AI-assisted research summary: This section defines several terms used in sections 76-2,121 to 76-2,123, including “good funds,” “real estate closing agent,” “federally insured financial institution,” and “regulating entity.”
For purposes of sections 76-2,121 to 76-2,123: (1) Federally insured financial institution means an institution in which the monetary deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration; (2) Good funds means: (a) Lawful money of the United States; (b) wired funds when unconditionally held by the real estate closing agent or employee; (c) cashier's checks, certified checks, bank money orders, or teller's checks issued by a federally insured financial institution and unconditionally held by the real estate closing agent or employee; (d) United States treasury checks, federal reserve bank checks, federal home loan bank checks, State of Nebraska warrants, and warrants of a city of the metropolitan or primary class; or (e) real-time or instant payments through the FedNow® Service of the United States Federal Reserve System or through the RTP® network of The Clearing House Payments Company L.L.C.; (3) Real estate closing agent means a person who collects and disburses funds on behalf of another in closing a real estate transaction but does not include a seller or buyer closing a real estate transaction on his or her own behalf or a lender closing a real estate loan transaction; and (4) Regulating entity means the: (a) Department of Insurance; (b) Supreme Court; (c) State Real Estate Commission; (d) Department of Banking and Finance; (e) Federal Deposit Insurance Corporation; (f) Office of the Comptroller of the Currency; (g) Consumer Financial Protection Bureau; (h) Federal Farm Credit Administration; or (i) National Credit Union Administration. History: Laws 1994, LB 1275, § 1; Laws 1999, LB 248, § 1; Laws 2019, LB258, § 16; Laws 2024, LB1073, § 26.