Guam § 22415 - Promissory Note; Issuance to Creditors.

§ 22415. Promissory Note; Issuance to Creditors.

(a) Any creditor of the government of Guam (other than a tort

claimant with an unadjudicated claim) who is not paid within

thirty (30) days of filing his claim may request that the Director of

Administration issue a registered, nontransferable promissory

note in the amount of his claim from the government of Guam,

bearing interest at six percent (6%) per annum and maturing one

year from its date of issue. Within thirty (30) days of the request,

the Director of Administration shall either issue said promissory

note or shall deliver to the claimant a statement that part or all of

the claim is disputed. If only part of the claim is disputed, a

promissory note shall be issued for the undisputed portion. The

Director shall, in the statement that part or all of the claim is

disputed, designate a hearing officer for a hearing pursuant to the

Administrative Adjudication Law, set a hearing date not less than

thirty (30) days nor more than sixty (60) days from the date of the

statement, and indicate with particularity the reasons the claim is

disputed. If no such statement of disputed claim is issued within

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thirty (30) days, the claim shall be deemed undisputed.

(b) The amount of promissory notes issued in a fiscal year

pursuant to subsection (a) hereof shall not exceed two percent

(2%) of the total revenues projected pursuant to Title 2 Guam

Code Annotated Chapter 13 for the General Fund for that fiscal

year.