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Can you summarize NERS 8-169?
BANKS AND BANKING > Banks; reports; published statements; failure to make; penalty, recovery.
Short Summary
This provision, found in the Nebraska Revised Statutes under the BANKS AND BANKING section, applies to any bank that fails, neglects, or refuses to make or furnish any report or published statement required by the Nebraska Banking Act. In such cases, the bank is required to pay a penalty of fifty dollars for each day of failure, unless the director extends the filing time. The penalty is payable to the department. The source of this provision is Laws 1909, c. 10, 20, p. 76; R.S.1913, 299; Laws 1919, c. 190, tit. V, art. XVI, 20, p. 693; C.S.1922, 8001; C.S.1929, 8-132; Laws 1933, c. 18, 22, p. 146; C.S.Supp.,1941, 8-132; R.S.1943, 8-134; R.R.S.1943, 8-134; Laws 1963, c. 29, 59, p. 162; Laws 1973, LB 164, 18; Laws 1998, LB 1321, 14; Laws 2017, LB140, 67. The Nebraska Supreme Court has interpreted this provision as providing a penalty and contrasting it with another section of the banking act that failed to provide a penalty. The court held that the failure to provide a penalty indicated legislative intent that the statute should be directory rather than mandatory. This information is based on the case State ex rel. Davis v. Farmers State Bank of Winside, 112 Neb. 597, 200 N.W. 173 (1924).
Whom does it apply to?
Any bank
What does it govern?
Failure to make or furnish reports or published statements required by the Nebraska Banking Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A penalty of fifty dollars for each day of failure, unless the director extends the filing time
Jurisdiction
Nebraska