NE LB649

Bill

Adopt the Nebraska Financial Innovation Act and provisions for controllable electronic records under the Uniform Commercial Code

Introduced
01/20/2021

In Committee
01/22/2021

Crossed Over
05/10/2021

Passed
05/18/2021

Dead

Signed/Enacted/Adopted
05/26/2021

Introduced Session

107th Legislature

Bill Summary

A BILL FOR AN ACT relating to banking and finance; to amend section 8-115, Reissue Revised Statutes of Nebraska, sections 8-101.02, 8-101.03, 8-102, 8-113, 8-148.09, 8-1,140, 8-601, 8-602, 8-701, 8-702, 8-1120, and 8-2724, Revised Statutes Cumulative Supplement, 2020, and sections 1-201, 9-102, 9-301, 9-310, 9-312, 9-314, 9-331, and 9-406, Uniform Commercial Code, Reissue Revised Statutes of Nebraska; to adopt the Nebraska Financial Innovation Act; to authorize digital asset depository entities and provide for the charter, operation, supervision, and regulation of such entities; to transfer funds; to adopt Uniform Commercial Code provisions on controllable electronic records; to harmonize provisions; to provide operative dates; and to repeal the original sections.

AI Summary

This bill: Adopts the Nebraska Financial Innovation Act, which authorizes the creation of digital asset depository entities in Nebraska and provides for their charter, operation, supervision, and regulation. It also adopts Uniform Commercial Code provisions on "controllable electronic records", a new category of digital assets. The bill amends various provisions of the Nebraska Banking Act and the Uniform Commercial Code to accommodate these changes. Key provisions include establishing requirements for digital asset depositories, granting the Department of Banking and Finance authority to charter and supervise them, and defining rules for the custody and control of controllable electronic records.

Committee Categories

Business and Industry

Sponsors (1)

Mike Flood (R)*,

Last Action

Approved by Governor on May 25, 2021 (on 05/26/2021)

Official Document

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=44186

Version:

Document Type	Source Location
State Bill Page	https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=44186
BillText	https://nebraskalegislature.gov/FloorDocs/107/PDF/Slip/LB649.pdf
McKinney, 11, Chairman Enrollment and Review ST34	https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/ST34.pdf
BillText	https://nebraskalegislature.gov/FloorDocs/107/PDF/Final/LB649.pdf
Enrollment and Review ER92	https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/ER92.pdf
Fiscal Note for LB649	https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB649_20210511-141127.pdf
Morfeld AM1338	https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM1338.pdf
Flood AM1278	https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM1278.pdf
Banking, Commerce and Insurance AM1018	https://nebraskalegislature.gov/FloorDocs/107/PDF/AM/AM1018.pdf
Analysis - Committee Statement	https://nebraskalegislature.gov/FloorDocs/107/PDF/CS/LB649.pdf
Analysis - Statement of Intent	https://nebraskalegislature.gov/FloorDocs/107/PDF/SI/LB649.pdf
Fiscal Note for LB649	https://nebraskalegislature.gov/FloorDocs/107/PDF/FN/LB649_20210219-135408.pdf
BillText	https://nebraskalegislature.gov/FloorDocs/107/PDF/Intro/LB649.pdf

Bill > LB649

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary