Guam Administrative Code

§1126. Same: Contemptuous Conduct. It shall be sufficient reason for exclusion from the hearing for any person to engage in disorderly, disrespectful or contemptuous conduct before the Commissioner

§1127. Same: Record. The Commissioner shall keep a true and concise record of the proceeding of the hearings.

§1128. Same: Order. Within ten (10) days after the termination of the hearing the Commissioner shall make his order thereon. Such order shall contain his findings of facts and conclusions of law, it shall set forth the action taken and the effective date of such action. A copy of…

§1129. Same: Duties and Powers of the Commissioner Representing the Complainant. It shall be the duty of the Commissioner to inquire fully into the facts as to whether the Respondent has engaged in or is engaging in any violation, set forth in the complaint, of the Insurance Law …

§1130. Same: Witnesses and Subpoenas. (a) Witnesses shall be examined orally under oath or affirmation except that for good cause shown the Commissioner may permit their testimony to be taken outside the hearing by deposition under oath. Any such deposition shall be taken in acco…

§1131. Books of Accounts, Registers and Documents - Required of Domestic Insurers: Legal Authority. Legal authority cited for requirements that domestic insurer's keep books of accounts, registers and documents, 22 GCA §§12204, 12212 of the Insurance Law.

§1132. Same: General. Every domestic insurer shall keep in his main office in Guam in an adequate manner and according to sound methods of accounting, books of accounts for all its operations and transactions. Said books, as well as the contracts, vouchers, records and any other …

§1133. Same: Life and Disability Insurance. The following shall be an essential part of the accounting system of every domestic life and disability insurer: CH. 1 - INSURANCE - 1997 - P. 35 (a) An application register that may be formed with the originals of the applications rece…

§1134. Same: Property, Casualty and Miscellaneous Risks.

§1135. Books of Accounts, Registers and Documents - Required of General Agents, Managers and Agents Authorized to Countersign Policies: CH. 1 - INSURANCE - 1997 - P. 38 Legal Authority. Legal authority for requirement that general agents, managers and agents authorized to counter…

§1136. Same: General. Every general agent, manager or agent authorized to countersign policies shall keep in his principal office in Guam, in an appropriate form and following approved methods of accounting, books of accounts for all kinds of business and transactions of the comp…

§1137. Same: Life and Disability Insurance. The following shall be an essential part of the accounting system of the general agent and manager of life and disability insurers: (a) An insureds register that shall contain the name of the insured, address and date of birth or age. T…

§1138. Same: Property and Casualty Insurance. The following shall be an essential part of the accounting system of the general agent, manager and agent authorized to countersign policies of property and casualty insurers: (a) A copy of every policy issued or an insurance memorand…

§1139. Annual Statement of Insurers. (a) Legal authority cited for annual statement of insurers, 22 GCA §15504 and §15404 Insurance Law. (b) The annual statement of insurers shall be prepared in the official forms approved by the National Association of Insurance Commissioners as…

§1140. Advertisements. (a) Legal authority cited for advertisements, 22 GCA §§15705 and 15708 Insurance Law. (b) Every insurer, general agent, agent, broker or solicitor duly authorized by the Commissioner to transact insurance business in Guam, shall send to the Office of the Co…

§1141. Surplus Line Agents and Surplus Line Brokers. (a) Legal authority cited for surplus line agents and surplus line brokers, 22 GCA §15204 Insurance Law. (b) General agents and subagents licensed to transact insurance in Guam shall, with prior approval of the Commissioner, ha…

§1142. Deviation From Approved Rates. Application for deviation from approved rates will be submitted in writing in duplicate and must include experience, statistical and/or other supporting reasons for the request. All application for deviation from approved rates must be submit…

§15704 Insurance Law.) Whenever the appointment of Subagent or Solicitor is terminated, the Commissioner shall be immediately notified thereof in writing accompanied by proof that notice of termination has also been delivered or mailed to such Subagent or Solicitor. Such notice o…

§1101. Authority. The Administrator, Guam Uniform Securities Act, adopted the following regulations under the authority conferred upon him by 22 GCA §46413.

§1102. Findings. Public Law 16-65 amends the Guam Uniform Securities Act ("Act") to provide for the organization, operation and regulations of investment companies and international finance companies in Guam. The following regulations are intended to insure that investment compan…

§1103. Regulations. The regulations are set forth below. Please note that the form of the regulations, including the numbering system used, is subject to amendment as necessary to conform to the standard code of rules promulgated for the agencies of the government of Guam. All se…

§1104. Residence of Investment and International Finance Companies. This Regulation relates to 22 GCA CH. 1 - INVESTMENT & INTERNATIONAL FINANCE COMPANIES - 1997 - P. 1 13 GAR - SECURITIES §46202(a). Any person incorporated, organized or formed under the laws of Guam, and which b…

§1105. Residence of Broker/Dealer or Adviser. This Regulation relates to 22 GCA §46202(c) of the Act. No person who is registered as a broker/dealer or as an investment adviser pursuant to the Uniform Securities Act shall be deemed to maintain a business office within Guam for pu…

§1106. Investment Companies: Presumption. This CH. 1 - INVESTMENT & INTERNATIONAL FINANCE COMPANIES - 1997 - P. 2 13 GAR - SECURITIES Regulation relates to 22 GCA §46202(e) of the Act. Any person incorporated, organized or formed under the laws of this Territory who is or would b…

§§1802.201 and 1803.508: (1) The contract may be precomputed to include the dollar finance charge for payment according to schedule. In the example shown, the dollar finance charge of Two Hundred Eleven Dollars Sixty-Eight Cents ($211.68) would be added to the original unpaid pri…

§1803.210 and to make default or deferment charges according to §§1802.203 and 1802.204 or §§1803.203 and 1803.204; or (b) to recompute charges at the flat annual percentage rate which yields the precomputed charge when computed according to the U.S. Rule. (In the example shown t…

§1803.508 of the Code is not made, as the same principals of calculation apply. It should be made clear that the graduated rates permitted are calculated on the periodic declining unpaid balances. The provisions for graduated rates should not be construed as requiring simultaneou…

§2101. Definitions. (a) Administrator means the Savings and Loan Commissioner as designated in 14 GCA §1301. (b) Advertisement means any commercial message in any newspaper, magazine, leaflet, flyer or catalog, on radio, television or public address system, in direct mail literat…

§2102. Exempted Transaction. This part pertains only to disclosure provisions and does not apply to the following: (a) Business or Governmental Credit. Extensions of credit to organizations, including governments, or for business or commercial purposes, other than agricultural pu…

§2103. Determination of Finance Charge. (a) General Rule. Except as otherwise provided in this Section, the CH. 2 - UNIFORM CONSUMER CREDIT CODE REGS. - 1997 - P. 6 amount of the finance charge in connection with any transaction shall be determined as the sum of all charges, paya…

§2104. Explanation of Operation of Rate Ceilings. This explanation of maximum rates applies to credit service charges made under §1802.201 of the Code. A separate explanation of loan finance charges under

§2105. Determination of Annual Percentage Rate. (a) General Rule - Open End Credit Accounts. The annual percentage rates for open end credit accounts shall be computed so as to permit disclosure with an accuracy at least to the nearest quarter of one percent (1%): (1) Where the f…

§2106. Disclosure Requirements. Under current federal law, the control of disclosure enforcement lies with the Federal Government and the provisions of such enforcement are contained under Regulation Z - Truth in Lending Act. This situation will continue until such time as Guam e…

§2107. Advertising Credit Terms. (a) General Rule. No advertisement to aid, promote, or assist directly or indirectly any extension of credit may state: (1) That a specific amount of credit or installment amount can be arranged unless the creditor usually and customarily arranges…

§2108. Prepayment. The Guam Uniform Consumer Credit Code provides that the debtor shall have the right to prepay any precomputed debt and shall receive a rebate or refund of the unearned portion of the finance charge as well as of any unearned deferral charge and for insurance pr…

§2109. Delinquency Charges. Delinquency charges can only be collected when provided for in the loan agreements. A delinquency charge may be collected on any installment not paid in full within ten (10) days. The delinquency charge may not exceed the greater of Five Dollars ($5.00…

§2110. Deferral Charges. Deferral charges may be imposed on the account of the debtor before or after default. However, the debtor must previously have agreed to the charge in writing. Deferral charges cannot exceed 1-1/2% per month applied to the amount or amounts deferred for t…

§2111. Retention of Records. Every licensee and supervised financial organization must preserve his books, accounts and records, including cards used in a ledger card system, for at least two (2) years after making the final ledger card entry.

§2112. Forms. All forms of documents used or proposed to be used by a licensee or supervised CH. 2 - UNIFORM CONSUMER CREDIT CODE REGS. - 1997 - P. 27 27 financial organization in the conduct of his business under this Act must have first been submitted to and approved by the Adm…

§2113. Effective Date. NOTE: Rule-making authority cited for formulation of Uniform Consumer Credit Code Regulations by the Administrator (Savings and Loan Commissioner) 14 GCA, Guam Uniform Consumer Credit Code.

§ 4101. Purpose. The purpose of this part of the rules and regulations is to establish, pursuant to 12 GCA Chapter 58, further standards and criteria for the issuance of Qualifying Certificates for tax benefits, in addition to those set forth in said 12 GCA § 38104, which are tha…

§ 4102. Requirements. Any applicant for a Qualifying Certificate must meet the following requirements: (a) The applicant shall be duly licensed to do business in Guam. In the case of an individual or partners in a firm, he or they must be bona fide residents of Guam; and in the c…

§ 4103. Minimum Investment. An applicant must undertake to invest in a new industry or business in Guam: (a) At least Twenty-Five Thousand Dollars ($25,000) paid-in-capital for a fishing industry, or in an industry or business, for the processing, manufacturing, creation or produ…

§ 4104. Restrictive Certificates. In order to encourage new business investments of One Million Dollars ($1,000,000) or more the Board of Directors may from time to time recommend the issuance of Qualifying Certificates containing restrictive clauses relative to the issuance of a…

§ 4105. Fees. The following fees shall be assessed to each applicant and/or recipient of a Qualifying Certificate: Section Under Original Annual Continuing Applicant Filed Filing Surveillance Fee 2 GAR § 10440.2(a) $100.00 $500.00 2 GAR § 10440.2(b) $ 25.00 $ 50.00 2 GAR § 10440.…

§ 4106. Authority. These Rules and Regulations are made pursuant to 12 GCA Chapter 50, and shall become effective upon approval and promulgation by the Governor. ---------------- ARTICLE 2 ISSUANCE OF QUALIFYING CERTIFICATES FOR COMPANIES ENGAGED IN THE RECYCLING AND THE TRANSSHI…

§ 4201. Introduction. The rules and regulations (“Rules”) set out in this Part describe the general procedures for obtaining a recommendation from GEDCA for the issuance of a Qualifying Certificate (“QC”) to companies engaged in recycling and/or the transshipment of recyclable ma…

§ 4202. Purpose The purpose of this Part of these Rules is to provide the general procedures and forms governing the issuance of a QC to qualified companies engaged in recycling and/or the transshipment of recyclable materials and the compliance by QC beneficiaries with the terms…

§ 4203. Definitions. In these Rules, the following terms shall have the following meanings: (a) “GEPA” shall mean the Guam Environmental Protection Agency. (b) “GEDCA” shall mean the Guam Economic Development and Commerce Authority formerly known as Guam Economic Development Auth…

§ 4204. Application and Filing Fees (a) To apply for a QC under the Recycling and Transshipment of Recyclable Materials Law, an eligible entity shall file with GEDCA the same documents and the same filing fee required in the QC Law and in Part 1 of GEDCA’s QC rules and regulation…