Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 53101 Definitions
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As used in this Chapter, unless the context otherwise requires: (a) Account or ABLE savings account means an individual savings account established in accordance with this Chapter. (b) Account owner means the person who enters into a savings agreement pursuant to this Chapter. (c…
11 GCA § 53102 Guam ABLE Savings Program; Establishment
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The Director shall establish the Guam ABLE Savings Program to provide for or facilitate individual savings accounts that empower individuals with a disability and their families to save private funds to support an individual with a disability. The Program shall be able to accept …
11 GCA § 53103 Functions and Powers of the Director
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(a) The Director shall implement and administer the program under the terms and conditions established by this Chapter and in conformity with federal law, including the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act of 2014, Division B of U.S. Public Law No. 113-…
11 GCA § 53104 Management Contract; Terms
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(a) A management contract shall include, at a minimum, terms requiring the financial organization to: (1) take any action required to keep the program in compliance with the requirements of this Chapter and take any action not contrary to the management contract to qualify as a q…
11 GCA § 53105 Guam ABLE Savings Accounts; Terms and
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Conditions. (a) An ABLE savings account established pursuant to this Chapter shall be opened by a designated beneficiary or by a trustee or guardian of a designated beneficiary who lacks capacity to enter into a contract; provided, that the designated beneficiary shall be an elig…
11 GCA § 53106 Account Funds. Moneys in an ABLE savings
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account: (a) shall be exempt from attachment, execution, or garnishment; and (b) may be claimed by the MIP or Medicaid plan subject to limitations imposed by the Director or Secretary, as applicable.
11 GCA § 53107 Accounts Not Guaranteed by Guam
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(a) Nothing in this Chapter shall create or be construed to create any obligation of the Director, the government of Guam, or any agency or instrumentality of the government of Guam to guarantee for the benefit of any account owner or designated beneficiary with respect to the: (…
11 GCA § 53108 53109. Authorization to Identify and Transfer Funds
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for the Implementation of the Guam ABLE Savings Program. Notwithstanding any other provision of law, rule, or regulation to the contrary, I Maga‘hågan Guåhan is hereby authorized to identify and transfer up to Two Hundred Fifty Thousand Dollars ($250,000) from the General Fund to…
11 GCA § 53109 Authorization to Identify and Transfer Funds for the
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Implementation of the Guam ABLE Savings Program.