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Can you summarize NERS 8-2736?
BANKS AND BANKING > Acquisition of control of licensee; notice to director; director; duties; powers; disapproval; grounds; notice; hearing.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing Banks and Banking, outlines the requirements and procedures for acquiring control of a licensee under the Nebraska Money Transmitters Act. It states that no person acting personally or as an authorized delegate can acquire control of a licensee without first giving thirty days’ notice to the director. The director has thirty days to act upon the proposed acquisition and may disapprove it if the financial condition of the acquiring person jeopardizes the financial stability of the licensee, if the acquiring person’s business experience or character indicates that the licensee would not be operated honestly or efficiently, or if the acquiring person fails to provide required information. The director may require the acquiring person to comply with additional application requirements. If the acquisition is disapproved, the acquiring person has the right to request a hearing. The document also references the Administrative Procedure Act and provides the source of the law. No specific penalties are mentioned in this document.
Whom does it apply to?
Persons or authorized delegates seeking to acquire control of a licensee under the Nebraska Money Transmitters Act.
What does it govern?
Acquisition of control of licensee; notice to director; director; duties; powers; disapproval; grounds; notice; hearing.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nebraska