Guam § 2203 - Delinquency Charges.

§ 2203. Delinquency Charges.

(1) With respect to a consumer credit sale other than a sale pursuant

to a revolving charge account, the parties to a sale or refinancing

agreement may contract for a delinquency charge on any installment not

COL120106

paid in full within 10 days after its scheduled due date in an amount not

to exceed the greater of:

(a) Two Dollars ($2.00) or an amount, not exceeding Five

Dollars $5.00, which is five percent 5% of the unpaid amount of the

installment; or

(b) the deferral charge that would be permitted by Subsection

(1) of § 2204 to defer the unpaid amount of the installment for the

period that it is delinquent. (2) A delinquency charge under

paragraph (a) of subsection (1) may be collected only once on an

installment however long it remains in default. No delinquency

charge maybe collected if the installment has been deferred and a

deferral charge has been paid in accordance with § 2204. A delin-

quency charge may be collected at the time is assessed or at any

time thereafter. (3) No delinquency charge may be collected on an

installment which is paid in full within 10 days after a scheduled

installment due date even though an earlier maturing installment or

a delinquency charge on it may not have been paid in full. (4) The

amounts of Two Dollars ($2.00) and Five Dollars ($5.00) in

subsection (1) are subject to change pursuant to provisions on

adjustment of dollar amounts (§ 1106).