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Can you summarize NERS 8-820.01?
BANKS AND BANKING > Bank credit cards; federal most-favored-lender doctrine; public policy declaration.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on BANKS AND BANKING, declares the public policy of the State of Nebraska regarding the federal most-favored-lender doctrine. It states that the bank credit card rate, as specified in section 8-820, should not be considered comparable or analogous to the small loan rate mentioned in sections 45-1024 and 45-1025. The Legislature recognizes that institutions making small loans and those administering bank credit cards are categorically different, as are the transactions carried out by these institutions. Small loan borrowers and bank credit card users are also considered distinct. The Legislature justifies charging a higher interest rate for small loans due to the recognized risk factor associated with such transactions. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Institutions making small loans and institutions administering a bank credit card
What does it govern?
Federal most-favored-lender doctrine
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska