Title 14 — Uniform Consumer Credit Code

This Chapter applies to insurance provided or to be provided in relation to a consumer credit sale (§ 2104), a consumer lease (§ 2106), or a consumer loan (§ 3104). Except as provided in this Chapter as to cancellation of insurance pursuant to a premium finance loan (§ 4401), it …

In this Chapter consumer credit insurance means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include insurance issued as an isolated transaction of the part of the insurer not related to an …

Except as otherwise provided in this Chapter, a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make separate charge for insurance provided or required by him. Thi…

Creditor. If a creditor agrees with a debtor that insurance will be provided: (1) the insurance shall be evidence by an individual policy or certificate of insurance; (2) the policy or certificate of insurance shall be delivered to the debtor, or sent to him at his address as sta…

(1) In applying the provisions of this Act on unconscionability (§§ 5106 and 6111) to a separate charge for insurance, consideration shall be given among other factors, to: (a) potential benefits to the debtor including the satisfaction of his obligations; (b) the creditor's need…

(1) Except as provided in Subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is deter…

(1) This Chapter does not require a creditor to grant a refund or credit to the debtor if all and refund and credits due to the debtor under this Chapter amount to less than One Dollar ($1.00), and does not require the creditor to account to the debtor for any portion of a separa…

If a creditor requires insurance, upon notice to him the debtor shall have the option of providing the required insurance through existing policies of insurance owned or controlled by him, or through policies to be obtained and paid for by him, but the creditor may for reasonable…

Refinancing or Consolidation; Duplicate Charges. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferment (§ 2204 or § 3204), a refinancing (§ 2205 or § 3205), or a consolidation (§ 2206 or § 3206), unless: (a) the debtor agree…

Banking and Insurance. The Administrator and the Commissioner of Banking and Insurance are authorized and directed to consult and assist one another in maintaining compliance with this Chapter. They may jointly pursue investigations, prosecute suits and take other official action…

(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of incurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than at the time when the debtor becomes obli…

(1) Except as provided in Subsection (2): (a) in the case of credit life insurance, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual amount of the debt; or (b) …

(1) A creditor may not provide consumer credit insurance upon a form delivered or issued for delivery in Guam or at a premium rate or charge unless the form and premium rate or charge have been approved by the Commissioner of Banking and Insurance or have been on file with him or…

(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (a) the insurance covers a substantial risk of loss of or damage to property related to the credit transaction; (b) the amount, terms and conditions of the…

If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of accidental loss or damage is in the debtor only to the extend of any deficiency in the effective coverage of the insurance, even though the insurance covers …

A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction. The excess amount of a charge for insurance …

A creditor shall not request cancellation of a policy of property or liability insurance except in accordance with a written authorization by the debtor and with a written notice delivered to him or mailed to him at his address as stated by him. The notice shall state that the po…

Loan. (1) With respect to a premium finance loan, the debtor may give the lender authority to cancel insurance contracts obtained for the debtor pursuant to the premium finance loan agreement. (2) A lender may not cancel unless he gives the debtor fifteen (15) days written notice…

This Chapter shall be known and may be cited as Uniform Consumer Credit Code-Remedies and Penalties.

This Article applies to actions or other proceedings to enforce rights under this Code arising out of consumer credit sales, consumer leases an consumer loans which are payable in installments. SOURCE: Amended by P.L. 16-73.

Sales. (1) With respect to a consumer credit sale of goods or services, if the amount financed is One Thousand Dollars ($1,000.00), or less, and the seller or his transferee repossesses or voluntarily accepts surrender of collateral on default: (a) the seller or his transferee is…

Prior to entry of judgment in an action against the debtor for debt arising from a consumer credit sale, a consumer lease or a consumer loan, the creditor may not attach unpaid earnings of the debtor by garnishment or like proceedings.

(1) A creditor may not enforce payment of a judgment arising out of a consumer credit sale, a consumer lease or a consumer loan by garnishment or like proceedings directed to a person other than the debtor to recover unpaid earnings of the debtor, except earnings of the debtor ea…

(1) With respect to a consumer credit sale, consumer lease or consumer loan, if the court as a matter of law finds the agreement or any clause of the agreement to have been unconscionable at the time it was made the court may refuse to enforce the agreement, or it may enforce the…

(1) Except as otherwise provided, no violation of this Title shall impair rights on a debt. (2) The debtor is not obligated to pay a charge in excess of that allowed by this Title, and if he has paid an excess charge, he has a right to a refund. A refund may be made by reducing t…

[Repealed by P.L. 16-73.] --------- ARTICLE 3 CRIMINAL PENALTIES

(1) An authorized lender who wilfully makes charges in excess of those permitted by the provisions of the Chapter on Loans (Chapter 3) applying to regulated loans (Article 5), is guilty of a misdemeanor and upon conviction shall be subject to punishment by a fine not exceeding Fi…

[Repealed by P.L. 16-73] ----------- COL120106

This Chapter shall be known and may be cited as Uniform Consumer Credit Code-Administration.

This Article applies to persons who in this Territory: (1) make or solicit consumer credit sale, consumer leases, consumer loans, sales other than consumer credit sales for which credit service charge ceilings are set by § 2602 (certain other sales to individuals) and loans other…

Administrator means the Savings and Loan Commissioner. NOTE: The Administrator of this Title and the Savings & Loan Commissioner positions are placed with the Director of Revenue & Taxation, who carriers other titles, as well.

(1) In addition to other powers granted by this Title, the Administrator may within the limitations provided by law: (a) receive and act on complaints, take action designed to obtain voluntary compliance with this Title, or commence proceedings on his own initiative; (b) counsel …

Financial Organizations. COL070307 (1) With respect to supervised financial organizations, the powers of investigation (§ 6106) and administrative enforcement (§ 6108) shall be exercised by the official or agency to whose supervision the organization is subject. All other powers …

(1) If the Administrator has probable cause to believe that a person has engaged in an act which is subject to action by the Administrator, he may make an investigation to determine whether the act has been committed, and, to the extent necessary for this purpose, may administer …

Except as otherwise provided, all administrative action taken by the Administrator pursuant to this Chapter is governed by the Administrative COL070307 Adjudication Act.

(1) After notice and hearing the Administrator may order a creditor or a person acting in his behalf to cease and desist from engaging in violations of this Title. A respondent aggrieved by an order of the Administrator may obtain judicial review, and the Administrator may obtain…

If it is claimed that a person has engaged in conduct subject to an order by the Administrator (§ 6108) or by a court (§§ 6110 through 6112), the Administrator may accept an assurance in writing that the person will not engage in the conduct in the future. If a person giving an a…

The Administrator may bring a civil action in the Superior Court of Guam to restrain a person from violating this Title and for other appropriate relief.

Fraudulent or Unconscionable Conduct. (1) The Administrator may bring a civil action in the Superior Court of Guam to restrain a creditor or a person acting in his behalf from engaging in a course of: (a) making or enforcing the unconscionable terms of provisions of consumer cred…

With respect to an action brought to enjoin violations of the Act (§ 6110) or unconscionable agreements or fraudulent or unconscionable conduct (§ 6111), the Administrator may apply to the court for appro- priate temporary relief against a respondent, pending final determination …

(1) If a creditor refuses, within a reasonable time after demand, to refund an excess charge, the Administrator may bring a civil action in the Superior Court of Guam against a creditor for making or collecting charges in excess of those permitted by this Title. An action may rel…

This Article applies to persons making consumer credit sales, consumer leases or consumer loans, payable in installments, to which COL070307 this Title applies (§ 1201), and persons taking assignments of obligations arising from these sales, leases or loans, other than assignment…

Persons subject to this Article shall file notification with the Administrator in the form and in the manner prescribed by him. Notification shall be filed within thirty (30) days after the effective date of this Title, or within thirty (30) days after commencing business in this…

(1) A person required to file notification who is a nonresident of this Territory or who is a corporation not incorporated in or qualified to do business in this Territory, shall designate an agent upon whom service of process may be made in this Territory with respect to any act…

(1) A person required to file notification shall file on or before June 30th of each year and pay an annual fee of Twenty Dollars ($20.00). (2) Persons required to file notification who are sellers, lessors or lenders shall pay an additional fee at the time stated in Subsection (…

(1) There is hereby created the Council of Advisors on Consumer Credit consisting of five (5) members, who shall be appointed by the Governor with the advice and consent of the Legislature. One of the advisors shall be designated by the Governor as Chairman. In appointing members…

The Council shall advise and consult with the Administrator concerning the exercise of his own powers under this Title and may make recommendations to him. Members of the Council may assist the Administrator in obtaining compliance with this Title. Since it is an COL070307 object…

The Council and the Administrator shall meet together at a time and place designated by the Chairman at least twice each year. The Council may hold such additional meetings as may be called by the Chairman. ---------- COL070307

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…