Bill > LB250

This bill modifies the qualifications and residency requirements for bank board directors in Nebraska. The proposed changes specify that reasonable efforts should be made for a majority of board members to have their primary residences either in the state, within 25 miles of the bank's main office, in the county where the main office is located, or in counties with bank branches. The bill maintains existing requirements that directors must be people of good moral character with business experience and integrity. The legislation preserves the existing provision that requires banks to obtain departmental approval for board members and allows the Director of Banking and Finance to revoke approval if a director is conducting bank business unsafely or endangering stockholder or depositor interests. Importantly, the bill provides more flexibility in residency requirements while maintaining professional standards for bank board membership. The changes aim to make board composition more adaptable while still ensuring local knowledge and responsible governance.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=59154