(a) Application for Assistance. Any landowner may apply for a loan of funds by setting forth on an application form authorized by the Authority a statement showing:

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(i) name of the landowner,

(ii) description of the land interests which are the subject of the claim,

(iii) written description of the plan of the landholder to seek compensation, return of land or redress of harms suffered,

(iv) a copy of a written fee agreement between the landowner and attorney who represents the landowner in pursuit of the claim,

(v) if the applicant has an outstanding debt to an appraiser, an assignment of not less than ten percent (10%) of the loan proceeds to the appraiser to be applied against the debt, and

(vi) a proposed budget for the expenditure of all loan proceeds;
(b) Limitation on Amount. No single loan under this Chapter shall exceed Two Hundred Twenty Thousand Dollars ($220,000).
(c) Promissory Note and Assignment. Any recipient of a loan shall, at the time the loan is granted, execute a promissory note to Guam Economic Development Authority, payable to the Authority on demand after the recipient receives court awarded attorney’s fees or expenses in connection with the litigation. Any such recipient shall also execute, at the time the loan is granted, an assignment to Guam Economic Development Authority of proceeds ultimately obtained by such recipient in an award of court awarded fees or expenses in connection with litigation. As a condition of receiving the proceeds of the loan, the attorney of the recipient (except for the Public Defenders Service Corporation), shall personally guarantee payment of said note to the extent of proceeds ultimately obtained by such recipient in an award of court awarded fees or expenses in connection with litigation.
(d) Notices Filed in Court File. The Authority shall cause notices to be filed in the Court File of pending litigation setting forth the fact of the making of such assignments and the interests of the Authority under such assignments and setting forth the interest of the Authority and Government of Guam in respect to funds previously provided by P.L. 14-98 and P.L. 16-111.

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(e) Accounting for Funds Under this Chapter. The use of all funds loaned under this Chapter shall be accounted for on a monthly basis in a detailed accounting submitted to the Authority by the applicant which shall indicate the date, type of expenditures made and copies of billings received by the landowner for services rendered to the landowner in preparation and pursuit of claims under this Chapter.

(f) Accounting and Auditing of Funds Provided for Prosecution of Claims. The Authority shall employ independent outside certified public accounts for the purpose of regularly auditing the books and records of the Authority and of each applicant and the attorney of each applicant with respect to the administration of funds for the purpose of prosecution of claims hereunder and such auditor shall conduct such audits and make such reports no less frequently than quarterly during the first year after enactment of this Legislation and no less frequently than semi-annually thereafter. The reports shall be forwarded by the Authority to the Legislature immediately after their preparation.
(g) Open Records. As a condition of receiving any loan, all applications by applicants hereunder, all records with respect to administration of funds by attorneys and all reports of audit shall be public records regularly available for inspection or photocopying by the members of the general public or the news media.