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Can you summarize NERS 8-139?
BANKS AND BANKING > Executive officers; approval of loans and investments; qualifications; license; revocation; violations; penalty; civil penalty; election to exempt active executive officers from license; procedure.
Short Summary
This legal document governs the approval of loans and investments by banks in Nebraska. It requires that no loan or investment be made by a bank without the approval of an active executive officer. The executive officers of banks must possess good moral character, known integrity, business experience and responsibility, and be capable of conducting the affairs of a bank on sound banking principles. Additionally, banks must apply for and obtain a license from the department for their active executive officers to act in such capacity, unless they elect for their active executive officers to be exempt from this requirement. The department has the authority to revoke or suspend the license of an active executive officer if they are conducting the bank’s business in an unsafe or unauthorized manner or endangering the interests of stockholders or depositors. Acting or attempting to act as an active executive officer without a license or after revocation or suspension of the license is a Class III felony. The director may also impose a civil penalty, not exceeding ten thousand dollars, against the active executive officer. The document further defines the term ‘active executive officer’ and grants the director the power to adopt rules and regulations to implement the provisions of this section.
Whom does it apply to?
Banks and their executive officers
What does it govern?
Approval of loans and investments by banks
What are exemptions?
Banks have the right to elect for their active executive officers to be exempt from the requirement to obtain a license from the department.
What are the Penalties?
A person who acts or attempts to act as an active executive officer of a bank without a license or after revocation or suspension of their license is guilty of a Class III felony. The director may also levy a civil penalty against the active executive officer personally, not to exceed ten thousand dollars.
Jurisdiction
Nebraska