8-1018 Acquisition of control of licensee; notice to director; disapproval; conditions; notice; hearing; order. - Nebraska Statutes

8-1018. Acquisition of control of licensee;notice to director; disapproval; conditions; notice; hearing; order.(1) No personacting personally or as an agent shall acquire control of any licensee underthe Nebraska Sale of Checks and Funds Transmission Act without first givingthirty days' notice to the director on forms prescribed by the director ofsuch proposed acquisition.(2) The director,upon receipt of such notice, shall act upon it within thirty days, and unlesshe or she disapproves the proposed acquisition within that period of time,the acquisition shall become effective on the thirty-first day after receiptwithout the director's approval, except that the director may extend the thirty-dayperiod an additional thirty days if, in his or her judgment, any materialinformation submitted is substantially inaccurate or the acquiring personhas not furnished all the information required by the director.(3) An acquisitionmay be made prior to the expiration of the disapproval period if the directorissues written notice of his or her intent not to disapprove the action.(4)(a) The directormay disapprove any proposed acquisition if:(i) The financial condition of any acquiringperson is such as might jeopardize the financial stability of the acquiredlicensee;(ii) The business experience, character, and general fitness ofany acquiring person or of any of the proposed management personnel indicatethat the acquired licensee would not be operated honestly, carefully, or efficiently;or(iii)Any acquiring person neglects, fails, or refuses to furnish all informationrequired by the director. The director may require that any acquiring personcomply with the application requirements of section 8-1005.(b) The directorshall notify the acquiring person in writing of disapproval of the acquisition.The notice shall provide a statement of the basis for the disapproval.(c) Within fifteenbusiness days after receipt of written notice of disapproval, the acquiringperson may request a hearing on the proposed acquisition in accordance withthe Administrative Procedure Act and rules and regulations of the Departmentof Banking and Finance. Following such hearing, the director shall, by order,approve or disapprove the proposed acquisition on the basis of the recordmade at the hearing. SourceLaws 2009, LB327, § 13. Cross ReferencesAdministrative Procedure Act, see section 84-920.