Guam § 109105 - Denial of Foreign Exchange License.

§ 109105. Denial of Foreign Exchange License.

The Commissioner may deny an application for a license issued

pursuant to this Article if, after a hearing pursuant to the provisions of

the Administrative Adjudication Act, he finds that:

(a) The granting of the license will be against public interest;

(b) The applicant does not intend actively and in good faith to

carry on as a business with the general public the transaction which

would be permitted by the issuance of the license applied for;

(c) The applicant, and if a corporation, a director or officer

thereof is not of good business reputation;

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(d) The applicant, and if a corporation, a director or officer

thereof, is lacking in integrity;

(e) The applicant, and if a corporation, a director or officer

thereof, has been refused a professional, occupational or vocational

license or had such a license suspended or revoked by any licensing

authority for reasons that should preclude the granting of the license

applied for;

(f) The applicant has knowingly or willfully made a

misstatement in an application to the Commissioner for a license, or

in a document filed in support of such application, or has made a

false statement in testimony given under oath before the

Commissioner or any other person acting in his stead;

(g) The applicant, and if a corporation, a director or officer

thereof, has previously engaged in a fraudulent practice or act or has

conducted any business in an unlawful or dishonest manner;

(h) The applicant, and if a corporation, a director or officer

thereof, has shown incompetency or untrustworthiness in the

conduct of any business, or has by commission of a wrongful act or

practice in the course of any business exposed the public or those

dealing with him to the danger of loss;

(i) The applicant, and if a corporation, a director or officer

thereof, has failed to perform a duty expressly enjoined upon him by

a provision of this Article or the rules promulgated by the

Commissioner or has committed an act expressly forbidden by such

provisions or by such rules;

(j) The applicant, and if a corporation, a director or officer

thereof, has been convicted of:

(1) A felony;

(2) Any crime involving moral turpitude; or

(3) A public offense having as one of its necessary

elements a fraudulent act or an act of dishonesty in acceptance,

custody, or payment of money or property;

(k) The applicant, and if a corporation, a director or officer

thereof, has aided or abetted any person in an act or omission which

would constitute grounds for the suspension, revocation or refusal

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of a license issued under this Article to the person aided or abetted;

or

(1) The applicant has permitted any person in his employ to

violate any provision of this Article.