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

LB 591 amends Nebraska's Installment Loan Act to simplify licensing for lenders and their related companies (affiliates). It removes the need for separate licenses when affiliates only pool loans for sale (securitization) and the original lender retains servicing rights. The bill also allows a licensee controlling 50%+ of an affiliate to apply for licenses and handle compliance (like reporting and audits) on the affiliate’s behalf. These changes apply directly to lenders, their subsidiaries, and entities involved in loan servicing or securitization under the Act. The bill repeals outdated sections to align with these updated requirements.