Neb. Rev. Stat. § 8-2908
This is the official text of Neb. Rev. Stat. § 8-2908, part of Nebraska’s Rev. Stat — part of the compiled statutory law of Nebraska, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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View Statute 8-2908
Official statutory text
(1) A broker-dealer or investment adviser may delay a transaction or disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary if:
(a) The broker-dealer or investment adviser reasonably believes, after initiating an internal review of the requested transaction or disbursement, that the requested transaction or disbursement may result in financial exploitation of an eligible adult; and
(b) The broker-dealer or investment adviser:
(i) Immediately, but in no event more than two business days after the requested transaction or disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(ii) Immediately, but in no event more than two business days after the requested transaction or disbursement, notifies the agencies; and
(iii) Continues its internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and reports the internal review's results to the agencies upon request.
(2) Any delay of a transaction or disbursement as authorized by this section will expire upon the sooner of:
(a) A determination by the broker-dealer or investment adviser that the transaction or disbursement will not result in financial exploitation of the eligible adult; or
(b) Fifteen business days after the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement of the funds, unless either of the agencies requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than thirty business days after the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement of the funds unless sooner terminated by either of the agencies or by an order of a court of competent jurisdiction.
(3) A court of competent jurisdiction may enter an order extending the delay of the transaction or disbursement of the funds or may order other protective relief based on the petition of (a) either or both of the agencies, (b) the broker-dealer or investment adviser that initiated the delay under this section, or (c) any other interested party.
(4) Any qualified person that, in good faith and exercising reasonable care, complies with this section shall be immune from any administrative or civil liability that might otherwise arise from such delay or notification.
Laws 2021, LB297, § 5.
(a) The broker-dealer or investment adviser reasonably believes, after initiating an internal review of the requested transaction or disbursement, that the requested transaction or disbursement may result in financial exploitation of an eligible adult; and
(b) The broker-dealer or investment adviser:
(i) Immediately, but in no event more than two business days after the requested transaction or disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(ii) Immediately, but in no event more than two business days after the requested transaction or disbursement, notifies the agencies; and
(iii) Continues its internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and reports the internal review's results to the agencies upon request.
(2) Any delay of a transaction or disbursement as authorized by this section will expire upon the sooner of:
(a) A determination by the broker-dealer or investment adviser that the transaction or disbursement will not result in financial exploitation of the eligible adult; or
(b) Fifteen business days after the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement of the funds, unless either of the agencies requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than thirty business days after the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement of the funds unless sooner terminated by either of the agencies or by an order of a court of competent jurisdiction.
(3) A court of competent jurisdiction may enter an order extending the delay of the transaction or disbursement of the funds or may order other protective relief based on the petition of (a) either or both of the agencies, (b) the broker-dealer or investment adviser that initiated the delay under this section, or (c) any other interested party.
(4) Any qualified person that, in good faith and exercising reasonable care, complies with this section shall be immune from any administrative or civil liability that might otherwise arise from such delay or notification.
Laws 2021, LB297, § 5.
Status: in_force · Read it on the official government site
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