Nebraska LB591 amends the Nebraska Installment Loan Act to redefine license requirements and affiliate powers.
Nebraska LB591 amends the Nebraska Installment Loan Act to change when licenses are required and to provide powers to certain licensees relating to affiliates. It specifies that a licensee controlling or owning 50% or more of an affiliate's equity must apply for a license on behalf of the affiliate, pay the original licensee fee, and submit background checks. It also mandates a license for those servicing or holding ownership interests in loans under the act.
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