Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 6511 Payment from Account When no Executor or Administrator has Qualified
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6511. Payment from Account When no Executor or Administrator has Qualified. (a) Where no executor or administrator of a deceased depositor has qualified and given notice of his or her qualifications to a…
4 CMC § 6512 Transmitting Money: Foreign Exchange
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6512. Transmitting Money: Foreign Exchange. (a) Any bank may accept money for transmissions and may transmit money. (b) Any bank may buy and sell foreign exchange to the extent necessary to meet the need…
4 CMC § 6513 Dormant and Inactive Accounts and Unclaimed Funds
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6513. Dormant and Inactive Accounts and Unclaimed Funds. (a) A bank account shall be considered inactive as follows: (1) A savings account shall be considered inactive if no deposits or withdrawals are m…
4 CMC § 6514 Disclosure Requirement
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6514. Disclosure Requirement. (a) Each retail bank shall comply with the federal Truth in Lending Act (15 U.S.C. §§ 1601 et seq.) and all laws obligatory on the Commonwealth. (b) Reporting. Banks operati…
4 CMC § 6515 Fees and Other Charges
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6515. Fees and Other Charges. Fees and other charges assessed by a retail bank for depositor and other customer services shall be made available to the depositor or customer. Source: PL 3-104, § 614.
4 CMC § 6521 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6521. Definitions. As used in this article: (a) “Lessee” means a person contracting with a lessor for the use of a safe deposit box. (b) “Lessor” means a bank, trust company, or subsidiary renting safe d…
4 CMC § 6522 Authority to Engage in Leasing Safe Deposit Facilities: Subsidiary Company
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6522. Authority to Engage in Leasing Safe Deposit Facilities: Subsidiary Company. (a) Subject to such regulations as the director may prescribe, a bank, trust company or safe deposit company may maintain…
4 CMC § 6523 Access by Fiduciaries
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6523. Access by Fiduciaries. Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or th…
4 CMC § 6524 Effect of Lessee's Death or Incompetence
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6524. Effect of Lessee’s Death or Incompetence. Where a lessor without knowledge of the death or of an adjudication of legal incompetence of the lessee, deals with his agent pursuant to a written power o…
4 CMC § 6525 Lease to Minor
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6525. Lease to Minor. A bank may lease a safe deposit box to, and in connection therewith deal with, a minor with the same effect as if leasing to and dealing with a person of full legal capacity. Source…
4 CMC § 6526 Search Procedure on Death
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6526. Search Procedure on Death. A lessor shall permit the person named in a court order for the purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a pe…
4 CMC § 6527 Adverse Claims to Contents of Safe Deposit Box
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6527. Adverse Claims to Contents of Safe Deposit Box. (a) An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny acces…
4 CMC § 6528 Special Remedies for Nonpayment of Rent
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6528. Special Remedies for Nonpayment of Rent. (a) If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by registered mail to the last known address of the…
4 CMC § 6531 Qualification and Fiduciary Powers: Deposit of Securities
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6531. Qualification and Fiduciary Powers: Deposit of Securities. (a) It is unlawful for a bank to act as fiduciary unless it is authorized by its charter to exercise trust powers and has qualified by dep…
4 CMC § 6532 Fiduciary Bond or Oath Excused
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6532. Fiduciary Bond or Oath Excused. No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly otherwise provi…
4 CMC § 6533 Identification and Segregation of Fiduciary Assets; Investment and Deposit of Cash; Nominee for Securities
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6533. Identification and Segregation of Fiduciary Assets; Investment and Deposit of Cash; Nominee for Securities. (a) A bank holding any asset as a fiduciary shall: (1) Segregate all such assets from any…
4 CMC § 6534 Investment of Funds Held as Fiduciary
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6534. Investment of Funds Held as Fiduciary. A bank acting as fiduciary shall have the same investment powers as an individual fiduciary under like circumstances. Source: PL 3-104, § 633.
4 CMC § 6535 Common Trust Fund
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6535. Common Trust Funds. A bank or trust company may create one or more common trust funds in which individuals may participate and invest. Source: PL 3-104, § 634.
4 CMC § 6541 Loans
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6541. Loans. (a) A bank may lend at a lawful rate of interest on the security of the personal obligation of the borrower. (b) A retail bank may lend on the security of tangible and intangible personal pr…
4 CMC § 6542 Investments
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6542. Investments. (a) In addition to other investments expressly authorized by this division, a retail bank may purchase (or discount): (1) Obligations which satisfy the requirements of this division fo…
4 CMC § 6543 Acceptances
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6543. Acceptances. (a) Retail banks may accept: (1) A draft which has not more than six months sight to run, exclusive of days of grace, and is drawn to finance the purchase of goods with maturity in acc…
4 CMC § 6544 Diversification of Loans and Investments
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6544. Diversification of Loans and Investments. The director may issue regulations on the diversification of loans and investments. Source: PL 3-104, § 643. Commission Comment: With respect to the refere…
4 CMC § 6545 Acquisition of Property to Satisfy or Protect Previous Loans
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6545. Acquisition of Property to Satisfy or Protect Previous Loan. A bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. …
4 CMC § 6546 Acquisition of Banking Premises and Equipment
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6546. Acquisition of Banking Premises and Equipment. (a) A bank may acquire real estate and equipment and improve real estate to be used in the transaction of its business in the Commonwealth and may ren…
4 CMC § 6547 Sale of Assets in Ordinary Course
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6547. Sale of Assets in Ordinary Course. A bank may sell any asset in the ordinary course of business, or, with the approval of the director, in any other circumstance, but the sale of all or substantial…
4 CMC § 6548 Borrowing
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6548. Borrowing. A bank may borrow money and issue evidence of indebtedness, subject to such regulations as the director may issue. Source: PL 3-104, § 647. Commission Comment: With respect to the refere…
4 CMC § 6549 Pledge of Assets
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6549. Pledge of Assets. A bank may pledge its assets to: (a) Enable it to act as agent for the sale of obligations of the United States. (b) Secure borrowed funds. (c) Secure deposits. Source: PL 3-104, …
4 CMC § 6550 Indorsement and Signature Guaranty
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6550. Indorsement and Signature Guaranty. (a) A bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument which it owns or has received for collection or that of the …
4 CMC § 7501 Parties, Events, and Interests
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7501. Parties, Events, and Interests. (a) Capacity to Insure. Any person capable of making a contract may be an insurer, subject to the restrictions imposed by this division. (b) Events Subject of Insurance. Except as provided i…
4 CMC § 7502 The Policy
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7502. The Policy. (a) Contents. The written instrument in which a contract of insurance is set forth is the policy and it shall contain the information required herein: (1) The parties between whom the contract is made; (2) A de…
4 CMC § 7503 Premiums
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7503. Premiums. (a) Accrual of Premium. The insurer is entitled to payment of the premium as soon as the subject matter insured is exposed to the peril insured against. (b) Right to Return of Premium. Unless the insurance contra…
4 CMC § 7504 Rates
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7504. Rates. (a) [Repealed.] (b) Standards. An insurer in making rates, and the commissioner in approving them, shall apply the standards described in this section: (1) Rates shall not be excessive or inadequate, as herein provi…
4 CMC § 7505 Loss
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7505. Loss. (a) Peril Not Insured Against: Rescue Efforts. An insurer is liable: (1) Where the thing insured is rescued from a peril insured against and which would otherwise have caused a loss if in the course of the rescue, th…
4 CMC § 7506 Double Insurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7506. Double Insurance. (a) Double Insurance. Double insurance exists when the same person is insured by several insurers separately in respect to the same subject, interest and risk. (b) Double Insurance: Contribution. In case …
4 CMC § 7507 Reinsurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7507. Reinsurance. (a) A contract of reinsurance is one by which an insurer procures a third person to insure him against loss or liability by reason of the original insurance. (b) No admitted insurer shall reinsure with any oth…
4 CMC § 7508 Disposition of Funds
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7508. Disposition of Funds. All fees and costs collected pursuant to this division shall be payable to the Commonwealth Treasury and shall be credited to the General Fund. Source: PL 3-107, § 31.
4 CMC § 7509 General Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7509. General Penalties. Violation of any provision of this division for which a penalty is not otherwise provided shall be a misdemeanor punishable by a fine of not more than $1,000 if the offender is other than an individual p…
4 CMC § 8521 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8521. Definitions. As used in this chapter, the following words and phrases shall have the meanings given to them in this section unless the context clearly indicates otherwise: (a) “Cost-effective” shall mean the ability to pro…
4 CMC § 8522 Renewable Portfolio Standard
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8522. Renewable Portfolio Standard. Each electric utility shall establish a renewable portfolio standard of twenty percent of its net electricity sales on or before December 31, 2016. Source: PL 15-23, § 2(8622); amended by PL 1…
4 CMC § 8523 Achieving Portfolio Standard
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8523. Achieving Portfolio Standard. The electric utilities may aggregate their renewable portfolios in order to achieve the renewable portfolio standard. If requested, the regulator shall determine on an evidentiary record if an…
4 CMC § 8524 Waivers, Extensions and Incentives
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8524. Waivers, Extensions and Incentives. (a) An electric utility company not meeting the renewable portfolio standard shall report to the regulator in writing within 30 days following the goal date established in 4 CMC § 8522 a…
4 CMC § 8525 Renewable Portfolio Standards Study
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8525. Renewable Portfolio Standards Study. The regulator shall: (a) By December 31, 2008, develop and implement a utility rate structure and independent power producer contract standards, which may include but is not limited to,…
4 CMC § 8531 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8531. Definitions. As used in this article, the following words and phrases shall have the meanings given to them in this section unless the context clearly indicates otherwise: (a) “Available capacity” shall mean the capacity a…
4 CMC § 8532 Net Energy Metering to be Provided to Eligible Customer
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8532. Net Energy Metering to Be Provided to Eligible Customer. (a) An eligible customer-generator shall be entitled to receive net energy metering service in accordance with this article. (b) Notwithstanding any law, CUC regulat…
4 CMC § 8533 Maximum Capacity of Eligible Customer-Generator
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8533. Maximum Capacity of Eligible Customer-Generator. A customer shall be eligible for net energy metering for not more than ten megawatts of available capacity of a renewable energy system; provided that the regulator shall in…
4 CMC § 8534 Standard Contract or Tariff; Rate Structure
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8534. Standard Contract or Tariff; Rate Structure. (a) The electric utility shall develop a standard contract or tariff providing for net energy metering and shall make this contract or tariff available to eligible customer-gene…
4 CMC § 8535 Limits on Additional Customer Generators
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8535. Limits on Additional Customer Generators. Notwithstanding the requirements of this chapter, an electric utility shall not be obligated to provide net energy metering to additional customer-generators in a control area when…
4 CMC § 8536 Calculation of Net Charges/Benefits
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8536. Calculation of Net Charges/Benefits. The net energy metering calculation shall be made by measuring the difference between the electricity which the electric utility delivered to the eligible customer-generator and the sum…
4 CMC § 8537 Billing Periods; 12-Month Reconciliation
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8537. Billing Periods; 12-month Reconciliation. (a) Billing of net energy metering customers shall be on a monthly basis; provided that the last monthly bill for each 12-month period shall reconcile for that 12-month period the …
4 CMC § 8538 Net Electricity Consumers
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TITLE 4: ECONOMIC RESOURCES DIVISION 8: UTILITIES § 8538. Net Electricity Consumers. The net electricity consumer shall owe the electric utility for the customer’s consumption in excess of the customer’s production and credits. The eligible customer shall owe the electric utility…