All Roll Calls
Yes: 24 • No: 1
Northern Mariana IslandsHB 24-6824th Northern Mariana Islands Legislature (2025-2026)HouseWALLET
To conditionally authorize the Marianas Public Land Trust to establish a margin account solely to facilitate the $29,000,000 loan authorized under Public Law 24-13, subject to the continuing fiduciary and constitutional duties of the Trustees.
Sponsored By: John Paul Palacios Sablan (Independent)
Enacted
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Marianas land trust gets limited loan authority
The Marianas Public Land Trust can open a margin account with a licensed U.S. broker-dealer. The account can only secure or support the $29 million loan authorized by Public Law 24-13—not other investing or trading. Trustees can pledge only the investment-grade securities strictly needed to secure that loan. Total collateral or borrowing exposure cannot exceed the cash value of $29 million. Trustees must still act carefully, put the trust’s interests first, and protect its core assets under their constitutional duties. The law does not automatically make margin transactions prudent or give trustees immunity or protection from liability. Within 30 days of entering an account arrangement, trustees must report to the Legislature and Governor. The report must explain the pledged assets, borrowing terms, and safeguards, with quarterly updates until the account is fully closed. This law creates no direct household payment or benefit.
Sponsors & Cosponsors
Sponsor
John Paul Palacios Sablan
Independent • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 11/14/2025
Roll call on HB 24-68
Yes: 6 • No: 0
House vote • 11/6/2025
Roll call on HB 24-68
Yes: 18 • No: 1
Actions Timeline
Senate Final Reading — Passed (HD1)
11/14/2025SenateP.L. 24-17
11/11/2025HouseHouse Final Reading — Passed (HD1)
11/6/2025HouseHouse First Reading — Passed (HD1)
11/6/2025HouseIntroduced
10/15/2025House
Bill Text
HB 24-68
10/15/2025
P.L. 24-17
10/15/2025
[HD1]
10/15/2025
Related Bills
HB 24-108, To provide a Budget Plan of the Commonwealth of the Northern Mariana Islands for Fiscal Year 2027 and make appropriations for the operations and activities of the Government of the Commonwealth of the Northern Mariana Islands, its agencies, instrumentalities, and independent programs, and to provide budget authority for government corporations; and for other purposes.
HLB 24-62, To appropriate $500,000.00 from revenues collected for the Third Senatorial District pursuant to Public Law 20-59; and for other purposes.
SB 24-48, Establish a Division of Customs and Biosecurity within the DOF
HB 24-84, To authorize the expenditure of $2,105,563.00 identified by the Governor as a surplus from Fiscal Year 2025 revenues that shall be appropriated by the Legislature to the Public School System and to the 25% Retirees’ Pension Obligation.
HB 24-74, To appropriate funds derived from trust interest income from the Marianas Public Land Trust towards payment of household allotments of Nutrition Assistance Program (NAP) benefits for November 2025.
HB 24-63, To amend Title 4 sections 1991 to 1995 relating to the 3% construction tax on gross revenues derived from certain non-residential construction projects and to enact a new section 1996 pertaining to Applicability; and for other purposes.