(1) Except as provided in subsection (2) of this section, the Consumer Protection Act shall not apply to actions or transactions otherwise permitted, prohibited, or regulated under laws administered by the Director of Insurance, the Public Service Commission, the Federal Energy Regulatory Commission, or any other regulatory body or officer acting under statutory authority of this state or the United States. The Consumer Protection Act and federal antitrust laws shall not extend to or apply to (a) any actions or transactions on the part of any municipality or group of municipalities while engaged in regulating natural gas rates pursuant to the State Natural Gas Regulation Act or section 16-679 or 17-528.02 or as otherwise permitted by law or (b) any actions or transactions on the part of any public power and irrigation district, public power district, electric membership association, or joint authority created pursuant to the Joint Public Power Authority Act or of any agency created pursuant to the Municipal Cooperative Financing Act, cooperative, or municipality engaged in furnishing electrical service to customers at retail or wholesale if such actions or transactions are otherwise permitted by law.
(2) Actions and transactions prohibited or regulated under the laws administered by the Director of Insurance shall be subject to section 59-1602 and all statutes which provide for the implementation and enforcement of section 59-1602. Actions and transactions prohibited or regulated under the laws administered by the Board of Funeral Directing and Embalming or administered by the Department of Agriculture and actions and transactions relating to loan brokers which are prohibited or regulated pursuant to sections 45-189 to 45-191.11 and administered by the Department of Banking and Finance shall be subject to the Consumer Protection Act.
No penalty or remedy shall result from a violation of the Consumer Protection Act except as expressly provided in such act.
Source:Laws 1974, LB 1028, § 24; Laws 1980, LB 94, § 18; Laws 1981, LB 487, § 46; Laws 1982, LB 751, § 2; Laws 1985, LB 193, § 1; Laws 1987, LB 663, § 24; Laws 1993, LB 270, § 14; Laws 1993, LB 187, § 2; Laws 1999, LB 828, § 6; Laws 2003, LB 790, § 59.
Joint Public Power Authority Act, see section 70-1401.
Municipal Cooperative Financing Act, see section 18-2401.
State Natural Gas Regulation Act, see section 66-1801.
The issuance of a certificate of deposit was exempted from the purview of the Consumer Protection Act under subsection (1) of this section because the bank was heavily regulated and the certificate of deposit form was indirectly approved by the Director of Banking and Finance, whose charge was to constructively aid banks in maintaining proper banking standards and efficiency. Wrede v. Exchange Bank of Gibbon, 247 Neb. 907, 531 N.W.2d 523 (1995).
Generally, institutions that are governed by the Nebraska Department of Banking and Finance or the Nebraska State Real Estate Commission are exempt from the provisions of the Consumer Protection Act. Little v. Gillette, 218 Neb. 271, 354 N.W.2d 147 (1984).
Under the provisions of this statute, where the Banking Act requires the director of the Department of Banking and Finance to "constructively aid banks in maintaining proper banking standards and efficiency", a bank is exempt from the Consumer Protection Act by reason of its failure to follow customary and standard banking practices. Hydroflo Corp. v. First Nat. Bank of Omaha, 217 Neb. 20, 349 N.W.2d 615 (1984).
Under the provisions of this section, an installment loan by an industrial loan and investment company, regulated by the Nebraska Department of Banking and Finance, is exempt from the Consumer Protection Act, sections 59-1601 et seq. McCaul v. American Savings Co., 213 Neb. 841, 331 N.W.2d 795 (1983).
Nebraska Consumer Protection Act, sections 59-1601 to 59-1623, does not apply to an installment loan made by a licensee under the installment loan act, sections 45-114 to 45-158. Kuntzelman v. Avco Financial Services of Nebraska, Inc., 206 Neb. 130, 291 N.W.2d 705 (1980).