Guam § 36314 - Surety Bond Required.
Full text of Guam Guam Code Annotated § 36314 — Surety Bond Required., with citation guidance and answers to common questions.
§ 36314. Surety Bond Required.
(a) Coverage, Form and Regulations. Each mortgage loan originator
shall be covered by a surety bond in accordance with this Section. In the
event that the mortgage loan originator is an employee or exclusive agent of
a person subject to this Act, the surety bond of such person subject to this
Act can be used in lieu of the mortgage loan originator’s surety bond
requirement.
(1) The surety bond shall provide coverage for each mortgage
loan originator in an amount as prescribed in Subsection (b) of this
Section.
(2) The surety bond shall be in a form as prescribed by the
Commissioner.
(3) The Commissioner may promulgate rules or regulations with
respect to the requirements for such surety bonds as are necessary to
accomplish the purposes of this Act.
(b) Penal Sum of Surety Bond. The penal sum of the surety bond
shall be maintained in an amount that reflects the dollar amount of loans
originated, as determined by the Commissioner.
(c) Action on Bond. When an action is commenced on a licensee’s
bond, the Commissioner may require the filing of a new bond.
(d) New Bond. Immediately upon recovery upon any action on the
bond, the licensee shall file a new bond.
Frequently Asked Questions About Guam § 36314
What does Guam Code Annotated § 36314 cover?
Section 36314 ("Surety Bond Required.") 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 § 36314?
A common citation format is "Guam Code Annotated § 36314" (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 § 36314 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.