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WBK Industry News - State Regulatory Developments

Nebraska Increases the Amount of Days to Cancel Loan Brokerage Agreement

On March 29, 2017, the Nebraska Governor approved Legislative Bill 184 which increased the amount of business days, from three to five, in which the borrower has the right to cancel a signed loan brokerage agreement for any reason. The Bill also amended the timing requirement for providing a written disclosure statement in connection with the brokerage agreement. In particular, the Bill removed the requirement that the lender give the written disclosure statement 48 hours in advance. Now, the statute will state that the written disclosure statement must be given prior to signing of the brokerage agreement. The amendments will become effective September 3, 2017.

The entire Legislative Bill 184 can be found here: http://nebraskalegislature.gov/FloorDocs/105/PDF/Slip/LB184.pdf.