53 chapters · 855 sections in this title.
2 CMC § 4481 Short Title
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Short Title. This article may be cited as the MPLT-NMHC Home Financing Act of 1996. Source: PL 10-29, § 1. Commission Comment: PL 10-29 took effect October 4, 1996. According to PL 10-29, § 2: Section 2. Findings. The Legislature finds that: (a) There is a need to provide securit…
2 CMC § 4482 Definitions
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Definitions. Except where the context otherwise clearly requires, as used in this article: (a) “Home loans” means any loan to a qualified resident of the Commonwealth of the Northern Mariana Islands for either the: (1) Construction; (2) Purchase; (3) Refinancing of an existing lo…
2 CMC § 4483 Home Loan Authorized
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Home Loan Authorized. (a) MPLT is authorized, consistent with its constitutional obligations, to loan up to $10,000,000 to NMHC at an interest rate of not less than six percent and not more than 9.5 percent per annum for NMHC’s use in the establishment of programs to provide for …
2 CMC § 4484 Guarantee and Security of the Funds
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Guarantee and Security of the Funds. (a) The loan agreement shall be fully, absolutely, and unconditionally backed each year by the interest earnings accruing to the General Fund pursuant to N.M.I. Const. art. XI, § 6(d) and by the moneys received from public lands subject to N.M…