FSC License Term

The Director shall issue a Guam FSC license to the applicant provided the applicant fulfills the requirements set forth in § 78102 of this Chapter. The license issued shall be for a term expiring December 31, 2026, subject to the condition that the licensee shall pay an annual license fee each year in the amount provided in 11 GCA § 78106. The first annual license fee shall be payable at the time an application for license is filed with the Director. If the license is not issued, the fee shall be refunded to the applicant. The license provided for herein shall not be revoked or cancelled except for cause and in the manner provided in 11 GCA §76105; provided any licensed FSC may elect at the end of any year during the term of its license not to pay the annual license fee and request, in writing, cancellation of its Guam FSC.