Nebraska Revised Statute 45-1038

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Chapter 45

45-1038.

Licensees; loan provisions; violations; effect.

If, in the making of, or collection on, any loan contract, any act is done which constitutes a Class II misdemeanor under section 45-1037, that loan shall not be void, but the licensee shall have no right to collect or receive any interest or charges whatsoever. If any interest or other charges have been collected, the licensee shall forfeit and refund to the borrower all interest and other charges collected on the loan involved.

Source

  • Laws 1941, c. 90, § 27, p. 356;
  • C.S.Supp.,1941, § 45-155;
  • Laws 1943, c. 107, § 6, p. 373;
  • R.S.1943, § 45-154;
  • Laws 1963, Spec. Sess., c. 9, § 3, p. 110;
  • Laws 1963, Spec. Sess., c. 7, § 12, p. 96;
  • Laws 1977, LB 40, § 251;
  • R.S.1943, (1998), § 45-154;
  • Laws 2001, LB 53, § 66.

Annotations

  • 1. Constitutional

  • 2. Miscellaneous

  • 1. Constitutional

  • Legislative Bill 17 of the 1963 Special Session of the Legislature was sustained as constitutional. Kometscher v. Wade, 177 Neb. 299, 128 N.W.2d 781 (1964).

  • 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).

  • Retroactive change in penalty for violation of Installment Loan Act sustained as constitutional. Davis v. General Motors Acceptance Corp., 176 Neb. 865, 127 N.W.2d 907 (1964).

  • The 1957 act purporting to repeal this section was unconstitutional. Thompson v. Commercial Credit Equipment Corp., 169 Neb. 377, 99 N.W.2d 761 (1959).

  • 2. Miscellaneous

  • Legislature at 1963 Special Session changed penalty for violation of this section. Highway Equipment & Supply Co. v. Jones, 182 Neb. 234, 153 N.W.2d 859 (1967).

  • By terms of 1963 amendment, violation of section did not render contract void. Dailey v. A. C. Nelsen Co., 178 Neb. 881, 136 N.W.2d 186 (1965).

  • Retroactive amendment of this section did not apply to transactions already reduced to judgment. Berg v. Midwest Laundry Equipment Corp., 178 Neb. 770, 135 N.W.2d 457 (1965).

  • Installment loan made in this state was governed by laws of Nebraska. Robertson v. Burnett, 172 Neb. 385, 109 N.W.2d 716 (1961).