Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 4881 Events Causing Member's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4881. Events Causing Member’s Dissociation. A member is dissociated from a limited liability company upon the occurrence of any of the following events: (1) The company’s having notice of the me…
4 CMC § 4882 Member's Power to Dissociate; Wrongful Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4882. Member’s Power to Dissociate; Wrongful Dissociation. (a) Unless otherwise provided in the operating agreement, a member has the power to dissociate from a limited liability company at any …
4 CMC § 4883 Effect of Member's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4883. Effect of Member’s Dissociation. (a) Upon a member’s dissociation: (1) In an at-will company, the company must cause the dissociated member’s distributional interest to be purchased under …
4 CMC § 5611 Business License Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5611. Business License Fees. (a) Business License Required. Before engaging in or continuing in a business, a person shall first obtain from the Secretary of the Department of Finance a license to engage in or conduct …
4 CMC § 5612 Authority to Make Inquiry
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5612. Authority to Make Inquiry. (a) The Secretary of Finance is authorized to enter the premises of any establishment conducting business within the CNMI to make any inquiry into the establishment’s compliance with th…
4 CMC § 5613 Penalty for Violation of Business License Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5613. Penalty for Violation of Business License Requirements. (a) Any person found operating or engaging in a business to sell merchandise, goods, or commodities, or providing services for compensation without a valid …
4 CMC § 5614 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5614. Regulations. The Secretary of Finance shall promulgate any necessary rules and regulations necessary to carry out the intent of this act as it relates to the duties conferred upon the Secretary of Finance. Source…
4 CMC § 5631 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5631. Definitions. For purposes of this article: (a) “Business” means any individual, estate, firm, company, partnership, joint venture, association, trust, receiver, club, syndicate, cooperative association, corporati…
4 CMC § 5632 Business Licenses Authorized
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5632. Business Licenses Authorized. Licenses for commercial farming and fishing as defined in 3 CMC § 4331(e) are authorized for any business which is at least 75 percent owned and controlled by persons lawfully residi…
4 CMC § 5633 Productions for Feeding Own Employees Prohibited
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5633. Production for Feeding Own Employees Prohibited. No business employing more than ten persons shall engage in farming or fishing for the purpose of feeding employees of the business or the employees of any other b…
4 CMC § 5641 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5641. Definitions. In this article: (a) “Department” means the CNMI Department of Commerce. (b) “Licensee” means a person issued a pawnbrokers license. (c) “Pawnbroker” means a person who lends money by requiring the b…
4 CMC § 5642 Pawnbroker Business License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5642. Pawnbroker Business License Required. (a) No person shall engage in or conduct business as a pawnbroker, or advertise, transact, or solicit business as a pawnbroker except as authorized by this article and only a…
4 CMC § 5643 Duty to Record and Report Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5643. Duty to Record and Report Transactions. (a) A licensee shall maintain, wherever its business is conducted, a complete record of each pawnbroker transaction, legibly written in the English language, containing the…
4 CMC § 5644 Revocation and Suspension of License
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5644. Revocation and Suspension of License. (a) The secretary may revoke or suspend, by written order, any license issued under this article after issuing an order to show cause to the licensee giving the licensee and …
4 CMC § 5645 Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5645. Transactions. (a) For each pawnbroker transaction, the licensee shall require proper identification from each borrower or pledger. “Proper identification” shall mean a government issued photographic identificatio…
4 CMC § 5646 Holding Period, Disposal of Property by Pawnbroker
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5646. Holding Period, Disposal of Property by Pawnbroker. (a) (1) A licensee may sell an article pawned after expiration of 90 days from the maturity of the loan, provided that not less than 10 days before making the s…
4 CMC § 5647 Stolen Goods; Seizure of Goods
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5647. Stolen Goods; Seizure of Goods. (a) If a licensee has reasonable cause to believe that any property being pledged as security or already pledged as security is lost or stolen property, the licensee shall promptly…
4 CMC § 5648 Prohibited Acts and Practices
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5648. Prohibited Acts and Practices. It is unlawful for a licensee or any employee thereof to: (a) Knowingly engage in a pawnbroker transaction with: (1) Any individual who is under the influence of drug or alcohol whe…
4 CMC § 5649 Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5649. Penalties. (a) Unless otherwise provided herein, a person who knowingly or willfully violates any provision of this article shall be guilty of a misdemeanor and be punishable by a term of imprisonment not to exce…
4 CMC § 5650 Distribution of Collected Fines and Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5650. Distribution of Collected Fines and Penalties. Notwithstanding any law to the contrary, the Secretary of Finance shall deposit all fines and penalties collected under this article as follows: (a) Eighty percent s…
4 CMC § 5651 Rule making
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5651. Rule making. The secretary shall adopt rules and regulations necessary to implement the provisions of this article. Source: PL 11-65, § 4 (5630), modified.
4 CMC § 5661 Business License Application Task Force
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5661. Business License Application Task Force. There is hereby created within the government of the CNMI a Business License Application Task Force, consisting of one representative from each of the agencies or departme…
4 CMC § 5662 Responsibilities and Authority of Task Force
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5662. Responsibilities and Authority of Task Force. The responsibilities and authority of the Task Force shall be to: (a) Prepare, through the expertise and analysis of the Task Force’s members, a comprehensive plan wi…
4 CMC § 5663 Cooperation of Government Agencies
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5663. Cooperation of Government Agencies. All agencies, departments, boards, commissions and other instrumentalities of the government of the CNMI which are involved in the process of providing approvals or clearances …
4 CMC § 6601 License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6601. License Required. (a) Before any person may operate an offshore bank in the Commonwealth, a written license issued by the director shall be obtained, except as specifically exempted by subsection (…
4 CMC § 6602 Requirements for Issuance of License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6602. Requirements for Issuance of License. The director shall promptly issue an offshore banking license when the applicant has met the following requirements: (a) It is duly incorporated under the laws…
4 CMC § 6603 Duty to Report Transfer
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6603. Duty to Report Transfer. Upon any transfer of stock in an offshore bank which results in the ownership of more than 10 percent of the stock by a person for whom a report pursuant to 4 CMC § 6602(e)…
4 CMC § 6604 Reporting Requirements: Preservation of Confidences
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6604. Reporting Requirements: Preservation of Confidences. (a) Each offshore bank shall submit to the director a report of its condition as of January 1 and June 1 of each year. The reports shall contain…
4 CMC § 6605 Prohibited Act
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6605. Prohibited Act. An offshore bank shall not make loans, accept deposits, or borrow funds in any form from a resident of the Commonwealth. Source: PL 3-104, § 804.
4 CMC § 6606 Accounts to be Kept
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6606. Accounts to be Kept. An offshore bank shall record in the Commonwealth, for accounting purposes, all its loans, borrowings and business transactions, in the English language. Source: PL 3-104, § 80…
4 CMC § 7601 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7601. Definitions. [Reserved] [Reserved. See Commission Comment.] Source: PL 18-34 § 2 (Feb. 14, 2014). Commission Comment: PL 18-34 (effective Feb. 14, 2014) created a new Chapter 6 of Title 4, Division 7 of the Commonwealth Co…
4 CMC § 7602 Purpose, Intent of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7602. Purpose, Intent of Chapter. The purpose of this chapter is to promote the public welfare by regulating health insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, to authorize…
4 CMC § 7603 Application of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7603. Application of Chapter. This chapter applies to all forms of insurance on risks or operations in the Commonwealth, including health insurance, except: (a) Reinsurance, as defined in 4 CMC § 7507, other than joint reinsuran…
4 CMC § 7604 Remedies of Commissioner for Violation of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7604. Remedies of Commissioner for Violations of Chapter. (a) If the Commissioner has reason to believe that a rate, rating plan, or rating system filed or used by a health insurance issuer or filed by a rating or advisory organ…
4 CMC § 7605 Filing Rates, Plans with Commissioner; Prior Approval by Commissioner; Public Inspection of Rate Filings; Mandatory Rate and Forms Filing as Prescribed by Regulation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7605. Filing Rates, Plans with Commissioner; Prior Approval by Commissioner; Public Inspection of Rate Filings. (a) Every insurer shall file with the Commissioner copies of the rates, rating plans, and rating systems used by it.…
4 CMC § 7606 Hearings on Rate Filings Pursuant to 4 CMC § 7605; Order; Review
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7606. Hearings on Rate Filings Pursuant to 4 CMC § 7605; Order; Review. (a) The Commissioner may hold a hearing on a filing made pursuant to 4 CMC § 7605 if the Commissioner determines that such a hearing would aid the Commissio…
4 CMC § 7607 Effect of Noncompliance with Rating Regulation
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7607. Effect of Noncompliance with Rating Regulation. If the Commissioner has reason to believe that noncompliance by an insurer with the requirements and standards of this chapter to be willful, or if within the period prescrib…
4 CMC § 7608 Record Requirements; Inspection; Statistics
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7608. Records Requirements; Inspection; Statistics. (a) Each insurer, rating organization or advisory organization shall maintain reasonable records, of the type and kind reasonably adapted to its method of operation, of its exp…
4 CMC § 7609 Data Must Include Certain Information
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7609. Data Must Include Certain Information. The data collected and maintained by each insurer, rating organization or advisory organization pursuant to 4 CMC § 7610 shall be in sufficient detail to demonstrate the statistical s…
4 CMC § 7610 Examining Rating Systems of Insurers; Costs
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7610. Examining Rating Systems of Insurers; Costs. (a) The Commissioner may make or cause to be made an examination of every insurer transacting any class of insurance to which the provisions of this division are applicable to a…
4 CMC § 7611 Collusive Ratings Prohibited; Liability for Damages
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7611. Collusive Ratings Prohibited; Liability for Damages. In the event any insurer shall in collusion with any other insurer conspire to fix, set, or adhere to insurance rates except as expressly sanctioned by the Insurance Cod…
4 CMC § 7612 Authority for Cooperative Ratings and Systems
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7612. Authority for Cooperative Ratings and Systems. Subject to and in compliance with the provisions of this chapter authorizing insurers to be members or subscribers of rating or advisory organizations or to engage in joint un…
4 CMC § 7613 Unauthorized Adherence to Rates, Rating Systems
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7613. Unauthorized Adherence to Rates, Rating Systems. Members and subscribers of rating or advisory organizations may use the rates, rating systems, underwriting rules or policy or bond forms of such organizations, either consi…
4 CMC § 7614 Preparation of Rates, Rating Systems, and Other Administrative Matters by Insurers Under Common Ownership
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7614. Preparation of Rates, Rating Systems, and Other Administrative Matters by Insurers under Common Ownership. With respect to any matters pertaining to the making of rates or rating systems, the preparation or making of insur…
4 CMC § 7615 Method of Rate Making; Factors Considered; Rules
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 7615. Method of Rate Making; Factors Considered; Rules. The following standards shall apply to the making and use of rates: (a) Rates shall not be excessive, inadequate, or unfairly discriminatory. (b) As to all class…
4 CMC § 7616 Agreements Among Insurers for Assignment of Risks; Rate Modifications
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7616. Agreements among Insurers for Assignment of Risks; Rate Modifications. Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in g…
4 CMC § 7617 Suspension or Modification of Filing Requirement; Rules; Excess Rates for Specific Risks
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7617. Suspension or Modification of Filing Requirement; Rules; Excess Rates for Specific Risks. (a) Under such rules and regulations as the Commissioner, by written order, may suspend or modify the requirement of filing as to an…
4 CMC § 7618 Contracts to Comply with Effective Filings; Exception
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7618. Contracts to Comply with Effective Filings; Exception. No insurer shall make or issue a policy except in accordance with the filings which are in effect for the insurer as provided in this chapter. Source: PL 18-34 § 5(761…
4 CMC § 7619 Disapproval of Filings by Commissioner; Noncompliance with Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7619. Disapproval of Filings by Commissioner; Noncompliance with Chapter. (a) If within the waiting period or the extension thereof, if any, as provided in 4 CMC § 7617(b), the Commissioner finds that a filing does not meet the …
4 CMC § 7620 Initiation of Proceedings by Aggrieved Person to Determine Lawfulness of Filings; Hearing
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7620. Initiation of Proceedings by Aggrieved Persons to Determine Lawfulness of Filings; Hearing. (a) Any person aggrieved with respect to any filing that is in effect, other than the insurer or rating organization that made the…