Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 106507 Improper Maintenance of Accounts; False or Deceptive Entries and Statements
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It shall be unlawful for an officer, director, employee or agent of a bank: (a) To maintain or authorize the maintenance of any account of the bank in a manner which, to his knowledge, does not conform to the requirements prescribed by this Title or by the Commissioner or the Boa…
11 GCA § 106508 Unlawful Payment of Penalties and Judgments Against Others, Including Directors
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and Officers. It shall be unlawful for a territorial bank to pay a fine or penalty imposed by law upon any other person or any judgment against such person or to reimburse directly or indirectly any person by whom such fine, penalty or judgment has been paid, except in settlement…
11 GCA § 106509 Unlawful Use of Words Safe Deposit
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It is a criminal offense against this Title for any person to use the words safe deposit, safety deposit or other words deceptively similar thereto, in connection with the rental of storage space, or in the title or name under which business was done, except (a) a person subject …
11 GCA § 106510 Unlawful Operation of Off-Shore Lending Facility
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It shall be unlawful for any person to operate on Guam on Off-Shore Lending Facility, as defined in § 106604(a) of this Title, without the express written authorization of the Banking and Insurance Board issued pursuant to § 106604(b) of this Title. SOURCE: GC § 30809.1. Added by…
11 GCA § 106511 Unlawful Solicitation or Negotiation for Off-Shore Lending Facility Loans
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It shall be unlawful for any person who is an officer, employee or agent in Guam of any bank operating in Guam an Off-Shore Lending Facility, as defined in § 106604(a) of this Title, to actively solicit or negotiate with any person for a loan with that Off-Shore Lending Facility.…
11 GCA § 106512 Criminal Sanctions, Violations of Rules and Orders
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(a) Any corporate entity responsible for an act or omission expressly declared to be a criminal offense by this Act shall be guilty: (1) Of a misdemeanor punishable by a fine not exceeding Fifty Thousand Dollars ($50,000). COL 2025-04-22 (2) If the act or omission was intended to…
11 GCA § 106513 Injunction
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Whenever a violation of this Title by a bank or an officer, director or employee thereof is threatened or impending and will cause substantial injury to the institution or to the depositors, creditors, or stockholders thereof, the District Court of Guam shall, upon suit institute…
11 GCA § 106601 Branch Banks
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(a) As used in this Article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: (1) “Branch” means a place of business of a bank, other than the bank’s main office, at which deposits are received, loan payment…
11 GCA § 106602 International Banking Corporations Incorporated in the United States
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Any international banking corporation incorporated within any state, territory or possession of the United States may maintain a branch office within Guam, subject to the regulations of the banking and insurance board; provided however that such international banking corporation …
11 GCA § 106603 Foreign Banks
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[Repealed.] SOURCE: GC § 30902. Repealed by P.L. 13-111:4 (Dec. 11, 1975).
11 GCA § 106604 Off-Shore Lending Facility
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(a) An Off-Shore Lending Facility is a bank office established on Guam solely for the purpose of recording for accounting purposes COL 2025-04-22 (1) loans made to borrowers outside of Guam by other offices of the same bank located outside of Guam, or (2) loans made to borrowers …
11 GCA § 106605 Off-Shore Financing Corporation
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(a) An Off-shore Financing Corporation is an entity incorporated in Guam other than an International Finance Company whose principal purpose is: (1) negotiating, making and extending loans to borrowers who are not residents or citizens of Guam; and COL 2025-04-22 (2) borrowing fr…
11 GCA § 106701 Definitions
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As used in this Chapter: (a) “Foreign banking corporation” means a banking corporation organized under the laws of a foreign state; and COL 2025-04-22 (b) “Foreign state” means any foreign government or any department, district, province, county, possession or other similar gover…
11 GCA § 106721 Right of Foreign Banking Corporation to Engage in Business
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A foreign banking corporation shall not engage in the banking or trust business on Guam, unless it is licensed to do so pursuant to the provisions of § 106725, and unless it first complies with all the provisions of this Chapter and Chapter 7 of Title 18 of the Guam Code Annotate…
11 GCA § 106722 Requirements to do Business in Guam
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A foreign banking corporation shall not commence to do business in Guam until it has met the following requirements: (a) It is authorized by its charter to transact the character of business described in § 106727 and has complied with the laws of the country under which it is inc…
11 GCA § 106723 Approval of Money or Securities Deposited with the Director of Administration;
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Deposit with Director of Administration; Responsibility of Guam; Deposit of Money; Exchange and Withdrawal of Securities; Deposit of Additional Money or Securities; Investigation of Securities: Sale and Transfer of Securities. (a) Money or securities deposited with the Director o…
11 GCA § 106724 Assets, Books of Account and Records in Guam for Business to be Separate: Priority
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of Creditors of Business in Guam. Every foreign banking corporation doing business in Guam shall keep the assets of its Guam business entirely separate and apart from the assets of its business outside Guam as though the Guam business was conducted by a separate and distinct corp…
11 GCA § 106725 Approval of Application; Issuance of License; Transfer; Display
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The Commissioner shall convey to the Board his recommendation as to whether the application of a foreign banking corporation should be approved. The Board may, in its discretion, direct License Division of the Department to issue such license to such corporation when it is satisf…
11 GCA § 106726 Suspension or Revocation of License
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If the Commissioner finds that any foreign banking corporation to which he has issued a license pursuant to § 106727 has violated any law or has conducted its affairs in an unauthorized manner, or is in an unsound or unsafe condition, or cannot with safety and expediency continue…
11 GCA § 106727 Business Which may be Transacted in Guam
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A foreign banking corporation which is authorized by license under § 106725 may transact in Guam the business of buying, selling, paying or collecting bills of exchange, of issuing letters of credit, of receiving money for transmission by draft, check, cable or otherwise, and of …
11 GCA § 106728 Accepting Deposits from Foreign State or Person, etc
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(a) In this section, “Person” means any person, firm, partnership. association, corporation, company, syndicate, estate, trust, business trust or organization of any kind, or any branch or division thereof which is located outside of Guam. (b) A foreign banking corporation may tr…
11 GCA § 106729 Accepting Domestic Deposits
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(a) In this Section “person” means any person, firm, partnership, association, corporation, company, syndicate, estate, trust, business trust or organization of any kind or any branch or division thereof which is located within Guam. (b) A foreign banking corporation may transact…
11 GCA § 106730 Loans Secured by Mortgages on Real Property and Acceptance of Assignments of
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Mortgages Covering Real Property in Guam. Nothing in this Chapter shall be deemed to prohibit a foreign banking corporation which does not maintain an office in Guam for the transaction of business from making loans in Guam secured by mortgages on real property or from accepting …
11 GCA § 106731 Loans: Purchase or Sale of Bonds
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Nothing in this Chapter shall prohibit a foreign corporation, subject to compliance with any applicable laws of Guam pertaining to foreign corporations and any other applicable law, and which is not engaged in the banking business from lending money or buying or selling bonds in …
11 GCA § 106732 Report to Commissioner: Verification; Content; Formal Verification; Financial
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Information. Every foreign banking corporation licensed by the Commissioner to transact business in Guam, whenever required by the Commissioner, shall make a written report to him, in such form as he shall prescribe, In words and figures of the English language, verified by one o…
11 GCA § 106733 Same: Failure to Make Report or Furnish Information; Penalty; False Statements
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If any foreign banking corporation fails to make any report required by the Commissioner or refuses to furnish the required information in the form prescribed, or otherwise refuses to comply with § 106732, it shall be liable to the people of Guam in the sum of One Hundred Dollars…
11 GCA § 106734 Failure to Comply with Chapter: Penalty
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Any foreign banking corporation which is required to comply with the provisions of this Chapter and fails to do so is guilty of a misdemeanor and in addition thereto shall be liable to the people of Guam in the sum of One Hundred Dollars ($100.00) per day for each day that such o…
11 GCA § 106735 Transaction of Business in Guam on Behalf of Foreign Banking Corporation not
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Authorized: Penalty. Any person who transacts business in Guam on behalf of a foreign banking corporation which is subject to the provisions of this Chapter but which is not authorized to transact business in Guam is guilty of a misdemeanor and in addition thereto shall be liable…
11 GCA § 106741 Establishment and Maintenance of Office by Representative of Foreign Banking
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Corporation. An individual may establish and maintain an office or offices in Guam as a representative of one or more foreign banking corporations, but only upon first obtaining a license from the Commissioner. The application for such license shall be in such form and shall set …
11 GCA § 106742 Maintenance of Place of Business of Representative
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Any licensed representative may maintain one or more places of business as his office as such representative, but not as a place of business of the foreign banking corporation. Notwithstanding anything in this Title to the contrary, he may use an office sign at his place of busin…