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Updates sought for outdated ‘Uniform Commercial Code’
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Posted on Aug 14 2008
House Floor Leader Joseph Norita Camacho has introduced a 400-page bill that intends to modernize the CNMI Uniform Commercial Code.
Camacho told Saipan Tribune yesterday that the CNMI Uniform Commercial Code has not been updated for almost 30 years.
“It is a bill that we have been working on since I first took office in January [2008],” said Camacho in an e-mail.
The official said that business and commercial transactions have changed with the advent of computers, ATMs, Internet, credit cards, debit cards, etc., and his bill is intended to make the CNMI Uniform Commercial Code in-line with the rest of the United States and the world.
The NMI Uniform Commercial Code was created through Public Law 3-56, which is almost three decades old.
In his legislation, Camacho said the CNMI has undergone many changes in the world of business and is now an active member of the global economy.
“The way people conduct business has greatly changed, mostly in part through computers, the Internet, and other means of transaction. The means of commerce and trade has changed significantly over the years,” he said.
Camacho noted the many changes and ingenuity with respect to how transactions are conducted.
“Therefore, it is the purpose of this bill to update and modernize the CNMI’s Uniform Commercial Code, to a more contemporary means of conducting business,” he said.
Under the proposed measure, the Department of Commerce is authorized to promulgate rules and regulations to implement the intent and provisions of the Act.
