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NE LB251
Bill
Status
3/12/2025
Primary Sponsor
Michael Jacobson
Click for details
AI Summary
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Updates federal law reference dates from January 1, 2024 to January 1, 2025 throughout Nebraska banking and finance statutes to adopt recent federal regulatory changes
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Allows entities with pending applications for bank charters, trust companies, credit unions, and building and loan associations to use restricted terms (e.g., "bank," "trust," "credit union") in their names while applications are pending, with 30-day cessation requirement if denied or withdrawn
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Expands Director of Banking and Finance authority to facilitate emergency acquisitions of failing financial institutions chartered by the United States or other states, not just Nebraska-chartered institutions
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Modifies bank lending limits for loans secured by livestock and warehouse receipts, requiring collateral to maintain at least 115% market value coverage for the portion exceeding 25% of capital
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Replaces interest rate calculation method for irrigation district condemnation damages from Director of Banking and Finance tables to the statutory rate established in section 45-103
Legislative Description
Adopt changes to federal law regarding banking and finance and change provisions regarding loan limits, branch banking, failing financial institutions, credit unions, surety bonds, and interest rates for damages payable to irrigation districts
Last Action
Approved by Governor on March 11, 2025
3/12/2025