Nebraska Statutes 76-2,121. Real estate closing agents; terms, defined
For purposes of sections 76-2,121 to 76-2,123 :
Terms Used In Nebraska Statutes 76-2,121
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
(1) Federally insured financial institution means an institution in which the monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration;
(2) Good funds means: (a) Lawful money of the United States; (b) wired funds when unconditionally held by the real estate closing agent or employee; (c) cashier’s checks, certified checks, bank money orders, or teller’s checks issued by a federally insured financial institution and unconditionally held by the real estate closing agent or employee; (d) United States treasury checks, federal reserve bank checks, federal home loan bank checks, State of Nebraska warrants, and warrants of a city of the metropolitan or primary class; or (e) real-time or instant payments through the FedNow® Service of the United States Federal Reserve System or through the RTP® network of The Clearing House Payments Company L.L.C.;
(3) Real estate closing agent means a person who collects and disburses funds on behalf of another in closing a real estate transaction but does not include a seller or buyer closing a real estate transaction on his or her own behalf or a lender closing a real estate loan transaction; and
(4) Regulating entity means the:
(a) Department of Insurance;
(b) Supreme Court;
(c) State Real Estate Commission;
(d) Department of Banking and Finance;
(e) Federal Deposit Insurance Corporation;
(f) Office of the Comptroller of the Currency;
(g) Consumer Financial Protection Bureau;
(h) Federal Farm Credit Administration; or
(i) National Credit Union Administration.