Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 60105 False Advertising Prohibited
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60105. False Advertising Prohibited. No licensee or other person shall advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, dist…
4 CMC § 60121 License Required for Certain Loans
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60121. License Required for Certain Loans. No person, without first obtaining a license under this chapter, shall charge or receive, directly or indirectly, on or in connection with any loan, any interes…
4 CMC § 60122 Residence Qualifications of Licenses
0.8K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60122. Residence Qualifications of Licenses. No license shall be granted to any person unless (1) if the person is an individual, the individual is a bona fide resident of the Commonwealth; (2) if the pe…
4 CMC § 60123 Application for License; Initial License Fee
1.0K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60123. Application for License; Initial License Fee. (1) Application for the license shall be in writing in the form prescribed by the secretary and shall contain the name and both the residence and busi…
4 CMC § 60124 Issuance of License; Conditions
1.8K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60124. Issuance of License; Conditions. (1) Conditioned upon the applicant’s compliance with this chapter and the payment of the license fee, the secretary, within 60 days after receipt of a completed ap…
4 CMC § 60125 Disapproval of Application
0.3K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60125. Disapproval of Application. If the secretary disapproves an application for a license, the secretary shall notify the applicant immediately, giving the reason for the disapproval. Source: PL 12-36…
4 CMC § 60131 Form of License; Posting; Transferability
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60131. Form of License; Posting; Transferability. The license shall be in a form prescribed by the secretary and shall state the address of the principal place where the business is to be conducted and t…
4 CMC § 60132 License Fees
0.3K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60132. License Fees. Each licensee shall pay to the secretary each year after the year the license is issued an annual license fee of $300. The fee shall be paid on or before March 15 of each year. Sourc…
4 CMC § 60133 Annual Report of Licensee; Penalty for Failure to Report
0.8K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60133. Annual Report of Licensee; Penalty for Failure to Report. (1) On or before March 15 of each year every licensee shall file a report with the secretary giving such relevant information as the secre…
4 CMC § 60134 Additional Licenses to Same Applicant
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60134. Additional Licenses to Same Applicant. The secretary may issue more than one license to the same licensee if the licensee complies with all the provisions of this chapter governing an original iss…
4 CMC § 60135 Change of Place of Business
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60135. Change of Place of Business. When a licensee wishes to change the principal place of business to another location, the licensee shall submit written notice thereof, together with the license, to t…
4 CMC § 60136 Revocation of Licenses
2.2K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60136. Revocation of Licenses. (1) The secretary may revoke any license under this chapter upon 60 days notice to the licensee stating the contemplated action and the grounds therefore and upon reasonabl…
4 CMC § 60137 License Denial Procedure; Hearing
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60137. License Denial Procedure; Hearing. (1) If the secretary denies a license, or proposes to revoke a license, opportunity for hearing shall be accorded as provided in the Administrative Procedure Act…
4 CMC § 60138 Surrender of License
0.4K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60138. Surrender of License. Any licensee may surrender any license issued to the licensee by delivering written notice to the secretary that the licensee thereby surrenders the license. However, surrend…
4 CMC § 60139 Effect of Revocation or Surrender
0.3K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60139. Effect of Revocation or Surrender. The revocation or surrender of any license shall not impair or affect the rights or obligations of any preexisting contract between the licensee and any borrower…
4 CMC § 60140 Reinstatement of Revoked License; Fee
0.4K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60140. Reinstatement of Revoked License; Fee. The secretary may reinstate any revoked license upon the licensee’s compliance with the provisions of law under this chapter. For such reinstatement of licen…
4 CMC § 60141 Inspection and Examination of Licensees
1.1K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60141. Inspection and Examination of Licensees. (1) Each licensee is subject to inspection by the secretary. The secretary may periodically conduct an examination of each licensee to determine whether th…
4 CMC § 60142 Books and Records of Licensee
0.9K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60142. Books and Records of Licensee. Subject to the provisions of this chapter, the secretary may prescribe the minimum information to be included in the books and records to be kept by the licensee. Al…
4 CMC § 60151 Interest and Other Charges
2.4K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60151. Interest and Other Charges. (1) 4 CMC, Division 5, Chapter 3 shall not apply to any licensee under this chapter or to any loan or contract made by a licensee under this chapter. (2)Notwithstanding…
4 CMC § 60152 Open-end Loan Plan; Interest; Additional Charges; Security for Plan; Necessary Disclosures
2.8K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60152. Open-end Loan Plan; Interest; Additional Charges; Security for Plan; Necessary Disclosures. (1) Any licensee may make loans under an open-end loan plan and may receive interest, discount, consider…
4 CMC § 60153 Open-end Credit Card Plan Authorized
0.9K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60153. Open-end Credit Card Plan Authorized. (1) A licensee may transact business and extend credit to borrowers under an open-end credit card plan. A licensee may offer an open-end credit card plan in c…
4 CMC § 60154 Licensee Duty Toward Borrowers
1.6K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60154. Licensee Duty Toward Borrowers. Every licensee shall: (1) Deliver to the borrower at the time any loan is made a statement in the English language showing in clear and distinct terms: (a) The name…
4 CMC § 60155 Commercial Loans; Interest; Additional Charges
0.6K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60155. Commercial Loans; Interest; Additional Charges. A licensee may make commercial loans and may charge and receive interest (including compound interest), discount, consideration, finance charge, and…
4 CMC § 60161 Cease and Desist Order
1.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60161. Cease and Desist Order. (1) The secretary may issue and serve upon a licensee or a director, officer, employee or agent of a licensee an order to cease and desist from a violation when the secreta…
4 CMC § 60162 Enforcement Actions
0.4K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60162. Enforcement Actions. The secretary may institute any action or other proceeding that the secretary considers necessary for enforcing any provision of this chapter or any rule, order or action adop…
4 CMC § 60163 Rulemaking Authority; Notice
0.5K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60163. Rulemaking Authority; Notice. (1) In accordance with the Administrative Procedure Act, 1 CMC § 9101 et seq., the secretary may adopt rules for the purpose of carrying out this chapter. (2) In addi…
4 CMC § 60164 Person Not Liable for Good Faith Acts or Omissions
0.6K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60164. Person Not Liable for Good Faith Acts or Omissions. A licensee or other person may not be held personally liable for an act done or omitted by the person in good faith and in compliance with an in…
4 CMC § 60165 Civil Penalties
0.6K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60165. Civil Penalties. (1) The secretary may assess any person who violates any material provision of any final order of the secretary under this chapter, a civil penalty in an amount determined by the …
4 CMC § 60166 Exclusions
0.2K chars
TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 60166. Exclusions. This chapter does not apply to banks, pawnshops, trust companies, savings and loan associations, or credit unions. Source: PL 12-36, § 1(6981).