18 Guam Code Ann. § 36303
Terms Used In 18 Guam Code Ann. § 36303
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Clerical or Support Duties. For purposes of this Subsection, the term “”Clerical or Support Duties”” may include subsequent to the receipt of an application:
(1) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
(2) communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.
(b) Commissioner means Guam’s Commissioner of Banking and
Insurance.
(c) Depository Institution has the same meaning as in Section 3 of the Federal Deposit Insurance Act. It means any bank or savings association, including any credit union.
(d) Federal Banking Agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
(e) Immediate Family Member means a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
(f) Individual means a natural person.
COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
(g) Loan Processor or Underwriter means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing.
(h) Mortgage Loan Originator means an individual who for compensation or gain or in the expectation of compensation or gain:
(1) takes a residential mortgage loan application; or
(2) offers or negotiates terms of a residential mortgage loan; (A) does not include an individual engaged solely as a
loan processor or underwriter;
(B) does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Guam law, unless the person or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; and
(C) does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11, United States Code.
(i) Nationwide Mortgage Licensing System and Registry means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators.
(j) Non-profit Organization means any organization located within or off island from Guam that has a tax exempt status as a charitable organization, such as under Section 501(c)(3) of the Internal Revenue Code.
(k) Non-traditional Mortgage Product means any mortgage product other than a thirty (30) year fixed rate mortgage.
(l) Person means a natural person, corporation, company, limited liability company, partnership, or association.
COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
(m) Real Estate Brokerage Activity means any activity that involves offering or providing real estate brokerage services to the public, including:
(1) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(2) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(3) negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
(4) engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and
(5) offering to engage in any activity, or act in any capacity, described in Subsections (1), (2), (3), or (4) of this Subsection (m).
(n) Registered Mortgage Loan Originator means any individual who:
(1) meets the definition of mortgage loan originator and is an employee of:
(A) a depository institution; (B) a subsidiary that is:
(i) owned and controlled by a depository institution; and
(ii) regulated by a Federal banking agency; or
(iii) an institution regulated by the Farm Credit
Administration; and
(iv) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.
(o) Representations to the public. An individual engaging solely in loan processor or underwriter activities, shall not represent to the
COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator.
(p) Residential Mortgage Broker Branch means any branch office located within or off island from Guam that provides services from other than a main office located within Guam, which for compensation or gain, or in the expectation of compensation or gain, (1) assists a person in obtaining or applying to obtain a residential mortgage loan; or (2) holds himself or herself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. A mortgage broker either prepares a residential mortgage loan for funding by another entity or table-funds the residential mortgage loan.
(q) Residential Mortgage Broker Company means any company located within Guam which for compensation or gain, or in the expectation of compensation or gain, (1) assists a person in obtaining or applying to obtain a residential mortgage loan; or (2) holds himself or herself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. A mortgage broker either prepares a residential mortgage loan for funding by another entity or table-funds the residential mortgage loan.
(r) Residential Mortgage Lender Branch means any branch office located within or off island from Guam that provides services from other than a main office located within Guam, which for a fee, compensation or gain takes, offers, negotiates, approves or disapproves the financing of a loan secured by a mortgage with respect to any dwelling that is located in Guam.
(s) Residential Mortgage Lender Company means any company located within Guam that for a fee, compensation or gain takes, offers, negotiates, approves or disapproves the financing of a loan secured by a residential mortgage with respect to any dwelling that is located in Guam.
(t) Residential Mortgage Lender and Servicer Branch means any branch office located within or off island from Guam that provides services from other than a main office located within Guam, which for a fee or compensation or gain takes, offers, negotiates, approves or
COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
disapproves the financing of a loan and provides services, which include the receipt of periodic payments from a borrower and making payments of principal and interest, and other payments pursuant to the terms of a loan secured by a residential mortgage with respect to any dwelling that is located in Guam.
(u) Residential Mortgage Lender and Servicer Company means any company located within Guam that for a fee, compensation or gain takes, offers, negotiates, approves or disapproves the financing of a loan and provides services, which include the receipt of periodic payments from a borrower and making payments of principal and interest, and other payments pursuant to the terms of a loan secured by a residential mortgage with respect to any dwelling that is located in Guam.
(v) Residential Mortgage Servicer Branch means any branch office located within or off island from Guam that for a fee or compensation provides services, which include the receipt of periodic payments from a borrower and making payments of principal and interest, and other payments pursuant to the terms of the loan secured by a residential mortgage.
(w) Residential Mortgage Servicer Company means any company located within or off island from Guam that for a fee or compensation provides services, which include the receipt of periodic payments from a borrower and making payments of principal and interest, and other payments pursuant to the terms of the loan secured by residential mortgage.
(x) Residential Mortgage Loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in Section 103(v) of the Truth in Lending Act) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined).
(y) Residential Real Estate means any real property located in Guam, upon which is constructed or intended to be constructed a dwelling.
(z) Unique Identifier means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
COL4122017
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
SOURCE: Added by P.L. 30-151:1 (May 25, 2010), amended by P.L. 33-207:1 (Dec.
15, 2016.
2017 NOTE: The definitions, including those added by P.L. 33-207:1, have been alphabetized pursuant to P.L. 33-207:
Section 2. Guam Compiler of Laws to Codify. The Guam Compiler of Laws shall codify, accordingly and in alphabetical order, the subsections of § 36303, Article 3, Chapter 36, Title 18, Guam Code Annotated.
2011 NOTE: Reference to the “”Banking and Insurance Commissioner”” changed to the “”Commissioner of Banking and Insurance”” pursuant to P.L. 27-088:10 (May 6,
2004).