§ 6617. Tax rates and payment schedules
Each Securitization Entity must be taxed in the same manner as an SPFC pursuant to section 6670(c), (d), (e) and (f) of Subchapter III of this chapter.
§ 6640. Title
This subchapter may be cited as the “Asset-Backed Securities Facilitation Act.”
§ 6609. Conditions of all licenses
(a) It is a condition of every license issued under this chapter, breach of which renders the license subject to cancellation by the SAM, that: (1) The Qualified Manager, intermediary, broker, actuary and auditor must be aware of the content of each license application and business plan submitted with the license application, shall monitor for […]
§ 6610. Adoption of name
The Qualified Manager intermediary, broker, auditor, actuary or any other entity that may be licensed under this chapter may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this Territory or in the state or country […]
§ 6611. Restriction on payment of dividends; liability
(a) A corporation or other entity may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when the corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would […]
§ 6612. Suspension or revocation of license
(a) The license of the Qualified Manager, intermediary broker, actuary and auditor to conduct a business in this Territory may be suspended or revoked by the SAM for: (1) insolvency or impairment of capital or surplus; (2) refusal or failure to submit an annual report, or any other report or statement required by law or […]
§ 6613. Rules, regulations, and orders
The SAM may promulgate and from time to time amend rules and regulations, and issue such orders relating to Securitization Entities or SPFCs as are necessary to enable the SAM to carry out the provisions of this chapter.
§ 6608. Licensing; required information and documentation; fee; renewal
(a) The Qualified Manager, intermediary, broker, actuary or auditor when permitted by its articles of incorporation, articles of organization, operating agreement, or charter, may apply to the SAM for a license to do all alternative business. (b) To conduct asset securitization and insurance securitization business in this Territory, the Qualified Manager, intermediary broker, actuary and […]
§ 6604. Registers
The SAM shall keep the following registers: (a) A register of all licenses issued to Securitization Entities under this chapter, in which must appear: (1) the name of the Securitization Entity; (2) the address of the Securitization Entity’s principal office within the Territory; the Qualified Manager’s office may serve as the principal office of the […]
§ 6605. Public information and confidential information
(a) Except as provided in paragraphs (1) and (2) of this subsection, information submitted pursuant to the provisions of this chapter is confidential and may not be made public by the SAM or an agent or employee of the SAM, without the written consent of the entity, except that: (1) information may be discoverable by […]