22 Guam Code Ann. § 12212
Terms Used In 22 Guam Code Ann. § 12212
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
22 Guam Code Ann. BUSINESS REGULATIONS
CH. 12 ADMINISTRATION
(a) The Commissioner shall take any action necessary or appropriate to enforce this Article, and the rules adopted and orders issued hereunder. The Commissioner shall conduct investigations and examinations of service contract providers and administrators, or other persons, upon receipt of a consumer complaint. If a service contract provider has violated this Article, or rules or orders under this Article, the Commissioner shall issue an order:
(1) requiring a person to cease and desist from violating this
Article, or rules or orders under this Article;
(2) prohibiting a person from selling or offering for sale service contracts in violation of this Article until full remedy is afforded to comply with this Article; and
(3) imposing a civil penalty, at an amount not to exceed fifteen percent (15%) of the recourse afforded in §12204 of this Article for the purpose of affording remedy to comply with the provisions of this Article, on a person or any combination of the foregoing, as applicable.