45-337. Installment loan license; installment sales license; application; form; contents; fee; license; issuance; procedure; not transferable or assignable; personal jurisdiction.
715 words·~3 min read·
/ne/chapter-45/45-337A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)An application for either an installment loan license or an installment sales license shall be on a form prescribed and furnished by the director and shall include, but not be limited to:
(a)The applicant's name and any trade name or doing business as designation which the applicant intends to use in this state;
(b)The applicant's main office address;
(c)All branch office addresses of the applicant at which business is to be conducted;
(d)The names and titles of each director and principal officer of the applicant;
(e)The names of all shareholders, partners, or members of the applicant;
(f)A description of the activities of the applicant in such detail as the department may require;
(g)If the applicant is an individual, such individual's social security number;
(h)Audited financial statements of the applicant showing a minimum net worth of one hundred thousand dollars;
(i)Background checks of the applicant as provided in section 45-373 ; and
(j)A surety bond as provided in section 45-338 .
(2)All applications for licenses must be accompanied by any processing fee allowed for by section 45-373 , any application and processing fees for associated branch applications pursuant to section 45-339 , and a filing fee of:
(a)One hundred fifty dollars for an installment sales license; and
(b)Five hundred dollars for an installment loan license.
(3)The director shall, after an application has been filed for a license under the Nebraska Installment Loan and Sales Act, investigate the applicant to determine whether all requirements for licensure have been met and to determine if a finding can be made that the experience, character, and general fitness of the applicant, of the members thereof if the applicant is a corporation or association, and of the officers and directors thereof if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, fairly, and efficiently within the purposes of the Nebraska Installment Loan and Sales Act.
(4)The director may, within the director's discretion, make an examination and inspection concerning the propriety of the issuance of a license to any applicant. The cost of such examination and inspection shall be borne by the applicant.
(5)If all requirements to obtain a license under the Nebraska Installment Loan and Sales Act are met and a finding can be made that the experience, character, and general fitness of the applicant, of the members thereof if the applicant is a corporation or association, and of the officers and directors thereof if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, fairly, and efficiently within the purpose of the Nebraska Installment Loan and Sales Act, the director shall issue and deliver a license to the applicant to do business in accordance with the license and the Nebraska Installment Loan and Sales Act. The director shall have the power to deny for cause any application for a license.
(6)The department shall approve or deny every application for a license under the Nebraska Installment Loan and Sales Act within ninety days after the filing of an application, if the application is substantially complete and is accompanied by the required fees and the approved bond.
(7)A license issued under the Nebraska Installment Loan and Sales Act is nontransferable and nonassignable.
(8)An initial license shall remain in full force and effect until the next succeeding December 31. Each license shall remain in force until revoked, suspended, canceled, expired, or surrendered.
(9)If an applicant for a license under the Nebraska Installment Loan and Sales Act does not complete the license application and fails to respond to a notice or notices from the department to correct the deficiency or deficiencies for a period of one hundred twenty days or more after the date the department sends the initial notice to correct the deficiency or deficiencies, the department may deem the application as abandoned and may issue a notice of abandonment of the application to the applicant in lieu of proceedings to deny the application.
(10)Obtaining a license constitutes sufficient contact with this state for the exercise of personal jurisdiction over the licensee in any action arising out of the licensee's activity in this state.