12 Guam Code Ann. § 4311
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Terms Used In 12 Guam Code Ann. § 4311
- 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. The priority for payment of this loan in the event the loan is in arrears is after GHC’s requirements and before other Trust fund obligations. GHC may establish and charge the mortgagor late fees for all Interest Free Loans that are paid after the grace period.