Section 45-9-004 - LICENSED EXECUTIVE OFFICERS004.01 The provisions of Subsection 004 do not apply to active executive officers employed by, or under contract to perform services for, Opt-Out Banks.004.02 No person employed by, or under contract to perform services for, an Opt-In Bank shall exercise any of the functions of an active executive officer without having first acquired an executive officer's license from the Department.004.03 An application shall be submitted by the bank on forms prescribed by the Department along with the fee required by Neb. Rev. Stat. § 8-602.004.04 As part of the application, the applicant must include a:004.04A Personal financial statement,004.04C Completed Citizenship Attestation Form,004.04D Copy of all Criminal History Reports from each state in which the applicant has resided during the past ten years, and004.04E Letter from the president, chief executive officer, or a member of the Board of Directors of the bank stating:004.04E1 Reasons why the institution desires an executive officer's license for the applicant,004.04E2 The applicant's qualifications for the license,004.04E3 The applicant's familiarity with the statutes and rules or regulations of the Department applicable to banks, and004.04E4 For applicants covered by Subsection 004.04F of this Rule, that the bank has written loan and investment policies.004.04F An applicant who will be making loans and/or investments must demonstrate to the satisfaction of the Department: 004.04F1 Two years' experience in the making of loans and/or investments, or004.04F2 Comparable educational experience, defined as closely related to the experience requirements in such areas as examining and reviewing loans or investments or attending specific schools on loans and investments, and004.04F2 successful completion of at least one school or educational program concentrating on both loans and investments.004.05 An active executive officer may have under his or her direct supervision one or more individuals engaged in making loans or investments, who shall be deemed executive officers in training.004.06 No loans or investments shall be made by an executive officer in training without having first secured the approval of the holder of an executive officer's license. Written evidence of such approval for each loan or investment transaction must be reflected in the loan or investment file or on the loan documents.004.07 An executive officer's license must be held for every Opt-In Bank in which such person exercises the functions of an active executive officer.004.08 An executive officer's license is transferable only if: 004.08A A merger of two Opt-In Banks has occurred, or004.08B An application to transfer the executive officer license is made to the Department on forms prescribed by the Department no later than thirty days after the applicant has terminated employment with the bank from which the applicant is transferring and the applicant was in good standing with said bank at the time of termination.004.09 In the event of an emergency declared by the Director of the Department, a temporary executive officer's license may be issued for a period of up to thirty days, and renewed once thereafter, pending receipt of an application for a permanent executive officer's license.004.10 A holder of an executive officer's license must surrender such license to the Department for cancellation upon termination of employment or contract. If the licensee fails to surrender the license, the bank must do so within ten days after the termination. If the license cannot be located for surrender, the bank must notify the Department in writing of the termination and request cancellation of the license in the records of the Department.004.11 The Department will cancel surrendered licenses and licenses submitted for cancellation pursuant to Subsection 004.10 of this Rule without prejudice to the holder of such license unless the Director of the Department takes an action in accordance with Subsection 004.15 of this Rule.004.12 The Department shall take possession of, and cancel, any executive officer's license held by any person in any bank that is in the possession of the Department or has been temporarily or permanently closed by the Department. If any such license cannot be located, the license will be cancelled in the records of the Department.004.13 Any cancellation made pursuant to Subsection 004.12 of this Rule shall be without prejudice to the holder of such license unless the Director of the Department makes a finding in accordance with Subsection 004.15 of this Rule.004.14 An executive officer's license is subject to suspension by the Department pursuant to Section 005 of this Rule.004.15 An executive officer's license is subject to revocation by the Department pursuant to Neb. Rev. Stat. § 8-139 and Neb. Rev. Stat. §§ 8-1,134 to 8-1,139, inclusive, and any rules and regulations promulgated thereunder. 004.015A The Department may revoke with prejudice an executive officer's license upon entry by the Director of the Department of a finding or findings of fact, conclusions of law, and order based upon an investigation showing evidence that the executive officer is, or has been:004.015A1 Conducting the business of a financial institution in an unsafe or unauthorized manner;004.015A2 Endangering the interests of stockholders, shareholders, or depositors;004.015A3 Violating any of the provisions of Chapter 8 of the Nebraska statutes, any rules or regulations of the Department , or any orders entered by the Department;004.015A4 Supplying false, misleading, or incomplete information in connection with any application made to the Department; or004.015A5 The subject of an order of revocation of an executive officer's license at another bank.004.16 Any person whose license has been revoked shall immediately terminate employment with the bank and his or her membership on the bank's Board of Directors, if any.45 Neb. Admin. Code, ch. 9, § 004
Adopted effective 11/25/2023