43.01.030 Tribal Lending Regulatory Commission

(a) The Tribe hereby establishes the Turtle Mountain Band of Chippewa Tribal Lending Regulatory Commission ("Commission") to regulate loans, Covered Loans, Loan Products, Lending Operations, Regulated Entities, and Service Providers' activities related to Covered Loans. The Commission shall act independently and autonomously from the Tribal Council and Lending Operations. As part of the Tribe's government, the Commission possesses all the privileges and immunities of Tribal sovereignty as established by Tribal law and recognized by federal law. Nothing in this Code, nor any action of the Commission shall be deemed or construed to be a waiver of sovereign immunity of the Tribe from suit or counterclaim or consent of the Tribe to the jurisdiction of any court.

(b) The Commission shall, in accordance with this Code:

(1) promulgate rules, regulations, policies, and guidelines as needed to implement all provisions of this Code;

(2) issue Licenses;

(3) examine each Licensee annually and more frequently if the Commission considers it necessary;

(4) supervise the activities of Lending Operations and through supervision of Lending Operations, applicable activities of Service Providers in connection with services provided to Lending Operations, to ensure compliance with Tribal Law, this code, and applicable Tribal Consumer Protection Laws;

(5) ensure that Covered Loan borrowers have adequate and accessible opportunities to enforce their rights under Covered Loan agreements, this Code, and applicable Tribal Consumer Protection Laws;

(6) ensure that Licensees abide by Commission orders or orders issued through binding arbitration.

(7) perform all other duties the Commission deems appropriate for the proper regulation of the Lending Operations, Service Providers, Covered Loans and Loan Products;

(8) engage consultants as needed to conduct regulatory compliance examinations of the Lending Operations and perform other functions as requested by the Commission; and

(9) assess initial and annual licensing fees, which may be paid in quarterly installments.

(c) The Commission shall consist of at least 1 and as many as 3 Commissioners. The Tribal Council may, by resolution, increase the number of Commissioners as it deems necessary to conduct the governmental operations of the Commission.

(d) The Tribal Council shall make nominations by motion for each Commissioner position at either a regularly scheduled meeting or a special meeting of the Tribal Council. The Tribal Council shall, by majority vote, either approve by resolution or motion the appointment of a Commissioner or disapprove the candidate.

(e) Commissioners shall serve a renewable term of 3 years and shall be removable by the Tribal Council for cause prior to the expiration of that term.

(f) Commissioner compensation shall be established from time to time by the Tribal Council.

(g) Any person appointed as a Commissioner must be at least 21 years of age; show proof of a bachelor's degree in a relevant field such as but not limited to: law, finance, accounting or business; possess at least 5 years of experience employed in leadership positions demonstrating consistent advancement in lending, finance, management, business, governmental regulation, law, accounting, and/or Tribal policy; and, in the Tribal Council's sole opinion, the organizational abilities to effectively manage the business of the Commission and make decisions on behalf of the Commission. No person shall serve as a Commissioner if convicted of or has entered a plea of no contest to any felony or to a misdemeanor involving breach of trust or dishonesty in any jurisdiction; or, in the Tribal Council's sole discretion, has reputation, habits, or associations that could undermine the integrity of the Commission or its roles in protecting Consumers.

(h) A Member of the Commission may not:

(1) be a Tribal Council member, while serving as such;

(2) possess a financial or managerial interest in a Service Provider or a Lending Operation, except for any interest that derives solely from being a member of the Tribe;

(3) apply for or obtain Covered Loans with a Lending Operation; or

(4) have a spouse, child, sibling, parent, stepchild, stepparent, as well as mother-, father-, son, daughter-, brother- or sister-in-law, and any other person living with them or who is otherwise a dependent that are Key Employees or Officers of a Lending Operation.

(i) No Person in possession of a Commission record that the Commission has not already made public, shall disclose such records or duplicates thereof, without authorization, to any person who is not an employee of the Commission. All Commission records authorized for disclosure shall remain the Commission's property unless the Commission provides otherwise.