Legislation to house homeless raises questions for banks, businesses

Legislation to house homeless raises questions for banks, businesses

BY JOY WHITE

Journal Staff

Banking industry professionals voiced their opinion at a legislative hearing on Dec. 15 for Bill 397-33, which would implement a pilot Housing First Program supported by escheated funds and overseen by the Guam Housing Corp.

The program would potentially impact all privately held corporations with multiple stockholders, according to Philip J. Flores, executive vice president and chief operating officer of BankPacific

The bill, introduced by Speaker Judith T. Won Pat and Sen. Tina R. Muña Barnes, creates new escheat rules requiring dividends, profits, distributions, interest, payments on principal or other sums . . .

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