Guam § 3509 - Same: Revolving Loan Accounts.

§ 3509. Same: Revolving Loan Accounts.

(1) With respect to a consumer loan made pursuant to a revolving

loan account, an authorized lender may contract for and receive a loan

finance charge not in excess of that permitted in this Section.

(2) A charge may be made in each billing cycle which is a

percentage of an amount no greater than:

(a) the average daily balance of the debt;

(b) the unpaid balance of the debt on approximately the same

day of the billing cycle; or

(c) the median amount within a specified range within which

the daily average balance or the unpaid balance of the debt, on ap-

proximately the same day of the billing cycle, is included. A charge

may be made pursuant to this Paragraph only if the same percentage

is applied to all balances within the specified range and if the charge

calculated on the median amount pursuant to this Paragraph is no

more than eight percent (8%) greater than the charge that would

have been calculated on the actual unpaid balance pursuant to Para-

graphs (a) and (b).

(3) If the billing cycle is monthly, the charge may not exceed two

percent (2%) of that part of the amount pursuant to Subsection (2) which

is Five Hundred Dollars ($500.00), or less, and one and one-half percent

(12%) on that part of this amount which is more than Five Hundred

Dollars ($500.00). If the billing cycle is not monthly, the maximum

charge is that percentage which bears the same relation to the applicable

monthly percentage as the number of days in the billing cycle bears to

thirty (30). For the purposes of this Section, a variation of not more than

four (4) days from month to month is "approximately the same day of the

billing cycle."

(4) If there is an unpaid balance on the date as of which the loan

finance charge is applied and the loan finance charge pursuant to this

Section is less than the minimum charge, a minimum charge not

exceeding Seventy Cents ($.70) may be made if the billing cycle is

monthly, or, if the billing cycle is not monthly, a minimum charge which

bears the same relation to Seventy Cents ($.70) as the number of days in

the billing cycle bears to thirty (30) may be made; provided, that no

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minimum charge may be made pursuant to this Section if the lender has

made a charge for the same period as permitted by Paragraph (c) of

Subsection (1) of § 3202 (additional charges).

(5) The amounts of Seventy Cents ($.70) in Subsection (4) are

subject to change pursuant to the provisions on adjustment of dollar

amounts (§ 1106).