Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 60136 Revocation of Licenses
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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).
4 CMC § 1961 Imposition of Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1961. Imposition of Tax. Whenever a federal estate tax is payable to the United States, there is hereby imposed a Commonwealth estate tax on the taxable estate equal to the amount, if any, of the maximum allowable cre…
4 CMC § 1962 Determination of Commonwealth Estate Tax Liability
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1962. Determination of Commonwealth Estate Tax Liability. The Commonwealth estate tax liability shall be determined in the following manner: The lesser of (a) The foreign death tax credit allowable pursuant to IRC Sec…
4 CMC § 1963 Collection and Administration
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1963. Collection and Administration. The Director of the Division of Revenue and Taxation shall provide for the collection and administration of the tax imposed by 4 CMC § 1961 by rules and regulations promulgated for…
4 CMC § 1964 State Death Tax Credit Allowable Against Federal Estate Tax; Property With Situs in the Commonwealth; Determination
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1964. State Death Tax Credit Allowable Against Federal Estate Tax; Property With Situs in the Commonwealth; Determination. For purposes of this chapter, property situated in the Commonwealth means property in the case…
4 CMC § 4541 Merger
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4541. Merger. (a) One or more corporations may merge into another corporation if the board of directors of each corporation adopts and its shareholders (if required by 4 CMC § 4543) approve a pl…
4 CMC § 4542 Share Exchange
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4542. Share Exchange. (a) A corporation may acquire all of the outstanding shares of one or more classes or series of another corporation if the board of directors of each corporation adopts and…
4 CMC § 4543 Action on Plan
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4543. Action on Plan. (a) After adopting a plan of merger or share exchange, the board of directors of the corporation whose shares will be acquired in the share exchange, shall submit the plan …
4 CMC § 4544 Merger of Subsidiary
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4544. Merger of Subsidiary. (a) A parent corporation owning at least 90 percent of the outstanding shares of each class of a subsidiary corporation may merge the subsidiary into itself without a…
4 CMC § 4545 Article of Merger or Share Exchange
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4545. Articles of Merger or Share Exchange. (a) After a plan of merger or share exchange is approved by the shareholders, or adopted by the board of directors if shareholder approval is not requ…
4 CMC § 4546 Effect of Merger or Share Exchange
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4546. Effect of Merger or Share Exchange. (a) When a merger takes effect: (1) Every other corporation party to the merger merges into the surviving corporation and the separate existence of ever…
4 CMC § 4547 Merger or Share Exchange with Foreign Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4547. Merger or Share Exchange with Foreign Corporation. (a) One or more foreign corporations may merge or enter into a share exchange with one or more domestic corporations if: (1) In a merger,…
4 CMC § 4941 Right of Action
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4941. Right of Action. A member of a limited liability company may maintain an action in the right of the company if the members or managers having authority to do so have refused to commence th…
4 CMC § 4942 Proper Plaintiff
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4942. Proper Plaintiff. In a derivative action for a limited liability company, the plaintiff must be a member of the company when the action is commenced; and: (1) Must have been a member at th…
4 CMC § 4943 Pleading
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4943. Pleading. In a derivative action for a limited liability company, the complaint must set forth with particularity the effort of the plaintiff to secure initiation of the action by a member…
4 CMC § 4944 Expenses
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4944. Expenses. If a derivative action for a limited liability company is successful, in whole or in part, or if anything is received by the plaintiff as a result of a judgment, compromise, or s…
4 CMC § 1971 Tourism Air Service Stabilization Trust Fund. [repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1971. Tourism Air Service Stabilization Trust Fund. [repealed] Source: PL 17-29 §§ 3 and 5 (February 16, 2011); (a), (d) and (e) repealed and reenacted and (b) and (c) amended by PL 17-58 § 1 (November 4, 2011); chang…
4 CMC § 1972 Environmental and Tourism Promotional Act of 2012. [repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1972. Environmental and Tourism Promotional Act of 2012. [repealed] Source: PL 17-58 § 2(101-104) (November 4, 2011); repealed and reenacted by PL 17-75 § 3(101-107) (June 4, 2012), modified; repealed by PL 18-1 (Marc…
4 CMC § 4551 Sale of Assets in Regular Course of Business and Mortgage of Assets
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4551. Sale of Assets in Regular Course of Business and Mortgage of Assets. (a) A corporation may, on the terms and conditions and for the consideration determined by the board of directors: (1) …
4 CMC § 4552 Sale of Assets Other Than in Regular Course of Business
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4552. Sale of Assets Other Than in Regular Course of Business. (a) A corporation may sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property (with or without th…
4 CMC § 4951 Uniformity of Application and Construction
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4951. Uniformity of Application and Construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapte…
4 CMC § 4952 Transitional Provisions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4952. Transitional Provisions. (a) Before January 1, 2003, this chapter governs only a limited liability company organized: (1) After the effective date of this Act, unless the company is contin…
4 CMC § 4953 Savings Clause
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4953. Savings Clause. This Act and any repealer contained herein shall not be construed as affecting any existing right acquired under contract or acquired under statutes repealed or under any r…
4 CMC § 4954 Severability Clause
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4954. Severability Clause. If any provision of this Act or the application of any such provision to any person or circumstance should be held invalid by a court of competent jurisdiction, the re…
4 CMC § 4955 Effective Date
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4955. Effective Date. This Act shall take effect upon its approval by the Governor or becoming law without such approval. Source: PL 14-11, § 6. Commission Comment: PL 14-11was enacted on May 28…
4 CMC § 50131 Tobacco Control
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50131. Tobacco Control. There is hereby established within Title 4, Division 5 a new Chapter 12 creating standards for tobacco control within the CNMI, including the licensing of businesses dealing in tobacco products.…
4 CMC § 50132 Exception: New Arrivals
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50132. Exception: New Arrivals. A person entering the Commonwealth may bring with him for private use, and not for resale, tobacco products not exceeding 30 packages of 20 cigarettes each or one pound of tobacco, witho…
4 CMC § 50133 Fees: No Reduction
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50133. Fees: No Reduction. The fees set forth in 4 CMC § 50131(c) shall apply to all applicants regardless of when during the calendar year the applicant applies. Source: PL 11-75, § 5, modified.
4 CMC § 50134 Fees: Payment: Revocation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50134. Fees: Payment: Revocation. The applicable license fee shall be payable on the day of application for first time applicants, and on the renewal date for all others. Each license issued by the Department of Commer…
4 CMC § 50135 Privileges: Limitations
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50135. Privileges: Limitations. A license is limited to the privileges conferred therein, and the licensee may not exercise any other privileges. Source: PL 11-75, § 7, modified.
4 CMC § 50136 Licensees: Limitation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50136. Licensees: Limitation. A license is limited to the premises for which it is issued and a licensee may not exercise the privileges conferred by the license at other premises. Applicants with more than one establi…
4 CMC § 50137 Wholesaler: Authorized Imports, Purchases and Sales
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50137. Wholesaler: Authorized Imports, Purchases and Sales. A person or establishment holding a wholesale agent license may import into or purchase in the Commonwealth from a manufacturer, agent, or wholesaler the toba…
4 CMC § 50138 Condition of Premises
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50138. Condition of Premises. (a) Cigarettes Maintained in a Secured Area. Retail establishments shall ensure that cigarettes are displayed in accordance with this subsection. Cigarettes may not be sold nor displayed i…