(a) This chapter must be liberally construed and applied to promote its underlying purposes and policies, which are:(1) To ensure an adequate supply of credit to borrowers in this territory.(2) To simplify, clarify, and modernize the law governing loans made by finance lenders.(3) To foster competition among finance lenders.(4) To protect borrowers against unfair practices by some lenders, having due regard for the interests of legitimate and scrupulous lenders.(5) To permit and encourage the development of fair and economically sound lending practices.(6) To encourage and foster a sound economic climate in the Territory.
(1) To ensure an adequate supply of credit to borrowers in this territory.
(2) To simplify, clarify, and modernize the law governing loans made by finance lenders.
(3) To foster competition among finance lenders.
(4) To protect borrowers against unfair practices by some lenders, having due regard for the interests of legitimate and scrupulous lenders.
(5) To permit and encourage the development of fair and economically sound lending practices.
(6) To encourage and foster a sound economic climate in the Territory.
(b) To accomplish its underlying purposes and policies, this chapter preserves existing chapters under title 9 of the Virgin Islands Code, which includes statutory law for banking institutions, small loans and pawnbrokers, savings and loans associations, mortgage lenders and brokers, mortgage loan originators and International Financial Services Entities. A finding that any provision of this chapter is invalid with respect to a particular lender or class of lenders does not affect the enforceability of this chapter with respect to any of the foregoing classifications of lenders, which in all events continue to be exempted by this chapter.
(c) Consumer loans, as defined in sections 833(4) and 834, are subject to this chapter. All subchapters apply to consumer loans, except subchapter 10.
(d) Commercial loans, as defined in section 914(c), are subject to this chapter. All subchapters except for subchapters 5, 6, 7, 8 and 9 apply to commercial loans.