Guam § 36317 - Investigation and Examination Authority.

§ 36317. Investigation and Examination Authority.

In addition to any authority allowed under this Act, the Commissioner

shall have the authority to conduct investigations and examinations as

follows:

(a) Authority to Access Information. For purposes of initial

licensing, license renewal, license suspension, license conditioning,

license revocation or termination, or general or specific inquiry or

investigation to determine compliance with this Act, the Commissioner

shall have the authority to access, receive and use any books, accounts,

records, files, documents, information or evidence, including, but not

limited to:

(1) criminal, civil and administrative history information,

including non-conviction data as specified in Title 9, Guam Code

Annotated, the Criminal and Correctional Code;

(2) personal history and experience information, including

independent credit reports obtained from a consumer reporting

agency described in Section 603(p) of the Fair Credit Reporting

Act; and

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(3) any other documents, information or evidence the

Commissioner deems relevant to the inquiry or investigation,

regardless of the location, possession, control or custody of such

documents, information or evidence.

(b) Investigation, Examination, and Subpoena Authority. For the

purposes of investigating violations or complaints arising under this

Act, or for the purposes of examination, the Commissioner may review,

investigate, or examine any licensee, individual or person subject to this

Act, as often as necessary in order to carry out the purposes of this Act.

The Commissioner may direct, subpoena, or order the attendance of

and examine under oath all persons whose testimony may be required

about the loans or the business or subject matter of any such

examination or investigation, and may direct, subpoena, or order such

person to produce books, accounts, records, files, and any other

documents the Commissioner deems relevant to the inquiry.

(c) Availability of Books and Records. Each licensee, individual

or person subject to this Act shall make available to the Commissioner

upon request the books and records relating to the operations of such

licensee, individual or person subject to this Act. The Commissioner

shall have access to such books and records, and interview the officers,

principals, mortgage loan originators, employees, independent

contractors, agents, and customers of the licensee, individual or person

subject to this Act concerning their business.

(d) Reports and Other Information as Directed. Each licensee,

individual or person subject to this Act shall make or compile reports or

prepare other information as directed by the Commissioner in order to

carry out the purposes of this Section, including, but not limited to:

(1) accounting compilations;

(2) information lists and data concerning loan transactions

in a format prescribed by the Commissioner; or

(3) such other information deemed necessary to carry out

the purposes of this Section.

(e) Control Access to Records. In making any examination or

investigation authorized by this Act, the Commissioner may control

access to any documents and records of the licensee or person under

examination or investigation. The Commissioner may take possession

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of the documents and records or place a person in exclusive charge of

the documents and records in the place where they are usually kept.

(1) During the period of control, no individual or person shall

remove or attempt to remove any of the documents and records

except pursuant to a court order or with the consent of the

Commissioner.

(2) Unless the Commissioner has reasonable grounds to

believe the documents or records of the licensee have been, or are

at risk of being altered or destroyed for purposes of concealing a

violation of this Act, the licensee or owner of the documents and

records shall have access to the documents or records as necessary

to conduct its ordinary business affairs.

(f) Additional Authority. In order to carry out the purposes of

this Section, the Commissioner may:

(1) retain attorneys, accountants, or other professionals and

specialists as examiners, auditors, or investigators to conduct or

assist in the conduct of examinations or investigations;

(2) enter into agreements or relationships with other

government officials or regulatory associations in order to improve

efficiencies and reduce regulatory burden by sharing resources,

standardized or uniform methods or procedures, and documents,

records, information or evidence obtained under this Section;

(3) use, hire, contract or employ public or privately

available analytical systems, methods or software to examine or

investigate the licensee, individual or person subject to this Act;

(4) accept and rely on examination or investigation reports

made by other government officials within or without Guam; or

(5) accept audit reports made by an independent certified

public accountant for the licensee, individual or person subject to

this Act in the course of that part of the examination covering the

same general subject matter as the audit and may incorporate the

audit report in the report of the examination, report of

investigation or other writing of the Commissioner.

(g) Effect of Authority. The authority of this Section shall

remain in effect, whether such a licensee, individual or person subject

to this Act acts or claims to act under any licensing or registration law

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of Guam, or claims to act without such authority.

(h) Withhold Records. No licensee, individual or person subject

to investigation or examination under this Section may knowingly

withhold, abstract, remove, mutilate, destroy, or secrete any books,

records, computer records, or other information.

2017 NOTE: Subitem designations added pursuant to the authority of 1 GCA § 1606.