2006 Nebraska Revised Statutes - § 8-1,123 — Savings deposits; opening or increasing account; giveaway; monetary value; designated by director.

Section 8-1,123
Savings deposits; opening or increasing account; giveaway; monetary value; designated by director.

No institution under the supervision of the Department of Banking and Finance and which accepts savings deposits shall, for the opening or increasing of any account, give for any one such opening or any one such increase any giveaway that has a monetary value in excess of that designated by the Director of Banking and Finance. The monetary value of any giveaway so given shall be the cost thereof to the institution and the institution shall keep in its records for a period of at least two years suitable evidence of such cost. If the giveaway is purchased or obtained by the institution together with, in connection with, or at the same time as another item or other items from the same supplier, not identical therewith, such value shall be deemed to be the then current regular selling price or charge of the supplier on separate sales or dispositions thereof in the quantity included, and the institution shall in such case obtain, and keep in its records for a period of at least two years, a signed statement by such supplier of such regular selling price or charge. As used in the foregoing provisions of this section, the term give means to give, to sell or dispose of for less than full monetary value as hereinbefore defined, or with any agreement or undertaking, contingent or otherwise, for repurchase or redemption, whether total or partial, or to offer, promise, or agree to do any of the foregoing; the term giveaway means any money, property, service, or other thing of value, whether tangible or intangible.

Source:

Laws 1963, c. 28, § 1, p. 133

Laws 1973, LB 164, § 19

~Reissue Revised Statutes of Nebraska