108th Legislature, 2nd Session New Bill Introductions - Rules Debate CommencesAs of Thursday, Jan. 11, the seventh day of the 2024 legislative session, a total of 349 bills and three proposed constitutional amendments have been introduced. Floor debate on bills "carried over" from last session is expected to begin on Jan. 22 and will continue during morning sessions of floor debate by the Legislature, with Committee hearings to be held in the afternoons. Floor debate on amendments to rules governing the legislative process began on Thursday morning. The Rules Committee, chaired by Senator Steve Erdman (Bayard) conducted a public hearing on Monday, Jan. 8, on 34 proposed rules amendments. The Rules Committee has advanced 17 rules amendments for consideration by the full legislature. Speaker John Arch (Papillion) has indicated that the debate on rules amendments will go no longer than Friday, Jan. 19. While a number of the proposed rules changes are technical in nature, extended floor debate is likely to result on more controversial measures to a) end the practice of "secret ballots" when voting for leadership of committees, speaker and executive board; b) create a sliding scale for the number of senators required to invoke cloture thereby ceasing debate and allowing for a vote on the pending measure (Currently, a motion to invoke cloture requires 33 votes.); and c) closing executive sessions to reporters unless a committee chair allows them to participate. In a departure from prior years, 17 individual senators and one committee have already designated priority bills. In addition, the Speaker has identified three of his 25 legislative priorities. While it's customary for senators and committees, as well as the Speaker to wait until closer to the deadline for designating priority bills (Feb. 15), individual senators and committee chairs appear to be designating their priorities early in light of the uncertainty for how the session will evolve, considering last year's frequent filibustering of issues. Governor Pillen is scheduled to present the annual "State of the State" address on Jan. 18 outlining his priorities for the session. NBA Affirmative LegislationThe following bills have been introduced on behalf of the NBA: LB 872 - Central-Bank Digital Currency Introduced by Senator Rob Clements (Elmwood), LB 872 would prohibit political subdivisions or state agencies from accepting a central-bank digital currency as a method of cash payment of any tax, levy, excise, duty, custom, toll, interest, penalty, fine, license, fee, or assessment of whatever kind of nature. LB 1122 - Misleading Advertisements/Solicitations Senator Beau Ballard (Lincoln) is the sponsor of LB 1122, which would increase the maximum fine that the Department of Banking can impose for violations involving misleading advertisements or solicitation of bank customers from $1,000 to $5,000. Current law places restrictions on the ability of any person to include the name, trade name, logo or symbol of a financial institution in a written solicitation for financial products or services directed to a consumer who has obtained a loan from the financial institution without consent of the financial institution, unless the solicitation clearly and conspicuously states that the person is not sponsored or affiliated with a financial institution and that the solicitation is not authorized by the financial institution. LB 1176 - Public Entities Pooled Investment Act Senator George Dungan (Lincoln) has introduced LB 1176, which would establish investment priorities, customer disclosures and restrictions on investments for political subdivision investment pools. The bill would specifically limit investments by a political subdivision investment pool in commercial paper to commercial paper a) issued by a United States corporation; b) with a stated maturity of 270 days or fewer from its date of issuance; and c) which is rated in the highest quality category by at least two nationally recognized rating agencies. In addition, the bill would limit the investments in commercial paper by a political subdivision investment pool to no more than 40% of the total funds eligible for investment and to no more than 5% of the total funds available for investment in commercial paper of a single issuer. General BankingLB 1074 - Omnibus Department of Banking Bill Senator Julie Slama (Dunbar), Chair of the Banking Commerce and Insurance Commitee, has introduced LB 1074 which would renew the annual bank and savings and loan "wild-card" provisions. LB 925 - Firearm Industry Nondiscrimination Act Senator Ray Aguilar (Grand Island) is the sponsor of this legislation which would prohibit governmental entities from entering into a contract with any company engaged in discriminating against firearm entities for contracts worth at least $100,000 that are to be paid, in whole or in part, by a governmental entity. LB 954 - Biometric Autonomy Liberty Law Senator Kathleen Kauth (Omaha) has introduced LB 954 which would provide for regulation of the collection, use, safeguarding, handling, storage, retention and destruction of biometric data. LB 961 - Noncompete Agreements LB 961, introduced by Senator Dungan, would prohibit an employer with one or more employees (other than government employers) from entering into a noncompete agreement with a lower-wage employee (employee who earns no more than $100,000 per year). Workforce HousingLB 888 - Middle Income Workforce Housing Investment Act Introduced by Senator Tony Vargas (Omaha), LB 888 would appropriate $25 million from the General Fund for fiscal year 2024-25 to the Department of Economic Development for the Middle-Income Workforce Housing Investment Act. LB 889 - Rural Workforce Housing Investment Act LB 889, also introduced by Senator Vargas, would appropriate $25 million from the General Fund for fiscal year 2024-25 to the Department of Economic Development for the Rural Workforce Housing Investment Act. LB 897 - Rural Workforce Housing Investment Act Introduced by Senator Loren Lippincott (Central City), LB 897 would appropriate $20 million from the General Fund for fiscal year 2024-25 to the Department of Economic Development for the purposes of the Rural Workforce Housing Investment Act. LB 1039 - Middle-Income Workforce Housing Investment Act and Rural Workforce Housing Investment Act Senator Vargas introduced LB 1039 which would appropriate $25 million from the General Fund for fiscal year 2024 and 2025 to the Department of Economic Development for the Middle-Income Workforce Housing Investment Act and $25 million for the Rural Workforce Housing Investment Act. General BusinessLB 873 - Real Estate Closing/Good Funds LB 873, also introduced by Senator Ballard, would authorize use of real-time or instant payments through the FedNow service of the United States Federal Reserve system, or through the RTP network of the Clearinghouse Payments Company LLC for purposes of the good funds requirement associated with real estate closings and would increase from $500 to $5,000 of the amount of funds that need not be available for disbursement from good funds. LB 991 - Blockchain Basics Act Senator Eliot Bostar (Lincoln) has introduced LB 991, which would prohibit a political subdivision from discriminating against digital asset mining businesses with respect to sound pollution and other types of regulations. LB 1067 - Inheritance Tax Introduced by Senator Rob Clements (Elmwood), LB 1067 would phase out the inheritance tax by Jan. 1, 2028. LB 1135 - Right-to-List Home Sale Agreements Introduced by Senator Robert Dover (Norfolk), LB 1135 would make void and unenforceable any right-to-list home sale agreement (an agreement by the owner of residential real estate providing another person with exclusive right to list real estate for sale at a future date in exchange for monetary consideration which purports to be a lien, encumbrance or other real property security interest) or lien or encumbrance resulting from such an agreement which is presented for recording, or recorded in the office of the register of deeds or county clerk. Economic DevelopmentLB 851 - Economic Development/Internship Grants Senator Mike Jacobson (North Platte) introduced LB 851 which would allow businesses with less than 150 full-time-equivalent employees (was 50) to obtain grants for internships to reimburse the cost of wages paid. LB 993 - Economic Development/Apprenticeship Grant Act LB 993, introduced by Senator Teresa Ibach (Sumner), would provide underemployed and unemployed individuals with job training and classroom instruction opportunities in order to earn a livable wage and reduce their reliance on economic assistance programs and increase the number of Nebraska businesses willing to offer apprenticeships to Nebraska workers. LB 1077 - Workforce Development and Career Readiness Program Introduced by Senator Mike McDonnell (Omaha), LB 1077 would appropriate $2 million from the General Fund for fiscal year 2024-25 to the Department of Labor to provide grants for workforce development and career readiness, to be used for facility expansion. The bill would also require a one-to-one match of private funding for the facility expansion with grant funds to be evenly distributed between the Nebraska congressional districts. LB 1114 - Endow Nebraska Act LB 1114, also introduced by Senator Bostar, would allow a taxpayer who provides an endowment gift to an endow Nebraska qualified community foundation or a community affiliate for a permanent endowment fund to be eligible for a tax credit. The tax credit would be equal to 15% of a taxpayer’s gift to a permanent endowment and is nonrefundable and non-transferable but may be carried forward. The maximum annual tax credits would be set at $5 million in the aggregate and $50,000 per taxpayer. 2024 State Government Relations ForumYou are encouraged to sign up for the annual NBA State Government Relations Forum which will be held on January 25 at the Cornhusker Marriott Hotel in Lincoln. Headlining the program will be presentations by Governor Pillen, a panel of state senators, and NBA General Counsel Bob Hallstrom and Ryan McIntosh. Nebraska Department of Banking and Finance Director Kelly Lammers will discuss Department initiatives. The State Government Relations Forum presents an opportunity to meet personally with your state senator during lunch to discuss issues of importance to the banking industry, your institution and your community. We look forward to seeing you on January 25! Register Here 108th Legislature, 2nd Session 2024 Legislature ConvenesThe gavel fell at 10:00 a.m. on Wednesday, January 3, marking the beginning of the second session of the 108th Legislature. The first two days of the short, 60-day session consisted primarily of bill introductions, with 154 new bills dropped into the hopper. Combined with nearly 600 bills carried over from the 2023 legislative session, lawmakers will face a healthy slate of issues once again this session. Bill introductions will continue during the first 10 legislative days, with General File debate of bills carried over from the 2023 legislative session to commence after the rules debate has been completed. Governor Pillen will present his State of the State address on January 18, with Committee hearings to begin on January 22 and run through February 29. February 14 is the deadline for submitting requests for Speaker Priority bill designations and individual senator and Committee priority bills must be designated by February 15. Full-day floor debate is scheduled to begin on March 4 with the legislature scheduled to adjourn on April 18. The early days of the legislative session will involve consideration of changes to the permanent rules. Speaker John Arch (La Vista) and Senator Steve Erdman (Bayard), chair of the Rules Committee, along with individual senators, with submit proposed rule changes to the permanent rules that are filed with the clerk, with the Rules Committee to conduct a public hearing early next week, followed by advancement by the Committee of proposed rules changes which will be debated on the floor shortly thereafter. Senator Erdman is expected to propose rule changes that would eliminate secret votes for legislative leadership elections and bar the news media from Legislative Committee executive sessions. In addition, it is expected that a rule change to not count senators "present and not voting" when calculating the two-thirds vote needed to terminate a filibuster and advance a bill will also be debated. Major issues expected to be addressed this session include workforce development, childcare incentives, and addressing the rural and affordable housing shortages. Governor Pillen has also indicated that he will be proposing a 2% state sales tax increase to be coupled with "hard" spending caps for local political subdivisions in order to provide funding for a 40% reduction in property taxes paid on a statewide basis. Executive Board ElectionsDuring the first day of the session, the body elected a new Chair of the Executive Board to succeed former Senator Tom Briese (Albion). Shortly after convening, Senator Ray Aguilar (Grand Island) was elected to succeed former Senator Briese, who resigned from the legislature earlier this year after being appointed by Governor Pillen to serve as State Treasurer. Senator John Lowe (Kearney) was elected to the position of Vice-Chair of the Executive Board, and Senator Mike Jacobson (North Platte) was selected to serve as a member of the Executive Board. New Senator Takes OfficeLawmakers welcomed new state Senator Fred Meyer (West Point), who was appointed by Governor Pillen to serve as the Legislative District 41 representative following the resignation of Senator Briese. Senator Meyer is a graduate of the University of Nebraska-Lincoln and has been active in his community and in a number of agricultural organizations. Senator Meyer, who served for many years on the Nebraska State Board of Education, has previously indicated that he will not seek election to the legislature in the 2024 General Election. Term-Limited Senators Enter Final SessionThe 2024 legislative session will be the last for Senators Joni Albrecht (Thurston), Carol Blood (Omaha), Bruce Bostelman (Brainard), Tom Brewer (Gordon), Steve Erdman (Bayard), Steve Halloran (Hastings), Lou Ann Linehan (Elkhorn), John Lowe (Kearney), Mike McDonnell (Omaha), Tony Vargas (Omaha), Lynne Walz (Fremont), Justin Wayne (Omaha),and Anna Wishart (Lincoln) due to term limits, the constitutional provision limiting senators to serving two consecutive four-year terms in office. NBA Affirmative Legislative AgendaThis session, the NBA will be promoting a legislative agenda consisting of four bills to be introduced on behalf of the Association. These bills address the following subjects:
Carryover Bills (Support)A number of bills introduced on behalf of the NBA last session have been carried over to the current session, as follows: LB 69 - Life Insurance Assignment - Notice of Lapse/Termination Senator Jacobson introduced LB 69 on behalf of the NBA, which would prohibit a policy of life insurance subject to an assignment from being terminated for lapsed by reason of default in payment of any premium unless a notice of pending lapse and termination of the policy has been provided by the insurer to any known assignee at least 30 days prior to the effective date of the lapse and termination. The bill also authorizes senior citizens to designate a third party to receive notices of cancellation, nonrenewal and conditional renewal of a life insurance policy. LB 94 - UCC Article 12 Introduced by Senator Julie Slama (Dunbar), LB 94 would adopt Uniform Commercial Code, Article 12, relating to controllable electronic records. LB 279 - Executive Officer Reporting Requirements Senator Kathleen Kauth (Omaha) introduced LB 279, which would eliminate the requirement for executive officers to make annual reports regarding the amount of loans or indebtedness on which he or she is a borrower, cosigner, or guarantor, the security therefor, and the purpose for which the proceeds have been or are to be used. A Banking Committee amendment will allow the Board of Directors to retain flexibility to obtain a credit report for its executive officers on an annual basis. LB 94 and LB 279 both advanced to Select File last session and are expected to come up for further consideration early in the session after the permanent rules debate has been completed. Other Carryover Bills (Oppose)The NBA will continue its opposition to the following anti-ESG legislative bills: LB 67 - Public Funds Introduced by Senator Slama, LB 67 would require the State Treasurer to ensure that money deposited by the State Treasurer's office is not used by financial institutions for social or political causes or objectives. LB 730 - Fair Access to Financial Services Act Introduced by Senator Rick Holdcroft (Bellevue), LB 730 would restrict financial institutions from limiting access to financial services (financial product or service) for any reason other than objective financial criteria. The bill would prohibit a financial institution from denying any person a financial service offered by the financial institution unless justified by such person's documented failure to meet quantitative, impartial and risk-based financial standards established in advance by the financial institution. LB 743 - Investment Neutrality in Public Funds Act Also introduced by Senator Kauth, LB 743 would require any investment manager, fiduciary, governing body or financial institution in making and supervising investments of any public fund to discharge its duties solely in the financial interest of the beneficiaries for the exclusive purposes of a) providing financial benefit to the beneficiaries, and b) defraying reasonable expenses related to administration of the benefits. The bill would require a fiduciary to take into account only financial (having a material effect on the financial risk of the financial return of an investment) factors when discharging its duties with respect to investments of public funds (financial does not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political, or ideological interests). 2024 State Government Relations ForumYou are encouraged to sign up for the annual NBA State Government Relations Forum which will be held on January 25 at the Cornhusker Marriott Hotel in Lincoln. Headlining the program will be presentations by Governor Pillen, a panel of state senators, and NBA General Counsel Bob Hallstrom and Ryan McIntosh. Nebraska Department of Banking and Finance Director Kelly Lammers will discuss Department initiatives. The State Government Relations Forum presents an opportunity to meet personally with your state senator during lunch to discuss issues of importance to the banking industry, your institution and your community. We look forward to seeing you on January 25! Register Here 2022 SESSION, 107TH LEGISLATURE The first session of the 108th Nebraska Legislature is now history, as the Legislature adjourned sine die on June 1, 2023. As always, the Legislature dealt with a number of contentious issues in the waning days of the session. The next regular session is scheduled to convene in early January 2024. Over 84 bills, amendments to those bills and amendments to other proposals were actively monitored by the NBA this session. We have summarized only the major bills of direct interest to the banking industry, according to subject. Most of the other numerous non-banking legislative measures were disposed of early in the session and were previously covered in the weekly NBA Legislative Update narratives or Bill Summary emails. During this session, many of the bills on the NBA's Affirmative Legislative agenda or supported by the NBA were enacted into law. The Legislature also took no final action on any of the bills on which the NBA had established a position of opposition. The success of this session is in large part attributable to the excellent grassroots support provided by Nebraska bankers. When called upon to make contacts with legislators, Nebraska bankers responded promptly and effectively in communicating the NBA's position on issues of importance to the banking industry. Thank you to each and every Nebraska bankers who took time to visit with their state senator during the 2023 Legislative Session. This summary also includes the effective dates of the enacted legislation and any necessary compliance information. Members of the NBA Government Relations Committee spent many hours reviewing potential legislation for introduction on behalf of the NBA and analyzed other legislation introduced each session. The Committee makes recommendations regarding positions to be established by the NBA on legislation of interest to the banking industry which are forwarded to the NBA Board of Directors for final action. A special thanks to Nick Vrba, RVR Bank, Fremont, who served as Chair of the NBA Government Relations Committee this year along with all of the members of the Government Relations Committee for their efforts on behalf of the banking industry. A listing of the 2022-2023 members of the Committee is included in this NBA Legislative Update Wrap-Up edition. If you have any questions regarding any of the bills highlighted in this Wrap-Up, please feel free to contact the NBA. This NBA Legislative Update Wrap-Up Edition has been prepared as a summary and it does not necessarily constitute a complete or definitive analysis of each bill discussed. The NBA staff is prepared to provide you with further information or to send you copies of bills in which you are interested. The long and winding 2023 legislative session concluded on Thursday as the Legislature adjourned sine die at 4:30 p.m. After spending a good portion of the day on Wednesday considering overrides of Gubernatorial vetoes, the Legislature gave final approval to bills relating to criminal justice reform (LB 50), Voter ID provisions (LB 514) and transformational funding for North/South Omaha development projects (LB 531). While only 56 bills were sent to the Governor for his signature this session, amendments to those bills resulted in approximately 290 measures being approved. The total number of bills passed is comparable to prior sessions, even though it required the “packaging” of multiple bills together to get these bills to the finish line. NBA-Supported Bills Receive Final ApprovalLawmakers have given final approval to a series of bills (LB 92, LB 157 and LB 727), all of which were supported by the NBA. LB 92, which was introduced by Senator Julie Slama (Dunbar) and designated as a priority bill by the Banking, Commerce and Insurance Committee, contains the following measures supported by the NBA:
LB 157, a bill relating to temporary guardians, introduced by Senator Wendy DeBoer (Omaha) and designated as a priority bill by the Planning Committee, included the provisions of LB 330. The bill, in part, revises provisions relating to small estate affidavits and the negotiation of checks made payable "to the estate of" by authorizing a financial institution to accept such a check endorsed by the successor named in a small estate affidavit. This clarification in the law will avoid the need to have a new check issued by the drawer of the check under such circumstances. The Legislature has given final approval to LB 727. Introduced by Senator Lou Ann Linehan (Elkhorn) and designated as a Revenue Committee priority bill, the bill originally provided a sales tax exemption for certain purchases by the state and other public entities. Amendments adopted throughout the process resulted in an additional 25 tax-related bills being added to the tax package. As approved, LB 727 contains, in part, the following bills, which were supported by the NBA:
Workforce Housing Veto Override Falls ShortLast week, Governor Pillen issued a series of line-item vetoes reducing state spending by approximately $119 million for the two years ending June 30, 2025. The Legislature considered motions to override a number of these vetoes on Wednesday but were successful in overriding only a single veto which restored $1.1 million in funding to the State Auditor's office to hire two additional employees and make staff salaries more competitive. The NBA joined many other interested parties in supporting the override of the Governor's veto of $40 million in funding for rural workforce housing and middle-income housing. The motion to override was defeated on the following vote: Voting Yes: 25 Aguilar, Blood, Bostar, Brandt, Cavanaugh, J., Cavanaugh, M., Conrad, Day, DeBoer, Dorn, Dungan, Fredrickson, Hardin, Hughes, Hunt, Lippincott, McDonnell, McKinney, Raybould, Riepe, Slama, Vargas, Walz, Wayne, Wishart. Voting No: 23 Albrecht, Arch, Armendariz, Ballard, Bosn, Bostelman, Brewer, Briese, Clements, DeKay, Erdman, Halloran, Hansen, Holdcroft, Ibach, Jacobson, Kauth, Linehan, Lowe, Moser, Murman, Sanders, von Gillern. Present Not Voting: Dover Other motions to override vetoes which were also unsuccessful included measures to increase Medicaid payment rates for hospitals, nursing homes and other healthcare providers and pay raises for legislative staff. Economic Recovery Act Sent to GovernorThe Legislature has given final approval to LB 531, a bill supported by the NBA. Introduced by Senator Terrel McKinney (Omaha) and designated as a priority bill by the Urban Affairs Committee, LB 51 would provide funding for grants to multiple proposals seeking to revitalize parts of North and South Omaha. Last session, the Legislature allocated approximately $335 million to fund transformational projects in North and South Omaha. While some funds have been directed to specific projects, about $225 million in grants remain to be allocated, which will be awarded to North/South Omaha entities to be selected by the Department of Economic Development. 2023 SESSION, 108TH LEGISLATURE As the 2023 Legislative Session draws to a close, the Legislature is putting the finishing touches on a number of major legislative issues. During the past week, the Legislature gave final approval to a package of tax relief and school funding measures (LB 243, LB 583 and LB 754), passed a significant rural workforce housing bill (LB 191), advanced a criminal justice reform measure (LB 50) to the final stage of debate and a Voter ID proposal (LB 514) to Select File. Governor Pillen also issued his line-item vetoes which are designed to save $94.2 million in General Funds and $87 million from the state's Cash Reserve Fund over the next four years. On deck for the final full week of the session is second round debate on LB 514, consideration of overrides of Gubernatorial vetoes and action on the remaining bills on Final Reading. Governor Wields Veto PenGovernor Pillen exercised his line-item veto authority to cut more than $140 million in proposed spending over the next two years. Among the Governor's vetoes were more than $45 million in increases for Medicaid provider rates and $40 million in rural workforce housing and middle-income housing funding. The Appropriations Committee, on a divided 5-4 vote, has recommended overrides of the Medicaid provider rates and rural workforce housing and middle-income housing vetoes, as well as vetoes of proposed salary increase for a state legislative staff and funding for additional staff for the State Auditor's office. Contacts with your state senator are needed to urge the override of workforce housing vetoes. A "Background Paper" setting forth additional information and talking points accompanies this NBA Legislative Update for your assistance in contacting members of the Legislature. Package of Tax Relief Bills Sent to GovernorThe Legislature on Thursday gave final approval to a series of bills that will provide property tax relief (LB 243) and income tax relief (LB 754). The two tax relief bills, combined with Governor Pillen's proposal to increase state aid to schools, will provide approximately $6.4 billion in tax relief over the next six years. LB 243, in part, will increase state tax credits provided against property tax payments and provide state funding for the state's six community colleges, taking this funding off the local property tax rolls. LB 754 will reduce the maximum individual income tax rate from 6.84% to 3.99%, reduce the maximum corporate income tax rate from 7.25% to 3.99% over the next five years, as well as phase out state income taxes on social security benefits and certain federal pension payments, among other things. Also sent to the Governor for signature was LB 583. The legislation will use funding from a $1 billion Education Future Fund contained within the state budget bill to provide $1,500 per student in foundation aid and help cover 80% of special education costs. Rural Workforce Housing Bill ApprovedLawmakers gave final approval to LB 191, which contains provisions of original LB 249, which was introduced by Senator Tom Briese (Albion) and the priority bill of Senator Teresa Ibach (Sumner). The provisions of LB 249 would allow a nonprofit development organization to apply for more than one grant subject to a limitation on the maximum amount of grant funds awarded to such nonprofit development organization over a two-year period to no more than $5 million. Prior to its amendment into LB 191, provisions in LB 249 to remove "anti-stacking" provisions prohibiting the mixing of certain low-income housing funds with rural workforce housing funds (removal of which was opposed by the NBA), were dropped from the bill. Revenue Priority Bill Gets Second Round ApprovalThe Legislature gave second-round approval to LB 727 on Tuesday. Introduced by Senator Lou Ann Linehan (Elkhorn) and designated as a Revenue Committee priority bill, the bill originally provided a sales tax exemption for certain purchases by the state and other public entities. The bill had previously been amended to incorporate provisions of an additional 25 tax-related bills. As advanced to Final Reading, LB 727 addresses, in part, the following bills. which were supported by the NBA:
Prior to advancing the bill to Final Reading, the Legislature eliminated some provisions and modified others to reduce the fiscal impact of the measure to fit within the budget parameters. NBA Supported Bill AdvancesA bill on the NBA Affirmative Legislative agenda has been added as an amendment to LB 157, a bill relating to temporary guardians, which has been designated as a priority bill by the Planning Committee. Following adoption of the amendment, the bill was advanced to Select File. The provisions of LB 330, introduced by Senator Wendy DeBoer (Omaha), which have been incorporated into LB 157, would change provisions relating to small estate affidavits and the negotiation of checks made payable “to the estate of” by authorizing a financial institution to accept such a check endorsed by the successor named in a small estate affidavit. This clarification in the law will avoid the need to have a new check issued by the drawer of the check under such circumstances. Background Paper |
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