45-1053 Loan; third-party obligation; when. - Nebraska Statutes

45-1053. Loan; third-party obligation; when.(1) No individual, other than the spouse of the borrower, is obligated as a cosigner, comaker, guarantor, endorser, surety, or similar party with respect to a loan, unless before or contemporaneously with signing any separate agreement of loan or any writing setting forth the terms of the borrower's agreement, the individual receives a separate written notice that contains a completed identification of the loan he or she may have to pay and reasonably informs him or her of his or her obligation with respect to it.(2) Such notice shall be in the form prescribed by the department.(3) An individual entitled to notice under this section shall also be given a copy of any writing setting forth the terms of the borrower's agreement and of any separate agreement of obligation signed by the individual entitled to the notice. SourceLaws 1979, LB 87, § 16; R.S.1943, (1998), § 45-183; Laws 2001, LB 53, § 81. AnnotationsThis section, as part of the Consumer Credit Act, does not apply to loans made in the traditional manner by nonlicensees at conventional rates. Albers v. Overland Nat. Bank, 212 Neb. 578, 324 N.W.2d 396 (1982).