Guam Administrative Code

§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 p…

§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. 7 7 amount of the finance charge in connection with any transaction shall be determined as the sum of all charges, …

§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 …

§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. 28 financial organization in the conduct of his business under this Act must have first been submitted to and approved by the Admini…

§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: C H . 4 I SSUANCE OF Q UALIFYING C ERTIFICATES Section Under Original Annual Continuing Applicant Filed Filing Surveillance Fee 2 GAR § 10440.2(a) $100.00 $500.00 2 …

§ 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. ---------------- A RTICLE 2 I SSUANCE OF Q UALIFYING C ERTIFICATES FOR C OMPANIES E NGAGED IN THE R ECYCLING AND THE T…

§ 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…

§ 4205. Additional Information required from Recycling and Shipping Companies. In addition to the material required under Section 4204, supra, a QC applicant seeking tax rebates and/or exemptions under this Part must complete GEDCA Form QC-11. The disclosures made in GEDCA Form Q…

§ 4206. Minimum Recyclable materials In order to qualify for the benefits available under the Recycling and Transshipment of Recyclable Materials Law a person(s), developer, contractor, company or corporation must divert from Guam’s waste stream a minimum of two thousand (2,000) …

§ 4207. Publication of Application and Hearing on Application At the direction of GEDCA, an applicant for a QC under this Part shall publish in a daily newspaper of general circulation on Guam no later than seven (7) days after filing its application with GEDCA, a resume of its a…

§ 4208. Waiver of Docking and Stevedoring Fees A shipping company engaged in the transshipment of recyclable materials may be granted a waiver of their docking and stevedoring fees for each verified load of recyclable materials shipped provided that the shipping company is (a) a …

§ 4209. Port Authority not obligated to provide free services The Port Authority of Guam is not required under the law or these rules and regulations to provide free stevedoring services to any shipping company engaged in the transshipment of recyclable materials.

§ 4210. Interest from rebated tax All interest earned from the rebated amount for recycling, or for the transshipment of recyclable materials, shall be allocated to the Guam Environmental Protection Agency, Solid Waste Management Fund to assist in the administrative cost for the …

§5101. Purpose. The purpose of this Regulations is to prescribe rules and regulations to assist in the administration of Public Law 8-80, Eighth Guam Legislature approved August 21, 1965, relative to Business Privilege Tax abatements, income tax rebates, and for other purposes ap…

§5102. Establishment of Tax Abatements . Title 12, Guam Code Annotated §58128 provides that the following tax abatements are hereby established and declared, for which Qualifying Certificates may be issued: (a) All taxes now levied by virtue of 11 GCA Chapter 26, Article 3, known…

§5103. Procedure Governing Applications for Abatement of Taxes. The procedures for claiming abatement and rebate of taxes specified under §5102 of this Regulation are prescribed in 12 GCA §58135. However, 12 GCA §58140 authorizes the Tax Commissioner of the government of Guam to …

§5104. Filing of Returns . Section 5103 herein requires the filing of tax returns in the manner prescribed by law for similar returns requiring payment of taxes due. While Public Law 8-80 suspends actual payment of the tax pending final approval by Tax Commissioner of abatement, …

§5105. Issuing Qualifying Certificate. With respect to 11 GCA Chapter 26, Articles 2, 3, and 4, 12 GAR §58135 provides: When the return for the abated tax is accompanied by a corresponding Qualifying Certificate, the actual payment of the tax in question to the government of Guam…

§5106. Limitation on Abatement of Taxes . Abatement of the taxes authorized herein shall be limited to specific amount or amounts claimed by beneficiary and approved by the Tax Commissioner. The amount of tax abated following issuance of Certificate by the Tax Commissioner shall …

§5107. Procedures Governing Claims for Abatement. The procedures enumerated hereunder shall govern claims for abatement of all taxes levied by 11 GCA Chapter 24, such abatement being authorized by §5102 of this Regulation: (a) Real Property Taxes: (1) Applications for abatement o…

§5108. Income Tax Rebates. The regulation governing income tax rebates authorized in 12 GCA

§5109. Rebate Fund Deposit and Certification of Rebate . (a) Rebate Fund Deposit : (1) Following receipt of a beneficiary's return, the Tax Commissioner shall immediately cause issuance of an official receipt showing the name of such beneficiary, the date and amount of the tax co…

§5110. Definitions . (a) Definitions: (1) Beneficiary. The term as used in this Regulation shall be governed by 12 GCA §58102 (2) Qualifying Certificate . The term as used in this Regulation shall be governed by 12 GCA §59101. (3) Subchapter S Corporation. This term as used in th…

§5111. Authority. NOTE: Rule-making authority cited for formulation of tax abatement and rebate regulations by the Tax Commissioner of the Department of Revenue and Taxation, 12 GCA §58140 Laws covering tax abatements and rebates for which Qualifying Certificates of the Guam Econ…

§58137 and §25138 shall be as follows: (a) Who may claim rebate: (1) Any recipient of a Qualifying Certificate issued under Public Law 8-80, whether an individual, firm, partnership or corporation who shall be subject to and who has paid the Guam Territorial Income Taxes. CH. 5 -…

§6101. Purpose. The purpose is to prescribe Administrative rules that will assist in the administration of the Hotel Development Act, P.L. 16-87, relative to the functions of the Guam Economic Development Authority in the development of hotel facilities (12 GCA, Chapter 70).

§6102. Definitions. As used or referred to in these Guidelines, the following terms shall have these respective meanings unless a different meaning clearly appears in the context: (a) Authority means the Guam Economic Development Authority, created by P.L. 8-80, as amended (Eight…

§6103. Functions of the Authority. The functions of the Authority in administering the Hotel Development Act shall be: CH. 6 - HOTEL DEVELOPMENT FUND - 1997 - P. 3 (a) To promote the construction and operation of new hotels and expansion of existing hotels and related facilities.…

§6104. Purpose. The purpose of these Rules and Regulations is to establish, pursuant to 12 GCA §70108 further standards and criteria for the granting of certificates of exemption by the corporation.

§6105. Eligibility . (a) Any person planning to enter or who has entered into an agreement for the construction of a hotel and related facilities and/or payment of cost of construction of infrastructure in connection with a hotel and related facilities, or for incidental and nece…

§6106. Application and Approval Procedures . (a) A pre- application for exemption certificates must be submitted for the Authority to determine eligibility on the proposed project and project contracts: (1) Applications by the project owner/developer identifying the project contr…

§7101. Authority . By virtue of P.L. 20-149, Guam Economic Development Authority (GEDA), has been appropriated the sum of $100,000 to create a Local Arts Revolving Fund (“LARF“). GEDA is also mandated to adopt rules and regulations for the administration of that fund.