State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-740

45-740. Prohibitedacts; violation; penalty; civil liability.(1) A licensee,an officer, an employee, or an agent of the licensee shall not:(a) Assess a late charge if all payments due are received before thedate upon which late charges are authorized in the underlying mortgage or trust deed or other loan documents;(b) Delay closing of a residential mortgageloan for the purpose of increasing interest, costs, fees, or charges payableby the borrower;(c) Misrepresent or conceal material facts or make false promises intendedto influence, persuade, or induce an applicant for a residential mortgage loan or a borrower to takea residential mortgageloan or cause or contribute to such a misrepresentation by any person actingon a licensee's or any other lender's behalf;(d) Misrepresent to, or conceal from, an applicant for a residential mortgage loanor a borrower material facts, terms, or conditions of a residential mortgage loan to which the licenseeis a party;(e) Fail to make disclosuresas required by the Residential Mortgage Licensing Act and any other applicablestate or federal law including regulations thereunder;(f) Engage in any transaction,practice, or business conduct that is not in good faith or that operates afraud upon any person in connection with the making of any residential mortgage loan;(g) Receive compensation foracting as a mortgage banker ormortgage loan originator if the licensee has otherwise acted asa real estate broker or agent in connection with the sale of the real estatewhich secures the residential mortgageloan unless the licensee has provided written disclosure to the person fromwhom compensation is collected that the licensee is receiving compensationboth for acting as a mortgage banker ormortgage loan originator and for acting as a real estate brokeror agent;(h) Advertise, display, distribute,broadcast, televise, or cause or permit to be advertised, displayed, distributed,broadcasted, or televised, in any manner, including by the Internet, any false,misleading, or deceptive statement or representation with regard to rates,terms, or conditions for a residential mortgageloan or any false, misleading, or deceptive statement regarding the qualificationsof the licensee or of any officer, employee, or agent thereof;(i) Record a lien on realproperty if money is not available for the immediate disbursal to the borrowerunless, before that recording, the licensee (i) informs the borrower in writingof the reason for the delay and of a definite date by which disbursement shallbe made and (ii) obtains the borrower's written permission for the delay unlessthe delay is required by any other state or federal law;(j) Fail to account for ordeliver to any person personal property obtained in connection with the mortgagebanking business, including, but not limited to, money, funds, deposits, checks,drafts, mortgages, trust deeds, orother documents or things of value which the licensee was not entitled toretain;(k) Fail to disburse, withoutjust cause, any funds in accordance with any agreement connected with themortgage banking business;(l) Collect fees and chargeson funds other than new funds if the licensee makes a residential mortgage loan to refinance an existing residential mortgage loanto a current borrower of the licensee within twelve months after the previous residential mortgage loanmade by the licensee;(m) Assess any fees againstthe borrower other than those which are reasonable and necessary, includingactual charges incurred in connection with the making, closing, disbursing,servicing, extending, transferring, or renewing of a loan, including, butnot limited to, (i) prepayment charges, (ii) delinquency charges, (iii) premiumsfor hazard, private mortgage, disability, life, or title insurance, (iv) feesfor escrow services, appraisal services, abstracting services, title services,surveys, inspections, credit reports, notary services, and recording of documents,(v) origination fees, (vi) interest on interest after default, and (vii) costsand charges incurred for determining qualification for the loan proceeds anddisbursement of the loan proceeds;(n) Allow the borrower tofinance, directly or indirectly, (i) any credit life, credit accident, credithealth, credit personal property, or credit loss-of-income insurance or debtsuspension coverage or debt cancellation coverage, whether or not such coverageis insurance under applicable law, that provides for cancellation of all orpart of a borrower's liability in the event of loss of life, health, personalproperty, or income or in the case of accident written in connection witha residential mortgageloan or (ii) any life, accident, health, or loss-of-income insurance withoutregard to the identity of the ultimate beneficiary of such insurance. Forpurposes of this section, any premiums or charges calculated and paid on aperiodic basis that are not added to the principal of the loan shall not beconsidered financed directly or indirectly by the creditor;(o) Falsify any documentationrelating to a residential mortgageloan or a residential mortgageloan application; (p) Recommend or encouragedefault on an existing loan or other debt prior to and in connection withthe closing or planned closing of a residential mortgageloan that refinances all or any portion of such existing loan or debt;(q) Borrow money from, personallyloan money to, or guarantee any loan made to any customer or applicant fora residential mortgageloan;(r) Obtain a signature ona document required to be notarized in connection with a residential mortgage loan or a residential mortgage loan application unlessthe qualified notary public performing the notarization is physically presentat the time the signature is obtained;or(s) Make any payment,threat, or promise, directly or indirectly, to any person for the purposesof influencing the independent judgment of the person in connection with aresidential mortgage loan or make any payment, threat, or promise, directlyor indirectly, to any appraiser of a property for the purposes of influencingthe independent judgment of the appraiser with respect to the value of theproperty.(2) Any person who violates any provisionof subsection (1) of this section is guilty of a Class III misdemeanor.(3) Any person who violates any provision of subsection (1) of thissection is liable to the applicant for a residential mortgageloan or to the borrower for the fees, costs, and charges incurred in connectionwith obtaining or attempting to obtain the residential mortgageloan, damages resulting from such violation, interest on the damage from thedate of the violation, and court costs, including reasonable attorney's fees. SourceLaws 1989, LB 272, § 17; Laws 2003, LB 218, § 9; Laws 2006, LB 876, § 32; Laws 2007, LB124, § 47; R.S.Supp.,2008, § 45-714; Laws 2009, LB328, § 25.

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-740

45-740. Prohibitedacts; violation; penalty; civil liability.(1) A licensee,an officer, an employee, or an agent of the licensee shall not:(a) Assess a late charge if all payments due are received before thedate upon which late charges are authorized in the underlying mortgage or trust deed or other loan documents;(b) Delay closing of a residential mortgageloan for the purpose of increasing interest, costs, fees, or charges payableby the borrower;(c) Misrepresent or conceal material facts or make false promises intendedto influence, persuade, or induce an applicant for a residential mortgage loan or a borrower to takea residential mortgageloan or cause or contribute to such a misrepresentation by any person actingon a licensee's or any other lender's behalf;(d) Misrepresent to, or conceal from, an applicant for a residential mortgage loanor a borrower material facts, terms, or conditions of a residential mortgage loan to which the licenseeis a party;(e) Fail to make disclosuresas required by the Residential Mortgage Licensing Act and any other applicablestate or federal law including regulations thereunder;(f) Engage in any transaction,practice, or business conduct that is not in good faith or that operates afraud upon any person in connection with the making of any residential mortgage loan;(g) Receive compensation foracting as a mortgage banker ormortgage loan originator if the licensee has otherwise acted asa real estate broker or agent in connection with the sale of the real estatewhich secures the residential mortgageloan unless the licensee has provided written disclosure to the person fromwhom compensation is collected that the licensee is receiving compensationboth for acting as a mortgage banker ormortgage loan originator and for acting as a real estate brokeror agent;(h) Advertise, display, distribute,broadcast, televise, or cause or permit to be advertised, displayed, distributed,broadcasted, or televised, in any manner, including by the Internet, any false,misleading, or deceptive statement or representation with regard to rates,terms, or conditions for a residential mortgageloan or any false, misleading, or deceptive statement regarding the qualificationsof the licensee or of any officer, employee, or agent thereof;(i) Record a lien on realproperty if money is not available for the immediate disbursal to the borrowerunless, before that recording, the licensee (i) informs the borrower in writingof the reason for the delay and of a definite date by which disbursement shallbe made and (ii) obtains the borrower's written permission for the delay unlessthe delay is required by any other state or federal law;(j) Fail to account for ordeliver to any person personal property obtained in connection with the mortgagebanking business, including, but not limited to, money, funds, deposits, checks,drafts, mortgages, trust deeds, orother documents or things of value which the licensee was not entitled toretain;(k) Fail to disburse, withoutjust cause, any funds in accordance with any agreement connected with themortgage banking business;(l) Collect fees and chargeson funds other than new funds if the licensee makes a residential mortgage loan to refinance an existing residential mortgage loanto a current borrower of the licensee within twelve months after the previous residential mortgage loanmade by the licensee;(m) Assess any fees againstthe borrower other than those which are reasonable and necessary, includingactual charges incurred in connection with the making, closing, disbursing,servicing, extending, transferring, or renewing of a loan, including, butnot limited to, (i) prepayment charges, (ii) delinquency charges, (iii) premiumsfor hazard, private mortgage, disability, life, or title insurance, (iv) feesfor escrow services, appraisal services, abstracting services, title services,surveys, inspections, credit reports, notary services, and recording of documents,(v) origination fees, (vi) interest on interest after default, and (vii) costsand charges incurred for determining qualification for the loan proceeds anddisbursement of the loan proceeds;(n) Allow the borrower tofinance, directly or indirectly, (i) any credit life, credit accident, credithealth, credit personal property, or credit loss-of-income insurance or debtsuspension coverage or debt cancellation coverage, whether or not such coverageis insurance under applicable law, that provides for cancellation of all orpart of a borrower's liability in the event of loss of life, health, personalproperty, or income or in the case of accident written in connection witha residential mortgageloan or (ii) any life, accident, health, or loss-of-income insurance withoutregard to the identity of the ultimate beneficiary of such insurance. Forpurposes of this section, any premiums or charges calculated and paid on aperiodic basis that are not added to the principal of the loan shall not beconsidered financed directly or indirectly by the creditor;(o) Falsify any documentationrelating to a residential mortgageloan or a residential mortgageloan application; (p) Recommend or encouragedefault on an existing loan or other debt prior to and in connection withthe closing or planned closing of a residential mortgageloan that refinances all or any portion of such existing loan or debt;(q) Borrow money from, personallyloan money to, or guarantee any loan made to any customer or applicant fora residential mortgageloan;(r) Obtain a signature ona document required to be notarized in connection with a residential mortgage loan or a residential mortgage loan application unlessthe qualified notary public performing the notarization is physically presentat the time the signature is obtained;or(s) Make any payment,threat, or promise, directly or indirectly, to any person for the purposesof influencing the independent judgment of the person in connection with aresidential mortgage loan or make any payment, threat, or promise, directlyor indirectly, to any appraiser of a property for the purposes of influencingthe independent judgment of the appraiser with respect to the value of theproperty.(2) Any person who violates any provisionof subsection (1) of this section is guilty of a Class III misdemeanor.(3) Any person who violates any provision of subsection (1) of thissection is liable to the applicant for a residential mortgageloan or to the borrower for the fees, costs, and charges incurred in connectionwith obtaining or attempting to obtain the residential mortgageloan, damages resulting from such violation, interest on the damage from thedate of the violation, and court costs, including reasonable attorney's fees. SourceLaws 1989, LB 272, § 17; Laws 2003, LB 218, § 9; Laws 2006, LB 876, § 32; Laws 2007, LB124, § 47; R.S.Supp.,2008, § 45-714; Laws 2009, LB328, § 25.

State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-740

45-740. Prohibitedacts; violation; penalty; civil liability.(1) A licensee,an officer, an employee, or an agent of the licensee shall not:(a) Assess a late charge if all payments due are received before thedate upon which late charges are authorized in the underlying mortgage or trust deed or other loan documents;(b) Delay closing of a residential mortgageloan for the purpose of increasing interest, costs, fees, or charges payableby the borrower;(c) Misrepresent or conceal material facts or make false promises intendedto influence, persuade, or induce an applicant for a residential mortgage loan or a borrower to takea residential mortgageloan or cause or contribute to such a misrepresentation by any person actingon a licensee's or any other lender's behalf;(d) Misrepresent to, or conceal from, an applicant for a residential mortgage loanor a borrower material facts, terms, or conditions of a residential mortgage loan to which the licenseeis a party;(e) Fail to make disclosuresas required by the Residential Mortgage Licensing Act and any other applicablestate or federal law including regulations thereunder;(f) Engage in any transaction,practice, or business conduct that is not in good faith or that operates afraud upon any person in connection with the making of any residential mortgage loan;(g) Receive compensation foracting as a mortgage banker ormortgage loan originator if the licensee has otherwise acted asa real estate broker or agent in connection with the sale of the real estatewhich secures the residential mortgageloan unless the licensee has provided written disclosure to the person fromwhom compensation is collected that the licensee is receiving compensationboth for acting as a mortgage banker ormortgage loan originator and for acting as a real estate brokeror agent;(h) Advertise, display, distribute,broadcast, televise, or cause or permit to be advertised, displayed, distributed,broadcasted, or televised, in any manner, including by the Internet, any false,misleading, or deceptive statement or representation with regard to rates,terms, or conditions for a residential mortgageloan or any false, misleading, or deceptive statement regarding the qualificationsof the licensee or of any officer, employee, or agent thereof;(i) Record a lien on realproperty if money is not available for the immediate disbursal to the borrowerunless, before that recording, the licensee (i) informs the borrower in writingof the reason for the delay and of a definite date by which disbursement shallbe made and (ii) obtains the borrower's written permission for the delay unlessthe delay is required by any other state or federal law;(j) Fail to account for ordeliver to any person personal property obtained in connection with the mortgagebanking business, including, but not limited to, money, funds, deposits, checks,drafts, mortgages, trust deeds, orother documents or things of value which the licensee was not entitled toretain;(k) Fail to disburse, withoutjust cause, any funds in accordance with any agreement connected with themortgage banking business;(l) Collect fees and chargeson funds other than new funds if the licensee makes a residential mortgage loan to refinance an existing residential mortgage loanto a current borrower of the licensee within twelve months after the previous residential mortgage loanmade by the licensee;(m) Assess any fees againstthe borrower other than those which are reasonable and necessary, includingactual charges incurred in connection with the making, closing, disbursing,servicing, extending, transferring, or renewing of a loan, including, butnot limited to, (i) prepayment charges, (ii) delinquency charges, (iii) premiumsfor hazard, private mortgage, disability, life, or title insurance, (iv) feesfor escrow services, appraisal services, abstracting services, title services,surveys, inspections, credit reports, notary services, and recording of documents,(v) origination fees, (vi) interest on interest after default, and (vii) costsand charges incurred for determining qualification for the loan proceeds anddisbursement of the loan proceeds;(n) Allow the borrower tofinance, directly or indirectly, (i) any credit life, credit accident, credithealth, credit personal property, or credit loss-of-income insurance or debtsuspension coverage or debt cancellation coverage, whether or not such coverageis insurance under applicable law, that provides for cancellation of all orpart of a borrower's liability in the event of loss of life, health, personalproperty, or income or in the case of accident written in connection witha residential mortgageloan or (ii) any life, accident, health, or loss-of-income insurance withoutregard to the identity of the ultimate beneficiary of such insurance. Forpurposes of this section, any premiums or charges calculated and paid on aperiodic basis that are not added to the principal of the loan shall not beconsidered financed directly or indirectly by the creditor;(o) Falsify any documentationrelating to a residential mortgageloan or a residential mortgageloan application; (p) Recommend or encouragedefault on an existing loan or other debt prior to and in connection withthe closing or planned closing of a residential mortgageloan that refinances all or any portion of such existing loan or debt;(q) Borrow money from, personallyloan money to, or guarantee any loan made to any customer or applicant fora residential mortgageloan;(r) Obtain a signature ona document required to be notarized in connection with a residential mortgage loan or a residential mortgage loan application unlessthe qualified notary public performing the notarization is physically presentat the time the signature is obtained;or(s) Make any payment,threat, or promise, directly or indirectly, to any person for the purposesof influencing the independent judgment of the person in connection with aresidential mortgage loan or make any payment, threat, or promise, directlyor indirectly, to any appraiser of a property for the purposes of influencingthe independent judgment of the appraiser with respect to the value of theproperty.(2) Any person who violates any provisionof subsection (1) of this section is guilty of a Class III misdemeanor.(3) Any person who violates any provision of subsection (1) of thissection is liable to the applicant for a residential mortgageloan or to the borrower for the fees, costs, and charges incurred in connectionwith obtaining or attempting to obtain the residential mortgageloan, damages resulting from such violation, interest on the damage from thedate of the violation, and court costs, including reasonable attorney's fees. SourceLaws 1989, LB 272, § 17; Laws 2003, LB 218, § 9; Laws 2006, LB 876, § 32; Laws 2007, LB124, § 47; R.S.Supp.,2008, § 45-714; Laws 2009, LB328, § 25.