17 Guam Code Ann. § 15112
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Terms Used In 17 Guam Code Ann. § 15112
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
Interest on all awards of assistance made after September30, 2006 pursuant to this Article shall be computed on the outstanding balance on a simple interest basis beginning on the date of disbursement at an annual percentage rate of ten percent (10%). Repayment shall be made in either a lump sum by which the principal and accrued interest up to the date of repayment is satisfied or through a periodic payment plan under the following conditions:
(a) the awardee can amortize the combined balance of principal and accrued interest balances over a specified term at an annual percentage rate of ten percent (10%);
(b) the period for repayment shall not exceed ten (10)
years; and
(c) all awardees choosing to repay assistance in cash in lieu of service credit must pay all accrued interest before any payments are applied to the principal of the debt.
Repayment of awards made prior to September 30, 2006 shall be made pursuant to the other provisions of this Chapter.
SOURCE: Added by P.L. 28-149:II:VI:6 (Sept. 30, 2006).