18 Guam Code Ann. § 36315
Terms Used In 18 Guam Code Ann. § 36315
- 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
(a) In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Act, the net worth of such
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 36 MORTGAGES
person subject to this Act can be used in lieu of the mortgage loan originator’s minimum net worth requirement.
(b) Minimum net worth shall be maintained in an amount that reflects the dollar amount of loans originated, as determined by the Commissioner.
(c) The Commissioner may promulgate rules or regulations, in accordance with the Administrative Adjudication Law, with respect to the requirements for minimum net worth as are necessary to accomplish the purposes of this Act.
2017 NOTE: Subsection/subitem designations altered pursuant to the authority of
1 Guam Code Ann. § 1606.