11 Guam Code Ann. § 72102
Terms Used In 11 Guam Code Ann. § 72102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
§ 106725 and the license is in the form prescribed by that Section. The annual fee for such license is One Thousand Dollars ($1,000.00). Institutions which are members of the Federal Reserve System of the United States shall be licensed upon meeting the general requirements of this Title. Any other persons engaged in the business of banking or
COL 03072011
11 Guam Code Ann. FINANCE & TAXATION
CH. 72 COMMERCIAL LICENSES
receiving the money of others on deposit, by whatever name said deposit is designated, may accept agreements for future deposit but shall not accept the deposit until the accounts of depositors have been insured in accordance with the rules and regulations of an appropriate agency of the United States Government; provided, however, that nothing herein contained shall prohibit persons from engaging in the business of lending money with or without security when such money is the property of said persons.
(b) Every Customer-Bank Communication Terminal (CBCT), automated teller machine (ATM), or cash dispensing machine that is not contiguous to a main or branch facility established and operated by a bank, credit union or a non-bank entity is subject to an annual licensing fee of Five Hundred Dollars ($500.00).
(c) The Commissioner of Banking and Insurance is hereby authorized to assess each bank licensed in Guam a fee of $0.022 for every One Thousand Dollars ($1,000) of its total assets. The total assets of the bank shall be determined from the audited financial statement or from the call report or financial statement for the period ending December 31st of each year it is filed with the Commissioner of Banking and Insurance. The assessment for each national, or state, or foreign bank that operates a branch bank on Guam shall be computed on the total assets of the branch bank in Guam. The assessment for each locally chartered bank shall be computed on the total assets of all its branches on Guam.”
SOURCE: GC § 16001.1 amended by P.L. 13-111:1. Amended by P.L. 29-
002:V:I:22 (May 18, 2007). Subsection (c) amended by P.L. 29-019:VI:55 (Sept.
29, 2007).
CROSS-REFERENCES: See Title 22, Business Regulations, Chapters 100, 103,
106 and 109 for the Banking Laws of Guam.
2011 NOTE: Reference to the “”Banking and Insurance Commisioner”” in subsection (c) changed to the “”Commissioner of Banking and Insurance”” and reference to the “”Banking Board”” in subsection (a) changed to the “”Banking and Insurance Board”” pursuant to P.L. 27-088:10 (May 6, 2004).