(a) The corporate Trust Company shall file an application for a license to transact Trust Company business with the Commissioner on forms prescribed by the Commissioner, which must contain such information as the Commissioner requires.

(b) A non-refundable fee of One Thousand Dollars ($1,000.00) for the application and investigation must accompany the application. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.

(c) Notification of the location of a Trust Company branch office shall be made to the Commissioner, accompanied by a non-refundable fee in the amount of Two Hundred Fifty Dollars ($250.00).

(d) All money received by the Commissioner pursuant to this
Section must be placed in a special purpose trust account, pursuant to § 160307 of this Act.

2017 NOTE: Subsection designations altered pursuant to the authority of 1 Guam Code Ann. § 1606.