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Can you summarize NERS 8-1502?
BANKS AND BANKING > Acquisition; notice required; exception; Director of Banking and Finance; duties.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the acquisition of control of state-chartered banks and trust companies. It requires any person acting personally or as an agent to provide sixty days’ notice to the Department of Banking and Finance before acquiring control of such institutions. The Director of Banking and Finance has thirty days to review the notice and may disapprove the proposed acquisition within that period. If no disapproval is issued, the acquisition may become effective on the sixty-first day after receipt. The document outlines exceptions to the notice requirements, including acquisitions made in the regular course of securing or collecting a debt, transfers of shares to trusts for estate-planning purposes, and emergency situations. No specific penalties are mentioned in this document.
Whom does it apply to?
Any person acting personally or as an agent seeking to acquire control of a state-chartered bank or trust company
What does it govern?
Acquisition of control of state-chartered banks and trust companies
What are exemptions?
1) Acquisition of shares in the regular course of securing or collecting a debt previously contracted in good faith, through inheritance, or as a bona fide gift, if notice is given to the Department of Banking and Finance within 30 days after the acquisition. 2) Transfer of shares from an individual or individuals to a trust formed by the individual or individuals for estate-planning purposes, if certain conditions are met and notice is given to the Department of Banking and Finance at least 30 days prior to the proposed transfer. 3) Emergency situations or situations requiring immediate action to prevent probable failure of the institution to be acquired, as determined by the Director of Banking and Finance, the Governor, and the Secretary of State.
What are the Penalties?
No specific penalties mentioned in this document.
Jurisdiction
Nebraska