Guam § 160211 - License Fees; Renewals.
Full text of Guam Guam Code Annotated § 160211 — License Fees; Renewals., with citation guidance and answers to common questions.
§ 160211. License Fees; Renewals.
(a) The initial fee to be paid for a Trust Company license must be in
proportion to the authorized capitalization of the Trust Company as
follows:
(1) a Trust Company having a capitalization of more than One
Hundred Thousand Dollars ($100,000.00), up to and including Five
Hundred Thousand Dollars ($500,000.00), shall pay a license fee of
Five Hundred Dollars ($500.00);
(2) a Trust Company having a capitalization of more than Five
Hundred Thousand Dollars ($500,000.00), up to and including One
Million Dollars ($1,000,000.00), shall pay a license fee of Seven
Hundred Fifty Dollars ($750.00); and
(3) a Trust Company having a capitalization of more than One
Million Dollars ($1,000,000.00) shall pay a license fee of One
Thousand Dollars ($1,000.00).
(b) In addition, every Trust Company shall pay an initial license fee
of One Hundred Dollars ($100.00) for each branch office that may be
authorized by the Commissioner.
(c) Thereafter, every Trust Company shall pay annually, on or
before June 30 of each year, a license fee which must be in proportion to
its initial paid-in capital and surplus, or to its net worth as of December
31st of the preceding year, whichever is higher, as follows:
(1) a Trust Company having a capitalization of less than One
Hundred Thousand Dollars ($100,000.00) shall pay a license fee of
Two Hundred Fifty Dollars ($250.00);
(2) a Trust Company having a capitalization of more than One
Hundred Thousand Dollars ($100,000.00), up to and including Five
Hundred Thousand Dollars ($500,000.00), shall pay a license fee of
Five Hundred Dollars ($500.00);
(3) a Trust Company having a capitalization of more than Five
Hundred Thousand Dollars ($500,000.00), up to and including One
Million Dollars ($1,000,000.00), shall pay a license fee of Seven
Hundred Fifty Dollars ($750.00); and
COL4122017
11 GCA FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(4) A Trust Company having a capitalization of more than One
Million Dollars ($1,000,000.00) shall pay a license fee of One
Thousand Dollars ($1,000.00).
(d) All money collected under the provisions of this Section must
be paid into the special purpose trust account as directed under § 160307.
2017 NOTE: Subsection/subitem designations altered pursuant to the authority of
1 GCA § 1606.
Frequently Asked Questions About Guam § 160211
What does Guam Code Annotated § 160211 cover?
Section 160211 ("License Fees; Renewals.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 160211?
A common citation format is "Guam Code Annotated § 160211" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 160211 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.