Guam § 22503 - Interest Penalties.
Full text of Guam Guam Code Annotated § 22503 — Interest Penalties., with citation guidance and answers to common questions.
§ 22503. Interest Penalties.
(a) Each government agency which receives property or
services from a business but which does not make payment for each
such complete delivered item of property or service by the required
payment date, shall pay an interest penalty to such business on the
amount of the payment which is due as specified in this Article.
(b) Interest penalties on amount due to a business under this
Article shall be paid to the business for the period beginning on
the day after the required payment date and ending on the date on
which payment of the amount due is made, except that no interest
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penalty shall be paid if payment for complete delivered item of
property or service is made on or before the fifteenth day after the
required payment date, in the case of a food product; or the
thirtieth day after the required payment date in the case of a
perishable agricultural commodity; or the forty-fifth day after the
required payment date, in the case of any other item. Interest shall
be computed at the same interest rate assessed on unpaid income
taxes owed by taxpayers.
(c) Any amount of an interest penalty which remains unpaid
at the end of any thirty-day period shall be added to the principle
amount of the debt and thereafter interest penalties shall accrue on
such added amount.
(d) There is hereby authorized to be appropriated such sums
as are necessary for the payment of interest penalties required by
this Section.
Frequently Asked Questions About Guam § 22503
What does Guam Code Annotated § 22503 cover?
Section 22503 ("Interest Penalties.") 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 § 22503?
A common citation format is "Guam Code Annotated § 22503" (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 § 22503 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.