Can you summarize NERS 8-910?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, prohibits certain actions related to the ownership or control of banks. It is unlawful for any action to be taken that causes a company to become a bank holding company, a bank to become a subsidiary of a bank holding company, a bank holding company to acquire more than twenty-five percent ownership or control of a bank, a bank holding company or subsidiary to acquire all or substantially all of a bank’s assets, or a bank holding company to merge or consolidate with another bank holding company.
Can you summarize NERS 8-911?
(1) Upon compliance with all other provisions of the Nebraska Bank Holding Company Act of 1995 and any other applicable law, an out-of-state bank holding company may acquire a bank or banks under the act only if the bank or banks to be acquired have been chartered for five years or more. (2) An out-of-state bank holding company shall not, directly or indirectly, form, charter, or establish a bank in Nebraska or cause a bank in Nebraska to be formed, chartered, or established unless (a) the bank is formed, chartered, or established solely for the purpose of acquiring all or substantially all of the assets of a bank which has been chartered for five years or more and (b) the bank does not open for business prior to such acquisition.
Can you summarize NERS 8-912?
Upon approval of the Federal Reserve Board and upon compliance with section 8-913, a bank holding company whose home state is Nebraska may own, acquire, or control a depository institution subsidiary in any foreign state. Source: Laws 1995, LB 384, 23.
Can you summarize NERS 8-913?
Every bank holding company shall register with the department within thirty days after the consummation of an action set forth in section 8-910 on forms provided by the department. The forms provided by the department shall include such information with respect to the financial condition, operations, management, and intercompany relationship of the bank holding company and its subsidiaries and related matters, as the director may deem necessary or appropriate to carry out the purposes of the Nebraska Bank Holding Company Act of 1995.
Can you summarize NERS 8-914?
The director may require reports made under oath to be filed in the department to keep it informed as to the operation of any bank holding company. Source: Laws 1995, LB 384, 25.
Can you summarize NERS 8-915?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants the director the authority to conduct examinations of bank holding companies with state-chartered bank subsidiaries and their subsidiaries. The cost of these examinations is to be assessed and paid for by the bank holding company. The director also has the discretion to accept reports of examination conducted by various regulatory entities, such as the Federal Reserve Board or the Comptroller of the Currency, in place of conducting their own examination.
Can you summarize NERS 8-916?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the powers and limitations of bank subsidiaries of bank holding companies and their agency relationships with depository institutions. According to the document, bank subsidiaries are authorized to receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as agents for depository institutions, regardless of the location of the depository institution.
Can you summarize NERS 8-917?
The department may adopt and promulgate rules and regulations to administer and to carry out the purposes of the Nebraska Bank Holding Company Act of 1995. Source: Laws 1995, LB 384, 28.
Can you summarize NERS 8-918?
If the department, upon investigation, determines that any officer or director of a bank holding company which owns or controls a state-chartered bank is conducting the business of the bank holding company or the business of its subsidiary state-chartered bank or banks in an unsafe or unauthorized manner or is endangering the interest of the bank holding company or the interest of its subsidiary state-chartered bank or banks, the department shall have authority, after notice and opportunity for hearing, to do any or all of the following: (1) Remove such officer or director of the bank holding company from acting as an officer or director of the bank holding company; and (2) impose fines and order any other necessary corrective action against such officer or director pursuant to sections 8-1,134 to 8-1,139.
Can you summarize NERS 87-302?
This legal document, known as the Uniform Deceptive Trade Practices Act, outlines the various deceptive trade practices that are prohibited in Nebraska. It applies to any person engaged in business, vocation, or occupation. The document provides an extensive list of deceptive practices, including passing off goods or services as those of another, causing confusion or misunderstanding about the source or affiliation of goods or services, making false representations about the characteristics or qualities of goods or services, engaging in pyramid promotional schemes, and using deceptive or misleading representations about substances.