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Financial Services Law Insights and Observations

Nebraska amends mortgage licensing law

State Issues Mortgages Licensing Mortgage Licensing

State Issues

On March 7, the Nebraska governor approved LB 355, which amends various sections of the state’s financial laws, including the Nebraska Residential Mortgage Licensing Act (RMLA). Among other things, the RMLA is being amended to (i) provide requirements for the submission of fingerprints for specified principals of mortgage firm applications; (ii) adopt the transitional licensing process required by federal law, effective November 24, 2019, to allow certain federally-registered mortgage loan originators and mortgage loan originators licensed by another state to temporarily conduct business in Nebraska for up to 120 days after becoming employed by a Nebraska-licensed mortgage firm; (iii) limit the term of inactive mortgage loan originator licensees; and (iv) change the records retention period from three to five years. The amendments take effect September 2019.

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