Title 14, Uniform Consumer Credit Code

This Chapter shall be known and may be cited as Uniform Consumer Credit Code-Nonprofit Consumer Credit Counseling Agencies.

(1) Credit counseling means providing specialized personal and group counseling services to individuals of the general public who are suffering or who may suffer economic hardship because of the extension of credit; acting as agents for such individuals in seeking to resolve thei…

No person shall engage in or hold himself out to engage in the business of credit counseling other than: (1) agencies as authorized by this Chapter; (2) attorneys-at-law rendering services in the course of their practice; (3) judicial officers or others acting pursuant to court o…

(1) An agency shall be organized in the manner provided for the organization of nonprofit, nonstock corporations under the Civil Code of Guam. (2) An agency shall have all the powers, rights and privileges of a corporation, under the statute under which it is organized, except as…

An agency shall have at least ten (10) members.

An agency, before engaging in credit counseling, shall give notice to the Administrator of its intention to do so. The notice shall state: (1) name of the agency; (2) name in which business is transacted if different from (1); (3) address of principal office and all other offices…

The agency shall file with the Administrator a bond to be approved by it, in which the agency shall be the obligor, in the sum of Five Thousand Dollars ($5,000.00), with one or more sureties, whose liability as sureties need not exceed that sum in the aggregate. The bonds shall r…

Each agency engaged in credit counseling shall preserve its books, accounts and records for at least two (2) years after making the final entry on any transaction recorded therein.

An agency shall have the powers and privileges: COL120106 (1) to provide specialized credit counseling service to individuals of the general public in the area of consumer credit; (2) to handle moneys or other property as agent or act as trustee in relation to the care, custody o…

An agency shall not commingle moneys or property received by it from debtors with the agency's own moneys or property. An agency shall maintain a separate account in which all moneys received from or held for debtors for the benefit of creditors shall be deposited and in which al…

A schedule of fees to be charged by an agency shall be submitted to the Administrator. The schedule of fees may not be inconsistent with or inappropriate to the character and function of the agency as a nonprofit agency hereunder. COL120106

Any person who willfully violates any provision of this Chapter is guilty of a misdemeanor.

Credit counseling by an agency in accordance with the provisions of this Chapter shall not constitute practice, appearance or advice as an attorney-at-law or as an attorney and counselor-at-law, the practice of law or the rendering of legal services. CROSS-REFERENCES: For the lat…