Title 11 — Finance and Taxation

Whenever a violation of this Title by a bank or an officer, director or employee thereof is threatened or impending and will cause substantial injury to the institution or to the depositors, creditors, or stockholders thereof, the District Court of Guam shall, upon suit institute…

(a) As used in this Article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: (1) “Branch” means a place of business of a bank, other than the bank’s main office, at which deposits are received, loan payment…

Any international banking corporation incorporated within any state, territory or possession of the United States may maintain a branch office within Guam, subject to the regulations of the banking and insurance board; provided however that such international banking corporation …

[Repealed.] SOURCE: GC § 30902. Repealed by P.L. 13-111:4 (Dec. 11, 1975).

(a) An Off-Shore Lending Facility is a bank office established on Guam solely for the purpose of recording for accounting purposes COL 2025-04-22 (1) loans made to borrowers outside of Guam by other offices of the same bank located outside of Guam, or (2) loans made to borrowers …

(a) An Off-shore Financing Corporation is an entity incorporated in Guam other than an International Finance Company whose principal purpose is: (1) negotiating, making and extending loans to borrowers who are not residents or citizens of Guam; and COL 2025-04-22 (2) borrowing fr…

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…

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…

The following terms, wherever used in this act, shall have the following meanings, except in cases where the context otherwise requires: Association means any savings and loan association, as defined in Section 110102 of this Chapter. Domestic association means an association inc…

The term savings and loan association is hereby, defined to mean any incorporated stock institution or mutual association which shall have been incorporated to conduct, or shall be engaged in conducting the business of receiving and lending money in accordance with provisions of …

COL120106 The following terms, wherever used in this act, shall have the following meanings, except in cases where the context otherwise requires: An agent means a person, co-partnership or corporation soliciting or receiving applications for loans to be made by an association, o…