Banking

(a)Every person engaging in or carrying on business in Guam of banking or receiving the money of others on deposit shall be required annually to obtain a commercial license; provided, however, that in addition to the requirements of this Subchapter, a license shall not be issued to a foreign banking corporation unless its application has first been approved by the Banking and Insurance Board pursuant to 22 GCA § 106725 and the license is in the form prescribed by that Section. The annual fee for such license is One Thousand Dollars ($1,000.00). Institutions which are members of the Federal Reserve System of the United States shall be licensed upon meeting the general requirements of this Title. Any other persons engaged in the business of banking or COL 03072011 CH. 72 COMMERCIAL LICENSES receiving the money of others on deposit, by whatever name said deposit is designated, may accept agreements for future deposit but shall not accept the deposit until the accounts of depositors have been insured in accordance with the rules and regulations of an appropriate agency of the United States Government; provided, however, that nothing herein contained shall prohibit persons from engaging in the business of lending money with or without security when such money is the property of said persons.

(b)Every Customer-Bank Communication Terminal (CBCT), automated teller machine (ATM), or cash dispensing machine that is not contiguous to a main or branch facility established and operated by a bank, credit union or a non-bank entity is subject to an annual licensing fee of Five Hundred Dollars ($500.00).

(c)The Commissioner of Banking and Insurance is hereby authorized to assess each bank licensed in Guam a fee of $0.022 for every One Thousand Dollars ($1,000) of its total assets. The total assets of the bank shall be determined from the audited financial statement or from the call report or financial statement for the period ending December 31st of each year it is filed with the Commissioner of Banking and Insurance. The assessment for each national, or state, or foreign bank that operates a branch bank on Guam shall be computed on the total assets of the branch bank in Guam. The assessment for each locally chartered bank shall be computed on the total assets of all its branches on Guam."