Guam § 2602 - Service Charge for Certain Sales to Individuals.

§ 2602. Service Charge for Certain Sales to Individuals.

(1) With respect to a sale other than a consumer credit sale, the

parties may contract for the payment by the buyer of a credit service

charge not in excess of that permitted by this Section if: (a) the credit is

granted by a seller who regularly engages in credit transactions as a

seller;

(b) the amount financed is Twenty-Five Thousand Dollars

($25,000.00), or less; and

(c) the buyer is either (i) a person other than an organization or

(ii) an organization if the debt is secured primarily by a security

interest in a one (1) or two (2) family dwelling occupied by a person

related to the organization.

(2) With respect to a sale other than one pursuant to a revolving

charge account, the parties may contract for the payment by the buyer of

an amount comprising the amount financed and a credit service charge

not in excess of twenty-four percent (24%) per year calculated on the

unpaid balances of the amount financed according to the United States

rule.

(3) With respect to a sale pursuant to a revolving charge account the

parties may contract for the payment of a credit service charge not in

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excess of that permitted by § 2207.

(4) The amount of Twenty-Five Thousand Dollars ($25,000.00) in

Subsection (1) is subject to change pursuant to the provisions on adjust-

ment of dollar amounts (§ 1106). [Subsection (2) amended by P.L. 16-

32.]