Guam Administrative Code

§ 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 organ…

§ 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…

§ 21103. 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…

§ 21104. 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…

§ 21105. 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 …

§ 21106. Annual Audited Report. Report Form. The annual audit report shall consist of the following: (a) Opinion of Independent Certified Public Accountant. COL 2026-08-06 D IV . 3, C H . 21 - T RUST C OMPANIES 5 (1) Financial statements furnished pursuant to this Section shall b…

§ 21107. 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…

§ 21108. Access to and Maintenance of Working Papers of Independent Auditor. COL 2026-08-06 D IV . 3, C H . 21 - T RUST C OMPANIES 7 Each Trust Company that is licensed under the Act shall require its Independent Auditor to make available for review by the Commissioner, or the Co…

§ 21109. 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…

§ 21110. 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…

§ 21111. Other Requirements and Restrictions. (a) Minutes of Annual Meeting of the Board of Directors. For a Trust Company that is licensed under the Act, copies of the minutes of the annual meeting of the board of directors shall be filed with the Commissioner within thirty (30)…

§ 21112. Regulatory Fees. (a) Amount. The Commissioner will charge and collect a fee from each Trust Company for conducting any examination, supervision, audit or investigation which is required or authorized under this Act, based on cost per hour per examiner, plus travel, per d…

§ 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 of these regulations and further consents and agrees to make available for review by the Commissioner, the auditor's designee or the auditor's appointed agent, the work papers as defined in § 21209 of the regulations; and (5) the accountant is properly licensed on Guam an…

§ 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…

§ 21211. Other Requirements and Restrictions. (a) Minutes of Annual Meeting of the Board of Directors. For a Trust Company that is licensed under the Act, copies of the minutes of the annual meeting of the board of directors shall be filed with the Commissioner within thirty (30)…

§ 21212. Regulatory Fees. (a) Amount. The Commissioner will charge and collect a fee from each Trust Company for conducting any examination, supervision, audit or investigation which is required or authorized under this Act, based on cost per hour per examiner, plus travel, per d…

§3101. Rules and Regulations Incorporated by Reference. Rules and regulations formulated by the Tax Commissioner for the Guam Economic Development Authority are incorporated herein by reference. (The above stated rules and regulations can be found in Title XI, Investment, Chapter…

§7101. Rules and Regulations Incorporated by Reference. Rules and regulations controlling the inspection and/or manner of use of weights, scales and measures are incorporated herein by reference (the regulations can be found in Title III, Business Regulations, Chapter 6, Guam Adm…

§8101. General Provisions: Title and Authority. These rules and regulations shall be called the "Rules and Regulations Governing the Periodic Safety Inspection of Vehicles". These rules and regulations are promulgated by the Director of Revenue and Taxation under authority grante…

§8102. Same: Purpose and Scope. The operation of mechanically deficient motor vehicles upon the highways of the territory of Guam has contributed substantially to the number of accidents which have caused disabling injuries, deaths and property loss. CH. 8 – VEHICLE INSPECTION --…

§8103. Same: Definitions. Terms used in these rules and regulations which are defined in Title 16 Guam Code Annotated shall have the same definition for the purpose of these rules and regulations. Official Vehicle Inspection Stations, hereafter referred to as O.V.I.S., singular o…

§8104. Official Inspection Station Operation: Official Vehicle Inspection Station (O.V.I.S.) Permits. (a) The Department of Revenue and Taxation shall issue permits for and furnish instructions and all forms to every qualified O.V.I.S. for the periodic inspection program. (b) An …

§8105. Same: Operation of Inspection Stations . (a) A safety inspector shall not issue a certificate of inspection and approval to the owner of a vehicle unless, after inspecting the vehicle pursuant to these rules and regulations, he determines that the vehicle's equipment is in…

§8106. General Procedures for the Inspection of Vehicles: Procedures. When an application for a certificate of inspection of any vehicle at an O.V.I.S., a safety inspector shall conduct an inspection in accordance with these rules and regulations, using the checklist form supplie…

§8107. Same: Issuance of Certificates of Inspection and Approval and Affixing of Inspection Stickers . (a) When a vehicle is inspected pursuant to these rules and is found to qualify, a certificate of inspection and approval, signed by the safety inspector who performed the inspe…

§8108. Same: Rejection of Vehicles. (a) If the vehicle is inspected pursuant to these rules and found not to qualify, a certificate of inspection and approval shall not be issued and no authorized sticker shall be affixed to the vehicle. A copy of the checklist form, designated b…

§8109. Criteria for the Inspection of Vehicles: Inspection of Wheel Alignment, Tires and Rims. The alignment of the wheels shall be tested by an appropriate device and by inspection of the tires. Tires and rims will be checked by visual examination. CH. 8 – VEHICLE INSPECTION -- …

§8110. Same: Inspection of the Exhaust System. The exhaust system, including the piping leading from the flange of the exhaust manifold to and including the mufflers and the tail pipe, will be checked by visual and aural examination while the engine is in operation. Causes for re…

§8111. Same: Inspection of Braking Mechanism . (a) The performance of the service brake system will be checked by testing the operation of the brakes by placing the vehicle on an approved brake testing machine in the manner required by the machine's manufacturer. The manufacturer…

§8112. Same: Inspection of the Lighting System Reflectors. (a) The lighting system of the vehicle will be checked by operating and visually inspecting all of the exterior lighting devices and reflectors required by law to present on the vehicle. Causes for rejection: any lamp or …

§8113. Same: Inspection of Windows. The windows will be checked by visual examination and by the operation of the window at the driver's left. Causes for rejection: glazing materials of a type required by law not present at locations specified by law. Window at driver's left, or …

§8114. Same: Inspection of Horn. The vehicle's horn will be checked by sounding it. Causes for rejection : horn controls located beyond the reach of the driver. Horn will not sound. Horn which is softer or louder than the law allows.

§8115. Same: Inspection of Windshield Wipers. The windshield wipers mechanism and equipment will be checked visually while operating. Causes for rejection : controls located beyond the driver's reach. Windshield wiper not operating. Windshield wiper blades missing or obviously wo…

§8116. Same: Inspection of Body. The body of the vehicle will be checked visually for hazards to pedestrians and other vehicles. Causes for rejection: Defective or dislocated parts projecting from the vehicle so as to create a danger to pedestrians or other vehicles. Doors or fen…

§8117. Same: Inspection of Registration. The registration of the vehicle will be checked by observing the license plates, registration certificate, motor, body or identification number and general description of the vehicle. Causes of rejection: Plates obscured. Identification nu…

§8118. Inspection of Motorcycles, Mopeds and Motor Scooters. With the exception of wheel alignment and brake system tests, all motorcycles, mopeds and motor scooters must meet the tests prescribed above for passenger motor vehicles. Wheel alignment tests are not required for two …

§8119. Inspection of Heavy Equipment. In cases where certain vehicles are designed for special purposes such as construction or trucking and it is impossible to conduct the requisite tests of these rules and regulations at an O.V.I.S. site, the operator of the subject vehicle sha…

§8120. Fees, Issuance and Expiration of Stickers. (a) Fees : (1) The inspection fee has been established by law at Five Dollars ($5.00) for each completed inspection. Vehicles failing to pass the initial inspection shall be reinspected for an additional fee of One Dollar ($1.00).…