59-1751. Seller; surety bond or trust account; establish; procedures.
If, pursuant to section 59-1728, a seller must obtain a surety bond or establish a trust account, the following procedures shall apply:
(1) If a bond is obtained, a copy of it shall be filed with the Department of Banking and Finance, and if a trust account is established, notification of the depository, the trustee, and the account number shall be filed with the Department of Banking and Finance;
(2) The bond or trust account required shall run in favor of the State of Nebraska for the benefit of any person who is damaged by any violation of the Seller-Assisted Marketing Plan Act or by the seller's breach of a contract subject to the act or of any obligation arising therefrom. The bond or trust account shall also run in favor of any person damaged by such practices;
(3) Any person claiming against the bond or trust account for a violation of the act may maintain an action at law against the seller and the surety or trustee. The aggregate liability of the surety or trustee to all persons damaged by a seller's violation of the act shall in no event exceed the amount of the bond or trust account; and
(4) The bond or the trust account shall be in an amount equal to the total amount of the initial payment of all seller-assisted marketing plan contracts which the seller has entered into during the previous year or three hundred thousand dollars, whichever is less, but in no case shall the amount be less than fifty thousand dollars. The amount required shall be adjusted twice a year. Such adjustment shall occur no later than the tenth day of the first month of the seller's fiscal year and no later than the tenth day of the seventh month of the seller's fiscal year. A seller need only establish a bond or trust account in the amount of fifty thousand dollars at the commencement of business and during the first six months the seller is in business. By the tenth day of the seller's seventh month in business, the amount of the bond shall be established as provided for in this section as if the seller had been in business for a year.
Source
Structure Nebraska Revised Statutes
Chapter 59 - Monopolies and Unlawful Restraint of Trade
59-501 - Sales; discrimination; when unlawful.
59-502 - Sales; unlawful discrimination; prima facie evidence.
59-503 - Purchases; discrimination; when unlawful.
59-504 - Purchases; unlawful discrimination; prima facie evidence.
59-505 - Unlawful discrimination; penalty.
59-506 - Unlawful discrimination; contracts void.
59-507 - Attorney General, county attorneys; duty to enforce sections.
59-801 - Restraint of trade or commerce; unlawful; penalty.
59-802 - Monopolizing trade or commerce; unlawful; penalty.
59-803 - Violation; property under contract forfeited.
59-805 - Restraint of trade; underselling; penalty.
59-806 - Holding companies; when unlawful.
59-807 - Books of record and papers; inspection by Attorney General.
59-810 - Second or subsequent violations; ouster; injunction.
59-811 - Second or subsequent violations; duty of Attorney General.
59-812 - Violators; actions against; joinder of parties.
59-813 - Violators; ouster; injunctions; business affected with a public interest; decree.
59-814 - Violators; parties to employment contract; injunction.
59-816 - Violation; company officers; personal liability.
59-818 - Seeking or receiving special advantages; transport of article; when unlawful; penalty.
59-819 - Violations; jurisdiction; powers of courts.
59-820 - Violations; civil proceedings; subpoena; may issue to any county.
59-821 - Violations; recovery of actual or liquidated damages; attorney's fees.
59-821.01 - Illegal overcharge or undercharge case.
59-823 - Violations; actions brought by state; advancement of cause; appeal.
59-824 - Violations; proceedings; evidence; discovery; privilege not allowed.
59-825 - Violations; proceedings; refusal to attend and testify; penalty.
59-826 - Violations; proceedings; perjury; penalty.
59-827 - Violations; proceedings; subornation of perjury.
59-829 - Antitrust action; construction; federal law.
59-831 - Violations; recovery; disposition.
59-1403 - License; tax; Department of Revenue; rules and regulations.
59-1403.01 - Music licensing agency; registration; fine; list of members.
59-1403.02 - Music licensing agency; duties; contract requirements.
59-1403.03 - Music licensing agency; disclosures; representative or agent; prohibited acts.
59-1403.04 - Department of Revenue; duties.
59-1403.05 - Act, how construed.
59-1404 - Copyright owner; assigns; licensees; benefits.
59-1405 - Discrimination in price; price changes; exceptions.
59-1406 - Violations; penalty.
59-1503 - Sale of cigarettes; unlawful acts; enumerated.
59-1504 - Sale of cigarettes; cost to retailer; filing with division.
59-1505 - Sale of cigarettes; cost to wholesaler; filing with division.
59-1506 - Sale of cigarettes; advertising, offers for sale, sales; combination sales.
59-1507 - Sale of cigarettes; sale by wholesaler to another wholesaler; sale price; limitation.
59-1508 - Sale of cigarettes; transactions excepted.
59-1509 - Sale of cigarettes; transactions permitted to meet lawful competition.
59-1510 - Sale of cigarettes; contracts void.
59-1511 - Sale of cigarettes; admissible evidence.
59-1512 - Sale of cigarettes; sales outside ordinary channels.
59-1513 - Sale of cigarettes; cost survey.
59-1514 - Cigarette tax division; rules and regulations.
59-1515 - Sale of cigarettes; actions; remedies.
59-1516 - Revocation of license; procedure; appeal.
59-1517 - Cigarette tax division; enforcement of sections.
59-1518 - Cigarette tax division; powers vested by other laws.
59-1523 - Disciplinary actions; contraband.
59-1524 - Deceptive trade practice.
59-1602 - Unfair competition; practices; unlawful.
59-1603 - Contracts, combinations, conspiracies in restraint of trade; unlawful.
59-1604 - Monopolies and attempted monopolies; unlawful.
59-1607 - Labor not an article of commerce.
59-1608 - Attorney General; restrain prohibited acts; costs; restoration of property.
59-1608.01 - Enforcement of act; venue.
59-1608.03 - Recovery under act; Attorney General; duties.
59-1608.04 - State Settlement Cash Fund; created; use; investment; transfer.
59-1608.05 - State Settlement Trust Fund; created; use; investment.
59-1609 - Civil action for damages.
59-1609.01 - Illegal overcharge or undercharge; damages; proof; court; powers.
59-1612 - Limitation of action.
59-1613 - Final judgment or decree; prima facie evidence in civil action; exception.
59-1614 - Civil penalties; Attorney General; duties.
59-1615 - Dissolution, suspension, or forfeiture of corporate franchise.
59-1616 - Personal service of process outside state.
59-1617 - Exempted transactions; applicability of provisions.
59-1618 - Agricultural products; producers; associations; form; requirements.
59-1620 - Contracts and agreements in restraint of trade; void; voidable.
59-1621 - Conspiracy in restraint of trade; findings; prima facie evidence.
59-1622 - Officers; liable for debts and obligations; when.
59-1701 - Legislative intent and findings; seller-assisted marketing plans.
59-1702 - Definitions; where found.
59-1703 - Seller-assisted marketing plan, defined.
59-1711 - Seller-assisted marketing plan contract or contract, defined.
59-1712 - Initial payment, defined.
59-1713 - Buy-back or secured investment, defined.
59-1714 - Ongoing business, defined.
59-1714.01 - License, defined.
59-1715 - Seller-assisted marketing plan; securities excluded.
59-1716 - Seller-assisted marketing plan; real estate or insurance transactions; excluded.
59-1717 - Seller-assisted marketing plan; sales under certain license; excluded.
59-1718 - Seller-assisted marketing plan; sale or lease to ongoing business enterprises; excluded.
59-1719 - Seller-assisted marketing plan; sale of an ongoing business; excluded.
59-1720 - Seller-assisted marketing plan; certain sale, lease, or offer; excluded.
59-1721 - Seller-assisted marketing plan; renewal or extension of existing plan; excluded.
59-1722 - Transaction involving the sale of a franchise; exempt; exception; conditions; fee.
59-1723 - Seller-assisted marketing plan; sale, lease, or offer; occurs; when.
59-1725 - Marketing plan; violations; investigations; director; powers.
59-1726 - Marketing plan; seller; use of certain phrases; prohibited.
59-1727 - Marketing plan; buy-back or security investment provision; invoked; entitlement.
59-1729 - Marketing plan; earning potential claim; substantiated by data.
59-1730 - Marketing plan; advertising; commercial symbol; requirements.
59-1731 - Marketing plan; advertisement; name and address of seller; required.
59-1732 - Seller-assisted marketing plan; potential purchaser; seller provide disclosure document.
59-1733 - Disclosure document; information; requirements.
59-1735 - Disclosure document; contents; requirements.
59-1736 - Seller; officers, directors, partners, managers; conviction or judgment; disclosure.
59-1737 - Disclosure document; disclose period of time plan sold or offered.
59-1738 - Disclosure document; disclose existence of bond or trust account.
59-1739 - Disclosure document; contain financial information; verification.
59-1740 - Disclosure document; contain unexecuted copy of marketing plan contract.
59-1741 - Seller-assisted marketing plan; contract for sale or lease; written; copy to purchaser.
59-1742 - Marketing plan contract; contents; requirements.
59-1743 - Marketing plan contract; purchaser; right to cancel; when.
59-1744 - Marketing plan contract; contain notice of right to cancel.
59-1745 - Marketing plan contract; execution of certain notes prohibited.
59-1746 - Marketing plan contract; downpayment; conditions.
59-1747 - Marketing plan contract; assignee; rights, defenses.
59-1748 - Reference to compliance with act; prohibited.
59-1749 - Marketing plan; seller; records required.
59-1750 - Seller-assisted marketing plan; service of process.
59-1751 - Seller; surety bond or trust account; establish; procedures.
59-1752 - Seller; noncompliance with act; contract; voidable; purchaser; remedies.
59-1753 - Seller; inadvertent defects; cure; purchaser; rights.
59-1754 - Seller; failure to deliver products; contract voidable.
59-1755 - Purchaser rights; cumulative.
59-1756 - Purchaser; waiver of rights; unenforceable.
59-1757 - Prohibited acts; violation; penalty; enforcement.
59-1758 - Violation; action for recovery of damages; award; statute of limitations.
59-1759 - Remedies; not exclusive.
59-1760 - Statutory or common-law rights; available.
59-1761 - Unfair competition and deceptive practices statutes; applicable.
59-1762 - Director of Banking and Finance; powers; rules and regulations.