45-1031 Installment loans; statement to borrower; contents. - Nebraska Statutes

45-1031. Installment loans; statement to borrower; contents.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 them, 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. SourceLaws 1941, c. 90, § 18, p. 353; C.S.Supp.,1941, § 45-146; Laws 1943, c. 107, § 5, p. 373; R.S.1943, § 45-145; Laws 1963, c. 273, § 3, p. 825; Laws 1963, Spec. Sess., c. 7, § 11, p. 96; Laws 1984, LB 681, § 3; Laws 1993, LB 121, § 269; Laws 1997, LB 555, § 20; R.S.1943, (1998), § 45-145; Laws 2001, LB 53, § 59. AnnotationsAmendment to this section in 1963 Special Session by Legislative Bill 11 was unconstitutional as special legislation. State Securities Co. v. Ley, 177 Neb. 251, 128 N.W.2d 766 (1964).Failure to give borrower a statement of loan was a violation of act. Curtis v. Securities Acceptance Corp., 166 Neb. 815, 91 N.W.2d 19 (1958).Borrower must be given a statement showing terms of loan. State ex rel. Beck v. Associates Discount Corp., 162 Neb. 683, 77 N.W.2d 215 (1956).Requirement under this section is only imposed on licensee. Powell v. Edwards, 162 Neb. 11, 75 N.W.2d 122 (1956).