Nebraska Administrative Code
Topic - BANKING AND FINANCE, DEPARTMENT OF
Title 45 - BANKING RULES
Chapter 7 - ELECTRONIC DATA PROCESSING RIDER OR ENDORSEMENT
Section 45-7-001 - BOND PROVISIONS
Universal Citation: 45 NE Admin Rules and Regs ch 7 ยง 001
Current through March 20, 2024
001.01 Any bank which has authorized any person or entity to perform electronic data processing services (herein after, "processor") of any accounting records, must include as a part of the blanket bond of such bank, a data processing rider or endorsement which incorporates therein that:
001.01A The
processor shall, while performing such services, be deemed to be an employee as
defined in said bond;
001.01B Each
processor and the employees, partners, members, managers, and officers of the
processor shall, collectively, be deemed to be one employee for the purposes of
said bond; and
001.01C The bond
does not afford coverage in favor of the processor and upon payment to the bank
on account of any loss through acts committed by any of the employees,
partners, members, managers, or officers of the processor, an assignment of
such rights and causes of action as the bank may have against the processor, to
the extent of the payment received, shall be given by the bank to the
underwriter of the bond.
001.02 The bank must execute all papers necessary to secure such rights to the underwriter.
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