Title 11 — Finance and Taxation

[Repealed.] SOURCE: GC 16302 repealed by P.L. 5-55 (1/27/60). Replaced by 22 GCA Chapter 35, Public Accountancy.

The licensing and control of all phases of professional engineering, architecture and land surveying shall be within the provisions of 22 GCA Chapter 32, Architects, Engineers & Land Surveyors. SOURCE: GC § 16505 added by P.L. 5-131 (8/29/60). ---------- COL 03072011 ARTICLE 5 [F…

The terms used in this Article shall have the same meaning as set forth in 5 GCA §70401 [GC §47410], as it may from time to time be amended. SOURCE: GC § 16350 added by P.L. 15-40:4. Amended by P.L. 15-55:5.

Any Trader engaged solely in the Trade shall be exempt from the provisions of this Division so long as the provisions of § 76503 of this Division are complied with. SOURCE: GC § 16351 added by P.L. 15-40:4. Amended by P.L. 15-55:5.

A corporation engaged solely in Trade, upon providing satisfactory evidence to the Director of Revenue & Taxation that: (a) it is properly incorporated either in Guam or some other jurisdiction of the United States; (b) it has appointed a resident agent for service of process; an…

COL 03072011 Chapter 7 of Title 18 of the Guam Code Annotated shall not apply to any corporation holding a Trader=s Certificate. SOURCE: GC § 16353 added by P.L. 15-40. Amended by P.L. 15-55:5. Amended by P.L. 27-57:9.

Export Trading Companies are required to obtain a Service License from the Department of revenue & Taxation in order to conduct business on Guam. The license will specify that it is a license for Export Services. Holders of these licenses are prohibited from selling the goods and…

(a) A Foreign Sales Corporation or FSC for the purposes of this Chapter is an entity incorporated in Guam which is a FSC as defined in §922(a) of the Internal Revenue Code as the same may be amended from time to time. (b) A small FSC is a FSC which is also a small FSC as defined …

Before any person or entity may operate a FSC in Guam, a written license issued by the Director of Revenue and Taxation shall be obtained. A Guam FSC license shall be issued provided the applicant meets the following requirements: (1) It is duly incorporated under the laws of the…

The Director shall issue a Guam FSC license to the applicant provided the applicant fulfills the requirements set forth in § 78102 of this Chapter. The license issued shall be for a term expiring December 31, 2026, subject to the condition that the licensee shall pay an annual li…

So long as the business activities of the FSC are conducted solely for the purpose of earning foreign trade income as that term is defined in 12 GCA §2431(b), no business license other than the Guam FSC license shall be required with respect to earning such foreign trade income a…

So long as a licensed FSC (i) pays its annual license fee and (ii) files with the Director within ninety (90) days after the date of making its election, a true copy of its federal election of status as FSC and small FSC under §§922(a)(2) and 922(b)(1) of the Internal Revenue Cod…

COL120106 The license fee for each year or portion thereof for a Guam FSC license shall be: (a) For a FSC which is not a small FSC: (1) One Thousand Dollars ($1,000) from January 1, 1997 to December 31, 2006; (2) One Thousand Five Hundred Dollars ($1,500) from January 1, 2007 to …

This Title may be cited as the Guam Banking Code. SOURCE: GC §30000.

Bank, Commercial Bank, Savings Bank, State Bank, National Bank. As used in this Title: >Automated teller machine= (>ATM=) means a customer/bank communication terminal (>CBCT=) or other such device either manned or unmanned which may be activated through an accepted card or other …

In this Title, unless the context otherwise requires. >Action= in the sense of a judicial proceeding includes recoupment, counter-claim, set-off, suit in equity and any other proceedings in which rights are determined. >Board= when used with an initial capital letter means the Ba…

(a) All territorial banks and, to the extent applicable, all banks, shall hereafter be operated in accordance with the provisions of this Title. (b) All national banking associations authorized to transact business in this territory, to the extent that the provisions of this Act …

Appointed Hereunder. The terms of office of the members of the first Board appointed under this Title shall commence upon their appointment by the Governor. SOURCE: GC §30004.

If any provision, clause or phrase of this Title or the applicable thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the Title which can be given effect without the invalid provision or application, and to …

This Act shall become effective upon approval by the Governor. SOURCE: GC §30006.

(a) All other Acts and parts of Acts inconsistent herewith are hereby repealed. COL120106 (b) This Title being a general Act is intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation not specifically …

There is, within the Division of Insurance, Securities and Banking of the Department of Revenue and Taxation, an Office of the Commissioner of Banking and Insurance that shall be charged with supervising banking and insurance activities in Guam as provided in this Title, and in o…

There shall be a Commissioner of Banking and Insurance who shall be appointed by I Maga’lahen Guåhan (the Governor of Guam), with the advice and consent of I Liheslatura (the Legislature), and who shall serve under the direction of the Director of Revenue and Taxation. (a) The Co…

(a) There is hereby established in the Office of the Commissioner of Banking and Insurance, a Banking and Insurance Board that shall supersede the Banking Board, which shall consist of the Commissioner and nine (9) members. The Commissioner shall be Chairman. (b) The nine (9) mem…

(a) In addition to other powers conferred by this Title, the Board shall have the power to: (1) Regulate its own procedures and practices in accordance with the Administrative Adjudication Act. (2) Implement by regulation not inconsistent with law, any provision of this Title, an…

(a) Any finding, decision, or order of the Commissioner shall be effective only when in writing and signed by the Commissioner. Orders shall be filed in the Division of Insurance, Securities and Banking of the Department of Revenue and Taxation. (b) Every such order shall state: …

Within ten (10) days after the serving of notice of any order by the Commissioner, any person adversely and directly affected thereby may request a hearing on the subject of the order before the Commissioner. A final order shall be made within ten (10) days after the close of suc…

If any person fails to comply with an order that has become final, the Commissioner may apply for the enforcement of the order to the Superior Court of Guam. If the Court determines that the order was made and served in accordance with the law and that such person failed to compl…

Any person aggrieved and directly affected by an order of the Board may appeal to the Superior Court of Guam, within thirty (30) days after issuance of the order. The filing of a petition for review shall not stay enforcement of an order, but the Court may order a stay upon such …

All officers and employees of the Division of Insurance, Securities and Banking, other than the Commissioner, shall be in the classified service. The Commissioner may delegate to any officer or employee of the Division any of his or her powers and may designate any officer or emp…

Employees. (a) No employee of the Division shall be an officer, director, trustee, attorney, owner, shareholder, partner, broker, agent, solicitor, employee or representative of any bank or insurance company, or, except as hereinafter provided, receive, directly or indirectly, an…

(a) The Commissioner shall be bonded with a good and sufficient surety, as the Board shall determine and shall fix, conditioned that he or she shall faithfully account for and dispose of any funds and securities received into his or her custody or control, in accordance with appl…

No member of the Board or officer or employee of the Division shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office.

(a) The Commissioner shall charge an examination fee based on cost per hour per examiner, plus travel, per diem and other related expenses for all institutions examined by him/her or his/her staff. (b) The Board may implement by regulation not inconsistent with law additional fee…

(a) The Commissioner shall report to I Maga=lahi and I Liheslatura annually, within sixty (60) days after the end of each fiscal year. His/her report shall include: (1) The text of all rules of the Division of general application adopted or altered since his/her last previous rep…

(a) The Commissioner need not examine or cause to be examined any financial institution that is regulated by the FDIC, the Board of Governors of the Federal Reserve Bank, or the Office of the Comptroller of Currency, so long as the financial institution has received a satisfactor…

(a) Information from the records of the Division shall not be revealed to any person other than members of the Board, except with the consent of the Commissioner and shall not be subject to subpoena, unless otherwise permitted by territorial, state or Federal law, rule or regulat…

(a) Every territorial bank and insurance company shall retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this Title. (b) Each territorial bank shall retain permanently the minute books of meetings of its stockholders an…

The Board and the Commissioner, in the exercise of the power to make rules and issue regulations pursuant to this Title, shall act in the interests of promoting and maintaining sound banking and insurance systems, the security of deposits and depositors and other customers, the p…

Except as otherwise expressly provided by law, no person directly or indirectly shall enter into any contract, understanding or combination with any insurer or manager, agent or representative thereof for the purpose of, nor shall any such persons or insurers jointly or severably…

Enforcement Fund. There is hereby established, separate and apart from other funds of the government of Guam, a special fund known as the ‘Banking and Insurance Enforcement Fund’ (hereinafter the 'Fund'). The Fund shall not be commingled with the General Fund or any other fund of…

(a) Every entity shall obtain a license issued by the Department for each automated teller machine (>ATM=) owned, operated, maintained or deployed. For the purpose of this Chapter, >Entity= means and includes individuals, organizations, businesses and other persons acquiring, dep…

It shall be a misdemeanor punishable by a fine of not more than Twenty-Five Thousand Dollars ($25,000) if any entity does any of the following: (a) Conducts business in Guam without being licensed pursuant to this Chapter. (b) All penalties, fines and licensing fees collected und…

(a) The Department may submit fingerprint images and related information to the U. S. Department of Justice with respect to the license application of an individual defined under § 104101(a) as an entity, for the purpose of obtaining information as to the existence and nature of …

A bank may maintain deposit accounts and pay interest on balances therein at rates which need not be uniform. The Board may by general regulations fix maximum rates of interest and prohibit the payment of interest on demand accounts. SOURCE: GC § 30030.

So long as the balance in any account subject to withdrawal by or upon the order of a depositor shall equal or exceed the amount of any item presented for payment, a bank may select from items which in the aggregate exceed the balance, the items to be paid in any order convenient…

A bank shall pay interest at a rate not less than that paid on regular passbook savings accounts as calculated by the individual banks on Guam on home mortgage escrow accounts. SOURCE: GC § 30030.1. Added by P.L. 15-093:1 (Jan. 17, 1980).

Nothing in any law of Guam shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank because done or performed on any holiday or half-ho…

(a) A bank may operate a deposit account in the name of a minor or in the names of two or more persons, one or more of whom are minors, with the same effect upon its liability as if such minors were of full age. (b) Subject to such regulations as the Board may prescribe for the p…

(a) When a deposit has been made or shall hereafter be made, in any bank in the names of two persons, payable to either, or payable to either or survivor, such deposit, or any part thereof, or any interest or COL 2025-04-22 dividend thereon, may be paid to either of said persons,…