For purposes of the Nebraska Installment Loan and Sales Act, unless the context otherwise requires:
(1)Applicant means a person applying for a license under the Nebraska Installment Loan and Sales Act;
(2)Basic time price means the cash sale price of the goods or services which are the subject matter of an installment sales contract plus the amount included therein, if a separate identified charge is made therefor and stated in the contract, for insurance, registration, certificate of title, debt cancellation contract, debt suspension contract, electronic title and lien services, guaranteed asset protection waiver, and license fees, filing fees, an origination fee, and fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence
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For purposes of the Nebraska Installment Loan and Sales Act, unless the context otherwise requires:
(1) Applicant means a person applying for a license under the Nebraska Installment Loan and Sales Act;
(2) Basic time price means the cash sale price of the goods or services which are the subject matter of an installment sales contract plus the amount included therein, if a separate identified charge is made therefor and stated in the contract, for insurance, registration, certificate of title, debt cancellation contract, debt suspension contract, electronic title and lien services, guaranteed asset protection waiver, and license fees, filing fees, an origination fee, and fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying any security related to the credit transaction or any charge for nonfiling insurance if such charge does not exceed the amount of fees and charges prescribed by law which would have been paid to public officials for filing, perfecting, releasing, and satisfying any security related to the credit transaction and less the amount of the buyer's downpayment in money or goods or both;
(3) Branch office means any location, other than the main office location, at which the business of a licensee is to be conducted, including:
(a) Any offices physically located in Nebraska; and
(b) Any offices that, while not physically located in this state, intend to transact business with Nebraska residents;
(4) Breach of security of the system means unauthorized acquisition of data that compromises the security, confidentiality, or integrity of information;
(5) Buyer means a person who buys goods or obtains services from a seller in an installment sale;
(6) Cash price or cash sale price means the price stated in an installment sales contract for which the seller would have sold or furnished to the buyer and the buyer would have bought or acquired from the seller goods or services which are the subject matter of the contract if such sale had been a sale for cash instead of an installment sale. It may include the cash price of accessories or services related to the sale such as delivery, installation, alterations, modifications, and improvements and may include taxes to the extent imposed on the cash sale;
(7) Consumer means an individual who is a resident of Nebraska and who seeks to obtain, obtains, or has obtained financial products or services that are to be used primarily for personal, family, or household purposes;
(8)(a) Control in the case of a corporation means (i) direct or indirect ownership of or the right to control twenty-five percent or more of the voting shares of the corporation or (ii) the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy.
(b) Control in the case of any other entity means (i) the power, directly or indirectly, to direct the management or policies of the entity, (ii) the contribution of twenty-five percent or more of the capital of the entity, or (iii) the right to receive, upon dissolution, twenty-five percent or more of the capital of the entity;
(9) Debt cancellation contract means a loan term or contractual arrangement modifying loan terms under which a financial institution or licensee agrees to cancel all or part of a buyer's obligation to repay an extension of credit from the financial institution or licensee upon the occurrence of a specified event. The debt cancellation contract may be separate from or a part of other loan documents. The term debt cancellation contract does not include loan payment deferral arrangements in which the triggering event is the buyer's unilateral election to defer repayment or the financial institution's or licensee's unilateral decision to allow a deferral of repayment;
(10) Debt suspension contract means a loan term or contractual arrangement modifying loan terms under which a financial institution or licensee agrees to suspend all or part of a buyer's obligation to repay an extension of credit from the financial institution or licensee upon the occurrence of a specified event. The debt suspension contract may be separate from or a part of other loan documents. The term debt suspension contract does not include loan payment deferral arrangements in which the triggering event is the buyer's unilateral election to defer repayment or the financial institution's or licensee's unilateral decision to allow a deferral of repayment;
(11) Department means the Department of Banking and Finance;
(12) Director means the Director of Banking and Finance;
(13) Financial institution has the same meaning as in section 8-101.03 ;
(14) Goods means all personal property, except money or things in action, and includes goods which, at the time of sale or subsequently, are so affixed to realty as to become part thereof whether or not severable therefrom;
(15) Guaranteed asset protection waiver means a waiver that is offered, sold, or provided in accordance with the Guaranteed Asset Protection Waiver Act;
(16) Installment sale means any transaction, whether or not involving the creation or retention of a security interest, in which a buyer acquires goods or services from a seller pursuant to an agreement which provides for a time-price differential and under which the buyer agrees to pay all or part of the time-sale price in one or more installments and within one hundred forty-five months, except that the purchase of mobile homes may exceed such one-hundred-forty-five-month limitation. Installment sale does not include a consumer rental purchase agreement defined in and regulated by the Consumer Rental Purchase Agreement Act;
(17) Installment sales contract means an agreement entered into in this state evidencing an installment sale except those otherwise provided for in separate acts;
(18) Licensee means any person who obtains a license under the Nebraska Installment Loan and Sales Act;
(19) Loan or installment loan means a loan or any extension of credit to a consumer originated or made with an interest rate greater than the maximum interest rate allowed under section 45-101.03 , a minimum loan term of six months, and a principal balance of less than twenty-five thousand dollars;
(20) Mortgage loan originator has the same meaning as in section 45-702 ;
(21) Nationwide Mortgage Licensing System and Registry means a licensing system, also known as the Nationwide Multistate Licensing System and Registry, developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage loan originators, mortgage bankers, installment loan companies, and other state-regulated financial services entities and industries;
(22) Person means individual, partnership, limited liability company, association, financial institution, trust, corporation, or any other legal entity;
(23) Real property means an owner-occupied single-family, two-family, three-family, or four-family dwelling which is located in this state, which is occupied, used, or intended to be occupied or used for residential purposes, and which is, or is intended to be, permanently affixed to the land;
(24) Sales finance company means a person purchasing one or more installment sales contracts from one or more sellers or acquiring any rights of ownership, servicing, or other forms of participation in or otherwise engaging with a consumer on behalf of the purchaser of one or more installment sales contracts from one or more sellers. Sales finance company includes, but is not limited to, a financial institution or installment loan licensee, if so engaged;
(25) Seller means a person who sells goods or furnishes services to a buyer under an installment sale;
(26) Services means work, labor, and services of any kind performed in conjunction with an installment sale but does not include services for which the prices charged are required by law to be established and regulated by the government of the United States or any state;
(27) Time-price differential, however denominated or expressed, means the amount, as limited in the Nebraska Installment Loan and Sales Act, to be added to the basic time price; and
(28) Time-sale price means the total of the basic time price of the goods or services, the amount of the buyer's downpayment in money or goods or both, and the time-price differential.
Source: Laws 1965, c. 266, § 1, p. 751; Laws 1965, c. 268, § 2, p. 757; Laws 1969, c. 379, § 1, p. 1340; Laws 1969, c. 380, § 1, p. 1343; Laws 1969, c. 381, § 1, p. 1345; Laws 1973, LB 455, § 1; Laws 1978, LB 373, § 1; Laws 1989, LB 94, § 1; Laws 1989, LB 681, § 16; Laws 1992, LB 269, § 1; Laws 2003, LB 217, § 34; Laws 2006, LB 876, § 25; Laws 2010, LB571, § 8; Laws 2011, LB77, § 1; Laws 2012, LB965, § 2; Laws 2016, LB778, § 4; Laws 2017, LB140, § 153; Laws 2019, LB355, § 2; Laws 2021, LB363, § 25; Laws 2025, LB474, § 56. Operative Date: October 1, 2025
Cross References: Consumer Rental Purchase Agreement Act, see section 69-2101. Guaranteed Asset Protection Waiver Act, see section 45-1101.
Annotations: Classification made by this section is very comprehensive and covers almost all installment sales. Engelmeyer v. Murphy, 180 Neb. 295, 142 N.W.2d 342 (1966).