Senate Legislative Bill 17-4, which Saipan Democrat Sen. Luis P. Crisostimo sponsored, was passed on March 12 during a Senate session held on Rota.
“This legislation proposes a constitutional amendment to Article XII, Sections 3 and 5 of the CNMI Constitution to change the term permanent and long-term interests in real property from 55 years to 99 years and to change the definition of a Northern Marianas descent corporation,” said Crisostimo.
“Such change will also revive the real estate market benefiting landowners, real estate brokers, and investors. The longer lease period will facilitate banking and other lending institutions in funding major development loans, mortgages, etc., and enhance business opportunities in the secondary market,” he added.
The initiative also redefines a Northern Marianas descent corporation as one which has 51 percent directors who are NMI-descent people with voting shares.
Currently, an NMD corporation should have 100 percent directors who are indigenous-descent.
A legislative initiative requires a three-fourths vote in both the House of Representatives and the Senate so it can be on the ballot in the next general elections.
It does not require the governor’s approval.
Leasehold interest on public lands is set for a maximum of 40 years subject to the approval of the Legislature.
