Nebraska Statutes 76-2,122. Real estate closing agents; requirements; exemptions; enforcement; violation; penalty
(1) To act as a real estate closing agent, a person shall be (a) licensed or regulated by one or more regulating entities or (b) employed by a person or entity regulated by one or more regulating entities, unless employing such person to act as a real estate closing agent is otherwise prohibited by statute, rule, or regulation.
Attorney's Note
Under the Nebraska Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class V misdemeanor | up to $100 |
Terms Used In Nebraska Statutes 76-2,122
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Person shall: include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Violate: shall include failure to comply with. See Nebraska Statutes 49-801
(2) A person acting as a real estate closing agent shall:
(a) Have received good funds which are available for disbursement at the time of closing a real estate transaction, except that up to five hundred dollars need not be available for disbursement from good funds;
(b) Except as provided in section 81-885.21, deposit all funds received on behalf of another person in a trust account controlled by the real estate closing agent in a federally insured financial institution, except that up to five hundred dollars may be paid by one party directly to another party without first being deposited in a trust account controlled by the real estate closing agent; and
(c) Except as provided in section 81-885.21, disburse closing funds only from the real estate closing agent’s trust account in a federally insured financial institution in the form of good funds or in the form of a check drawn from the real estate closing agent’s trust account.
(3) The following real estate transactions are exempt from this section:
(a) Transactions with a political subdivision which is exercising its power of condemnation or eminent domain;
(b) Lease or rental transactions; and
(c) Real estate transactions in which the closing occurs within one business day following another real estate closing and in which one party is a principal to both transactions, but only to the extent that the funds disbursed in the subsequent transaction are drawn upon funds properly received by a real estate closing agent in the prior transaction which were deposited in that real estate closing agent’s trust account in a federally insured financial institution or as otherwise provided in section 81-885.21.
(4) The Attorney General or any county attorney may act to enjoin the performance of real estate closings which violate this section.
(5) A person acting as a real estate closing agent in violation of this section shall be guilty of a Class V misdemeanor.