Installment loans; statement to borrower; contents.

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  2. Nebraska Revised Statutes
  3. Interest, Loans, and Debt
  4. Installment loans; statement to borrower; contents.

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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.

Source

  • Laws 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.

Annotations

  • Amendment 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).


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