2015 Nebraska Revised Statutes
Chapter 45 - INTEREST, LOANS, AND DEBT
45-1031 Installment loans; statement to borrower; contents.

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).