Guam Administrative Code

§ 21A10. Refund or Credit for Stamps Destroyed. (a) The Department, or its agent, will refund or credit to a licensee the denominated value of any stamps when the stamps have been destroyed by fire, flood, or other casualty prior to the affixation of the tax stamps to packages of…

§ 21A11. Claim Forms. A claim for refund or credit made pursuant to §§ 21A09 and 21A10 of these rules and regulations must be made on a form prescribed by and filed with the Department.

§ 21A12. Unsellable Cigarettes. (a) The Department, or its agent, will refund or credit to a licensee the denominated value, less the purchase discount, of identifiable stamps affixed to packages of cigarettes which have become unfit for use or unsellable before distribution, or …

§ 21A13. Authorization of Designee to Purchase Stamps for Licensee; Revocation of Authorization. (a) The Department, or its agent, shall sell stamps only to persons holding licenses as required by the wholesaler or their designee. A designee may purchase stamps, provided that: (1…

§ 21A14. Reporting Requirement for Missing Shipment of Stamped Cigarettes and Damaged or Otherwise Unusable Stamps. (a) Licensees must, within twenty-four (24) hours, report to the Office of the Attorney General and the Department, and its agent, if any, information on missing sh…

§ 2401. Definitions. (a) The following definitions shall govern the construction of these regulations: (1) Owner means a person or persons entitled to just compensation for the taking of said person’s real property, and shall include corporations and any other entity entitled to …

§ 2402. Application for Tax Credit, Where. (a) Any owner whose land has been acquired by the government of Guam, and where the government of Guam cannot make cash payment due to the unavailability of funds or for other reasons, may make application for tax credit to the Departmen…

§ 2403. Revocation of Election, How. Notwithstanding a revocation by operation of law, the owner or his agent may revoke the election by a written notice to the approving officer. 2021 NOTE: Subsection designations altered pursuant to authority granted by 1 GCA § 1606.…

§ 2404. Maximum Amount of Tax Credit Allowed or Allowable. (a) The maximum amount of tax credit allowed or allowable shall be an amount equivalent to the authorized cash compensation for the property. The tax credit shall be allowed on taxes other than the Guam Territorial Income…

§ 2405. Requirements. (a) A tax credit shall not be allowed unless a completed certified statement to be prescribed by the Director is signed by the approving officer. (b) If the owner applying for the tax credit is other than a natural person, a copy of the agent’s duly executed…

§ 20101. Definitions. The following terms used in these rules shall have the following meanings unless the context otherwise indicates: (a) “Guam SAFE Act” means the Guam Secure and Fair Enforcement for Mortgage Licensing Act of 2010. (b) “Call report” or “NMLS Mortgage Call Repo…

§ 20102. Electronic Filings. (a) Designation: The Commissioner designates the NMLS owned and operated by the State Regulatory Registry LLC (SRR), a wholly- owned subsidiary of the Conference of State Bank Supervisors, in cooperation with the American Association of Residential Mo…

§ 20103. Notice of Officers, Directors, Partners, “Control” Persons, Managers, Members, Trustees and Employees. (a) The notice to accompany the filing of an individual's fingerprints required in the following circumstances shall be made on the form required by the NMLS or other e…

§ 20104. Officers, Directors, Partners, and Other Persons: Maintenance of Current List with Commissioner: Information Required. (a) A mortgage loan originator shall at all times maintain on file with NMLS in accordance with its procedures for transmission to the Commissioner, a c…

§ 20105. License Application for Mortgage Loan Originator and Application Fees. The procedures set forth in this section are applicable to a person who is required to be licensed pursuant to 18 GCA Section 36304 of the Guam SAFE Act as a residential mortgage loan originator. The …

§ 20106 Mortgage Loan Originator License Not Required: A residential mortgage loan originator license is not required for: (a) A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation…

§ 20107. Branch Office Instructions for Mortgage Loan Originator (a) A licensed mortgage loan originator that seeks to engage in business at an additional location must submit an application for a branch office by submitting NMLS Branch Form in accordance with the instructions of…

§ 20108. Mortgage Loan Originator Application Procedures. (a) Establishing A Relationship In NMLS: A company mortgage loan originator shall sponsor in the NMLS each individual mortgage loan originator employed by the company. To sponsor a mortgage loan originator, a company mortg…

§ 20109. Qualifications of Mortgage Loan Originator Applicants. Every applicant for a mortgage loan originator license shall meet the requirements of this section. (a) Qualified Written Test: Every applicant for a mortgage loan originator license shall pass a qualified written te…

§ 20110. Evidence of Financial Responsibility. (a) The Commissioner’s finding required by Section 36306 of the Guam SAFE Act relates to any matter, personal or professional, that may impact upon an applicant’s propensity to operate honestly, fairly, and efficiently when engaging …

§ 20111. Continuing Education and Renewal Procedures for Mortgage Loan Originators. (a) A mortgage loan originator license shall be renewed on an annual basis between November 1 and December 31. (b) A license not renewed during the specified time period shall be deemed a lapsed o…

§ 20112. Reinstatement of License as a Mortgage Loan Originator. (a) A mortgage loan originator license that has not been renewed between November 1 and December 31 is a lapsed or expired license. A mortgage loan originator with a lapsed or expired license is not authorized to co…

§ 20113. Supervision of Mortgage Loan Originators. (a) Every company mortgage loan originator shall exercise diligent supervision over the mortgage loan origination, lending and servicing activities of every mortgage loan originator that it sponsors. (b) Every mortgage loan origi…

§ 20114. Statement of Citizenship, Alienage, and Immigration Status. Any applicant for mortgage loan originator who is applying for any license under the Guam SAFE Act shall file the Statement of Citizenship, Alienage, and Immigration Status and any accompanying documentation dir…

§ 20115. Notices Included with Applications. The following notices required by state and federal law are hereby provided for those completing an application for a mortgage loan originator license in Section 3105 of these rules and an application for a mortgage loan originator lic…

§ 20116. Notice of Changes by Mortgage Loan Originator. (a) Each licensed mortgage loan originator shall, upon any change in the information contained in its application for license (other than financial information contained therein), promptly file an amendment to such applicati…

§ 20117. Effectiveness of Mortgage Loan Originator Licenses. (a) A license as a mortgage loan originator under Section 36306 of the Guam SAFE Act continues in effect until it is revoked or suspended by the Commissioner, or surrendered by the mortgage loan originator and the surre…

§ 20118. Challenge Process or Information Entered Into NMLS. (a) If an applicant or licensee disputes the accuracy or completeness of any material information entered into and maintained by NMLS, the applicant or licensee may submit a written request to the Commissioner by hand d…

§ 20119. Shared Arrangements with Other Governmental Agencies: Confidentiality. (a) For purposes of Section 36316 of the Act, the Commissioner is authorized to share any information or material that has been submitted to the NMLS to any governmental agency, including but not limi…

§ 20120. Surrender of License as a Mortgage Loan Originator. (a) An application to surrender a license as a mortgage loan originator shall be filed on NMLS Company Form, NMLS Branch Form or NMLS Individual Form through NMLS in accordance with its procedures for transmission to th…

§ 20121. Prohibited Advertising. (a) A mortgage loan originator shall not advertise that it or any of its officers, employees, or agents is “bonded,” “supervised by,” “regulated by,” “audited by” or “examined by” the Island of Guam or any agency thereof. (b) A mortgage loan origi…

§ 20122. “Blind” Advertising Prohibited. A mortgage loan originator shall not use “blind” advertisements. “Blind” advertising is an advertisement used to solicit business that gives only a telephone number, post office or newspaper box number, or name other than that of the licen…

§ 20123. Surety Bond. Every licensee shall maintain a surety bond in accordance with Section 36314 of the Guam SAFE Act as follows: (a) A registered mortgage loan originator that does not employ one or more mortgage loan originators shall post a surety bond in the amount of $50,0…

§ 20124. Forms. The unique identifier of a licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or Internet Web sites, whether in paper, electronic, or any other for…

§ 20125. Fingerprinting of Certain Employees. (a) If a licensee suffers a loss of trust funds as a result of the actions of an employee, as defined by Section 3103 (a)(3) of these rules and that employee is or was an individual prohibited from employment with a licensee under Sec…

§ 20126. Annual Report and Mortgage Call Report. a) Pursuant to the provisions of Section 36317(d) of the Guam SAFE Act, a mortgage loan originator shall submit an audited annual 26 COL9292016 MORTGAGE LICENSING ACT OF 2010 financial report and report of condition in accordance w…

§ 20127. Nontraditional, Adjustable Rate and Mortgage Loan Products. (a) Best Practices. Every licensee or every mortgage loan originator shall implement best practices to manage loan product risk on a continuous basis. These best practices shall include practices set forth in th…

§ 20128. Report of Civil, Criminal or Disciplinary Action. (a) A mortgage loan originator shall immediately report in writing to the Commissioner any civil, criminal or disciplinary action set forth in Section 36317 (a) (1) of the Guam SAFE Act, filed against a mortgage loan orig…

§ 20129. Report of Defalcation. A mortgage loan originator shall immediately report to the Commissioner any defalcation, embezzlement or theft made, or reasonably believed by the company to have been made, by any of its officers, directors, partners, shareholders controlling 10 p…

§ 20130. Severability.

§ 21101. Definitions. In these regulations, unless the context specifically states otherwise, (a) Act means The Guam Trust Companies Act. (b) Affiliate means any company in the same corporate system as a parent corporation, or under a partnership agreement or member organization …

§ 21102. Application for License; Contents; Procedures. (a) Contents of Application. Every applicant for a corporate Trust Company license shall pay the statutory application fee and file the following documents with the Commissioner: (1) a completed application on the form presc…

§ 21203. Review of Application and Issuance of License. (a) Review of Commissioner. After the conclusion of the investigation, if the Commissioner finds that the applicant has met all the requirements of this Act and other applicable laws, the Commissioner shall promptly notify t…

§ 21204. Cancellation of License if Trust Company Fails to Open for Business. If a proposed Trust Company fails to open for business within six (6) months after the date the license was issued, or within an additional six (6) month extension granted by the Commissioner upon writt…

§ 21205. Renewal. The renewal application shall consist of a letter identifying the Company and stating that it is applying to renew its license, accompanied by adequate proof of compliance with the requirements of §§ 160005 and 160018 of the Act, and expiring not later than the …

§ 21206. Annual Audited Report. Report Form. The annual audit report shall consist of the following: (a) Opinion of Independent Certified Public Accountant. (1) Financial statements furnished pursuant to this Section shall be prepared in accordance with generally accepted account…

§ 21207. Change of Independent Auditor. Each Trust Company that is licensed under the Act shall notify the Commissioner in writing of any change in the Independent Auditor appointed by the Company. The change appointment of the Independent Auditor shall be deemed to be approved b…

§ 21208. Access to and Maintenance of Working Papers of Independent Auditor. Each Trust Company that is licensed under the Act shall require its Independent Auditor to make available for review by the Commissioner, or the Commissioner's appointed agent, the work papers prepared i…

§ 21209. Security. Whenever the Commissioner deems that the financial condition of the Trust Company warrants additional security, the Commissioner may require the Company to deposit with the Treasurer of Guam, or an escrow agent approved by the Commissioner, cash or securities a…

§ 21210. Notice of Adverse Financial Condition. Each Trust Company that is licensed under the Act shall require its Independent Auditor to immediately notify in writing the president, or the president's designee, and all members of the board of directors of the Trust Company of a…