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Can you summarize NERS 8-1513?
BANKS AND BANKING > Application; contents; approval; considerations; director; powers and duties.
Short Summary
This legal document governs the acquisition of voting stock of a credit card bank by a bank or thrift institution in Nebraska. It requires banks and thrift institutions to file an application with the Department of Banking and Finance for approval before making the acquisition. The application must contain specified information and acknowledge the applicant’s agreement to be bound by certain conditions. The director of Banking and Finance considers factors such as the financial and managerial resources of the bank or thrift institution, potential concentration of resources, competition, and the convenience and benefit to the public when deciding whether to approve the acquisition. The approval is subject to reasonable conditions and the director’s authority to ensure compliance. Non-compliance with the laws or conditions may result in an order to divest the acquired stock and a penalty of ten thousand dollars per day until divestiture is completed.
Whom does it apply to?
Banks and thrift institutions
What does it govern?
Acquisition of voting stock of a credit card bank by a bank or thrift institution
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A penalty of ten thousand dollars per day for non-compliance
Jurisdiction
Nebraska