Rules and Regulations

Rules and Regulations. The director may issue and adopt all necessary rules and regulations to carry out the purposes of this division. In the exercise of this power to make rules and issue regulations pursuant to this division, the director shall act in the interests of promoting and maintaining a sound banking system, the security of deposits and depositors and other customers, the preservation of the liquid position of banks and in the interest of preventing injurious credit expansions and contractions. The director may also impose additional filing fees, penalties and interest for such actions as the late renewal of a license. Source: PL 3-104, § 1100. Commission Comment: With respect to the references to the “director” of the Department of Commerce and Labor, see Executive Order 94-3 (effective August 23, 1994), reorganizing the executive branch, changing agency names and official titles, and effecting other changes, set forth in the Commission comment to 1 CMC § 2001.