Guam Administrative Code

§18102. Purpose. The purpose of these Rules and Regulations is to establish the Definitions, Licensing, Placement and Operations of a Bank Branch, an "Automated Teller Machine" (ATM)(s) and a "Remote Automated Teller Machine" (Remote ATM)(s) for the Territory of Guam.

§18103. Definitions. The following definitions or terms as defined in 11 GCA §100101 of the Banks and Banking Law, are hereby made a part of these Rules and Regulations: (a) Financial Institutions means any bank as defined in 11 GCA §100102 of the Guam Banking Code which is duly …

§18104. Licensing. Licensing regulations for Bank Branch, Automated Teller Machines (ATM)(s), Remote Automated Teller Machine (Remote ATM)(s), and Interstate Branching. (a) Bank Branch Ch. 18 - Automated Teller Machine Regs. - 1997 - p. 3 (1) An application to establish a Bank Br…

§18105. Placements. (a) Bank Branch. (1) A financial institution shall not change the location of an established bank branch without prior written approval from the Banking Board. (b) Automated Teller Machine (ATM)(s) (1) A financial institution shall not change the location of a…

§18106. Operations. (a) Automated Teller Machine (ATM)(s) (1) An ATM of a financial institution located other than on the premises of the principal place of business of the financial institution or the premises of any of its branches, may by agreement be made available to one or …

§18107. Effective Date. These Rules and Regulations shall become effective the _____day of ______, 199__ and shall remain in effect unless amended or until rescinded.

§18108. Forms. The application, notification and discontinuance notifications applications/forms for Branch Banks, Automated Teller Machine (ATM)(s) and Remote Automated Teller Machine (Remote ATM)(s) are made part of these rules and regulations. Ch. 18 - Automated Teller Machine…

§3 (s)(3) of the Federal Deposit Insurance Act. (l) Adequately Capitalized means a level of capitalization which meets of exceeds all applicable Territorial or Federal regulatory capital standards. (m) Electronic Fund transfer means any transfer of funds, other than a transaction…

§ 19101. Authority; Legislative Findings and Intent. I Liheslaturan Guåhan wishes to establish government policy that would help improve the delivery of insurance protection and services to consumers in this particular industry in Guam. One approach toward this objective deals wi…

§ 19102. Purpose. The purpose of these Regulations is to establish requirements and standards for the continuing education program for persons licensed to transact or sell insurance.

§ 19103. Definitions. The following terms: (a) “Agent”; (b) “Broker”; (c) “Commissioner”; (d) “General Agent”; (e) “Solicitor”; (f) “Sub-Agent”; (g) “Persons”; and (h) “Transact,” as they are defined in §§ 12104 and 12201 of Articles 1 and 2, Division 2, of Title 22 of the Guam C…

§ 19104. Applicability. (a) These regulations shall apply to resident persons licensed after the date of the passage of this Regulation to engage in the sale of the following classes of insurance: (1) life insurance, annuity contracts, variable annuity contracts and variable life…

§ 19105. Educational Requirements. Resident persons licensed to sell or transact insurance shall satisfactorily complete such courses or programs as follows: (a) any person issued a license for: (1) life and/or death insurance, (2) Property and/or casualty insurance, or (3) any c…

§ 19106. Courses; Approval; Records. The courses or programs of instruction successfully completed are: (a) Any course or program of instruction or seminar developed and/or sponsored by any admitted and licensed insurer, insurance trade or agents’ associations or any independent …

§ 19107. Repeated Courses. A course shall not be repeated if the maximum credits have been attained or received for the same course.

§ 19108. Extension of Time. For good cause shown, the Commissioner may grant an extension of time during which the requirements imposed by these regulations may be compiled for each type of life/health insurance license. The extension will not alter the requirements or due date o…

§ 19109. Compliance. (a) Any person previously licensed to sell insurance whose license was not in effect on the effective date of this Regulation shall comply with all the terms and requirements of § 19105 of this Regulations, in order to be licensed. COL1/19/2022 4 TAXATION (b)…

§ 19110. Penalty, Legal Authority, §§ 15703 and 15705 of the Insurance Laws. Any person failing to meet the requirements imposed upon him by these Regulations and who has not been granted an extension of time within which to comply pursuant to § 19105, or who has submitted to the…

§ 19111. Severability. If any provision of these Regulations or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of these Regulations which can be given effect without the in…

§ 19112. Effective Date. This Regulation shall take effect upon enactment and shall remain in effect, unless otherwise amended or until rescinded by law. ---------- COL1/19/2022 5…

§ 19201.6 states that any person required to collect, account for and pay over the Admission Tax, who willfully fails to collect, or truthfully account for and pay over such tax shall, in addition to other penalties provided by law, be guilty of a felony, and, upon conviction the…

§ 2101. Exemption of Rental Income from Gross Receipts Tax. (a) The purpose of this Section [regulation] is to implement § 26203(j). Gross Receipts Tax, 11 GCA Chapter 26, Government Code of Guam (Public Law 43 - Second Guam Legislature) which provides as follows: “§ .1010. The f…

§ 2102. Landed Costs: Definition of the Term Landed Cost. (a) The purpose of this regulation is to revoke Business Privilege Tax Regulation No. 3, approved September 13, 1956, and to correctly restate the section [regulation] with respect to the definition of the term “landed cos…

§ 2103. Prescribed Form for Monthly Tax Returns. (a) The purpose of this Section [regulation] is to prescribe one form for the reporting of monthly Business Privilege Taxes. (b) The use of the attached Form FCN 2-2-57 Rev. 9-59 for filing monthly returns of Business Privilege Tax…

§ 2104. Refund, Abatement or Drawback. The purpose of this Section [regulation] is to prescribe a convenient form for use by taxpayers in filing claims for refund, abatement or drawback under the provisions of the Business Privilege Tax Law: (a) “Form FCN 2-2-100, approved 2-19-6…

§ 2105. Incidence and Release of Liens. The purpose of this Section [regulation] is to implement the provisions of 11 GCA § 26103, as amended by Public Law 5-114, approved August 8, 1960 and effective September 1, 1960, relative to the incidence of tax liens under the Business Pr…

§ 2106. Hearings, Appeals and Review Claims and Suits for Refund. The purpose of this Section [regulation] is to set forth and explain the rights, legal remedies and procedures available to taxpayers seeking relief for taxes levied, assessed, collected or paid under the Business …

§ 2107. Gross Income and Gross Proceeds of Sale.

§ 2108. Exemption from Gross Receipts Tax. (a) The purpose of this regulation is to implement the provisions of 11 GCA § 26117 insofar as they apply to exemptions from Gross Receipts Tax under 11 GCA § 26203. (b) Title 11 Guam Code Annotated § 26117 states that if any person (as …

§ 2109. Inspection of Returns and Disclosure of Information. (a) The purpose of this Section [regulation] is to prescribe rules pertaining to the inspection of Business Privilege Tax returns and disclosure of other information filed or furnished by taxpayers relative thereto, and…

§ 2110. Tax on Soft Drinks. (a) The purpose of this regulation is to conform previously existing regulations to the tax on soft drinks with the provisions of Public Law 6-45, approved August 23, 1961, effective August 24, 1961. (b) Subchapter E of Chapter 6, relating to the tax o…

§ 2111. Beverage Tax. (a) The purpose of this regulation is to prescribe rules and regulations to affect the purposes of Public Law 6-94, approved March 21, 1962 and effective April 1, 1962 with reference to the tax on alcoholic beverages. The law repeals Subchapter C as heretofo…

§ 2112. Liquid Fuel Tax. (a) The purpose of this Section [regulation] is to prescribe rules and regulations to effect the purposes of Public Law 6-94, approved March 21, 1962 and effective April 1, 1962 with reference to the tax on liquid fuels. The law amends 11 GCA § 26403 but …

§ 2113. Tobacco Taxes. (a) The purpose of this Section [regulation] is to prescribe rules and regulations to effect the purposes of Public Law 6-94, approved March 21, 1962, and effective April 1, 1962 with reference to the tax on tobacco and tobacco products. (b) The law amends …

§ 2114. Interim Joint Regulations for Annual Excise and Admissions Taxes and Associated Gross Receipt Taxes. The purpose of § § 2115 through 2118 of this regulation is to prescribe, on an interim basis, regulations and procedures to assist in the administration of the provisions …

§ 2115. Same: Tax on Amusement Devices. (a) Subchapter A of Chapter 3 relates to amusement devices, and beginning on the effective date, October 1, 1961, and annually thereafter on July 1 of each year, imposes excise taxes at specified rates on coin-activated amusement devices op…

§ 2116. Same: Admission Tax. (11 GCA Chapter 22 Article 3 Admission Tax was repealed by P.L. 22-17:1.) Subchapter B of Chapter 3 imposes a tax, effective October 1, 1961, upon the amount paid for admission to any place at the rate of One Cent ($0.01) for each Ten Cents ($0.10) or…

§ 2117. Same: Tax on Recreation Facilities. (a) Title 11 Guam Code Annotated Chapter 22 Article 4 imposes, effective October 1, 1961, an excise tax on each of certain specified recreation facilities in Guam on the effective date, or thereafter manufactured or constructed in Guam,…

§ 2118. Same: General Provisions. (a) For the purpose of making the return and paying the four percent (4%) Gross Receipts Tax imposed by 11 GCA § 26202(h), beginning with the month of October 1961, every person deriving gross receipts from any of the activities taxable under 11 …

§ 2119. Exemption of Amounts Received from Engaging or Continuing in Business as a Wholesaler. (a) The purpose of this Section is to implement 11 GCA § 26202(a)(2), as amended by Public Law 18-2, and § 19543.1022 of the Government Code, as enacted by Public Law 18-2. Title 11 Gua…

§ 2120. Gross Receipts Tax on Gross Income from Coin- Activated Amusement Devices. NOTE: Rule-making authority cited for formulation of business tax regulations by Tax Commissioner, 11 GCA, § 26107-26120. The regulations for Tax on Amusement Devices, Admissions Tax, Tax on Recrea…

§ 21A01. Definitions. (a) Cigarette package means an individually sealed pack of cigarettes originating from the manufacturer and bearing the health warning required by law. (b) Department means the Department of Revenue and Taxation. (c) License means a license granted by Guam l…

§ 21A02. Conformity with Statute(s). (a) These rules and regulations are in conjunction with 11 GCA §§ 26601 through 26609, and all other rules and regulations of tobacco products. These rules and regulations are passed into law by the Legislature. Any discrepancy between these r…

§ 21A03. Collection of Taxes Imposed on Licensees Purchasing and Importing Cigarettes into Guam. (a) The Department shall aggressively seek to collect all tobacco taxes imposed by Article 6 of Chapter 26, 11 GCA, and use the information submitted in the reports filed with the Dep…

§ 21A04. Preparation and Sale of Tax Stamps. Within ninety (90) days of enactment of these rules and regulations, the Department shall prescribe, prepare, and furnish stamps, or procure a company to do so, of such design, specifications, denominations, and quantities as may be ne…

§ 21A05. Method and Manner of Affixing Stamps. (a) Stamps shall be securely affixed to the bottom of each cigarette package in such a manner that the stamps are clearly visible from at least five (5) feet away, legible, and complete. How the stamps become affixed shall be the con…

§ 21A06. Adherence of Stamps. Stamps shall be affixed in such manner as to adhere securely to the bottom of each cigarette package. If the cigarette packages are wrapped in or covered by some substance to which the stamps do not readily adhere, such wrapper or covering must be ro…

§ 21A07. Purchase of Stamps, Refund, or Credit for Unused Stamps. (a) Cigarette stamps for packages of twenty (20) or fewer cigarettes shall be sold in rolls of fifteen thousand (15,000) or thirty thousand (30,000) or sheets of one hundred fifty (150) with a minimum order of one …

§ 21A08. Cigarettes Shipped Outside of Guam for Sale or Use Outside of Guam. (a) All claims for tax exemption on any shipment of unstamped, cartoned cigarettes consigned for export from Guam shall be presented to the Director of the Department in a monthly report. The report shal…

§ 21A09. Refund or Credit for Mutilated Stamps. The Department, or its agent, will refund or credit to a licensee who purchased stamps the denominated value of any stamps when the stamps have become no longer legible or recognizable as stamps issued by the Department; provided, t…