So long as a licensed FSC (i) pays its annual license fee and (ii) files with the Director within ninety (90) days after the date of making its election, a true copy of its federal election of status as FSC and small FSC under §§922(a)(2) and 922(b)(1) of the Internal Revenue Code, a Guam FSC shall be presumed to validly licensed. In the event the Director has any cause to believe any Guam FSC license was invalidly issued or that any Guam FSC license is subject to revocation or cancellation because the holder is not in compliance with applicable Guam law, then the Director shall provide written notice to the FSC, specifying the grounds for revocation or cancellation of the Guam FSC license. The FSC shall then have a period of ninety (90) days to correct any deficiencies and bring itself into compliance with Guam law and cure any grounds for revocation or cancellation. In the event the Director, after such ninety (90) day period, believes the FSC is still not in compliance with applicable Guam law or otherwise has not cured the grounds for revocation or cancellation, the Director shall have the right upon not less than thirty (30) day’s written notice to the FSC to conduct a hearing and thereafter, if cause be found, to revoke or cancel the Guam FSC license. Any cancellation or revocation order issued by the Director shall be subject to judicial review in the Superior Court of Guam.

SOURCE: GC §16504 added by P.L. 17-63.