Licensee; reports to director; when; breach of security of the system; notification; net worth requirements; provide information to borrower.
Neb. Rev. Stat. § 45-345
in effect45-345. Licensee; reports to director; when; breach of security of the system; notification; net worth requirements; provide information to borrower.
(1) A licensee shall notify the director through the Nationwide Mortgage Licensing System and Registry at least thirty days prior to the occurrence of any change of the licensee's name, trade name, or doing business as designation.
(2)(a) Except as provided in subdivisions (b) and (c) of this subsection, a licensee shall notify the director in writing or through the Nationwide Mortgage Licensing System and Registry within three business days from the time that the licensee becomes aware of any breach of the security of the system of computerized data owned or licensed by the licensee, which contains personal information about a Nebraska resident, or the unauthorized access to or use of such information about a Nebraska resident as a result of the breach.
(b) If a licensee would be required under Nebraska law to provide notification to a Nebraska resident regarding such incident, then the licensee shall provide a copy of such notification to the department prior to or simultaneously with the licensee's notification to the Nebraska resident.
(c) Notice required by this subsection may be delayed if a law enforcement agency determines that the notice will impede a criminal investigation. Notice shall be made in good faith, without unreasonable delay, and as soon as possible after the law enforcement agency determines that notification will no longer impede the investigation.
(d) For purposes of this subsection, the terms breach of the security of the system and personal information have the same meaning as in section 87-802.
(3) A licensee shall maintain the minimum net worth required by section 45-337 while a license issued to the licensee under the Nebraska Installment Loan and Sales Act is in effect. The minimum net worth shall be proven by an annual audit conducted by a certified public accountant. A licensee shall submit a copy of the annual audit to the director as required by section 45-337 or upon written request of the director. If a licensee fails to maintain the required minimum net worth, the department may issue a notice of cancellation of the license in lieu of revocation proceedings.
(4)(a) Every licensee shall, at the time any loan is made, give to the borrower, or if there are two or more borrowers, to one of the borrowers, a statement in the English language disclosing in clear and distinct terms the information required to be disclosed under the federal Consumer Credit Protection Act.
(b) The licensee shall also give to the borrower a copy of any writing evidencing a loan if the writing requires or provides for the signature of the borrower. The writing evidencing the borrower's obligation to pay a loan shall contain a clear and conspicuous notice in form and content substantially as follows:
NOTICE TO CONSUMER: 1. Do not sign this paper before you read it. 2. You are entitled to a copy of this paper. 3. You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law.
(5)(a) Every licensee shall disclose to the borrower, in connection with any refinance of an existing installment loan, whether or not the borrower will receive a net tangible benefit through such refinance. Such disclosure shall be on a worksheet prescribed by the director or on a form prescribed by the director substantially similar to such worksheet.
(b) For purposes of this subsection, net tangible benefit means a benefit of a refinance that will be in the financial interests of the borrower. Net tangible benefit includes, but is not limited to:
(i) Obtaining a lower interest rate;
(ii) Obtaining a lower monthly payment, including principal, interest, taxes, and insurance;
(iii) Obtaining a shorter amortization schedule;
(iv) Changing from an adjustable interest rate to a fixed interest rate;
(v) Eliminating a negative amortization feature;
(vi) Eliminating a balloon payment feature;
(vii) Receiving cash out from the new loan in an amount greater than all closing costs incurred in connection with such loan;
(viii) Avoiding foreclosure;
(ix) Eliminating private insurance; and
(x) Consolidating other existing loans into a new loan.
(6) All licensees under the Nebraska Installment Loan and Sales Act shall, on or before March 1 of each year, file with the department a report of the licensee's earnings and operations for the preceding calendar year, the licensee's assets at the end of the year, and any other relevant information as the department may reasonably require. The report shall be made under oath and shall be in the form and manner prescribed by the department.
(7) All installment loan licensees shall submit a mortgage report of condition as required by section 45-726 on or before a date or dates established by rule, regulation, or order of the director.
(8) Upon written request of a borrower, the licensee shall provide a written statement of the dates and amounts of payments made and the amounts of any default and deferment charges assessed preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement and a copy of the loan agreement and security agreement, and a facsimile of any insurance certificate issued as part of the transaction, if applicable. The licensee may charge a reasonable fee for such copies, not to exceed fifty cents per page.
(9) A licensee shall answer in writing, within ten business days after receipt, any written request for payoff information from a borrower or a borrower's representative. This service shall be provided without charge to the borrower, except that when such information is provided upon request within sixty days after the fulfillment of a previous request, a processing fee of up to ten dollars may be charged for the subsequent request.
Laws 1965, c. 268, § 12, p. 763; Laws 1973, LB 39, § 4; Laws 1996, LB 1053, § 10; Laws 2003, LB 131, § 28; Laws 2003, LB 217, § 36; Laws 2012, LB965, § 3; Laws 2025, LB474, § 66; Laws 2026, LB717, § 29. Operative Date: July 18, 2026
Source: Nebraska Legislature (nebraskalegislature.gov)URL: https://nebraskalegislature.gov/laws/statutes.php?statute=45-345Fetched: 10/20/2026