45-906. Application; fees; bond.

The application required by section 45-905 shall be accompanied by:

(1) A nonrefundable application fee of five hundred dollars and any processing fee allowed under subsection (2) of section 45-905.01; and

(2) A surety bond in the base amount of fifty thousand dollars which, on or after January 1, 2021, shall be increased by fifty thousand dollars for each branch office established or to be established in Nebraska. The surety bond shall be executed by the licensee and a surety company authorized to do business in Nebraska and approved by the director conditioned for the faithful performance by the licensee of the duties and obligations pertaining to the delayed deposit services business so licensed and the prompt payment of any judgment recovered against the licensee. The bond or a substitute bond shall remain in effect during all periods of licensing or the licensee shall immediately cease doing business and its license shall be surrendered to or canceled by the department. A surety may cancel a bond only upon thirty days' written notice to the director.

(3) The director may at any time require the filing of a new or supplemental bond in the form as provided in subdivision (2) of this section if he or she determines that the bond filed under this section is exhausted or is inadequate for any reason, including, but not limited to, the financial condition of the licensee or the applicant for a license, or violations of the Delayed Deposit Services Licensing Act, any rule, regulation, or order thereunder, or any state or federal law applicable to the licensee or applicant for a license. The new or supplemental bond shall not exceed one hundred thousand dollars over the amount of the bond required by subdivision (2) of this section.

Source:Laws 1994, LB 967, § 6; Laws 2001, LB 53, § 104; Laws 2006, LB 876, § 37; Laws 2020, LB909, § 38.
Operative Date: November 14, 2020