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Can you summarize NERS 8-2401?
BANKS AND BANKING > Formation; conditions.
Short Summary
This legal document outlines the formation and conditions for a credit card bank under the Nebraska Banking Act. To be formed under this act, a credit card bank must meet several conditions, including limitations on accepting certain types of deposits, restrictions on services provided, minimum capital stock and paid-in surplus requirements, employment or contracting obligations, limitations on the number of offices and processing centers, and operating in a manner that does not harm existing financial institutions. The document also references the requirement for deposit insurance. The Nebraska Banking Act provides the framework for the establishment and operation of credit card banks in the state of Nebraska.
Whom does it apply to?
Entities seeking to form a credit card bank under the Nebraska Banking Act
What does it govern?
Formation and conditions for a credit card bank under the Nebraska Banking Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska