Person means any individual, partnership, limited liability company, association, joint-stock association, trust, or corporation. Person does not include the United States or the State of Nebraska. Source: Laws 2013, LB616, 21.

Remit, except as used in section 8-2747, means either to make direct payment of the funds to a licensee or its representatives authorized to receive those funds or to deposit the funds in a bank, credit union, or savings and loan association or other similar financial institution in an account specified by a licensee. Source: Laws 2013, LB616, 22.

Stored value means monetary value that is evidenced by an electronic record. Stored value does not include any item that is redeemable by the issuer or its affiliates in goods or services of the issuer or its affiliates. Source: Laws 2013, LB616, 23.

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.

(1) Except as otherwise provided in section 8-2724, a person shall not engage in money transmission without a license issued pursuant to the Nebraska Money Transmitters Act. (2) A person is engaged in money transmission if the person provides money transmission services to any resident of this state even if the person providing money transmission services has no physical presence in this state or if the resident is not physically located in this state at the time when the resident enters into money transmission or otherwise receives money transmission services.

The provided legal document pertains to the Nebraska Money Transmitters Act. It outlines the requirements for obtaining and maintaining a license under this act. To qualify for a license, an applicant must have a net worth of at least fifty thousand dollars and meet certain financial, business experience, and character criteria. Corporate applicants must be organized under the laws of specific jurisdictions and be in good standing. Additionally, applicants and licensees must be registered or qualified to do business in Nebraska and maintain an office in the United States.

(1) Each licensee shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by the licensee in the United States. This requirement may be waived by the director if the dollar volume of a licensee’s outstanding payment instruments and stored value does not exceed the bond or other security posted by the licensee pursuant to section 8-2727.

The provided legal document content pertains to the application process for a license under the Nebraska Money Transmitters Act. The application must be made in writing and in a form prescribed by the director. The application should include various information such as the applicant’s name, address, criminal convictions and material litigation history, description of activities conducted, proposed authorized delegates, sample authorized delegate contract and payment instrument, locations for money transmission, and information about clearing banks.

This legal document pertains to the sharing of supervisory information and material for effective regulation and reduced regulatory burden. It states that the privacy and confidentiality requirements under federal or state law continue to apply to information and material disclosed to the Nationwide Mortgage Licensing System and Registry. However, such information and material can be shared with federal and state regulatory officials without losing privilege or confidentiality protections. Any state statute inconsistent with this provision is superseded.

Each applicant shall submit, with the application, an application fee of one thousand dollars, and any processing fee allowed under subsection (2) of section 8-2730 which shall not be subject to refund but which, if the license is granted, shall constitute the license fee for the first license year or part thereof. Source: Laws 2013, LB616, 32.