Nebraska Statutes 8-2736. Acquisition of control of licensee;notice to director; director; duties; powers; disapproval; grounds; notice;hearing
(1) No person acting personally or as an authorized delegate shall acquire control of any licensee under the Nebraska Money Transmitters Act without first giving thirty days’ notice to the director on forms prescribed by the director of such proposed acquisition.
Terms Used In Nebraska Statutes 8-2736
- Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Authorized delegate: means an entity designated by the licensee or an exempt entity under the Nebraska Money Transmitters Act to engage in the business of money transmission on behalf of the licensee or exempt entity. See Nebraska Statutes 8-2704
- Control: means the power, directly or indirectly, to direct the management or policies of a licensee, whether through ownership of securities, by contract, or otherwise. See Nebraska Statutes 8-2706
- Department: means the Department of Banking and Finance. See Nebraska Statutes 8-2708
- Director: means the Director of Banking and Finance. See Nebraska Statutes 8-2709
- Licensee: means a person licensed pursuant to the Nebraska Money Transmitters Act. See Nebraska Statutes 8-2713
- Person: means any individual, partnership, limited liability company, association, joint-stock association, trust, or corporation. See Nebraska Statutes 8-2721
(2) The director, upon receipt of such notice, shall act upon the proposed acquisition within thirty days, and unless he or she disapproves the proposed acquisition within that period of time, the acquisition shall become effective on the thirty-first day after receipt without the director’s approval, except that the director may extend the thirty-day period an additional thirty days if, in his or her judgment, any material information submitted is substantially inaccurate or the acquiring person has not furnished all the information required by the director.
(3) An acquisition may be made prior to the expiration of the disapproval period if the director issues written notice of his or her intent not to disapprove the action.
(4)(a) The director may disapprove 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 business experience, character, and general fitness of any acquiring person or of any of the proposed management personnel of the acquiring person indicate that the acquired licensee would not be operated honestly, carefully, or efficiently; or
(iii) Any acquiring person neglects, fails, or refuses to furnish all information required by the director.
(b) The director may require that any acquiring person comply with the application requirements of section 8-2729.
(c) The director shall notify the acquiring person in writing of disapproval of the acquisition. The notice shall provide a statement of the basis for the disapproval.
(d) Within fifteen business days after receipt of written notice of disapproval, the acquiring person may request a hearing on the proposed acquisition. The hearing shall be in accordance with the Administrative Procedure Act and rules and regulations of the department. Following such hearing, the director shall, by order, approve or disapprove the proposed acquisition on the basis of the record made at the hearing.