45-702.01. Reverse-mortgage loans; rules applicable; fees authorized; failure by licensee to make loan advances and cure default; forfeiture.
(1) Reverse-mortgage loans shall be governed by the following rules without regard to the requirements set out elsewhere for other types of mortgage transactions: (a) Payment in whole or in part is permitted without penalty at any time during the period of the loan; (b) an advance and interest on the advance have priority over a lien filed after the closing of a reverse-mortgage loan; (c) an interest rate may be fixed or adjustable and may also provide for interest that is contingent on appreciation in the value of the residential real estate; and (d) the advance shall not be reduced in amount or number based on an adjustment in the interest rate when a reverse-mortgage loan provides for periodic advances to a borrower.
(2) Reverse-mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (a) Limitations on the purpose and use of future advances or any other mortgage proceeds; (b) limitations on future advances to a term of years or limitations on the term of credit line advances; (c) limitations on the term during which future advances take priority over intervening advances; (d) requirements that a maximum mortgage amount be stated in the mortgage; (e) limitations on loan-to-value ratios; (f) prohibitions on balloon payments; (g) prohibitions on compounded interest and interest on interest; and (h) requirements that a percentage of the loan proceeds must be advanced prior to loan assignment.
(3) A licensee may, in connection with a reverse-mortgage loan, charge to the borrower (a) a nonrefundable loan origination fee which does not exceed two percent of the appraised value of the owner-occupied principal residence at the time the loan is made, (b) a reasonable fee paid to third parties originating loans on behalf of the licensee, and (c) such other fees as are necessary and required, including fees for inspections, insurance, appraisals, and surveys.
(4) Licensees failing to make loan advances as required in the loan documents and failing to cure the default as required in the loan documents shall forfeit to the borrower an amount equal to the greater of two hundred dollars or one percent of the amount of the loan advance the licensee failed to make.
Source
Structure Nebraska Revised Statutes
Chapter 45 - Interest, Loans, and Debt
45-101.03 - General interest rate; maximum; variable rate authorized; conditions.
45-101.04 - General interest rate; maximum; when not applicable.
45-101.05 - Mortgage loan; escrow account; how established and maintained.
45-101.06 - Escrow accounts; not required.
45-101.07 - Violations; penalty.
45-102 - Interest; legal rate; exception.
45-103 - Interest; judgments; decrees; rate; exceptions.
45-103.01 - Postjudgment interest; accrual; when.
45-103.02 - Prejudgment interest; accrual; when; conditions.
45-103.03 - Interest; how computed.
45-103.04 - Prejudgment interest; exceptions.
45-104 - Interest; other contract obligations.
45-104.01 - Interest; political subdivisions; delinquent taxes; special assessments.
45-104.02 - Interest; State of Nebraska; delinquent taxes; special assessments; credits or refunds.
45-106 - Interest; warrants or orders.
45-107 - Interest; effect on purchase of certain lands.
45-108 - Interest; rate; when calculated by the year.
45-109 - Contracts for payment of money or indebtedness; when usurious.
45-110 - Usurious contracts; limit of recovery.
45-111 - Usury; civil proceedings; testimony of lender compellable.
45-112 - Usury; relief; tender of principal unnecessary.
45-113 - Usury; witness; testimony not evidence in criminal proceeding, when.
45-114 - Transferred to section 45-1002.
45-115 - Transferred to section 45-1003.
45-116 - Transferred to section 45-1004.
45-117 - Transferred to section 45-1005.
45-118 - Transferred to section 45-1006.
45-119 - Transferred to section 45-1007.
45-120 - Transferred to section 45-1008.
45-121 - Transferred to section 45-1009.
45-122 - Transferred to section 45-1010.
45-123 - Transferred to section 45-1011.
45-124 - Transferred to section 45-1012.
45-126 - Transferred to section 45-1013.
45-127 - Transferred to section 45-1014.
45-128 - Transferred to section 45-1015.
45-129 - Transferred to section 45-1016.
45-130 - Transferred to section 45-1017.
45-131 - Transferred to section 45-1018.
45-132 - Transferred to section 45-1019.
45-133 - Transferred to section 45-1020.
45-134 - Transferred to section 45-1021.
45-135 - Transferred to section 45-1022.
45-136 - Transferred to section 45-1023.
45-137 - Transferred to section 45-1024.
45-138 - Transferred to section 45-1025.
45-139 - Transferred to section 45-1026.
45-140 - Transferred to section 45-1027.
45-142 - Transferred to section 45-1028.
45-143 - Transferred to section 45-1029.
45-144 - Transferred to section 45-1030.
45-145 - Transferred to section 45-1031.
45-148 - Transferred to section 45-1034.
45-149 - Transferred to section 45-1035.
45-150 - Transferred to section 45-1036.
45-153 - Transferred to section 45-1037.
45-154 - Transferred to section 45-1038.
45-155 - Transferred to section 45-1039.
45-156 - Transferred to section 45-1040.
45-157 - Transferred to section 45-1041.
45-158 - Transferred to section 45-1042.
45-173 - Transferred to section 45-1043.
45-174 - Transferred to section 45-1044.
45-175 - Transferred to section 45-1045.
45-176 - Transferred to section 45-1046.
45-177 - Transferred to section 45-1047.
45-178 - Transferred to section 45-1048.
45-179 - Transferred to section 45-1049.
45-180 - Transferred to section 45-1050.
45-181 - Transferred to section 45-1051.
45-182 - Transferred to section 45-1052.
45-183 - Transferred to section 45-1053.
45-184 - Transferred to section 45-1054.
45-185 - Transferred to section 45-1055.
45-186 - Transferred to section 45-1056.
45-187 - Transferred to section 45-1057.
45-188 - Transferred to section 45-1058.
45-189 - Loan brokers; legislative findings.
45-191 - Loan brokers; prohibited acts.
45-191.01 - Loan brokerage agreement; written disclosure statement; requirements.
45-191.02 - Loan brokers; filings with department required; filing fees.
45-191.03 - Prohibited acts; violations; penalties.
45-191.04 - Loan brokerage agreement; requirements; right to cancel.
45-191.05 - Waiver of sections; attempt; prohibited.
45-191.06 - Department; adopt rules and regulations.
45-191.07 - Violation of loan brokerage agreement by loan broker; effect.
45-191.08 - Director; enforcement powers.
45-194 - Transferred to section 45-1059.
45-195 - Transferred to section 45-1060.
45-196 - Transferred to section 45-1061.
45-198 - Transferred to section 45-1062.
45-199 - Transferred to section 45-1063.
45-1,100 - Transferred to section 45-1064.
45-1,101 - Transferred to section 45-1065.
45-1,102 - Transferred to section 45-1066.
45-1,103 - Transferred to section 45-1067.
45-1,104 - Federal interest rate limitations; rejected by state.
45-1,106 - Consumer credit transaction; default; notice required.
45-1,107 - Consumer credit transaction; default; consumer's right to cure.
45-1,109 - Consumer credit transactions; procedures; when applicable.
45-1,110 - Consumer credit default procedures; not applicable to certain licensees.
45-1,111 - Forced sale; disposition of certain proceeds.
45-1,113 - Action or defense based on credit agreement; requirements.
45-1,114 - Implied credit agreement; limitations.
45-1,115 - Sections; applicability.
45-1,116 - Transferred to section 45-1068.
45-205 - Agreements; requirements; fees and delinquency charges authorized.
45-206 - Monthly statement by seller; contents; payment in full; requirements.
45-207 - Time-price differential; rate; maximum.
45-333 - Transferred to section 45-408.
45-336 - Installment contract; requirements.
45-337 - Insurance; policy; cancellation; premium refund; fee.
45-338 - Installment contract; time-price differential; rate; maximum; origination fee.
45-339 - Subsequent purchases; consolidate with previous contract; requirements.
45-340 - Contracts negotiated by mail; requirements.
45-341 - Delinquency charges; limitation; fee.
45-342 - Prepayment; rebate; how computed.
45-343 - Failure to obtain license; penalty.
45-344 - Excess charges; penalty.
45-345 - License; requirement; exception.
45-346 - License; application; contents; issuance; bond; fee; term; director; duties.
45-346.01 - Licensee; move of main office; notice to director; maintain minimum net worth; bond.
45-348 - License; renewal; licensee; duties; fee; voluntary surrender of license.
45-350 - License; denial of renewal; suspension; revocation; appeal.
45-351 - Licensee; investigation and inspection; director; appoint examiners; charges; fines; lien.
45-351.01 - Holder of contract; extension or deferment authorized; fee.
45-352 - Rules and regulations; adopt.
45-353 - Violations; enforcement; receiver; appointment; powers; duties.
45-355 - Nationwide Mortgage Licensing System and Registry; information sharing; director; powers.
45-604 - Board; adopt rules and regulations.
45-605 - Board; duties; application for license; filing; issuance; denial; appeal.
45-606 - License; application; fees; financial statement; form.
45-607 - License; qualifications of licensee.
45-608 - Licensee; bond; conditions.
45-609 - License; form; display.
45-610 - Licensee; employees; solicitor's certificates; form.
45-611 - Licenses; certificates; expiration; renewal; application; time.
45-612 - Licensee; solicitor; violation; conviction; revocation; hearing; order.
45-613 - Licensee; solicitor; complaint; citation; notice; hearing.
45-614 - Licensee; solicitor; citation; power to issue subpoenas; depositions.
45-615 - Licensee; solicitor; citation; hearing; board; findings; powers.
45-616 - License; solicitor's certificate; appeals; procedure.
45-617 - Licensee; solicitor's certificate; appeal; effect.
45-619 - Licensee; board; require financial statement; confidential.
45-620 - License; certificates; fees.
45-622 - Licensee; solicitor; prohibited from practice of law.
45-623 - Collection of public debts; contracts authorized; requirements.
45-707 - Transferred to section 45-742.
45-708 - Transferred to section 45-747.
45-709 - Transferred to section 45-724.
45-710 - Transferred to section 45-741.
45-711 - Transferred to section 45-737.
45-712 - Transferred to section 45-738.
45-713 - Transferred to section 45-739.
45-714 - Transferred to section 45-740.
45-715 - Transferred to section 45-750.
45-716 - Transferred to section 45-751.
45-717 - Transferred to section 45-744.
45-717.01 - Transferred to section 45-743.
45-717.02 - Transferred to section 45-746.
45-718 - Transferred to section 45-745.
45-719 - Transferred to section 45-752.
45-720 - Transferred to section 45-753.
45-721 - Transferred to section 45-754.
45-722 - Transferred to section 45-725.
45-723 - Transferred to section 45-748.
45-724 - Surety bond; requirements.
45-725 - Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing.
45-728 - License; application; form; fee; use of nationwide registry.
45-730 - Prelicensing education requirements; course review and approval; relicensure requirements.
45-731 - Written test requirement; subject areas.
45-732 - License; term; renewal; minimum standards for renewal; fee; denial; appeal.
45-734 - Mortgage loan originator license; inactive status; duration; renewal; reactivation.
45-736 - Unique identifier; use.
45-737 - Mortgage banker; licensee; duties.
45-737.01 - Mortgage loan originator; licensee; duties.
45-738 - Licensee; failure to deliver abstract of title.
45-739 - Transfer of servicing rights; duties.
45-740 - Prohibited acts; violation; penalty; civil liability.
45-743 - Violations; administrative fine; costs; lien.
45-744 - Cease and desist orders; department; powers; judicial review; violation; penalty.
45-747 - Prohibited acts; penalty.
45-750 - Department; duties; rules and regulations.
45-751 - Money collected; disposition.
45-752 - Act; liberal construction.
45-753 - Personal jurisdiction; when.
45-754 - Loans subject to act.
45-806 - Registration statement; contents; requirements; fee.
45-807 - Written statement to buyer; contents; credit services organization; duties.
45-808 - Contract; requirements; cancellation; procedure; notice; breach; effect.
45-809 - Waiver of rights; void.
45-811 - Violation; injunction.
45-812 - Violation; deceptive trade practice.
45-813 - Statute of limitations.
45-903 - Act; not applicable to financial institutions.
45-904 - License required; void transaction; effect.
45-905 - Application for license; form; contents; criminal history record information check.
45-906 - Application; fees; bond.
45-907 - Application; notice of filing; publication; hearing; investigation; costs.
45-908 - License; issuance; conditions.
45-909 - Application for license; timely action of director required; appeal.
45-910 - License; posting; renewal; fees.
45-911 - Surrender of license; effect.
45-912 - Licensee; duty to inform director; when.
45-913 - License; not transferable or assignable.
45-914 - Change in control of licensee; approval required.
45-915.01 - Licensee; books and records.
45-916 - Operating with other business; conditions.
45-917 - Licensee; written notice; contents; fees, charges, and penalties; posting required.
45-918 - Annual percentage rate; violation; effect; fee; limitation.
45-918.01 - Returned check; collection; returned check charge; court costs; attorney's fees.
45-918.02 - Prepayment; how treated.
45-918.03 - Rescission; redemption.
45-918.04 - Licensee; payment options; electronic payment with authorization.
45-919.01 - Extended payment plan; request; terms; default.
45-920 - Director; examination of licensee; powers; costs.
45-921 - Alleged violations; director; powers and duties.
45-922 - Licensee; disciplinary actions; failure to renew.
45-923 - Cease and desist order; procedure; appeal.
45-924 - Injunction, restraining order, or writ of mandamus.
45-926 - Operating without a license; penalty.
45-927 - Fees, charges, costs, and fines; distribution.
45-928 - Personal jurisdiction over licensee.
45-929 - Director; rules and regulations; additional powers.
45-930 - Financial Literacy Cash Fund; created; use; investment.
45-931 - Licensees; annual report; contents; department; duties; report.
45-1002 - Terms, defined; act; applicability.
45-1003 - Installment loans; financial institution ineligible.
45-1005 - Installment loans; license; application; fee.
45-1006 - Installment loans; application hearing; protest; procedure.
45-1007 - Installment loans; license; bond.
45-1008 - License; issuance; requirements; term.
45-1010 - Installment loans; licenses; limitations as to business and persons.
45-1011 - Installment loans; place of business; separate office required; exceptions; enforcement.
45-1012 - Licensee; service of process.
45-1014 - Installment loans; fees; disposition.
45-1015 - Installment loans; doing business without license; penalty.
45-1016 - Installment loans; rules and regulations; power of Department of Banking and Finance.
45-1017 - Licensees; business, records, and accounts; inspection; expenses; fines; lien.
45-1019 - Cease and desist order; hearing; judicial review; enforcement; violation; penalty.
45-1020 - Misleading advertising prohibited; enforcement.
45-1021 - Installment loans; interest, defined.
45-1022 - Installment loans; payment in advance; application of payments.
45-1023 - Installment loans; false statement to secure; penalty.
45-1025 - Installment loans; additional charges authorized; loan period; violation; effect.
45-1027 - Installment loans; insurance procured through licensee; statement.
45-1028 - Installment loans; assignments of wages or security agreement in blank; prohibited.
45-1029 - Installment loans; power of attorney and instruments with blanks prohibited.
45-1030 - Installment loans; assignment of wages; consent of spouse necessary.
45-1031 - Installment loans; statement to borrower; contents.
45-1032 - Surrender of license; effect.
45-1033 - License; administrative fine; disciplinary actions; failure to renew.
45-1034 - License; revocation; new license; court order required.
45-1035 - License; revocation; record of proceedings.
45-1037 - Violations; penalty.
45-1038 - Licensees; loan provisions; violations; effect.
45-1039 - Licensees; violations; effect.
45-1040 - Repayment of loan; licensee; duties.
45-1041 - Installment loans; enforcement.
45-1042 - Loans made outside of state; enforcement in this state.
45-1043 - Borrower's obligation; licensee; contacts limitation.
45-1044 - Borrower's obligation; contact; limitation; waiver.
45-1045 - Licensee; contacts permitted without borrower's consent.
45-1046 - Borrower; default; notice to licensee; effect.
45-1047 - Licensee; actions; permitted; prohibited.
45-1048 - Borrower; right to action; licensee; judgment; effect.
45-1049 - Borrower; default; agreement; extent of enforceability.
45-1050 - Borrower; loan; default; licensee; notice; contents.
45-1051 - Borrower; loan; default; right to cure; procedure.
45-1052 - Borrower; loan; default; licensee; possession of collateral; restrictions.
45-1053 - Loan; third-party obligation; when.
45-1054 - Borrower; deficiency; liability; how treated.
45-1055 - Writing evidencing borrower's obligation; form; copies; fee; licensee; duties.
45-1056 - Licensee; discrimination prohibited.
45-1057 - Licensee; loan; former debt; how treated.
45-1058 - Violation; loan transaction; licensee; liability.
45-1059 - Preauthorized loans; definitions; where found.
45-1060 - Billing cycle, defined.
45-1061 - Preauthorized loan, defined.
45-1062 - Preauthorized loans; charges authorized; computation.
45-1063 - Preauthorized loan; repayment; requirements.
45-1064 - Preauthorized loans; additional fees, costs, and expenses authorized; restrictions.
45-1065 - Preauthorized loans; security interest authorized.
45-1066 - Preauthorized loans; sections not applicable.
45-1067 - Preauthorized loans; department; powers.
45-1069 - Administrative fine; procedure; lien.
45-1102 - Purpose of act; exclusions from act; exemption from insurance requirements.
45-1105 - Guaranteed asset protection waiver; disclosures required.
45-1107 - Modification of guaranteed asset protection waiver; limitations.
45-1203 - Contractor; payment; payment request; subcontractor; payment; retainage; payment.
45-1204 - Withholdings; authorized.
45-1205 - Delay in payment; additional interest payment.
45-1206 - Other remedies available.
45-1207 - Residential real property; applicability of act.
45-1208 - Applicability to contracts entered into on or after October 1, 2010.
45-1209 - Contract provisions; void.
45-1211 - Violation of act; action for recovery; attorney's fees and costs.