14 Guam Code Ann. § 3110
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Terms Used In 14 Guam Code Ann. § 3110
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
) Loan Finance Charge means the total of (a) all charges however denominated, incurred for the privilege of obtaining the loan and paid or payable, directly or indirectly, by the debtor to or for the account of the lender or a person related to or designated by the lender, and (b) charges incurred for investigating the collateral or credit-worthiness of the debtor or for commissions or brokerage for obtaining the credit, irrespective of the person to whom it is paid or payable, unless the lender had no notice of the charges. It does not include charges as a result of a default, additional charges (§ 3202), delinquency charges (§ 3203) and deferral charges (§ 3204).
(2) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge.
(2) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge.
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ARTICLE 2
MAXIMUM CHARGES