(a) If the Commissioner finds that the applicant has met all the requirements of this Chapter and other applicable laws, the Commissioner shall, within thirty (30) days after the conclusion of the investigation, issue a license to the applicant to conduct a Trust Company business upon the applicant=s paying the required license fee. Otherwise, the Commissioner shall deny the application and notify the applicant in writing of the reasons for the denial.

(b) All licenses granted under the Act shall expire on the June 30 following the date of issuance. On or before June 1 of each year thereafter, every company holding a license that wishes to renew the license for an additional year shall apply to the Commissioner for a renewal of the license.

COL4122017
11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT

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