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Can you summarize NERS 8-1,125?
BANKS AND BANKING > Emergencies; proclamation; director; effect; temporary office.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing banks and banking, provides provisions for emergencies and closures of financial institution offices. The director has the authority to proclaim an emergency and authorize the closure of any or all offices of a financial institution located in the affected area. If the emergency affects a particular financial institution or office, the director may authorize its closure. The closed office remains closed until the director proclaims the end of the emergency or until the officers of the financial institution decide to reopen. The director may also authorize the opening of a temporary office at a designated location for the duration of the closure, with a maximum period of thirty months. The director may consider factors such as the ability of the financial institution to conduct business without a temporary office and the proximity of the closed office to the proposed temporary office. Additionally, the director may authorize a mobile branch to operate as a temporary office for any closed office of a financial institution other than its main office. No penalties or exemptions are mentioned in this document.
Whom does it apply to?
Financial institutions located in the affected area
What does it govern?
Emergencies, closure of financial institution offices, temporary offices
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska