License for Contest or Exhibition Where Admission Fee

Received; Application for License; Fee; Limited, Restricted or Conditional License; Bond or Deposit; Guam Athletic Commission Fund; Additional Deposit; Exceptions.

(a)The Commission may issue and revoke licenses to conduct, hold or give contests or exhibitions of unarmed combat where an admission fee is received in accordance with such terms and provisions as the Commission prescribes.

(b)Any application for such a license must be in writing and correctly show and define the applicant. The application must be accompanied by an annual fee to be fixed by the Commission, on a uniform scale.

(c)The Commission may deny an application for such a license or grant a limited, restricted or conditional license for any cause deemed sufficient by the Commission.

(d)Before any license is granted, the applicant must file a bond in an amount fixed by the Commission but not less than Ten Thousand Dollars ($10,000), executed by the applicant as principal, and by a corporation qualified under the laws of Guam as surety, payable to the Treasurer of Guam, and conditioned upon the faithful performance by the applicant of the provisions of this Chapter. In lieu of a bond, the applicant may deposit with the Commission a like amount of lawful money of the United States or any other form of security, including, but not limited to: bonds of the United States or of Guam of an actual market value of not less than the amount of the required cash payment or surety bond; a letter of credit from a bank, savings bank, credit union or savings and loan association situated in Guam, which meets the requirements set for that purpose by the Treasurer of Guam; or a savings certificate, certificate of deposit or investment certificate of a bank, savings bank, credit union or savings and loan association situated in Guam, which must indicate an account of an amount not less than the amount of the required cash payment or surety bond and, except as otherwise provided by specific statute, that the amount is not available for withdrawal except by direct order of the Treasurer of Guam. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is not available for withdrawal except upon order of the Commission. All money which the COL 03072011 CH. 7 GUAM UNARMED COMBAT COMMISSION ACT OF 2009 Commission receives pursuant to this subsection must be deposited with the Treasurer of Guam for credit to the Guam Unarmed Combat Commission Fund, which shall be established by enactment of this Act.

(e)If the Commission believes the requirement for a bond is inadequate, the Commission may require the promoter to make a deposit of money in an amount fixed by the Commission. The deposit must be made not less than five

(5)days before the contest or exhibition. It may be used to satisfy any obligation incurred by the promoter during the staging of the contest or exhibition upon order of the Commission. After satisfaction of all such obligations, the Commission shall release the remainder to the promoter.

(f)The provisions of subsections

(d)and

(e)do not apply to amateur athletic clubs.