{"data":{"id":"us-gu/11-gca-109105","jurisdiction":"us-gu","citation":"11 GCA § 109105","heading":"Denial of Foreign Exchange License.","body":"The Commissioner may deny an application for a license issued pursuant to this Article if, after a hearing pursuant to the provisions of the Administrative Adjudication Act, he finds that:\n(a) The granting of the license will be against public interest;\n(b) The applicant does not intend actively and in good faith to carry on as a business with the general public the transaction which would be permitted by the issuance of the license applied for;\n(c) The applicant, and if a corporation, a director or officer thereof is not of good business reputation;\n(d) The applicant, and if a corporation, a director or officer thereof, is lacking in integrity;\n(e) The applicant, and if a corporation, a director or officer thereof, has been refused a professional, occupational or vocational license or had such a license suspended or revoked by any licensing authority for reasons that should preclude the granting of the license applied for;\n(f) The applicant has knowingly or willfully made a misstatement in an application to the Commissioner for a license, or in a document filed in support of such application, or has made a false statement in testimony given under oath before the Commissioner or any other person acting in his stead;\n(g) The applicant, and if a corporation, a director or officer thereof, has previously engaged in a fraudulent practice or act or has conducted any business in an unlawful or dishonest manner;\n(h) The applicant, and if a corporation, a director or officer thereof, has shown incompetency or untrustworthiness in the conduct of any business, or has by commission of a wrongful act or practice in the course of any business exposed the public or those dealing with him to the danger of loss;\n(i) The applicant, and if a corporation, a director or officer thereof, has failed to perform a duty expressly enjoined upon him by a provision of this Article or the rules promulgated by the Commissioner or has committed an act expressly forbidden by such provisions or by such rules;\n(j) The applicant, and if a corporation, a director or officer thereof, has been convicted of:\n(1) A felony;\n(2) Any crime involving moral turpitude; or\n(3) A public offense having as one of its necessary elements a fraudulent act or an act of dishonesty in acceptance, custody, or payment of money or property;\n(k) The applicant, and if a corporation, a director or officer thereof, has aided or abetted any person in an act or omission which would constitute grounds for the suspension, revocation or refusal of a license issued under this Article to the person aided or abetted; or\n(1) The applicant has permitted any person in his employ to violate any provision of this Article.","path":["Title 11: Finance and Taxation","Division 4 - Banks and Banking","Chapter 109: Foreign Exchange"],"source_url":"https://col.guamcourts.gov/sites/default/files/11gc109.pdf","current_through":"P.L. 38-133 (June 4, 2026)","vintage":"","retrieved_at":"2026-09-27T03:18:28Z","sha256":"49743d311a07f9725874e3ee911477c757694cbc224b4a01039249b0220683c8","source_id":"us-gu","stale":false,"prev":"us-gu/11-gca-109104","next":"us-gu/11-gca-109106"},"notice":"GroundRules: Original legal text. Not legal advice."}