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Can you summarize NERS 8-1,140?
BANKS AND BANKING > Federally chartered bank; bank organized under laws of Nebraska; rights, privileges, benefits, and immunities; exception.
Short Summary
This provision grants banks incorporated under the laws of Nebraska and organized under the Nebraska Banking Act or the laws of Nebraska prior to May 9, 1933, the same rights, powers, privileges, benefits, and immunities as federally chartered banks doing business in Nebraska. These rights include the exercise of all powers and activities permitted for a financial subsidiary of a federally chartered bank. However, the bank is still required to pay state taxes assessed under applicable laws of Nebraska. The provision is sourced from various laws enacted between 1999 and 2023, with an operative date of June 7, 2023.
Whom does it apply to?
Banks incorporated under the laws of Nebraska and organized under the Nebraska Banking Act or the laws of Nebraska prior to May 9, 1933
What does it govern?
Rights, powers, privileges, benefits, and immunities of a bank organized under the laws of Nebraska
What are exemptions?
The rights, powers, privileges, benefits, and immunities granted do not exempt the bank from payment of state taxes assessed under applicable laws of Nebraska.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska