Guam § 2205 - Credit Service Charge: Refinancing.

§ 2205. Credit Service Charge: Refinancing.

With respect to a consumer credit sale other than one pursuant to a

revolving charge account, the seller or his transferee may by agreement

with the buyer refinance the unpaid balance and may contract for and

receive a credit service charge based on the amount financed resulting

from the refinancing at a rate not in excess of that permitted by the

provisions on credit service charge for consumer credit sales (§ 2201).

For the purpose of determining the credit service charge permitted, the

amount financed resulting from the refinancing comprises the following:

(1) the amount which the buyer would have been required to pay

upon prepayment pursuant to the provisions on rebate upon prepayment

(§ 2210) on the date of refinancing, except that for the purpose of

computing this amount the minimum credit service charge that may be

retained pursuant to § 2210(1) shall not be included; and

(2) appropriate additional charges made pursuant to § 2202 but not

paid in cash by the buyer.