45-725 Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing. - Nebraska Statutes

45-725. Acquisition ofcontrol of mortgage banking business; procedure; fee; disapproval; hearing.(1) No person acting personally or as an agent shall acquire controlof any mortgage banking business required to be licensed under the ResidentialMortgage Licensing Act without first giving thirty days' notice to the departmenton a form prescribed by the departmentof such proposed acquisition and paying a filing fee of two hundred dollars.(2) The director, upon receipt of such notice, shall act upon it withinthirty days and, unless he or she disapproves the proposed acquisition withinthat period of time, the acquisition shall become effective on the thirty-firstday after receipt without the director's approval, except that the directormay extend the thirty-day period an additional thirty days if, in his or herjudgment, any material information submitted is substantially inaccurate orthe acquiring party has not furnished all the information required by thedepartment.(3) An acquisition may be made prior to the expiration of the disapprovalperiod if the director issues written notice of his or her intent not to disapprovethe action.(4)(a) The director may disapprove any proposed acquisition if:(i) The financial condition of any acquiring person is such as mightjeopardize the financial stability of the acquired mortgage banking business;(ii) The character and general fitness of any acquiring person or ofany of the proposed management personnel indicate that the acquired mortgagebanking business would not be operated honestly, soundly, or efficiently inthe public interest; or(iii) Any acquiring person neglects, fails, or refuses to furnish allinformation required by the department.(b) The director shall notify the acquiring party in writing of disapprovalof the acquisition. The notice shall provide a statement of the basis forthe disapproval.(c) Within fifteen business days after receipt of written notice ofdisapproval, the acquiring party may request a hearing on the proposed acquisitionin accordance with the Administrative Procedure Act and rules and regulationsadopted and promulgated by the department under the act. At the conclusionof such hearing, the director shall, by order, approve or disapprove the proposedacquisition on the basis of the record made at the hearing. SourceLaws 2007, LB124, § 49; Laws 2008, LB851, § 22; R.S.Supp.,2008, § 45-722; Laws 2009, LB328, § 10; Laws 2010, LB892, § 9. Cross ReferencesAdministrative Procedure Act, see section 84-920.