(a) As used in this subchapter:(1) “Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting, and enforcing of a loan or forbearance of money, credit, goods, or things in action, or any other service rendered.(2) “Charges” include any profit or advantage of any kind that a licensee may contract for, collect, receive, or obtain by a collateral sale, purchase, or agreement, in connection with negotiating, arranging, making, or otherwise in connection with any loan.(3) “Charges” do not include any of the following:(A) Commissions received as a licensed insurance agent or broker in connection with insurance written as provided in section 848.(B) Amounts not in excess of the amounts in the Virgin Islands Code and rules and regulations paid to holders of possessory liens to release motor vehicles that secure loans subject to this chapter.(C) Court costs, excluding attorney’s fees, incurred in a suit and recovered against a debtor who defaults on the loan.(D) Fees paid to a licensee for the privilege of participating in an open-end credit program, which fees are to cover administrative costs and are imposed upon executing the open-end loan agreement and on annual renewal dates or anniversary dates thereafter.(E) Amounts received by a licensee from a seller, from whom the borrower obtains money, goods, labor, or services on credit, in connection with a transaction under an open-end credit program that are paid or deducted from the loan proceeds paid to the seller at the direction of the borrower and which are an obligation of the seller to the licensee for the privilege of allowing the seller to participate in the licensee’s open-end credit program. Amounts received by a licensee from a seller pursuant to this subchapter may not exceed 6 percent of the loan proceeds paid to the seller at the direction of the borrower.(F) Actual and necessary fees not exceeding $500 paid in connection with the repossession of a motor vehicle to repossession agencies provided that the licensee complies with sections 866 and 867, and actual fees paid to a licensee is not in an amount that exceeds the amount specified by Virgin Islands Code and rules and regulations.(G) Moneys paid to, and commissions and benefits received by, a licensee for the sale of goods, services, or insurance, whether or not the sale is in connection with a loan, that the buyer by a separately signed authorization acknowledges is optional, if sale of the goods, services, or insurance has been authorized pursuant to section 794.(4) “Consumer loan” means a loan, whether secured by either real or personal property, or both, or unsecured, the proceeds of which are intended by the borrower for use primarily for personal, family, or household purposes. For purposes of determining whether a loan is a consumer loan, the lender may rely on any written statement of intended purposes signed by the borrower. The statement may be a separate statement signed by the borrower or may be contained in a loan application or other document signed by the borrower. The lender is not required to ascertain that the proceeds of the loan are used in accordance with the statement of intended purposes.
(1) “Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting, and enforcing of a loan or forbearance of money, credit, goods, or things in action, or any other service rendered.
(2) “Charges” include any profit or advantage of any kind that a licensee may contract for, collect, receive, or obtain by a collateral sale, purchase, or agreement, in connection with negotiating, arranging, making, or otherwise in connection with any loan.
(3) “Charges” do not include any of the following:(A) Commissions received as a licensed insurance agent or broker in connection with insurance written as provided in section 848.(B) Amounts not in excess of the amounts in the Virgin Islands Code and rules and regulations paid to holders of possessory liens to release motor vehicles that secure loans subject to this chapter.(C) Court costs, excluding attorney’s fees, incurred in a suit and recovered against a debtor who defaults on the loan.(D) Fees paid to a licensee for the privilege of participating in an open-end credit program, which fees are to cover administrative costs and are imposed upon executing the open-end loan agreement and on annual renewal dates or anniversary dates thereafter.(E) Amounts received by a licensee from a seller, from whom the borrower obtains money, goods, labor, or services on credit, in connection with a transaction under an open-end credit program that are paid or deducted from the loan proceeds paid to the seller at the direction of the borrower and which are an obligation of the seller to the licensee for the privilege of allowing the seller to participate in the licensee’s open-end credit program. Amounts received by a licensee from a seller pursuant to this subchapter may not exceed 6 percent of the loan proceeds paid to the seller at the direction of the borrower.(F) Actual and necessary fees not exceeding $500 paid in connection with the repossession of a motor vehicle to repossession agencies provided that the licensee complies with sections 866 and 867, and actual fees paid to a licensee is not in an amount that exceeds the amount specified by Virgin Islands Code and rules and regulations.(G) Moneys paid to, and commissions and benefits received by, a licensee for the sale of goods, services, or insurance, whether or not the sale is in connection with a loan, that the buyer by a separately signed authorization acknowledges is optional, if sale of the goods, services, or insurance has been authorized pursuant to section 794.
(A) Commissions received as a licensed insurance agent or broker in connection with insurance written as provided in section 848.
(B) Amounts not in excess of the amounts in the Virgin Islands Code and rules and regulations paid to holders of possessory liens to release motor vehicles that secure loans subject to this chapter.
(C) Court costs, excluding attorney’s fees, incurred in a suit and recovered against a debtor who defaults on the loan.
(D) Fees paid to a licensee for the privilege of participating in an open-end credit program, which fees are to cover administrative costs and are imposed upon executing the open-end loan agreement and on annual renewal dates or anniversary dates thereafter.
(E) Amounts received by a licensee from a seller, from whom the borrower obtains money, goods, labor, or services on credit, in connection with a transaction under an open-end credit program that are paid or deducted from the loan proceeds paid to the seller at the direction of the borrower and which are an obligation of the seller to the licensee for the privilege of allowing the seller to participate in the licensee’s open-end credit program. Amounts received by a licensee from a seller pursuant to this subchapter may not exceed 6 percent of the loan proceeds paid to the seller at the direction of the borrower.
(F) Actual and necessary fees not exceeding $500 paid in connection with the repossession of a motor vehicle to repossession agencies provided that the licensee complies with sections 866 and 867, and actual fees paid to a licensee is not in an amount that exceeds the amount specified by Virgin Islands Code and rules and regulations.
(G) Moneys paid to, and commissions and benefits received by, a licensee for the sale of goods, services, or insurance, whether or not the sale is in connection with a loan, that the buyer by a separately signed authorization acknowledges is optional, if sale of the goods, services, or insurance has been authorized pursuant to section 794.
(4) “Consumer loan” means a loan, whether secured by either real or personal property, or both, or unsecured, the proceeds of which are intended by the borrower for use primarily for personal, family, or household purposes. For purposes of determining whether a loan is a consumer loan, the lender may rely on any written statement of intended purposes signed by the borrower. The statement may be a separate statement signed by the borrower or may be contained in a loan application or other document signed by the borrower. The lender is not required to ascertain that the proceeds of the loan are used in accordance with the statement of intended purposes.
(b) Nothing in this section authorizes the taking of real property as security, except as specified in section 869.