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Can you summarize NERS 8-103?
BANKS AND BANKING > Director; financial institutions; supervision and examination; director and certain department employees; prohibited borrowing; exception; penalty.
Short Summary
This legal document pertains to the supervision and examination of banks, trust companies, building and loan associations, savings and loan associations, and credit unions by the director. The director is responsible for enforcing compliance with statutes and maintaining proper banking standards and efficiency. If the director has a financial interest in a financial institution chartered by the department, the Governor assumes direct supervision. The director and certain department employees, such as deputy directors, counsels, attorneys, and financial institution examiners, are prohibited from borrowing money from financial institutions chartered by the department, except for borrowing in the normal course of business from the Nebraska State Employees Credit Union. If a loan is sold or transferred to a financial institution chartered by the department, no violation occurs if the employee did not solicit the sale or transfer and notifies the director. Intentional violation or aiding in a violation of this prohibition is a Class IV felony.
Whom does it apply to?
Director and certain department employees
What does it govern?
Supervision and examination of financial institutions
What are exemptions?
Employees may borrow money from the Nebraska State Employees Credit Union or its successor
What are the Penalties?
Class IV felony
Jurisdiction
Nebraska