Guam § 78105 - FSC License Revocation or Cancellation.
Full text of Guam Guam Code Annotated § 78105 — FSC License Revocation or Cancellation., with citation guidance and answers to common questions.
§ 78105. FSC License Revocation or Cancellation.
So long as a licensed FSC (i) pays its annual license fee and (ii) files
with the Director within ninety (90) days after the date of making its
election, a true copy of its federal election of status as FSC and small
FSC under §§922(a)(2) and 922(b)(1) of the Internal Revenue Code, a
Guam FSC shall be presumed to validly licensed. In the event the
Director has any cause to believe any Guam FSC license was invalidly
issued or that any Guam FSC license is subject to revocation or
cancellation because the holder is not in compliance with applicable
Guam law, then the Director shall provide written notice to the FSC,
specifying the grounds for revocation or cancellation of the Guam FSC
license. The FSC shall then have a period of ninety (90) days to correct
any deficiencies and bring itself into compliance with Guam law and
cure any grounds for revocation or cancellation. In the event the
Director, after such ninety (90) day period, believes the FSC is still not in
compliance with applicable Guam law or otherwise has not cured the
grounds for revocation or cancellation, the Director shall have the right
upon not less than thirty (30) day’s written notice to the FSC to conduct a
hearing and thereafter, if cause be found, to revoke or cancel the Guam
FSC license. Any cancellation or revocation order issued by the Director
shall be subject to judicial review in the Superior Court of Guam.
Frequently Asked Questions About Guam § 78105
What does Guam Code Annotated § 78105 cover?
Section 78105 ("FSC License Revocation or Cancellation.") 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 § 78105?
A common citation format is "Guam Code Annotated § 78105" (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 § 78105 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.