Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

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

(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.