Nebraska 109th Legislature (2025-2026) Status: In Committee

LB 591 — Change provisions relating to when licenses are required and provide powers to certain licensees relating to affiliates under the Nebraska Installment Loan Act

Last action — Indefinitely postponed

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Legislature
  4. 4
    To Executive
  5. 5
    Enacted

This bill is in committee in the Legislature. Introduced January 22, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Legislature.

Prognosis

Stalled 14% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill modifies licensing requirements under the Nebraska Installment Loan Act and provides specific provisions related to affiliates of licensees.

  • Section 45-1004

    No financial institution is eligible for a license or to make loans under the Nebraska Installment Loan Act.

    Clarifies that financial institutions cannot obtain a license or make loans under the Nebraska Installment Loan Act.

  • Section 45-1004

    that holds or acquires any rights of ownership interest , servicing, or other forms of participation in, a loan under the Nebraska Installment Loan Act → that holds or acquires any rights of ownership interest, servicing, or other forms of participation in, a loan under the Nebraska Installment Loan Act

    Streamlines the language regarding servicing and ownership rights related to loans.

  • Section 45-1004

    A license is not required for an affiliate of a licensee if the activities of the affiliate in this state are limited solely to the securitization of loans made by the licensee and the servicing rights to the loans are retained by the licensee or assigned or otherwise transferred to a financial institution, licensee, or permittee.

    Establishes that affiliates of licensees can engage in specific activities without requiring a separate license.

  • Section 45-1004

    Notwithstanding any other licensee limitations set forth in the Nebraska Installment Loan Act, a licensee that controls or owns fifty percent or more of the equity ownership of one or more affiliates which are subject to licensure under the act may, on behalf of each such affiliate: Apply to the department for the license, pay the original licensee fee, and submit background checks pursuant to section 45-1005 and may complete all other requirements necessary to obtain a license under the act for each such affiliate; and Consolidate all compliance obligations, including, but not limited to, examinations, reporting requirements, audits, and investigations, with respect to any such affiliate. The licensee shall have the right to satisfy any such compliance obligations under the act on behalf of any such affiliate.

    Allows a controlling licensee to apply for licensure and manage compliance obligations for its affiliates.

Action History

  1. Indefinitely postponed

  2. Title printed. Carryover bill

  3. Notice of hearing for February 18, 2025

  4. Referred to Banking, Commerce and Insurance Committee

  5. Date of introduction

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 48 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (48)

48 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

Who sponsors LB 591?
LB 591 is sponsored by Beau Ballard.
What is the current status of LB 591?
This bill is in committee in the Legislature. Introduced January 22, 2025. It must pass committee before a floor vote.
Where can I track LB 591?
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Last checked for changes 3 months ago · updated continuously

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