Nebraska LB 717 Industry Correspondence

A newly available exemption to Money Transmitter licensure for certain payroll processors, contained within Neb. Rev. Stat. § 8-2703;

An expanded definition of “controllable electronic record kiosk transaction” within the Controllable Electronic Record Fraud Prevention Act;

An increase in the threshold amount considered for purposes of usury and a corresponding change in the definition of an “Installment Loan” within Neb. Rev. Stat. § 45-335;

A new disclosure requirement regarding net tangible benefits, which must be given to borrowers refinancing certain installment loans or mortgage loans, pursuant to Neb. Rev. Stat. § 45-345 and Neb. Rev. Stat. § 45-737;

An allowance for a mortgage loan originator to hold more than one sponsor, so long as only one of the sponsors holds a Nebraska Mortgage Banker License.

A copy of the net tangible benefit disclosure form prescribed by the Director is available on the Department’s website at:
https://ndbf.nebraska.gov/industries/consumer-lenders . Licensees may use this form, or one that is substantially similar in content.

The complete text of LB 717, which includes the provisions listed above, along with other changes to laws under the administration of the Department, is available on the Nebraska Legislature’s website at:
https://nebraskalegislature.gov/FloorDocs/109/PDF/Slip/LB717.pdf .

If you have any questions, please contact the Department by phone at 402-471-2171 or by email to:
dob.consumerfinance@nebraska.gov
.

LB 717 Industry Correspondence