LB250

Nebraska LB250 amends bank board director qualifications and residency requirements.

Nebraska LB250 modifies the qualifications and residency requirements for bank board directors. It mandates that directors must be of good moral character, known integrity, and have business experience and responsibility. The bill requires banks to apply for and obtain approval from the department before a person can act as a director. It also stipulates that a majority of board members must reside in the state or within 25 miles of the bank's main office. The Director of Banking and Finance has the authority to revoke approval if a director conducts business unsafely or endangers interests.