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14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 2 CREDIT SALES

(1) With respect to a consumer credit sale, other than a sale pursuant to a revolving charge account, the parties to the sale agreement may contract for the payment by the buyer of an amount comprising the amount financed and a credit service charge not in excess of that permitted by this Section. So long as the credit service charge does not exceed the equivalent of that permitted by this Section, it may be calcu- lated by way of discount, monthly or annual dollars-per-one-hundred- dollars add-on, monthly or annual percentage rate, or otherwise.

(2) The credit service charge may not exceed the greater of either of the following:

(a) the total of
(i) thirty-six percent (36%) per year, calculated according to the United States rule on that part of the unpaid balances of the amount financed which is Three Hundred Dollars ($300.00), or less;

(ii) twenty-one percent (21%) per year, calculated according to the United States rule on that part of the unpaid balances of the amount financed which is more than Three Hundred Dollars ($300.00) but does not exceed One Thousand Dollars ($1,000.00); and
(iii) fifteen percent (15%) per year, calculated according to the United States rule on that part of the unpaid balances of the amount financial which is more than One Thousand Dollars ($1,000.00); or

(b) twenty-four percent (24%) per year.
(3) For the purposes of this Section, the term of a sale agreement shall be calculated in terms of calendar months beginning with the date the credit is granted or, if goods are delivered or services performed a week or more after that date, beginning on the date of delivery or performance. Differences in the lengths of months are disregarded. Fractions of a month are treated as a full month if more than fifteen (15) days, and if fifteen (15) days or less, are disregarded. If a sale agreement is for a period greater than or less than year, the charges stated in Paragraph (a) of Subsection (2) shall be calculated proportionally.

(4) A seller may make the same credit service charge on all amounts financed within a specified range. In this case the amount financed for

COL120106
14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 2 CREDIT SALES

the purpose of Subsection (2) is the median amount of the range within which the actual amount financed is included. A charge may be made pursuant to this Subsection only if the same credit service charge is made for all amounts financed within the specified range and if the charge on the median amount financed is no more than eight percent (8%) greater than the charge that would have been made on the actual amount financed pursuant to Subsection (2).

(5) The seller may contract for and receive the minimum credit service charge permitted by this Subsection if the credit service charge calculated pursuant to this Section is less than the minimum credit service charge. The minimum credit service charge is the greater of either Ten Dollars ($10.00) or an amount, not in excess of Twenty-Five Dollars ($25.00), which is five percent (5%) of the amount financed.

(6) The amounts of Three Hundred Dollars ($300.00) and One Thousand Dollars ($1,000.00) in Subsection (2) and the amounts of Ten Dollars ($10.00) and Twenty-Five Dollars ($25.00) in Subsection (5) are subject to change pursuant to the provisions on adjustment of dollar amounts (§ 1106).

SOURCE: § 2201: subsection (2)(b) amended by P.L. 16-32.1