Title 4, Economic Resources

Required Reports. (a) Annual Report. The director may examine the condition of any bank conducting banking business from within the Commonwealth at any time. Each bank shall annually submit consolidated written financial statements and a separate annual report covering the financ…

Notice of Sale of Stock. Every bank shall within 60 days notify the director of any sale or transfer of 10 percent or more of the voting stock in the bank and shall provide the information required in 4 CMC § 6226(e) as to the transferee of the shares. In addition, the bank must …

Audit Fees. The director shall charge an examination fee based on cost per hour per examiner and other related reasonable expenses for any banks examined by the director or his staff. These fees shall be established by regulation and shall be paid to the General Fund. Source: PL …

Powers and Duties of Director in Connection with Examinations. (a) In the performance of his functions under this law and subject to the provisions of subsection (b) of this section, the director shall be entitled at all reasonable times to have access to the books, records, vouc…

Penalties for Violation of 4 CMC §§ 6411-6414. Any person who knowingly and wilfully fails to comply with any requirement of 4 CMC §§ 6411 through 6414 may be found guilty of a misdemeanor punishable by a fine not exceeding $50,000 and imprisonment for a term not exceeding one ye…

Preservation of Bank Records. (a) Every bank shall retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this section. (b) Each bank shall retain permanently the minute books of meetings of its stockholders and directors, i…

Confidentiality of Information. All information not required to be published elsewhere by any other authority to whose jurisdiction a licensee shall be subject, and all information other than that required by the provisions of this division to be made public by the director or wh…

Disclosure by the Director. The director shall make the following disclosure of information supplied to it by an applicant or a licensee: (a) The annual audited financial statements of each bank by publishing same in a newspaper of general circulation in the Commonwealth on or be…

Right to Privacy. The right to privacy and the right to financial privacy protected by the Covenant, incorporating the terms of Constitution of the United States, and N.M.I. Const. art. I, § 10, of every customer of every bank shall be respected by each director, officer, agent, …

Financial Privacy Act Adopted. (a) Financial Privacy Act Adopted. The United States Right to Financial Privacy Act of 1978 (12 U.S.C. §§ 3401 et seq.), is adopted as a statute of the Commonwealth in its entirety except that for purposes of application as a Commonwealth statute “g…

Short title. This chapter may be cited as the Uniform Insurers Liquidation Act. Source: PL 3-107, § 23, modified. Commission Comment: PL 3-107, § 23, the Uniform Insurers Liquidation Act, was originally codified entirely at 4 CMC § 7401. In the January 1997 revision, the Commissi…

Definitions. For the purpose of this chapter: (a) “Ancillary state” means any state other than a domiciliary state; (b) “Court” means the Commonwealth Trial Court; (c) “Delinquency proceeding” means any proceeding commenced against an insurer for the purpose of liquidating, rehab…

Conduct of Delinquency Proceedings Against Insurers Domiciled in the Commonwealth. (a) Whenever, under the laws of the Commonwealth, a receiver is to be appointed in delinquency proceedings for an insurer domiciled in the Commonwealth, the court shall appoint a competent receiver…

Conduct of Delinquency Proceedings Against Insurers Not Domiciled in the Commonwealth. (a) Whenever under the laws of the Commonwealth an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in the Commonwealth, the commissioner shall file…

Filing and Proving of Claims of Nonresidents Against Delinquent Insurers Domiciled in the Commonwealth. (a) In a delinquency proceeding begun in the Commonwealth against an insurer domiciled in the Commonwealth, claimants residing in reciprocal states may file claims either with …

Filing and Proving of Claims of Residents Against Delinquent Insurers Domiciled in Reciprocal States. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within the Commonwealth may file claims…

Priority of Preferred Claims. (a) In a delinquency proceeding against an insurer domiciled in the Commonwealth, claims owing to residents of ancillary states shall be preferred claims, if like claims are preferred under the laws of the Commonwealth. All such claims, whether owing…

Priority of Special Deposit Claims. The owners of special deposit claims against an insurer for which a receiver is appointed in any state shall be given priority against their several special deposits in accordance with the provisions of the statutes governing the creation and m…

Priority of Secured Claims. The owner of a secured claim against an insurer for which a receiver has been appointed in any state may surrender his or her security and file a claim as a general creditor, or the claim may be discharged by resort to the security, in which case the d…

Attachment and Garnishment of Assets. During the pendency of delinquency proceedings in the Commonwealth or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of the Commonwealth a…

Right of Domiciliary Receiver to Sue in the Commonwealth. The domiciliary receiver of an insurer domiciled in a reciprocal state may sue in the Commonwealth to recover any assets of such insurer to which the domiciliary receiver may be entitled under the laws of the Commonwealth.…

Uniformity of Interpretation. This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. Source: PL 3-107, § 23, modified. Commission Comment: See the comment to 4 CMC § 7401.

Short Title. This Chapter may be cited as the Public Utilities Commission Act. Source: PL 12-39, § 1(b) (8301), modified; repealed and reenacted by PL 15-35, § 2 (8401), modified. Commission Comment: PL 12-39, § 1(b), incorrectly assigned the Commonwealth Telecommunications Act a…

Definitions. As used in this Chapter: (a) “Cable television company” means any person or corporation that owns, controls, administers, operates, manages, provides or resells, in full or in part, directly or indirectly, any cable television line system or service in the Commonweal…

Public Utilities Commission: Establishment and Commissioners. (a) There is established in the Commonwealth government the Public Utilities Commission, a regulatory agency, in accordance with Article III, Section 15 of the Commonwealth Constitution. The Commission shall be an inde…

Compensation of Commissioners. The Commissioners shall be compensated at a monthly rate of $800.00 per commissioner, expect the Chairperson shall receive $1,000.00 monthly, provided all scheduled monthly meetings are attended or excused by the Chairperson or his designee. Travel …

Cause for Dismissal. In accordance with Article III, Section 21 of the NMI Constitution, the Governor may dismiss a Commissioner only for one or more of the following causes: (a) Gross neglect or dereliction of duty; (b) Breach of fiduciary duty; (c) Conviction of a felony; or (d…

Operation of Commission. (a) The Commission may employ agents, employees, hearing examiners, legal counsel, or contract for services, specialists, experts, or professionals as individuals or as organizations to advise and assist the Commission and its employees. The Commission ma…

Operation of Commission: Additional. (a) Notwithstanding any other provision of law, the Commission may meet for purposes of gathering information on entities and requesting, demanding, and accepting reports and documents from regulated entities, and for other purposes. The Commi…

Annual Report. The Commission shall prepare and present to the Governor and to the presiding officers of the Legislature, in January of each year, a report regarding its actions during the preceding fiscal year, if any, together with its recommendations respecting legislation. So…

General Powers and Duties. The Commission shall have regulatory oversight supervision over each regulated entity as set forth in this Chapter and shall perform the duties and exercise the powers imposed or conferred upon it by this Chapter. The Commission in the discharge of any …

Powers. The Commission shall have the following powers which it may exercise in carrying out its mandate to regulate rates: (a) To examine the financial records of each regulated, including but not limited to, all bank records; the terms and conditions of any contract with the Un…

Valuations. The Commission may cause a valuation to be made to ascertain for any purpose specified in this Chapter the value of the property of any entity and every fact and element of value which in its judgment may have any bearing on such value. The Commission may make reevalu…

Compelling Attendance of Witnesses. In all investigations made by the Commission and in all proceedings before it, the Commission shall have the same powers respecting administering oaths, compelling the attendance of witnesses, the production of documentary evidence, and examini…

Enforcement Powers. The Commission may: (a) Carry out public hearings and investigations; (b) Issue subpoenas, orders to show cause and citations with warning of contempt. Any subpoena or citation with warning of contempt shall be signed by the Chairman or, where the Commission h…

Consumer Counsel. In any proceeding before the Commission, the Consumer Counsel of the Office of the Attorney General may intervene and participate as a party. Source: PL 15-35, § 2 (8414), modified.

Notice of Hearings. Whenever an investigation or proceeding is undertaken by the Commission, reasonable notice in writing of such fact and of the subject or subjects of the investigation or proceeding shall be given to the entity concerned, and a notice in writing of the date and…

Public Hearings. The Commission shall hold public hearings on any change in proposed rates or charges. (a) The notice of public hearing herein provided for shall plainly state the rates, charges, or assessment costs proposed to be established, abandoned, modified, or departed fro…

Right to be Represented by Counsel. At any investigation by or proceeding before the Commission, the entity concerned shall have the right to be present and represented by counsel, to present any evidence desired, and to cross-examine any witness who may be called. Source: PL 12-…

Rule-making Authority: Procedures and Fees. In the hearings before it, the Commission may establish its own procedures for the conduct of hearings and the admission of evidence. The Commission shall not be bound by the strict rules of the common law relating to the admission or r…

Review of Rates; Operating Cost of Commission. (a) In addition to every other responsibility imposed upon the Commission by this Chapter, it shall within three-hundred-sixty-five days after the Commission first meets conduct review of the rates of every entity to determine whethe…

Public Utilities Commission Revolving Fund. A Public Utilities Commission Fund shall be established for the use of the Commission consisting of all financial amounts as may be placed therein pursuant to the provisions of this Chapter and the following: (a) All Commission funds sh…

Regulated Entities to Furnish Information. Every regulated entity shall at all times, upon request, furnish to the Commission all information that it may require respecting any of the matters concerning rates and charges, revenues and expenditures which it is given power to inves…

Rate Publication. All regulated rates, assessment costs, classifications, charges, and rules of every entity shall be published by the entity in such manner as the Commission may require and copies furnished to any person on request. (a) All rates, charges, assessments, and costs…

Compliance. Notwithstanding any other provision of law, no rate or charge for any regulated entity shall become effective without the approval of the Commission. In this respect a regulated entity shall comply with this Chapter in addition to complying with any other condition, c…

Penalties. Except where otherwise required in this Chapter, any person or entity violating or neglecting or failing in any particular way to conform to or comply with this Chapter or any lawful order of the Commission shall forfeit or pay to the Public Utilities Commission not mo…