Terms Used In 14 Guam Code Ann. § 3202

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
(1) In addition to the loan finance charge permitted by this Article, the lender may contract for and receive the following additional charges in connection with a consumer loan:

(a) official fees;

(b) charges for insurance;

(c) annual charges, payable in advance, for the privilege of using a credit card or similar arrangement which entitles the user to purchase goods or services from at least 100 persons not related to the issuer of the credit card or similar arrangement, under an ar- rangement pursuant to which the debts resulting from the purchases are payable to the issuer; and

(d) charges for other benefits conferred on the debtor, if the benefits are of value to him apart from the granting of the credit and the charges are reasonable in relation to the benefits.

COL120106
14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 3 LOANS

(2) The Administrator may adopt rules determining whether charges are additional charges pursuant to paragraph (d) of subsection (1).

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