Senators passed a bill March 30 that updates and amends 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, makes 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:
\n\u2022 amends NISA to transition the current manual licensing process for installment sales companies onto the electronic Nationwide Mortgage Licensing System and Registry (NMLSR);
\n\u2022 allows a licensee to move its place of business anywhere without having to apply for a new license;
\n\u2022 brings the RMLA into compliance with new federal guidelines related to mortgage bankers and loan originators;
\n\u2022 authorizes the department to grant a certificate of exemption to a nonprofit organization that promotes affordable housing or provides homeownership education;
\n\u2022 authorizes 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 allows the department to issue an emergency order to suspend, limit or restrict a mortgage license under specific circumstances; and
\n\u2022 amends NILA to include other state-regulated financial services entities and industries in the definition of NMLSR.<\/p>\n
The bill passed on a 43-1 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senators passed a bill March 30 that updates and amends the state\u2019s consumer finance laws. LB965, introduced by Boys Town<\/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_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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}},"categories":[6],"tags":[124],"class_list":["post-7217","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\/7217","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=7217"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/7217\/revisions"}],"predecessor-version":[{"id":7219,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/7217\/revisions\/7219"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}