Disposition of Fees, Refunds

(a)Notwithstanding the Central Accounting Act, all fees and money collected under the provisions of this Chapter shall be deposited in a special fund known as the Contractors License Board Fund. This Fund shall be kept in a bank licensed to do business on Guam and funds shall be paid out only upon request for payment or requisition submitted by the Executive Director or its personnel and countersigned by the Chairman of the Board. With approval from the Bureau of Budget and Management Research, the Contractors License Board may have the authority to use funds as deemed necessary to sustain daily operations within the agency.

(b)The Board may request the Treasurer of Guam to have any fee erroneously paid to it under this Chapter refunded when the Board deems it just and equitable.