Title 18 — Business Structure and Function

Originators. (a) Minimum Educational Requirements. In order to meet the pre- licensing education requirement referred to in § 36306 (d) of this Act, a person shall complete at least twenty (20) hours of education approved in accordance with Subsection (b) of this Section, which s…

(a) Testing of Loan Originators, General. In order to meet the written test requirement referred to in § 36306 (e) of this Act, an individual shall pass, in accordance with the standards established under this Subsection, a qualified written test developed by the Nationwide Mortg…

(a) General. The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under § 36305 (a) through (f) of this Act. (2) The mortgage loan origina…

(a) General. In order to meet the annual continuing education requirements referred to in § 36309 (a)(2), a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance with Subsection (b) of this Section, which shall include at le…

In addition to any other duties imposed upon the Commissioner by law, the Commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the Commissioner is …

Information Challenge Process. The Commissioner shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Commissioner. COL4122017

(a) In order to ensure the effective supervision and enforcement of this Act, the Commissioner may, pursuant to the Administrative Adjudication Law: (1) Deny, suspend, revoke, condition or decline to renew a license for a violation of this Act, rules or regulations issued under t…

(a) Coverage, Form and Regulations. Each mortgage loan originator shall be covered by a surety bond in accordance with this Section. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Act, the surety bond of such person su…

A minimum net worth shall be continuously maintained for mortgage loan originators in accordance with this Section. (a) In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Act, the net worth of such COL4122017 person subjec…

In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (a) Protections. Except as otherwise provided in Public Law 110- 289, Section 1512, the requirements under any Federal law or Guam law regarding the privacy or conf…

In addition to any authority allowed under this Act, the Commissioner shall have the authority to conduct investigations and examinations as follows: (a) Authority to Access Information. For purposes of initial licensing, license renewal, license suspension, license conditioning,…

It is a violation of this Act for a person or individual subject to this Act to: (a) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (b) engage in any unfair or deceptive practice toward any person…

Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require.

Registry. The Commissioner is required to report regularly violations of this Act, as well as enforcement actions and other relevant information, to the Nationwide Mortgage Licensing System and Registry, subject to the provisions contained in § 36316 of this Act.

Non-federally insured credit unions which employ loan originators, as defined in PL 110-289, Title V, the S.A.F.E. Act, shall register such employees with the Nationwide Mortgage Licensing System and Registry by COL4122017 furnishing the information concerning the employees’ iden…

The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation…

The effective date of this Act shall be July 31, 2010.

If any provision of this Act or its application to any person or circumstance is held invalid, the remainder of the Act or the application of the provision to other persons or circumstances is not affected. -------- COL4122017

Bottomry is a contract by which a ship or its freightage is hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period. SOURCE: CC § 3017.

The owner of a ship may hypothecate it or its freightage, upon bottomry, for any lawful purpose, and at any time and place. SOURCE: CC § 3018.

The master of a ship may hypothecate it upon bottomry only for the purpose of procuring repairs or supplies which are necessary for accommodating the objects of the voyage, or of securing the safety of the ship. SOURCE: CC § 3019.

The master of a ship can hypothecate it upon bottomry only when he cannot otherwise relieve the necessities of the ship, and is unable to reach COL120106 adequate funds of the owner, or to obtain any on the personal credit of the owner, and when previous communication with him is…

The master of a ship may hypothecate freightage upon bottomry, under the same circumstances as those which authorize an hypothecation of the ship by him. SOURCE: CC § 3021.

Upon a contract of bottomry, the parties may lawfully stipulate for a rate of interest higher than that allowed by the law upon other contracts. But a competent court may reduce the rate stipulated, when it appears unjustifiable and exorbitant. SOURCE: CC § 3022.

A lender upon a contract of bottomry, made by the master of a ship, as such, may enforce the contract, though the circumstances necessary to authorize the master to hypothecate the ship did not in fact exist, if, after due diligence and inquiry, the lender had reasonable grounds …

A stipulation in a contract of bottomry, imposing any liability for the loan independent of the maritime risks, is void. SOURCE: CC § 3024.

In case of a total loss of the thing hypothecated, from a risk to which the loan was subject, the lender upon bottomry can recover nothing; in case of a partial loss, he can recover only to the extent of the net value to the owner of the part saved. SOURCE: CC § 3025. COL120106

Unless it is otherwise expressly agreed, a bottomry loan becomes due immediately upon the termination of the risk, although a term of credit is specified in the contract. SOURCE: CC § 3026.

A bottomry loan is independent of possession, and is lost by omission to enforce it within a reasonable time. SOURCE: CC § 3027.

A bottomry lien, if created out of a real or apparent necessity, in good faith, is preferred to every other lien or claim upon the same thing, excepting only a lien for seamen's wages, a subsequent lien of materialmen for supplies or repairs indispensable to the safety of the shi…

Of two or more bottomry liens on the same subject, the latter in date has preference, if created out of necessity. SOURCE: CC § 3029. NOTE: No 1970 Civil Code '§ 3030-3035 existed. ---------- COL120106 COL120106

Respondentia is a contract by which a cargo, or some part thereof, is hypothecated as security for a loan, the repayment of which is dependent upon maritime risks. SOURCE: CC § 3036.

The owner of cargo may hypothecate it upon respondentia, at any time and place, and for any lawful purpose. SOURCE: CC § 3037.

The master of a ship may hypothecate its cargo upon respondentia only in a case in which he would be authorized to hypothecate the ship and freightage, but is unable to borrow sufficient money thereon for repairs or supplies which are necessary for the successful accomplishment o…

The provisions of § 37106 to § 37108 apply equally to loans on respondentia. SOURCE: CC § 3039.

COL120106 The owner of a ship is bound to repay to the owner of its cargo all which the latter is compelled to pay, under a contract of respondentia made by the master, in order to discharge its lien. SOURCE: CC § 3040. NOTE: No 1970 Civil Code '§ 3041-3045 existed. ----------- C…

One who sells real property has a vendor's lien thereon, independent of possession, for so much of the price as remains unpaid and unsecured otherwise than by the personal obligation of the buyer. SOURCE: CC § 3046.

Where the buyer of real property gives to the seller a written contract for payment of all or part of the price, an absolute transfer of such contract by the seller waives his lien to the extent of the sum payable under the contract, but a transfer of such contract in trust to pa…

The liens defined in § 39101 and § 39104 are valid against everyone claiming under the debtor, except a purchaser or encumbrancer in good faith and for value. SOURCE: CC § 3048. COL120106 NOTE: CC § 3049, Seller personal property, was repealed by P.L. 13-150:10 and replaced by ap…

One who pays to the owner any part of the price of real property, under an agreement for the sale thereof, has a special lien upon the property, independent of possession, for such part of the amount paid as he may be entitled to recover back, in case of a failure of consideratio…

Every person, who, while lawfully in possession of an article of personal property renders any service to the owner thereof, by labor or skill, employed for the protection, improvement safekeeping, or carriage thereof, has a special lien thereon, dependent upon possession, for th…

Trailers; who is holder of legal title; Storage & Parking Liens. That portion of any lien, as provided in '33105 of this Chapter, in excess of Three Hundred Dollars ($300) for any work, services, care, parking or safekeeping rendered or performed at the request or any person othe…

If the person entitled to the lien provided in § 39105 of this Chapter be not paid the amount due, and for which said lien is given, within ten days COL120106 after the same shall have become due, then such lienholder may proceed to sell said property, or so much thereof as may b…

A factor has a general lien, dependent upon possession, for all that is due to him as such, upon all articles of commercial value that are entrusted to him by the same principal. SOURCE: CC § 3053.

A banker has a general lien, dependent upon possession, upon all property in his hands belonging to a customer, for the balance due to him from such customer in the course of the business. SOURCE: CC § 3054.

The master of a ship has a general lien, independent of possession, upon the ship and freightage, for advances necessarily made or liabilities necessarily incurred by him for the benefit of the ship, but has no lien for his wages. SOURCE: CC § 3055.

The mate and seamen of a ship have a general lien, independent of possession, upon the ship and freightage for their wages, which is superior to every other lien. SOURCE: CC § 3056.

An officer who levies an attachment or execution upon personal property acquires a special lien, dependent upon possession, upon such property, which authorizes him to hold it until the process is discharged or satisfied, or a judicial sale of the property is had. SOURCE: CC § 30…

The lien of a judgment is regulated by Title 7 of this Code [Civil Procedure]. SOURCE: CC § 3058. ---------- NOTE: Chapter VII, Stoppage in Transit, '§ 3076-3080, has been repealed by P.L. 13- 150:11 and replaced by appropriate parts of Title 13 of this Code (UCC). ---------- NOT…

A deposit may be voluntary or involuntary, and for safekeeping or for exchange. SOURCE: CC § 1813.