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Terms Used In 12 Guam Code Ann. § 4211

  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
The Interest Free Loan shall be repaid monthly by the mortgagor in an amount equal to the loan amount divided by the number of monthly periods until maturity.
(a) The priority for payment of such loan in the event the loan is in arrears is after the Financial Institution’s requirements and before other Trust fund obligations.

(b) GHC may establish and charge the mortgagor late fees for all Interest Free Loans that are paid after the grace period.

(c) Where allowed by the participating lender, GHC may authorize deferral of the Interest Free Loan for a period of time not to exceed five (5) years.

2017 NOTE: Subsection designations added pursuant to the authority of
1 Guam Code Ann. § 1606.