It shall be unlawful for any person to act as, or offer to act as, or hold himself or herself out to be a service contract provider, nor may a service contract be sold to a consumer, unless the service contract provider has a valid license as a service contract provider issued by the Commissioner. A service contract provider shall make an application to the Commissioner upon a form prescribed by the Commissioner, and shall pay to the Commissioner a fee as provided under this Article. A service contract provider shall update the application information and documents annually and furnish such updates to the Commissioner. The application shall include or be accompanied by the following information and documents:

(a) all basic organizational documents of the service contract provider, including any articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, shareholder agreement, bylaws, and other applicable documents, and all amendments to those documents;

(b) the identities of the service contract provider’s executive officers directly responsible for the service contract provider’s service contract business, and, if more than fifty percent (50%) of the service contract provider’s gross revenue is derived from the sale of service contracts, the identities of the service contract provider’s directors and stockholders having beneficial ownership of ten percent (10%) or more of any class of securities;

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22 Guam Code Ann. BUSINESS REGULATIONS
CH. 12 ADMINISTRATION

(c) audited annual financial statements or other financial reports acceptable to the Commissioner for the two most recent years, which prove that the applicant is solvent, and any information the Commissioner may require in order to review the current financial condition of the applicant;

(d) an application fee of Two Hundred Fifty Dollars ($250.00), which shall be deposited in the Better Public Service Fund; and

(e) any other pertinent information required by the Commissioner.