13 Guam Code Ann. § 3106
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Terms Used In 13 Guam Code Ann. § 3106
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
) The sum payable is a sum certain even though it is to be paid
(a) With stated interest or by stated installments; or
(a) With stated interest or by stated installments; or
(b) With stated different rates of interest before and after default or a specified date; or
(c) With a stated discount or addition if paid before or after the date fixed for payment; or
(d) With exchange or less exchange, whether at a fixed rate or at the current rate; or
(e) With costs of collection or an attorney’s fee or both upon default.
(2) Nothing in this section shall validate any term which is otherwise illegal.