Establishment and Maintenance of Office by Representative of Foreign Banking

Corporation. An individual may establish and maintain an office or offices in Guam as a representative of one or more foreign banking corporations, but only upon first obtaining a license from the Commissioner. The application for such license shall be in such form and shall set forth such information as the Commissioner may require, and shall be accompanied by a fee of Two Hundred Fifty Dollars ($250.00). The Commissioner may grant or refuse the application in his discretion and at any time, in his discretion, revoke any such license. Such representative shall pay an annual license fee of One Hundred Dollars ($100.00) for each such office. If more than one individual representative of the same foreign banking corporation uses the same office the annual license fee shall be One Hundred Dollars ($100.00) plus Twenty-Five Dollars ($25.00) for each individual representative over one using the same office.