(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, deploying, operating or maintaining one or more automated teller
machines, or which permit one or more automated teller machines to be deployed, operated or maintained on premises controlled by it. >Entity= shall not include commercial banks as defined and regulated under this
Title.

(b) The review and approval process for a license under this Chapter shall be conducted by the Banking and Insurance Board.

(c) The Board may license an entity if all of the following are provided to the Department and presented to the Board pursuant to Subsection (b) of this Chapter:

(1) The entity submits a comprehensive financial review of its finances as may be required by the Board.

(2) The entity submits a financial review, as may be required by the Board, of all shareholders holding more than five percent (5%) of the outstanding shares, whether voting or non-voting, of each class of common or preferred stock of the entity, all officers,
all partners and any agents of the entity, and the entity=s business tax

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returns, statements of net worth and liabilities, and proof of ability to support any liabilities to be incurred.

(3) The entity validates, as the case may be, the identification of all shareholders holding more than five percent (5%) of the outstanding shares, whether voting or non-voting, of the common or preferred stock of the entity, all officers, and all partners and any agents of the entity. Validation shall include all of the following:

Name to social security number matches. Criminal record checks.
Residency verification.

A check against a list provided by the Office of Foreign
Assets Control in the United States Department of Treasury.

Business records check.

(4) The entity submits a review of its current and previous foreign and domestic acquirer business relationships.

(5) The entity demonstrates that comprehensive and verifiable >ATM= inventory procedures and controls are established and implemented that identify the location of any and all >ATMs=, whether initially installed at a location or subsequently relocated.

(6) The entity submits a review of the soundness of its general business and operating practices with respect to its ability to manage the risks inherent in its business, including demonstrating its knowledge of the parties with which it contracts, demonstrating adequate operating reporting practices, and demonstrating adequate record keeping.

(7) The entity submits information as to the proposed place of operation or deployment of the automated teller machine.

(8) The entity shall furnish such other information as the
Board may require in evaluating the application for a license.

(d) The fee to be paid by an entity applying for licensure by the Board shall be no less than the fee paid by banks operating automated teller machines on Guam. The fee and all fees related to the licensing of automated teller machines shall cover the costs to the Department for

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licensing the entity. Such fee shall be deposited into the Banking and
Insurance Enforcement Fund.

(e) Any entity issued a license under this Chapter other than an entity which is a financial institution, the deposits of which are insured by an agency or instrumentality of the United States of America, shall, as a condition to such license, furnish to and maintain with the Commissioner a surety bond, or cash deposit, in the amount of at least One Million Dollars ($1,000,000) as security for all claims or demands that may be asserted and sustained against the entity holding the license and related in any way to an automated teller machine licensed to such entity, including, but not limited to, improper use of information derived from any transactions processed using an automated teller machine licensed to such entity.(f) Any Automated Teller Machine not operated by a bank or other Federally insured financial institutions shall display a disclaimer prominently in plain view on each machine that states the following:
>THIS AUTOMATED TELLER MACHINE IS NOT OPERATED BY A
FEDERALLY INSURED FINANCIAL INSTITUTION.=