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Can you summarize NERS 8-2724?
BANKS AND BANKING > Licensure requirement; applicability.
Short Summary
The Nebraska Money Transmitters Act requires entities engaged in money transmission activities in Nebraska to obtain a license. However, there are several exemptions to this requirement. The exemptions include the United States and its departments, agencies, or instrumentalities; post offices of the United States Postal Service; states and political subdivisions thereof; certain financial institutions such as banks, credit unions, and savings banks; authorized delegates of these financial institutions; providers of electronic transfer of government benefits; operators of payment systems in certain circumstances; and licensed entities engaged in collection agency, credit services organization, or debt management business activities. The document does not specify the penalties for non-compliance or violation of the Nebraska Money Transmitters Act.
Whom does it apply to?
Entities engaged in money transmission activities in Nebraska
What does it govern?
Licensure requirement
What are exemptions?
The requirement for a license under the Nebraska Money Transmitters Act does not apply to: (a) The United States or any department, agency, or instrumentality thereof; (b) Any post office of the United States Postal Service; (c) A state or any political subdivision thereof; (d)(i) Banks, credit unions, digital asset depository institutions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the laws of any state or the United States; (ii) Subsidiaries of the institutions listed in subdivision (d)(i); (iii) Bank holding companies which have a banking subsidiary located in Nebraska and whose debt securities have an investment grade rating by a national rating agency; or (iv) Authorized delegates of the institutions and entities listed in subdivision (d)(i), (ii), or (iii), except that authorized delegates that are not banks, credit unions, building and loan associations, savings and loan associations, savings banks, mutual banks, subsidiaries of any of the foregoing, or bank holding companies shall comply with all requirements imposed upon authorized delegates under the act; (e) The provision of electronic transfer of government benefits for any federal, state, or county governmental agency, as defined in Consumer Financial Protection Bureau Regulation E, 12 C.F.R. part 1005, as such regulation existed on January 1, 2023, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof or any state or any political subdivision thereof; (f) An operator of a payment system only to the extent that the payment system provides processing, clearing, or settlement services between or among persons who are all exempt under this section in connection with wire transfers, credit card transactions, debit card transactions, automated clearinghouse transfers, or similar fund transfers; or (g) A person, firm, corporation, or association licensed in this state and acting within this state within the scope of a license: (i) As a collection agency pursuant to the Collection Agency Act; (ii) As a credit services organization pursuant to the Credit Services Organization Act; or (iii) To engage in the debt management business pursuant to sections 69-1201 to 69-1217.
What are the Penalties?
Penalties for non-compliance or violation of the Nebraska Money Transmitters Act are not specified in the provided document.
Jurisdiction
Nebraska