules)
006.01H Final
				accounting report for any fiduciary account
006.01I Legal opinions or other letters of
				legal counsel pertaining to the administration of trust accounts
006.01J Real estate records
006.01K Safekeeping records relating to
				assets held during course of account administration
006.01L Trust indentures and other
				authorizing documents creating fiduciary relationships and/or limiting
				authority of the named fiduciary
006.01M Wills of decedents who appointed the
				bank or trust company as personal representative and/or trustee of subsequent
				trust accounts created by the will
006.01N Worthless assets, including
				documentation regarding determination of worthless status and distribution of
				such assets in kind, if applicable
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 5 - SCHEDULE FOR RETENTION OF RECORDS: BANKS EXERCISING TRUST POWERS AND TRUST COMPANIES › Section 45-5-007 - TEMPORARY RECORDS

Current through June 17, 2024
007.01 During
				active administration, an institution must retain the originals of following
				items for the specified time frames which commence on the first of January
				following the creation of said record. Any temporary record not included in
				this Subsection must be retained for three years following the creation of the
				record.
RECORD
TIME PERIOD
Annual account review documents -
2 years
Annual reports of securities held in accounts
							 -
until superseded
Appraisal of personal property held in fiduciary
							 accounts -
Until Superseded
Appraisal of real estate parcels held in fiduciary
							 accounts -
Until Superseded
Audit reports and work files of internal/external
							 auditors -
2 years
Broker/dealer invoices -
3 years
Broker/dealer transaction confirmations
							 -
3 years
Checking account statements with paid drafts
							 -
6 years
Check register detailing disposition of fiduciary
							 account funds -
6 years
Contracts and agreements -
3 years after expiration
Correspondence not relative to administration of
							 account -
3 years
Decedents' final tax returns -
3 years after filing
Farming leases -
3 years after expiration
Federal and State Estate Tax Returns -
3 years after filing
Federal and State Gift Tax Returns -
3 years after filing
Fiduciary Income Tax Returns (Fed & State)
							 -
3 years after filing
General ledger and journal entry tickets or advices
							 -
3 years
Income statements from account assets
							 -
3 years after closing
Internal policies and procedures -
until superseded
Investment records -
3 years
Invoices paid from individual fiduciary accounts
							 -
3 years after closing
Proxy statements regarding voting of company stock
							 (standalone trust company) -
2 years
Proxy statements regarding voting rights for
							 securities held as assets of fiduciary accounts -
2 years
Stop payment orders -
3 years
Surety bonds required by court order or other
							 agreement -
3 years after release
Synoptic account records -
Until Superseded
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 6 - ARTICLES OF INCORPORATION AND BYLAWS › Section 45-6-001 - FILINGS - ARTICLES OF INCORPORATION

Current through June 17, 2024
001.01 A bank must
				have its current Articles of Incorporation on file with the
				Department.
001.02 Each time a bank
				amends its Articles of Incorporation, the proposed amended Articles of
				Incorporation must be submitted to the Department for review and the examining
				fee provided in Neb. Rev. Stat. §
									8-602 must be paid.
001.03 If the Department has no objection to
				a proposed amendment, the Department will notify the bank of such. The bank
				must subsequently file the amendment with the Nebraska Secretary of State and
				submit a copy that is certified by the Secretary of State to the Department for
				filing in the records of the Department.
001.04 An amendment proposing to change the
				name of a bank is subject to Neb. Rev. Stat. §§
									8-1901 to
				8-1903, inclusive.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 6 - ARTICLES OF INCORPORATION AND BYLAWS › Section 45-6-002 - FILINGS - BYLAWS

Current through June 17, 2024
002.01 A bank must
				have its current Bylaws on file with the Department.
002.02 Each time a bank amends its Bylaws,
				the amended Bylaws must be submitted to the Department for review and the
				examining fee provided in Neb. Rev. Stat. §
									8-602 must be paid.
002.03 If the Department has no objection to
				a proposed amendment, the Department will notify the bank of such and file a
				copy in the records of the Department.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 7 - ELECTRONIC DATA PROCESSING RIDER OR ENDORSEMENT › Section 45-7-001 - BOND PROVISIONS

Current through June 17, 2024
001.01 Any bank
				which has authorized any person or entity to perform electronic data processing
				services (herein after, "processor") of any accounting records, must include as
				a part of the blanket bond of such bank, a data processing rider or endorsement
				which incorporates therein that:
001.01A The
				processor shall, while performing such services, be deemed to be an employee as
				defined in said bond;
001.01B Each
				processor and the employees, partners, members, managers, and officers of the
				processor shall, collectively, be deemed to be one employee for the purposes of
				said bond; and
001.01C The bond
				does not afford coverage in favor of the processor and upon payment to the bank
				on account of any loss through acts committed by any of the employees,
				partners, members, managers, or officers of the processor, an assignment of
				such rights and causes of action as the bank may have against the processor, to
				the extent of the payment received, shall be given by the bank to the
				underwriter of the bond.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 8 - CHANGES IN PAID-IN CAPITAL STOCK › Section 45-8-002 - NOTICES

Current through June 17, 2024
002.01 Each time a bank proposes to increase
				or decrease its paid-in capital stock, notice of such is to be given to the
				Department as required by Neb. Rev. Stat. §
									8-128 on forms prescribed by the
				Department.
002.02 A notice of a
				proposed capital stock increase form must be submitted to the Department at
				least fourteen days prior to the proposed increase.
002.03 A notice of a proposed capital stock
				decrease must be submitted to the Department at least thirty days prior to the
				proposed decrease.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 8 - CHANGES IN PAID-IN CAPITAL STOCK › Section 45-8-003 - ARTICLES OF INCORPORATION

Current through June 17, 2024
003.01 Prior to
				submitting a notice of a proposed capital stock increase, a bank must determine
				if the amount of authorized capital stock set forth in its Articles of
				Incorporation is sufficient to include the proposed increase. If insufficient,
				the bank must amend its Articles of Incorporation in accordance with 45 NAC
				6.
003.02 Prior to submitting a
				notice of a proposed capital stock decrease, a bank must determine if an
				amendment to its Articles of Incorporation is necessary to decrease the number
				of authorized shares of the bank, which may be appropriate if cancellation or
				retirement of unissued shares is planned.
003.03 Proposed amendments to the Articles of
				Incorporation necessary for increasing or decreasing capital stock must be
				filed with the Department prior to, or simultaneously with, the filing of the
				notices referenced in this Rule, and in accordance with 45 NAC 6.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 8 - CHANGES IN PAID-IN CAPITAL STOCK › Section 45-8-004 - COMPLETION OF PROPOSAL

Current through June 17, 2024
004.01 The
				Department will provide the bank with a written no-objection response to a
				notice of a proposed capital stock increase.
004.02 The Department will issue a written
				approval or denial of a notice of a proposed capital stock decrease pursuant to
				Neb. Rev. Stat. §
									8-128.
004.03 If an amendment to the Articles of
				Incorporation is necessary to completion of the proposed capital stock increase
				or capital stock decrease, the amendment process must be completed prior to the
				bank effecting the proposal.
004.04
				The bank shall notify the Department in writing when the proposed increase or
				decrease of the paid-in capital stock has been consummated.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-001 - SCOPE AND APPLICATION

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-139 provides requirements for
				persons serving as active executive officers of banks.
001.02 Except as specifically provided
				herein, this Rule applies to all banks and all persons who act or seek to act
				as an executive officer of a bank.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-002 - DEFINITIONS

Current through June 17, 2024
002.01 For purposes of this Rule:
002.01A "Active Executive Officer" is as
				defined in Neb. Rev. Stat. §
										8-139.
002.01B "Class I Executive Officer's License"
				means a license granted prior to the effective date of this Rule to any person
				who performed any functions of an active executive officer with the exception
				of making loans or investments;
002.01C "Class II Executive Officer's
				License" means a license granted prior to the effective date of this Rule to
				any person who directly or indirectly made loans or investments for a
				bank;
002.01D "Investment" means an
				outlay or expenditure of institutional funds requiring individual judgment as
				to the appropriateness of the expenditure, but does not include routine outlays
				or expenditures requiring little or no judgment, such as investment of excess
				funds in overnight federal funds.
002.01E "Loan" means any extension of
				credit.
002.01F "Opt-In Bank" means
				a bank which utilizes the Department's licensing process for active executive
				officers.
002.01G "Opt-Out Bank"
				means a bank which has elected for its active executive officers to be exempt
				from the requirement to apply for and obtain a license from the
				Department.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-003 - GENERAL QUALIFICATIONS

Current through June 17, 2024
003.01 Active
				executive officers must be persons of good moral character, known integrity,
				business experience and responsibility, and be capable of conducting the
				affairs of a bank institution on sound financial principles.
003.02 To determine whether a person meets
				the requirements of Subsection
				003.01 of this Rule, all banks, prior
				to employing a person who will, or may be expected to, serve as an active
				executive officer, must verify employment history, check references, obtain a
				credit report, and obtain a criminal history of such person.
003.03 In the event a bank promotes, or
				changes the job duties of, a person who was not employed, or not expected, to
				serve as an active executive officer, the bank must obtain a credit report and
				obtain a criminal history of such person if such person has been employed by
				the bank for more than one year prior to the promotion or change in job
				duties.
003.04 The items obtained
				in accordance with Subsections
				003.02 and
				003.03 of this Rule are deemed to be
				personnel records and are to be retained as provided in 45 NAC 4.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-004 - LICENSED EXECUTIVE OFFICERS

Current through June 17, 2024
004.01 The
				provisions of Subsection 004 do not apply to active executive officers employed
				by, or under contract to perform services for, Opt-Out Banks.
004.02 No person employed by, or under
				contract to perform services for, an Opt-In Bank shall exercise any of the
				functions of an active executive officer without having first acquired an
				executive officer's license from the Department.
004.03 An application shall be submitted by
				the bank on forms prescribed by the Department along with the fee required by
				Neb. Rev. Stat. §
									8-602.
004.04 As part of the application, the
				applicant must include a:
004.04A Personal
				financial statement,
004.04B
				Current résumé,
004.04C Completed Citizenship Attestation
				Form,
004.04D Copy of all Criminal
				History Reports from each state in which the applicant has resided during the
				past ten years, and
004.04E Letter
				from the president, chief executive officer, or a member of the Board of
				Directors of the bank stating:
004.04E1
				Reasons why the institution desires an executive officer's license for the
				applicant,
004.04E2 The applicant's
				qualifications for the license,
004.04E3 The applicant's familiarity with the
				statutes and rules or regulations of the Department applicable to banks,
				and
004.04E4 For applicants covered
				by Subsection
				004.04F of this Rule,
				that the bank has written loan and investment policies.
004.04F An applicant who will be making loans
				and/or investments must demonstrate to the satisfaction of the Department:
004.04F1 Two years' experience in the making
				of loans and/or investments, or
004.04F2 Comparable educational experience,
				defined as closely related to the experience requirements in such areas as
				examining and reviewing loans or investments or attending specific schools on
				loans and investments, and
004.04F2
				successful completion of at least one school or educational program
				concentrating on both loans and investments.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-005 - SUSPENSION

Current through June 17, 2024
005.01 The Department may suspend the
				executive officer's license held by any person employed by, or under contract
				to perform services for, an Opt-In Bank or suspend the ability of an active
				executive officer employed by, or under contract to perform services for, an
				Opt-Out Bank to continue to act as an active executive officer upon entry by
				the Director of the Department of a finding or findings of fact, conclusions of
				law, and order based upon an investigation showing evidence that the executive
				officer is, or has been:
005.01A Conducting
				the business of a bank in an unsafe or unauthorized manner;
005.01B Endangering the interests of
				stockholders, shareholders, or depositors;
005.01C Violating any of the provisions of
				Chapter 8 of the Nebraska statutes, any rules and regulations of the
				Department, or any order entered by the Department;
005.01D Supplying false, misleading or
				incomplete information in connection with any application made to the
				Department; or
005.01E The subject
				of an order of suspension of an executive officer's license or from acting as
				an active executive officer at another bank.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-006 - CIVIL MONEY PENALTIES, FINES, AND COSTS

Current through June 17, 2024
006.01 As part
				of any order of revocation or suspension, the Director may levy a civil penalty
				or fine personally against an active executive officer in an amount not to
				exceed ten thousand dollars. Such amount shall not be paid out of the assets of
				any bank in which the active executive officer is employed or otherwise
				performing services pursuant to contract.
006.02 The Director may levy the costs of
				investigation and the costs of proceedings incurred in an order of revocation
				or suspension against an active executive officer. Such costs shall not be paid
				out of the assets of any bank in which the active executive officer is employed
				or otherwise performing services pursuant to contract.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-007 - EFFECT OF ORDER

Current through June 17, 2024
007.01 Any holder
				of an executive officer's license who has had such license revoked with
				prejudice or suspended shall:
007.01A
				Surrender any other executive officer's licenses held in any Opt-In
				Bank,
007.01B Cease acting as an
				active executive officer of any Opt-Out Bank where he or she may also be
				employed, or under contract to serve as, an active executive officer,
007.01C Not be eligible to apply for another
				executive officer's license or to serve as an active executive officer of an
				Opt-Out Bank, and
007.01D Not be
				eligible to serve as a member of the Board of Directors of any bank.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-008 - NON-EXCLUSIVE REMEDIES

Current through June 17, 2024
008.01 The
				provisions of this Rule do not constitute the exclusive remedies which the
				Department may pursue or take against an active executive officer for
				violations of any state or federal laws, state or federal rules and
				regulations, or orders of the Department, which apply to the active executive
				officer.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-009 - CONDITIONAL LICENSES

Current through June 17, 2024
009.01 The Director
				of the Department may, on a case-by-case basis, and with prior written notice
				to the applicant and the applicant's employing bank, issue a conditional
				Executive Officer's license in order to:
009.01A Permit an applicant to demonstrate,
				within a stated period of time, compliance with specified standards;
				or
009.01AB Set limitations or
				additional standards deemed necessary in the public interest as a result of
				disclosures in the application and/or the Department's investigation of the
				applicant.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 9 - ACTIVE EXECUTIVE OFFICERS › Section 45-9-010 - APPLICATION OF RULE TO EXISTING LICENSE HOLDERS

Current through June 17, 2024
010.01 The
				distinctions between Class I Executive Officer's licenses and Class II
				Executive Officer's licenses are eliminated as of the effective date of this
				Rule.
010.02 All holders of Class I
				Executive Officer's licenses and Class II Executive Officer's licenses on the
				effective date of this Rule will be deemed to be licensed executive officers
				with no action required by the licensed active executive officer or the Opt-In
				Bank.
010.03 All applications for
				Class I and Class II Executive Officer's licenses received and not yet acted
				upon by the Department as of the effective date of this Rule will be deemed to
				be applications for an executive officer's license in accordance with this Rule
				with no action required by the applicant or the Opt-In Bank.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 10 - INSIDER LOAN GUARANTEES › Section 45-10-001 - DEFINITIONS

Current through June 17, 2024
001.01 "Executive officer" is as defined in
				Neb. Rev. Stat. §
									8-143.01.
001.02 "Insider" means a director, executive
				officer, principal shareholder of a bank, or any related interest of such
				persons.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 10 - INSIDER LOAN GUARANTEES › Section 45-10-002 - GUARANTEES

Current through June 17, 2024
002.01 For purposes of Neb. Rev. Stat. §
									8-143.01, an extension of credit
				means that an insider directly or indirectly receives funds in exchange for
				some consideration returning to the bank.
002.02 Except as provided in Subsection
				002.03 of this Rule, an insider may be
				a guarantor of an extension of credit without falling within the purview of
				Neb. Rev. Stat. §
									8-143.01.
002.03 An insider will fall within the
				purview of Neb. Rev. Stat. §
									8-143.01 even though the insider is
				only in the capacity of guarantor when:
002.03A the loan is in default, or
002.03B the maker clearly does not have the
				ability or financial capacity to repay the extension of credit, and reliance is
				being placed upon the guarantor for repayment.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 10 - INSIDER LOAN GUARANTEES › Section 45-10-003 - BOARD OF DIRECTORS' APPROVAL

Current through June 17, 2024
003.01 In order to
				avoid a violation of Neb. Rev. Stat. §
									8-143.01 related to an insider
				guarantee, the approval of the Board of Directors must be obtained for such
				guarantees prior to the insider giving the guarantee.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 11 - EXECUTIVE OFFICER BORROWING REPORTS › Section 45-11-001 - ANNUAL REPORTS

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-143.01 provides that, if any
				executive officer of a bank borrows from any other financial institution, or
				later becomes indebted to another financial institution, such officer shall
				annually make a written report of the indebtedness to the Board of Directors of
				the bank of which the individual is an executive officer, unless the executive
				officer is excluded by the statute.
001.02 Credit card indebtedness through a
				financial institution is a reportable borrowing under the statute.
001.02A To fulfill the reporting requirements
				for credit card indebtedness, the Board of Directors may, in lieu of requiring
				its executive officers to report each transaction for each credit card held,
				require its executive officers to submit a signed and dated statement of
				ownership of a credit card. The statement must include:
001.02A1 the maximum limit,
001.02A2 the issuing institution,
				and
001.02A3 the date the card was
				acquired.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-001 - GENERAL

Current through June 17, 2024
001.01 A copy of the Interagency Policy
				Statements referenced in this Rule is available as an appendix to this Rule at
				(
link to be determined
).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-002 - APPLICATION

Current through June 17, 2024
002.01 Neb. Rev. Stat. §
									8-134 provides that the Board of
				Directors of a bank may accept one annual audit by an accountant or accounting
				firm approved by the Department in lieu of the required annual examination by
				the Board of Directors.
002.02 The
				accountant or accounting firm must make application for approval upon forms
				prescribed by the Department.
002.03 Approval must be obtained for each
				individual bank audited. Such approval will be perpetual, or until cancelled by
				the individual bank, accountant, or accounting firm, or revoked by the
				Department.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-003 - QUALIFICATIONS

Current through June 17, 2024
003.01 The accountant or accounting firm must
				be a certified public accountant or public accountant. A certified public
				accountant or public accountant is deemed to be a person who is duly registered
				and is in good standing under the Nebraska Public Accountancy Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-004 - INDEPENDENCE

Current through June 17, 2024
004.01 A certified public accountant or a
				public accountant will not be considered independent, if the accountant:
004.01A Is connected with the bank or any of
				its affiliates as an officer, director, attorney, or employee, or is a member
				of the immediate family of an officer, director, attorney, or employee of the
				bank or any of its affiliates;
004.01B Is the beneficial owner, directly or
				indirectly, of any shares of stock of the bank or any of its
				affiliates;
004.01C Has any
				proprietary interest in any business or legal entity which, directly or
				indirectly, controls the bank or any of its affiliates;
004.01D Is a borrower from the bank or any of
				its affiliates except with respect to:
004.01D1 a loan on the security of his or her
				residence;
004.01D2 a loan to make
				alterations, repairs, or improvements to his or her residence; or
004.01D3 a loan secured solely by his or her
				segregated deposit account in the lending bank.
004.01E Makes entries or postings on the
				books of account or performs any other operating functions for the bank or any
				of its affiliates;
004.01F Has any
				conflict of interest, or the appearance thereof, by reason of business or
				personal relationships with management or its decisions or functions,
				or
004.01G Any partner or principal
				of the accounting firm receives any special consideration in any transaction
				with the bank or its affiliates or has any interest, directly or indirectly,
				financial or otherwise, in any real property owned by or securing any loan or
				otherwise made by the bank or any of its affiliates except as provided in
				Subsection
				004.01D of this Rule,
				or in any other operating activity or function of the institution or any of its
				affiliates.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-005 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATION FOR DIRECTORS' EXAMINATIONS

Current through June 17, 2024
005.01 The
				Directors' Examination must be conducted in accordance with 45 NAC 11 to be
				acceptable.
005.02 An opinion audit
				of a bank holding company is acceptable as a Directors' Examination of a
				subsidiary bank if:
005.02A the same audit
				procedures are applied to the subsidiary bank as if the opinion audit was being
				conducted on the subsidiary bank, and
005.02B such is stated in the opinion audit
				of the bank holding company.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-006 - DIRECTORS' EXAMINATION PERFORMED BY OTHER THAN CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS

Current through June 17, 2024
006.01 In the event
				the Board of Directors does not elect to provide for an annual audit by an
				accountant or an accounting firm, it must of itself, or by appointment of an
				independent person or persons, make a thorough examination of the books,
				records, funds, and securities held by the bank.
006.02 The Directors' Examination must be
				conducted in accordance with 45 NAC 13. The Board of Directors may assign the
				performance of such a Directors' Examination to one or more persons who may not
				necessarily be a member of the board, if the person(s) assigned is independent
				of the activities being examined, has experience with financial institution
				accounting and auditing, or similar expertise, and is knowledgeable about
				relevant laws and regulations.
006.03 The report compiled thereof must be:
006.03A made in accordance with 45 NAC
				13,
006.03B verified as to its
				correctness, and
006.03C signed by
				a majority of the Board of Directors so attesting.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-007 - PERIODIC DIRECTORS' EXAMINATION

Current through June 17, 2024
007.01 A Directors'
				Examination which is conducted over the course of a calendar year is
				acceptable. Such an examination must meet all the requirements of this Rule and
				45 NAC 13 and submitted to the Department as provided in 45 NAC 13.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 12 - DIRECTORS' EXAMINATIONS PERFORMED BY CERTIFIED PUBLIC ACCOUNTANTS OR PUBLIC ACCOUNTANTS › Section 45-12-008 - ENHANCED PROCEDURES

Current through June 17, 2024
008.01 The Director
				of the Department may require a bank presenting safety and soundness concerns
				or other supervisory concerns to engage an independent certified public
				accountant to perform external auditing services or may require a financial
				statement audit or other specified type of external audit.
008.02 Supervisory concerns are further
				defined in the "Interagency Policy Statement on External Auditing Programs of
				Banks and Savings Associations [Oct. 15, 1999]."
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-001 - GENERAL

Current through June 17, 2024
001.01 A copy of the Interagency Policy
				Statements referenced in this Rule is available as an appendix to this Rule at
				(
link to be determined
).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-002 - BOARD OF DIRECTORS' RESPONSIBILITY

Current through June 17, 2024
002.01 Neb. Rev.
				Stat. §
									8-124 provides that the Board of
				Directors of a bank may accept one annual audit by an accountant or accounting
				firm approved by the Department in lieu of the required annual examination by
				the Board of Directors.
002.02 The
				Board of Directors may adopt minimum Standards for Acceptability and Scope of
				Examination as outlined in this Rule or adopt external auditing programs
				identified in the "Interagency Policy Statement on External Auditing Programs
				of Banks and Savings Associations [Oct. 15, 1999]."
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-003 - STANDARDS FOR ACCEPTABILITY

Current through June 17, 2024
003.01 An annual
				examination of a bank, to be acceptable, must be made in accordance with
003.01A the minimum examination procedures
				outlined in this Rule, or
003.01B
				the standards for acceptability of audits of financial statements in accordance
				with generally accepted auditing standards; and
003.01C 45 NAC 12.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-004 - SCOPE OF EXAMINATION

Current through June 17, 2024
004.01 General
004.01A The examination procedures listed
				below are minimum procedures to be performed under Section
				8-124. They should not be construed
				as restrictive. Circumstances relating to individual engagements or situations
				encountered may make it necessary or desirable to expand certain procedures,
				apply alternate procedures, or extend examination procedures to other
				areas.
004.01B At each annual
				audit, the auditor may prescribe a risk-focused review of accounts identified
				in this rule; however, all examination procedures described herein shall be
				performed at least once within a 24-month period.
004.01C The scope of the examination should
				begin as of the date of the prior examination to avoid gaps.
004.01D The examination should be coordinated
				with the Department to avoid conflicts with the Department's examination
				timing.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-005 - REVIEWS

Current through June 17, 2024
005.01 Review accounting procedures for
				handling nonledger assets, such as charged-off loans and recoveries.
				Charged-off loans not deemed worthless by the Board of Directors should be
				formally tracked for inclusion in lending limit considerations.
005.02 Review minutes of Board of Directors'
				meetings and the most recent regulatory examination report.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-006 - DIRECT CONFIRMATION WITH BORROWERS AND DEPOSITORS

Current through June 17, 2024
006.01 Prepare (or have prepared, under the
				auditor's supervision and mail positive and/or negative confirmation requests
				on a test basis for all loans and deposit categories, including participation
				loans purchased and sold.
006.02
				For participation loans purchased, confirm balances with selling bank
				only.
006.03 For participation
				loans sold, confirm balances sold with the purchasing bank and the total
				balances with the borrower on a test basis.
006.04 Mail confirmation requests to a
				selected number of customers whose loans were charged off since the most recent
				regulatory examination.
006.05 Mail
				confirmation requests for a selected number of accounts that are dormant and
				accounts that have zero balances and have been closed since the most recent
				regulatory examination.
006.06 Any
				positive confirmation request not acknowledged by a loan customer after two
				weeks from the date of the original mailing must be followed by a second
				confirmation request. A list of positive confirmation requests not acknowledged
				after the mailing of both a first and second request must be included in the
				report.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 13 - STANDARDS FOR ACCEPTABILITY AND SCOPE OF EXAMINATIONS FOR DIRECTORS' EXAMINATIONS › Section 45-13-007 - REPORTING

Current through June 17, 2024
007.01 A report shall be prepared and
				submitted to the Board of Directors or audit committee describing the scope of
				examination and setting forth the findings and recommendations as a result of
				the auditing procedures performed and review of operating procedures and system
				of internal controls Any open or unreconciled item at the time the report is
				submitted to the Board of Directors or audit committee must be disclosed and
				commented upon in the report.
007.02 The report must include the the
				commencement and completion dates of the audit, a statement affirming
				independence, and a statement that the minimum requirements outlined in this
				Rule or in another applicable rule or guidance were met.
007.03 For purposes of review by the
				Department, reports should follow the order of Section 004 of this Rule, and
				include the balance of the general ledger asset and liability accounts examined
				as of the examination date under the specific account headings. A description
				of procedures followed is to be a part of this report.
007.04 Verification of accounts may be made
				on a basis of sampling to achieve a certain percent of reliability. For most
				examinations, a 95% reliability factor is considered adequate; in lieu thereof,
				the accountant may verify 10% of the number of accounts determined for
				confirmation. These two methods will give the accountant some flexibility when
				examining larger banks. If a shortage is determined to exist, a 100%
				verification of accounts must be made.
007.05 With respect to the confirmation of
				loan and deposit accounts, submit a confirmation statistics summary showing the
				extent and results by type of confirmation and type of account rather than
				report the extent and results of such procedures under each specific account
				heading in the body of the report. Any accounts selected for confirmation which
				have not been or cannot be mailed or delivered to the customer are to be so
				listed in the final report.
007.06
				The Board of Directors must file an electronic copy or two paper copies of the
				report with the Department within 120 days after the completion of the
				directors' examination, or, for a periodic audit, within 120 days after the end
				of the calendar year. The Board of Directors may authorize the individual or
				firm performing the directors' examination or periodic audit to do the
				same.
007.06 Any defalcation
				discovered during the examination or periodic audit shall be reported to the
				Department immediately by the Board of Directors. If the Board of Directors
				does not report the defalcation immediately, the accountant or firm has the
				obligation to do so. The accountant or firm should obtain the bank's advance
				authorization to notify the Department of discovered defalcations.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 14 - LIVESTOCK LOANS › Section 45-14-001 - EXCEPTION TO LENDING LIMIT

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-141 provides that a bank may
				directly or indirectly loan twenty-five percent of the total of its capital,
				surplus, capital notes, and debentures or fifteen percent of its unimpaired
				capital and unimpaired surplus, whichever is greater, to any person. When the
				obligation is secured by livestock, a bank may loan an additional ten percent
				of such capital, surplus, capital notes, and debentures or of such unimpaired
				capital and unimpaired surplus.
001.02 To qualify for the additional ten
				percent advancement, a bank must:
001.02A
				Have a secured interest in any livestock upon which a loan is to be made,
				and
001.02B Show the value of
				livestock securing the additional ten percent advancement equals one hundred
				fifteen per cent of the face value of the note.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 14 - LIVESTOCK LOANS › Section 45-14-002 - REPORTS

Current through June 17, 2024
002.01 A bank must establish and use an
				inspection and appraisal report. The report shall contain the following minimum
				information:
002.01A Date of inspection and
				appraisal.
002.01B Name, address,
				and signature of the borrower.
002.01C Date and amount of original note
				secured by the livestock.
002.01D
				Total obligation of borrower to the bank.
002.01E Date of security agreement and
				financing statement.
002.01F
				Inventory of the livestock by actual count.
002.01G Value of livestock per
				head.
002.01H Total value of
				livestock.
002.01I Name, title, and
				signature of individual making the inspection.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 14 - LIVESTOCK LOANS › Section 45-14-003 - INDEPENDENCE

Current through June 17, 2024
003.01 The inspection and appraisal must be
				administered independently from the loan production function whenever
				possible.
003.02 If absolute lines
				of independence cannot be achieved, a bank must be able to demonstrate clearly
				that it has prudent safeguards to isolate its inspection and appraisal program
				from influence or interference from the loan production process. In such cases,
				another loan officer, other officer, or a director of the bank may be the only
				person qualified to perform the inspection and appraisal. To ensure
				independence, such persons must abstain from any vote or approval process
				involving loans on which they performed the inspection and appraisal.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 15 - LOANS SECURED BY WAREHOUSE RECEIPTS › Section 45-15-001 - EXCEPTION TO LENDING LIMIT

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-141 provides that a bank may
				directly or indirectly loan twenty-five percent of the total of its capital,
				surplus, capital notes, and debentures or fifteen percent of its unimpaired
				capital and unimpaired surplus, whichever is greater, to any person. When the
				obligation is secured by negotiable warehouse receipts, a bank may loan an
				additional ten percent of such capital, surplus, capital notes, and debentures
				or of such unimpaired capital and unimpaired surplus.
001.02 To qualify for the additional ten
				percent advancement:
001.02A The warehouse
				receipts must be in an amount not less than one hundred-fifteen percent of the
				face amount of the note or notes; and
001.02B The note or notes must be secured by
				a prior financing statement and security agreement on the inventory covered by
				warehouse receipts, as of the date of the loan.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 16 - LOANS SECURED BY DEPOSIT ACCOUNTS › Section 45-16-001 - SCOPE AND APPLICATION

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-141 provides that loans or
				extensions of credit to any person, partnership, limited liability company,
				association, or corporation which are properly secured by a segregated deposit
				account in the lending bank shall not be subject to any limitation based on
				paid-up capital, surplus, and capital notes and debentures, or any limitation
				based on unimpaired capital and unimpaired surplus.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 16 - LOANS SECURED BY DEPOSIT ACCOUNTS › Section 45-16-003 - COLLATERAL REQUIREMENTS

Current through June 17, 2024
003.01 The bank
				must ensure that a security interest has been perfected in the deposit,
				including the assignment of the specifically identified deposit.
003.02 The bank must obtain possession of the
				certificates(s) of deposit.
003.03
				The bank must establish written internal procedures which will prevent the
				release of the deposit prior to the release of the security interest.
003.04 Only that amount in excess of the Neb.
				Rev. Stat. §
									8-141 lending limit must be
				secured.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 17 - POOL PARTICIPATION APPROVAL › Section 45-17-001 - APPROVAL PROCESS

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-141 states that a bank may invest
				in obligations representing loans to any national banking association or to any
				banking institution organized under the laws of any state, when such loans are
				approved by the Director of the Department, by rule and regulation, or
				otherwise.
001.02 Except as
				provided in Subsection
				001.04 of this Rule, a bank must make
				application for approval on a form prescribed by the Department.
001.03 The form is to be submitted to the
				Department either electronically with an approved digital signature or in paper
				with a signature in ink.
001.04 If
				a bank's total investment with any one bank does not exceed its total capital
				structure or its unimpaired capital and surplus, no formal approval is required
				by the Director of the Department, providing the bank's total investments
				conform to Neb. Rev. Stat. §
									8-147.
001.05 For purposes of this Rule:
001.05A "Capital structure" means the total
				of common stock, preferred stock, capital notes, debentures, surplus, undivided
				profits, and unrestricted reserves.
001.05B "Unimpaired capital" is as defined in
				Neb. Rev. Stat. §
										8-141.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 18 - REQUIREMENTS FOR PURCHASES OF SHARES OF INVESTMENT COMPANIES › Section 45-18-001 - SCOPE AND APPLICATION

Current through June 17, 2024
001.01 Neb. Rev.
				Stat. §
									8-148 provides that a bank may
				subscribe to, invest, purchase, and own shares of investment
				companies.
001.02 Such investments
				include only the purchase of shares of an investment company registered under
				the Investment Company Act of 1940.
001.03 This rule addresses a state bank's
				purchases of investment company shares for its own account.
001.04 For purposes of this Rule:
001.04A "Obligations that are eligible for
				investment" means those specified in Neb. Rev. Stat. §§
										8-141,
				8-147,
				8-148,
				8-148.01,
				8-148.02,
				8-148.03,
				8-148.05, and
				8-148.10.
001.04B "Unimpaired capital" is as defined in
				Neb. Rev. Stat. §
										8-141.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 45 - BANKING RULES › Chapter 18 - REQUIREMENTS FOR PURCHASES OF SHARES OF INVESTMENT COMPANIES › Section 45-18-002 - COMPOSITION

Current through June 17, 2024
002.01 The assets of the investment company
				must consist solely of, and are limited to, obligations that are eligible for
				investment by a bank.