With the passage of LB 140 during the 2017 legislative session, state-chartered banks, effective August 24, 2017, became able to opt-out of the requirement for active executive officers to be licensed by the Nebraska Department of Banking and Finance (Department). The Department has issued the required forms and instructions for state-chartered banks to use in electing to opt-out of the licensing requirements for active executive officers.
The Election Form must be accompanied by (a) a Resolution of the Board of Directors of the Bank authorizing the election of the exemption attested by two officers of the Board of Directors. (See page 2 of the Form for the required content of the Resolution); and (b) all original Executive Officer Licenses currently held by any employee of the Bank or any person under contract to perform services for the Bank. NOTE: In the event that the Bank is unable to submit an original Executive Officer License currently held by any employee of the Bank or any person under contract to perform services for the Bank, a list containing the name of each such person and the Bank office to which he or she is assigned must be submitted to the Department. The Election Form and required attachments must be mailed or delivered to the Department in the manner set forth below. Electronic submissions will not be accepted.
Mail to:
Nebraska Department of Banking and Finance
Financial Institutions Division
PO Box 95006
Lincoln, Nebraska 68509-5006
Deliver to:
1526 K Street, Suite 300
Lincoln, Nebraska 68508-2732
In the event that a state-chartered bank, once having elected to opt-out of the licensing requirements for active executive officers wishes to “reverse course,” state law allows the election to be revoked at any time. Within thirty (30) days of revoking an election to “opt-out” of the licensing requirements for active executive officers, the bank must apply for and obtain from the Department a license for any person acting or desiring to act as an active executive office of the bank.
The Election Form, sample Board Resolution and revocation of election of executive officer license exemption form may be accessed at https://ndbf.nebraska.gov/industries/financial-institution-officer-exemptions.
Questions regarding the forms and processes should be directed to the Department at 402-471-2171.