14 Guam Code Ann. § 8101
Terms Used In 14 Guam Code Ann. § 8101
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
(2) This Act applies to:
(a) transactions entered into after this Act takes effect;
(b) revolving charge accounts (§ 2108) and revolving loan accounts (§ 3108), entered into, arranged or contract for before this Act takes effect except insofar as the application of this Act impairs the obligation of contracts; and
(c) debt, other than debt under a revolving charge account or a revolving loan account, incurred before this Act takes effect, but refinanced or consolidated after this Act takes effect by agreement between the creditor and the debtor.
(3) Except as provided in Subsection (2), transactions validly entered into before this Act takes effect and the rights, duties and interests flowing from them remain valid after this Act takes effect and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law, repealed, amended or modified by this Act, as though the repeal, amendment or modification had notoccurred; however, this Act shall not be construed to affect the validity or invalidity of any agreement made before this Act takes effect.
(4) Disclosure with respect to revolving charge accounts (§ 2108) and revolving loan accounts (§ 3108) made before this Act takes effect according to the provisions (§§ 2310 and 3309), respectively, of the Article on Disclosure (Article 3) of this Chapters on Sales and on Loans (Chapters 2 and 3) complies with those provisions as if made after this Act takes effect.
SOURCE: Amended by P.L. 9-255.
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14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 8 EFFECTIVE DATE AND REPEALER