Title 11 — Finance and Taxation

Commissioner as used in this Article shall mean the Commissioner of Banking and Insurance for the territory of Guam. SOURCE: GC §30950. 2011 NOTE: Reference to the “Banking Commisioner” changed to the “Commissioner of Banking and Insurance” pursuant to P.L. 27-088:10 (May 6, 2004…

No person shall engage in the business of selling foreign currency notes or engage in the business of receiving money for the purpose of transmitting the same or its equivalent to foreign countries without first obtaining a license from the Commissioner. For the purposes of this …

Every licensee shall pay annually or before July 1st a license fee of Five Hundred Dollars ($500.00).. SOURCE: GC §30952. Amended by P.L. 29-002:V:I:31 (May 18, 2007).

An application for a license shall be in writing, under oath, and in a form prescribed by the Commissioner. It shall contain the name and address of the applicant, the name and address of every agent thereof, and, if a corporation, of every officer and director thereof. Additiona…

The Commissioner may deny an application for a license issued pursuant to this Article if, after a hearing pursuant to the provisions of the Administrative Adjudication Act, he finds that: (a) The granting of the license will be against public interest; (b) The applicant does not…

If the application is approved by the Commissioner he shall, upon the payment of the license fees, issue and deliver to the applicant a license to engage in business in accordance with this Article. SOURCE: GC §30955.

The license is not transferable or assignable. Licenses expire on the 1st day of July following the date of issuance, unless on or before the 15th day of June prior to the expiration date the licensee files an application for renewal and pays to the Commissioner the license fees …

Every agent of a licensee shall register with the Commissioner and shall pay annually on or before July 1st a registration fee of Fifty Dollars ($50.00). SOURCE: GC §30957. Amended by P.L. 29-002:V:I:32 (May 18, 2007).

The Commissioner may at any time and from time to time examine the business of any licensee or its agents in order to ascertain whether such business is being conducted in a lawful manner and whether all moneys received for transmission are properly accounted for. Each licensee a…

Each licensee shall file with the Commissioner a certified copy of every receipt form used by it or by its agents for selling foreign currency notes or for money received for transmission. Receipts used shall be COL 03072011 printed and prenumbered and consist of at least two cop…

Every licensee or its agent shall forward all moneys received for transmission to a foreign country or give instructions committing equivalent funds to the person designated by the depositor within ten (10) days after receiving such money, unless otherwise ordered by his customer…

As security for the faithful performance of its obligations, each licensee before engaging in the business of transmitting money shall deposit with the Treasurer of Guam Fifty Thousand Dollars ($50,000.00) in lawful money, or securities of the kind which may be deposited by trust…

In lieu of the deposit of money and securities pursuant to § 109112, a licensee may deliver to the Commission the bond of a surety company, COL 03072011 in form and written by a company satisfactory to the Commissioner, in the principal sum of Fifty Thousand Dollars ($50,000.00),…

The money and securities deposited with the Treasurer of Guam pursuant to § 109112 and the proceeds of any bond held by the Treasurer of Guam pursuant to § 109113 shall constitute a fund for the benefit of such persons as shall deliver to any such licensee or its agents money for…

No licensee engaged in the business of selling or cashing checks, including traveler’s checks, drafts, or money orders within the United States by an instrument or order drawn upon and directed to the person receiving the money for transmission, shall charge a fee for selling or …

All funds, less fees, received by a licensee or its agents for transmission to a foreign country shall constitute trust funds owned by and belonging to the person from whom they were received until such time as directions have been given by the licensee or its agents for payment …

If it appears to the Commissioner that a licensee is violating or failing to comply with the law the Commissioner may direct it to comply COL 03072011 with the law by an order issued over his official seal, or if it appears to the Commissioner that any licensee is conducting its …

If upon any hearing held pursuant to § 109117 the Commissioner finds that the licensee is violating or failing to comply with any law of this territory or is conducting its business in an unsafe or injurious manner he may make a final order directing it to comply with the law or …

The Commissioner may revoke or suspend any license issued pursuant to this Article, if, after a hearing held pursuant to the Administrative Adjudication Act, he finds that: (a) The licensee has violated any provision of this Article or any rule or regulations adopted by the Commi…

The Commissioner shall adopt rules and regulations necessary for the administration of this Article. COL 03072011 SOURCE: GC §30969.

Every order, decision, or other official act of the Commissioner subject to review in accordance with §9240, Chapter 9, Title 5, Guam Code Annotated. SOURCE: GC §30970.

Every person who violates or fails to comply with any of the provisions of this Article, or who, without complying with the provisions of this Article, represents that he is authorized to receive, or who solicits or receives, money or the equivalent for transmission to a foreign …

Any person who violates any provision of the foregoing sections of this Article shall be liable to the people of the territory of Guam in a civil action brought by the Commissioner for a civil penalty in the amount of One Hundred Dollars ($100.00) a day or part thereof during whi…