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Can I collect bank account information from participants in Nebraska? What are the requirements?
Based on the provided context documents, it is not clear what the purpose of collecting bank account information from participants in Nebraska would be. However, if you are collecting funds from investors, all funds received from investors shall be deposited into a bank, regulated trust company, savings bank, savings and loan association or a credit union authorized to do business in Nebraska in accordance with the terms of an escrow agreement [2.1]. The escrow agreement shall provide for the deposit of investor funds into an escrow account with the financial institution acting as escrow agent. For each investment, the issuer shall provide to the financial institution a copy of the subscription agreement with the names, addresses and respective amounts paid by each investor whose funds comprise each deposit [2.1].
If you are conducting bingo activities in Nebraska, you are required to maintain separate bingo checking accounts and keep detailed records of all deposits, withdrawals, and transfers [1.1]. All records required by the Nebraska Bingo Act and regulations adopted pursuant thereto shall be open to inspection by the Department as well as any law enforcement officials [1.1].
It is recommended that you consult with a legal professional to determine the specific requirements and regulations regarding the collection of bank account information from participants in Nebraska.
Therefore, based on the provided context documents, the answer to your query is It depends on the purpose of collecting bank account information. If you are collecting funds from investors, you must follow the requirements of an escrow agreement. If you are conducting bingo activities, you must maintain separate bingo checking accounts and keep detailed records of all deposits, withdrawals, and transfers. It is recommended that you consult with a legal professional to determine the specific requirements and regulations regarding the collection of bank account information from participants in Nebraska.
Source(s):
Jurisdiction
Nebraska