State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-704

45-704. Registration required;registration statement; fee; procedure; bond; registrant; duties; renewal.(1) Notwithstanding any other provision of the Residential MortgageLicensing Act, no person exempt from licensing under section 45-703 who employsor enters into an independent agent agreement with an individual who is requiredto obtain a mortgage loan originator license in this state pursuant to section 45-727 shall act as a mortgage banker until such person has registered withthe department.(2) Any person required to register pursuant to subsection (1) of thissection shall submit to the department a registration statement on a form prescribed by the department.The form shall contain such informationas the department may prescribe as necessary or appropriate, including, butnot limited to, (a) all addresses at which business is to be conducted, (b)the names and titles of each director and principal officer of the business,and (c) a description of the activities of the applicant in such detail asthe department may require.(3) The registration statement required in subsection (2) of this sectionshall be accompanied by a registration fee of two hundred dollars.(4) The department shall acknowledge the registration by issuing tothe registrant a receipt or other form of acknowledgment.(5) A registrant shall maintain a surety bond as required by section 45-724, submit mortgage reportsof condition as required by section 45-726, and comply with the requirementsof section 45-735 pertaining to the employment of mortgage loan originators.(6) A registration under this section shall not be assignable.(7) After original registration, all registrations shall remain in fullforce and effect until the next succeeding December 31. Thereafter, a registrationunder this section may be renewed on an annual basis for a renewal fee ofone hundred dollars.(8)(a) If a registrant fails to maintain a surety bond as required bysection 45-724, the department may issue a notice of cancellation of the registration.(b) If a registrant fails to renew his, her, or its registration asrequired by this section and does not voluntarily surrender the registrationby delivering to the director written notice of the surrender, the departmentmay issue a notice of expiration of the registration. SourceLaws 1989, LB 272, § 7; Laws 1999, LB 396, § 32; Laws 2003, LB 218, § 2; Laws 2005, LB 533, § 51; Laws 2008, LB851, § 21; Laws 2009, LB328, § 6; Laws 2010, LB892, § 6.