Senators advanced a bill from general file March 5 that would update and amend the state\u2019s consumer finance laws.<\/p>\n
LB965, introduced by Boys Town Sen. Rich Pahls at the request of the state Department of Banking and Finance, would make changes to the Nebraska Installment Sales Act (NISA), the Residential Mortgage Licensing Act (RMLA) and the Nebraska Installment Loan Act (NILA).<\/p>\n
Among the provisions, the bill would:
\n\u2022 amend NISA to transition the current manual licensing process for installment sales companies onto the electronic Nationwide Mortgage Licensing System and Registry (NMLSR);
\n\u2022 allow a licensee to move its place of business anywhere without having to apply for a new license;
\n\u2022 bring the RMLA into compliance with new federal guidelines related to mortgage bankers and loan originators;
\n\u2022 authorize the department to grant a certificate of exemption to a nonprofit organization that promotes affordable housing or provides homeownership education;
\n\u2022 authorize the department to issue a mortgage loan originator license to a person who has had certain misdemeanors or any felony expunged from the record;
\n\u2022 allow the department to issue an emergency order to suspend, limit or restrict a mortgage license under specific circumstances; and
\n\u2022 amend NILA to include other state-regulated financial services entities and industries in the definition of NMLSR.<\/p>\n
Pahls said the bill would bring Nebraska into compliance with changes made under the federal Dodd-Frank Act and improve the banking department\u2019s enforcement authority over consumer finance laws.<\/p>\n
The bill advanced on a 28-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senators advanced a bill from general file March 5 that would update and amend the state\u2019s consumer finance laws. LB965,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[6],"tags":[124],"class_list":["post-6797","post","type-post","status-publish","format-standard","hentry","category-banking-commerce-and-insurance","tag-sen-rich-pahls"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/6797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6797"}],"version-history":[{"count":4,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/6797\/revisions"}],"predecessor-version":[{"id":9887,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/6797\/revisions\/9887"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}