Title 11, Finance and Taxation

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…

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…

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…

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…

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…

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…

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…

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 …

(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…

(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…

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 …

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 …

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…

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…

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…

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…

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 …

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…