45-346.01 Licensee; move of place of business; maintain minimum net worth; bond; existing licensee; how treated. - Nebraska Statutes

45-346.01. Licensee;move of place of business; maintain minimum net worth; bond; existing licensee;how treated.(1) A licensee may move its placeof business from one place to another within a county without obtaining anew license if the licensee gives written notice thereof to the director atleast ten days prior to such move.(2) A licensee shall maintain the minimum net worth as requiredby section 45-346 while a license issued under the Nebraska Installment SalesAct is in effect. The minimum net worth shall be proven by an annual auditconducted by a certified public accountant. A licensee shall submit a copyof the annual audit to the director as required by section 45-348 or upon written request ofthe director. If a licensee fails to maintain the required minimumnet worth, the Department of Banking and Finance may issue a notice of cancellationof the license in lieu of revocation proceedings.(3) The surety bond or a substitute bond as required by section 45-346 shall remain in effect while a license issued under the Nebraska InstallmentSales Act is in effect. If a licensee fails to maintain a surety bond or substitutebond, the licensee shall immediately cease doing business and surrender thelicense to the department. If the licensee does not surrender the license,the department may issue a notice of cancellation of the license in lieu ofrevocation proceedings.(4) Until October 1, 2008, a licensee licensed prior to September1, 2007, may operate with no net worth or bonding requirement as providedfor at the time such licensee was originally licensed. SourceLaws 2007, LB124, § 35; Laws 2009, LB327, § 17.