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Can you summarize NERS 8-1506?
BANKS AND BANKING > Failing financial institution; Director of Banking and Finance; powers; hearing; order; appeal.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing banks and banking, outlines the powers of the Director of Banking and Finance in relation to failing financial institutions. The Director has the authority to take immediate action, without a hearing, to convert or merge the charter, ownership, assets, liabilities, or branches of a financial institution if it is determined to have impaired capital, unsafe or unauthorized operations, or if it endangers the interests of depositors or savers. The Director may also take possession of a financial institution chartered under Nebraska laws. Any stockholder, depositor, or creditor of a state-chartered financial institution has the right to request a hearing within five days of the Director’s order. The Director will then enter a final order based on the hearing, which may continue, revoke, or modify the original order. Any person aggrieved by the final order can appeal it within ten days by filing a written petition. The appeal process is governed by the Administrative Procedure Act.
Whom does it apply to?
Financial institutions, stockholders, depositors, creditors
What does it govern?
Acquisition of failing financial institutions by the Department of Banking and Finance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nebraska