45-344. Licensee; acquisition of control; approval or denial; procedure.
462 words·~2 min read·
/ne/chapter-45/45-344A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)No person acting personally or as an agent shall acquire control of any licensee under the Nebraska Installment Loan and Sales Act without first
(a)giving thirty days' notice to the department on a form prescribed by the department of such proposed acquisition and
(b)paying a filing fee of one hundred fifty dollars and any processing fee allowed under subsection
(2)of section 45-373 .
(2)The director, upon receipt of such notice, shall approve or deny the acquisition within thirty days.
(3)If the director does not deny the acquisition within such thirty-day time period, the acquisition shall become effective on the thirty-first day after the receipt of the notice, except that the director may extend the thirty-day period an additional thirty days if, in the director's judgment, any material information submitted is substantially inaccurate or the acquiring party has not furnished all the information required by the department.
(4)An acquisition may become effective prior to the expiration of the thirty-day period if the director issues written notice of the director's approval of such acquisition or the director's intent not to deny the acquisition.
(5)(a) The director may deny any proposed acquisition if:
(i)The financial condition of any acquiring person is such as might jeopardize the financial stability of the acquired licensee;
(ii)The character and general fitness of any acquiring person or of any of the proposed management personnel indicate that the acquired installment sales licensee or installment loan licensee would not be operated honestly, fairly, or efficiently within the purposes of the Nebraska Installment Loan and Sales Act; or
(iii)Any acquiring person neglects, fails, or refuses to furnish all information required by the department.
(b)The director shall notify the acquiring party in writing of denial of the acquisition. The notice shall provide a statement of the basis for the denial.
(c)Within fifteen business days after receipt of written notice of denial, the acquiring party may make a written request for a hearing on the proposed acquisition in accordance with the Administrative Procedure Act and rules and regulations adopted and promulgated by the department under the Nebraska Installment Loan and Sales Act. The director shall, by order, approve or deny the proposed acquisition on the basis of the record made at the hearing.
Installment contract provision for attorney fees "to the extent permitted by law," which were not collected, and interest charged for extension of contract were not violations of this act. Watson v. Avco Financial Servs., 224 Neb. 778, 401 N.W.2d 485 (1987).
Although called a lease agreement, the contract involved in this case was actually for an installment sale and, therefore, subject to the provisions of this section. Humber v. Gibreal Auto Sales, Inc., 207 Neb. 286, 298 N.W.2d 363 (1980).