Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 6103 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6103. Definitions. As used in this division unless the context clearly requires otherwise: (a) “Action” in the sense of a judicial proceeding includes recoupment, counterclaim, setoff, suit in equity and…
4 CMC § 6104 Effect of Existing Banks
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6104. Effect on Existing Banks. All Commonwealth banks and, to the extent applicable, all banks carrying on banking business from within the Commonwealth shall hereafter be operated in accordance with th…
4 CMC § 6105 Director of Banking
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6105. Director of Banking. (a) For the purpose of this division, the Director of Commerce and Labor shall serve as the Director of Banking. (b) The director may delegate to any officer or employee of the…
4 CMC § 6106 Powers of the Director
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6106. Powers of the Director. The director has the following powers: (a) To administer and enforce the provisions of this division as well as any applicable federal banking law for the protection of the …
4 CMC § 6107 Additional Banking Powers of the Director
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6107. Additional Banking Powers of the Director. In addition to the powers conferred by 4 CMC § 6106, the director may require a bank to: (a) Maintain its accounts in accordance with such regulations as …
4 CMC § 6108 Rules and Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6108. 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 regulat…
4 CMC § 6109 Appeals from Determination of the Director
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6109. Appeals from Determinations of the Director. Any person aggrieved by a determination or failure to act of the director may appeal the matter to the Commonwealth Trial Court. The court shall uphold …
4 CMC § 6110 Authority of Director: Revocation of Licenses
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6110. Authority of Director: Revocation of Licenses. If in the opinion of the director a bank in carrying on its business, in the Commonwealth or elsewhere, is contravening the provisions of any applicab…
4 CMC § 6111 Revocation of Licenses: Hearings
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6111. Revocation of Licenses: Hearings. The director shall conduct hearings pursuant to the provisions of the Administrative Procedure Act (1 CMC § 9101 et seq.), prior to ordering any action under 4 CMC…
4 CMC § 6112 Additional Adjudicatory Powers
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6112. Additional Adjudicatory Powers. (a) The director may subpoena witnesses, compel their attendance, require the production of evidence, administer an oath, and examine any person under oath in connec…
4 CMC § 6113 Court Review
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6113. Court Review. (a) Any person aggrieved and directly affected by an order of the director may appeal to the Commonwealth Trial Court within 30 days after issuance and notice of the order is served u…
4 CMC § 6114 Legal Assistance
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6114. Legal Assistance. The director shall utilize the office of the Attorney General or its designee for legal assistance and representation in carrying out the provisions of this division. Source: PL 3…
4 CMC § 6115 Banking Interest of Officers and Employees
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6115. Banking Interest of Officers and Employees. No officer or employee of the department may be an officer, director, trustee, attorney, owner, shareholder or partner in any bank, or, except as hereina…
4 CMC § 6116 Annual Report
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6116. Annual Report. The director shall report to the Governor and the legislature within 60 days after the end of each fiscal year. The report shall include a summary of all major changes in the banking…
4 CMC § 7101 Short Title
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7101. Short Title. This division may be cited as the Commonwealth Insurance Act of 1983. Source: PL 3-107, § 2. Commission Comment: PL 3-107 took effect February 24, 1984.
4 CMC § 7102 Compliance Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7102. Compliance Required. No person may transact a business of insurance in the Commonwealth without complying with the applicable provisions of this division. Source: PL 3-107, § 2.
4 CMC § 7103 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 7103. Definitions. (a) “Alien insurer” means an insurer formed under the laws of a nation other than the United States or a state as defined in this division. (b) “Capital funds” means the excess of the assets of an i…
4 CMC § 7104 Insurance Commissioner Established
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7104. Insurance Commissioner Established. The Insurance Commissioner of the Commonwealth shall be the Director of Banking until such time as the legislature, at the recommendation of the Insurance Commissioner pursuant to 4 CMC …
4 CMC § 7105 Powers and Duties of Commissioner
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7105. Powers and Duties of Commissioner. The Insurance Commissioner shall have the authority expressly conferred by this division and such other authority as may be reasonably implied from the provisions of this division. The po…
4 CMC § 7106 Administrative Orders and Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7106. Administrative Orders and Notice. The commissioner may issue such orders as may be necessary to carry out his powers and duties. Orders of the commissioner shall not be effective unless in writing signed by the commissione…
4 CMC § 7107 Enforcement
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7107. Enforcement. (a) The Insurance Commissioner may cause to be prosecuted an action in any court of competent jurisdiction to enforce any order made by the commissioner pursuant to any provision of this division. (b) If the c…
4 CMC § 7108 Delegation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7108. Delegation. Any power, duty, or function vested in the Insurance Commissioner by this division may be exercised, discharged, or performed by any employee of the Department of Commerce and Labor acting in the name and by th…
4 CMC § 7109 Records
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7109. Records. (a) The Insurance Commissioner shall preserve in permanent form, records of proceedings, hearings, investigations, and examinations, and shall file those records in the commissioner’s office or a government storag…
4 CMC § 7110 Copies and Certificates as Evidence
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7110. Copies and Certificates as Evidence. (a) Copies of records or documents in his office certified to by the Insurance Commissioner shall be received as evidence in all courts in the same manner and to the same effect as if t…
4 CMC § 7111 Interstate Cooperation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7111. Interstate Cooperation. (a) The Insurance Commissioner shall to the extent the commissioner deems useful for the proper discharge of responsibilities under this division: (1) Consult and cooperate with the public officials…
4 CMC § 7112 Annual Report
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 7112. Annual Report. (a) The commissioner, as early each calendar year as accurate preparation enables, shall make and publish a report which shall contain the information required in subsection (b) of this section. C…
4 CMC § 7113 Initial Implementation; Transition
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7113. Initial Implementation; Transition. (a) During the period of two years from February 24, 1984, the commissioner shall be required only to give effect to such provisions of this division as may be necessary to adequately en…
4 CMC § 81101 Public School System Water and Waste Water Rate
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 81101. Public School System Water and Waste Water Rate. (a) Notwithstanding any law or regulation to the contrary, the Commonwealth Utilities Corporation shall charge the Public School System the commercial rate for water and wa…
4 CMC § 8111 Short Title
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8111. Short Title. This chapter may be cited as the Commonwealth Utilities Corporation Act of 2008. Source: PL 4-47, § 1 (§ 8111); amended by EO No. 2006-04, § 4(8111); repealed and reenacted by PL 16-17 § 10(8111), modified. Co…
4 CMC § 8112 Definitions
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TITLE 4: ECONOMIC RESOURCES § 8112 DIVISION 8: UTILITIES § 8112. Definitions. As used in this chapter, the following terms shall, unless the context clearly indicates otherwise, have the following meanings: (a) “Board” means the Board of Directors of the Commonwealth Utilities Co…
4 CMC § 8113 Bankruptcy Protection
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8113. Bankruptcy Protection. CUC is hereby granted the corporate power under 4 CMC § 8123 to seek bankruptcy protection consistent with its corporate purposes. Source: PL 16-17 § 11.
4 CMC § 8121 Commonwealth Utilities Corporation: Public Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8121. Commonwealth Utilities Corporation: Public Corporation. (a) There is in the Commonwealth government a Commonwealth Utilities Corporation (CUC), a public corporation. (b) CUC is the successor to Commonwealth Utility Rate Co…
4 CMC § 8122 Commonwealth Utilities Corporation: Duties
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8122. Commonwealth Utilities Corporation: Duties. (a) CUC shall supervise the construction, maintenance operations, and regulation of electric, water, and sewage services; provided that whenever feasible CUC shall contract with …
4 CMC § 8123 Commonwealth Utilities Corporation: Powers
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8123. Commonwealth Utilities Corporation: Powers. Except as otherwise provided or limited in this division or by other law, in order to carry out its duties CUC shall have all of the powers conferred by law on a public corporati…
4 CMC § 8124 CUC Power Privatization
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8124. CUC Power Privatization. The Commonwealth Utilities Corporation shall comply with the provisions of 4 CMC §§ 8521-8573 and any development to privatize the power division of the Commonwealth Utilities Corporation shall be …
4 CMC § 8131 Board of Directors: Established
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TITLE 4: ECONOMIC RESOURCES § 8131 DIVISION 8: UTILITIES § 8131. Board of Directors: Established. (a) The Corporation shall be governed by a board of directors. The Board shall be composed of eight members. The Governor shall appoint the members with the advice and consent of the…
4 CMC § 8132 Board of Directors: Meetings
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8132. Board of Directors: Meetings. (a) Meetings of the Board shall be held within the Commonwealth at a time and place publicly designated by the Board at least once every month for its first two years of existence. Thereafter …
4 CMC § 8133 Officers and Staff of the Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8133. Officers and Staff of the Corporation. (a) Executive Director. The Board shall appoint an executive director to administer the operations of the corporation on behalf of the Board. The Executive Director shall have, in add…
4 CMC § 8134 Executive Director: Duties
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8134. Executive Director: Duties. (a) The Executive Director shall prepare an operating manual to implement the general operation and management policies established by this chapter and by the Board including all internal admini…
4 CMC § 8141 Management
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8141. Management. (a) The Executive Director and Board shall manage the corporation in a business-like manner so as to provide the most efficient delivery of its services at the most reasonable cost to consumers. (b) If the Boar…
4 CMC § 8142 Rates and Charges; Public Hearing
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8142. Rates and Charges; Public Hearing. Before proposing any schedule affecting rates for services provided by the Corporation, the Board or its designee shall comply with any requirement regarding the holding of public hearing…
4 CMC § 8143 Metering and Billing
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8143. Metering and Billing. (a) CUC shall accurately meter electricity and water and shall bill all consumers, including government consumers and all government buildings, for electrical power, water consumption, and sewer servi…
4 CMC § 8144 Disconnecting of Utility Services
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8144. Disconnection of Utility Services. (a) Offset security deposit. (1) Prior to the disconnection of utility services, the security deposit of residential and commercial customers shall be used to offset amount past due for u…
4 CMC § 8145 Reconnection of Utility Services
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8145. Reconnection of Utility Services. (a) Fees. The corporation shall charge a reconnection fee of $25.00 for water utility services and $25.00 for electric utility service for residential consumers. In the event both electric…
4 CMC § 8146 Electric Charges and Rates
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8146. Electric Charges and Rates. Notwithstanding any law or regulation to the contrary, the Commonwealth Utilities Corporation shall establish the following residential electric charges and rates: Commonwealth Utilities Corpora…
4 CMC § 8147 Metering
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8147. Metering. Any new schedule of electrical fuel rates shall not apply until the subsequent scheduled monthly meter reading date after the effective date of Public Law 1594. Meter reading estimates shall not exceed the averag…
4 CMC § 8148 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8148. Regulations. The Commonwealth Utilities Corporation shall promulgate rules and regulations necessary to implement the provisions of 4 CMC §§ 8146-8148 . Source: PL 15-94 § 4, modified. Commission Comment: The Commission ch…
4 CMC § 8151 Legal Counsel
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8151. Legal Counsel. The Board may retain or engage private legal counsel. In addition, unless prevented by conflict from doing so, the Attorney General shall serve as legal counsel to the Corporation upon the request of the Boa…
4 CMC § 8152 Procurement and Audits
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8152. Procurement and Audits. (a) The Public Auditor shall audit the operations, books, and records of the Corporation in accordance with 1 CMC § 7710(a) and P.L. 3-91. The final report of the audit shall be made public and shal…
4 CMC § 8153 Conflicts of Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8153. Conflicts of Interest. No member of the Board, officer, counsel, agent, or employee of the Corporation shall in any manner, directly or indirectly, participate in the determination of any question affecting his personal in…