(a) As used in this chapter, the terms have the meaning set forth in this section, unless the context requires otherwise.(a) The terms “accounts,” “chattel paper,” “documents,” “general intangibles,” “goods,” “instruments,” and “security interest,” are as defined in the Virgin Islands Uniform Commercial Code, Title 11A, Virgin Islands Code.(b) “Board” means the Virgin Islands Banking Board established in 3 V.I.C. § 42, or the Banking Board’s designee.(c) “Branch office license” means a license to engage in business as a finance lender or broker at a location other than the location identified in a finance lender or broker license application or amended application.(d) “Broker” includes any person who is engaged in the business of negotiating or performing any act as broker in connection with loans made by a finance lender.(e) “Depository institution” has the same meaning as in Section 3 of the Federal Deposit Insurance Act and includes any federal credit union as defined in section 262 of this title.(f) “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.(g) “Finance lender” includes any person who is engaged in the business of making consumer loans or making commercial loans. The term includes in-house financing, which is a type of seller financing.(1) The terms, “finance lender” and “finance broker” do not include employees regularly employed at the location specified in the license of the finance lender or broker, except that an employee, when acting within the employee’s scope employments is exempt from any other law from which the employee’s employer is exempt.(2) The business of making consumer loans or commercial loans may include lending money and taking, in the name of the lender, or in any other name, in whole or in part, as security for a loan, any contract or obligation involving the forfeiture of rights in or to personal property, the use and possession of which property is retained by other than the mortgagee or lender, or any lien on, assignment of, or power of attorney relative to wages, salary, earnings, income, or commission.(h) “In-house financing” means a type of financing, which a retailor extends to its customers, allowing the purchaser to purchase its goods or services by obtaining a loan with interest.(i) “Licensee” means any finance lender or broker who receives a license in accordance with this chapter.(j) “Person” means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government, or a political subdivision of a government.(k) “Regulatory ceiling provision” means a statement in a section or subchapter that specifies an original bona fide principal loan amount at or above which that section or subchapter does not apply to a loan.
(a) The terms “accounts,” “chattel paper,” “documents,” “general intangibles,” “goods,” “instruments,” and “security interest,” are as defined in the Virgin Islands Uniform Commercial Code, Title 11A, Virgin Islands Code.
(b) “Board” means the Virgin Islands Banking Board established in 3 V.I.C. § 42, or the Banking Board’s designee.
(c) “Branch office license” means a license to engage in business as a finance lender or broker at a location other than the location identified in a finance lender or broker license application or amended application.
(d) “Broker” includes any person who is engaged in the business of negotiating or performing any act as broker in connection with loans made by a finance lender.
(e) “Depository institution” has the same meaning as in Section 3 of the Federal Deposit Insurance Act and includes any federal credit union as defined in section 262 of this title.
(f) “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
(g) “Finance lender” includes any person who is engaged in the business of making consumer loans or making commercial loans. The term includes in-house financing, which is a type of seller financing.(1) The terms, “finance lender” and “finance broker” do not include employees regularly employed at the location specified in the license of the finance lender or broker, except that an employee, when acting within the employee’s scope employments is exempt from any other law from which the employee’s employer is exempt.(2) The business of making consumer loans or commercial loans may include lending money and taking, in the name of the lender, or in any other name, in whole or in part, as security for a loan, any contract or obligation involving the forfeiture of rights in or to personal property, the use and possession of which property is retained by other than the mortgagee or lender, or any lien on, assignment of, or power of attorney relative to wages, salary, earnings, income, or commission.
(1) The terms, “finance lender” and “finance broker” do not include employees regularly employed at the location specified in the license of the finance lender or broker, except that an employee, when acting within the employee’s scope employments is exempt from any other law from which the employee’s employer is exempt.
(2) The business of making consumer loans or commercial loans may include lending money and taking, in the name of the lender, or in any other name, in whole or in part, as security for a loan, any contract or obligation involving the forfeiture of rights in or to personal property, the use and possession of which property is retained by other than the mortgagee or lender, or any lien on, assignment of, or power of attorney relative to wages, salary, earnings, income, or commission.
(h) “In-house financing” means a type of financing, which a retailor extends to its customers, allowing the purchaser to purchase its goods or services by obtaining a loan with interest.
(i) “Licensee” means any finance lender or broker who receives a license in accordance with this chapter.
(j) “Person” means an individual, a corporation, a partnership, a limited liability company, a joint venture, an association, a joint stock company, a trust, an unincorporated organization, a government, or a political subdivision of a government.
(k) “Regulatory ceiling provision” means a statement in a section or subchapter that specifies an original bona fide principal loan amount at or above which that section or subchapter does not apply to a loan.