§ 45-725 — Acquisition of control of mortgage banking business; procedure; fee; disapproval; hearing

(1) No person acting personally or as an agent shall acquire control
of any mortgage banking business required to be licensed under the Residential
Mortgage Licensing Act without first giving thirty days' notice to the department
on a form prescribed by the department
of such proposed acquisition and paying a filing fee of two hundred dollars.
(2) The director, upon receipt of such notice, shall act upon it within
thirty days and, unless he or she disapproves the proposed acquisition within
that period of time, the acquisition shall become effective on the thirty-first
day after receipt without the director's approval, except that the director
may extend the thirty-day period an additional thirty days if, in his or her
judgment, any material information submitted is substantially inaccurate or
the acquiring party has not furnished all the information required by the
department.
(3) An acquisition may be made prior to the expiration of the disapproval
period if the director issues written notice of his or her intent not to disapprove
the action.
(4)(a) The director may disapprove any proposed acquisition if:
(i) The financial condition of any acquiring person is such as might
jeopardize the financial stability of the acquired mortgage banking business;
(ii) The character and general fitness of any acquiring person or of
any of the proposed management personnel indicate that the acquired mortgage
banking business would not be operated honestly, soundly, or efficiently in
the public interest; or
(iii) Any acquiring person neglects, fails, or refuses to furnish all
information required by the department.
(b) The director shall notify the acquiring party in writing of disapproval
of the acquisition. The notice shall provide a statement of the basis for
the disapproval.
(c) Within fifteen business days after receipt of written notice of
disapproval, the acquiring party may request a hearing on the proposed acquisition
in accordance with the Administrative Procedure Act and rules and regulations
adopted and promulgated by the department under the act. At the conclusion
of such hearing, the director shall, by order, approve or disapprove the proposed
acquisition on the basis of the record made at the hearing.

Legislative History

Source: Laws 2007, LB124, § 49; Laws 2008, LB851, § 22; R.S.Supp.,2008, § 45-722; Laws 2009, LB328, § 10; Laws 2010, LB892, § 9. Cross References: Administrative Procedure Act, see section 84-920.