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Nebraska committee reviews Department of Banking omnibus bill to harmonize lending and licensing rules
Summary
LB 251, introduced at the request of the Nebraska Department of Banking and Finance, would update multiple banking statutes — including clarifying the bank lending limit (requiring livestock/warehouse receipts to equal at least 115% of excess loans), revising branch application publication, and adjusting mortgage surety bond calculations — to align state law with federal standards and modernize regulatory references to Jan. 1, 2025.
Senator Mike Jacobson told the Banking, Commerce and Insurance Committee that LB 251 was brought by the Nebraska Department of Banking and Finance to update and clarify statutes under the department’s jurisdiction.
"LB 251 is a bill that was brought to me by the Nebraska Department of Banking and Finance," Jacobson said, summarizing the bill’s scope and the department’s request that the committee consider a package of statutory updates.
The bill makes several targeted changes across state banking law. Key provisions described by the department’s director would: clarify the bank lending limit statute (section 8‑141) by aligning an exception for loans secured by livestock or warehouse receipts with the national bank lending limit — requiring those receipts to equal at least 115% of the portion of a…
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