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Virgin Islands Statutes, Title 9

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 9, Banking

20 chapters · 557 sections in this title.

All chapters in Title 9557 Ch 26, Virgin Islands Finance Lenders159 Ch 23, Uniform Securities Act61 Ch 19, Savings and Loan Associations58 Ch 22, Uniform Money Services Act49 Ch 25, International Banking Center Regulat…43 Ch 20, Mortgage Loans38 Ch 15, Regulation of Small Loans and Pawnbr…37 Ch 11, Banking Transactions and Conduct of …36 Ch 3, Organization and Management of Banks15 Ch 24, Uniform Prudent Investors Act14 Ch 7, Merger or Consolidation8 Ch 17, Disclosure of Finance Charges8 Ch 1, General Provisions7 Ch 5, Regulation and Supervision of Banks …7

37 sections·Filtered byTitle 9✕Ch 15✕

9 V.I.C. § 181 Definitions
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The following words and phrases as used in this subchapter shall have the meanings indicated unless a contrary meaning shall appear in the context:“person” means any individual, firm, voluntary association, joint-stock company, incorporated society, partnership, trust, corporatio…
9 V.I.C. § 182 Scope; exemptions; penalty
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(a) No person shall, without first obtaining a license from the Banking Board as hereinafter provided, engage in the business of making loans in amounts of $7,500 or less and contract for, exact or receive, directly or indirectly, in connection with any such loan any charges, whe…
9 V.I.C. § 183 Amount of loan and maximum charges
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(a) A licensee may lend any sum of money, goods, or things of value not exceeding in amount or value $9,500, excluding interest charges, upon such security not forbidden by section 187 of this title as may be agreed upon, under a contract which permits the combined total of the p…
9 V.I.C. § 184 Maximum maturity and charges thereafter
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Any loan contract subject to the provisions of this subchapter shall have an originally scheduled final installment date not later than 48 months, fifteen days from the date of the loan. Notwithstanding any other provisions of this subchapter the charges which may be collected on…

9 V.I.C. § 185 Requirements for making and payment of loans

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(a) Every licensee shall—(1) mail or deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this subchapter, a statement making the disclosures and furnishing the information required by the federal Truth-in-Lending Act with respect to th…

9 V.I.C. § 186 Renewal of loan

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If a borrower desires to renew an existing loan for the purpose of obtaining additional cash a new contract shall be drawn up in its entirety and the prior loan shall be paid in full from the proceeds of the new loan. All legal papers in connection with the previous loan shall be…

9 V.I.C. § 187 Certain collateral restricted

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No licensee shall be permitted to accept real estate as collateral on a loan under this subchapter. No licensee shall enforce a lien on any item of household furniture in use except on order of a court after a finding that continued possession and use of the item by the borrower …

9 V.I.C. § 188 Loans made elsewhere

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Any loan made outside this territory in conformity to the law of the place where made which would have been subject to the provisions of this subchapter had it been made in this territory after July 1, 1968, may be collected in this territory by a licensee or others, but the char…

9 V.I.C. § 189 Other business in the same office

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A licensee may conduct a business of making loans under this subchapter within any office, suite, room or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other business, unless the Banking Board shall find, after…

9 V.I.C. § 190 Certain security interest charges

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(1) No charge for any examination, service, brokerage, commission, or other thing, or otherwise, shall be directly or indirectly made or contracted for, except as provided for in this subchapter and except for the following:(1) Taxes and fees prescribed by law that actually are o…

9 V.I.C. § 191 Insurance

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(a) Credit life insurance and credit accident and health insurance may be issued in connection with a loan or other credit transaction authorized by this subchapter in compliance with the provisions of Title 22, Virgin Islands Code, and the cost of such insurance and any commissi…

9 V.I.C. § 192 Application and fees

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Application for a license shall be in writing, under penalty of perjury, and in the form prescribed by the Banking Board. The application shall give the location where the business is to be conducted, and shall include the names and addresses of the partners, officers, directors,…

9 V.I.C. § 193 Investigation of application; license requirements

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(1) Upon the filing of such application and the payment of such fees, the Banking Board shall send a notice of the pending application to all licensees in the community in which the applicant proposes to do business and shall investigate the facts concerning the application. Ever…

9 V.I.C. § 195 Bond

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The applicant shall also, at the same time, file with the Banking Board a surety company bond to the territory, in the sum of $7,500, to be approved by the Banking Board, for the use of the territory and of any person who may have a cause of action against the principal in said b…

9 V.I.C. § 196 License; posting and change of name

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No person, partnership, or corporation shall make any loan of money, credit, goods, or things of value in the amount or to the value of $7,500 or less whether secured or unsecured, and charge, contract for, or receive a greater rate of interest than otherwise authorized by law th…

9 V.I.C. § 197 Place of business

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No licensee shall make any loan or transact any business provided for by this subchapter under any other name, or at or from any other place of business than stated in the license, except, that nothing shall prevent the making of loans, otherwise authorized under this subchapter,…

9 V.I.C. § 198 Revocation and suspension of license

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(a) If the Banking Board has reason to believe that grounds for suspension of a license exist it may suspend such license and shall send written notice to the licensee of such suspension stating in general, the grounds therefor and setting a date for hearing thereon. Such suspens…

9 V.I.C. § 199 Examinations; cease and desist orders; injunctions

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(a) The Banking Board or its duly authorized representative may at any time and shall periodically investigate the business and examine the books, accounts, papers and records of each licensee pertaining to the business of making loans of $7,500 or less; provided, however, the in…

9 V.I.C. § 200 Books and records; audits; annual reports

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(a) Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and accepted accounting practice and enable the Banking Board to determine whether the licensee is complying with this subchapter. The licensee's system of records s…

9 V.I.C. § 201 Deceptive advertising

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No licensee or other person, shall advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever any statement or representation with regard to the rates, terms,…

9 V.I.C. § 202 No impairment of contracts

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This subchapter, or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license, or right of a licensee hereunder, provided that such modification, amendment or repeal shall not impair or affect the obligation of any preexisti…

9 V.I.C. § 203 Penalty

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Any person and the several members, officers, directors, agents and employees thereof who, knowingly, shall violate any provision of this subchapter, shall, upon conviction thereof, be punished by a fine of not less than $100 and not more than $500.

9 V.I.C. § 204 Review

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In addition to any other available remedy, any person considering himself aggrieved by any act or omission of the Banking Board may, within thirty days from the date of such act, or failure to act, bring an action in the Superior Court of the Virgin Islands to review such act, or…

9 V.I.C. § 221 Tickets

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If any person shall engage in business as a pawnbroker he shall, for any article or thing of value received in pawn or otherwise for the security of any loan, transfer, service, undertaking or advantage, give to the pledgor, or person for whom or for whose benefit the transaction…

9 V.I.C. § 222 Prohibited pledges

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No person shall receive in pawn, or as security for any loan, transfer, service, undertaking or advantage, anything of value from any minor or person in a visible state of intoxication from liquors or otherwise, or any article of clothing removed from the person at the place of b…

9 V.I.C. § 223 Penalty

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Whoever violates any provision of sections 221 and 222 of this title shall be fined not more than $20 or imprisoned not more than thirty days.

9 V.I.C. § 224 Licenses

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The Lieutenant Governor shall license suitable persons to carry on the business of pawnbrokers in any city or town for one year, and may revoke such licenses, in his discretion, after a hearing on charges preferred.

9 V.I.C. § 225 Fees

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The fee for such license or renewal thereof shall be fixed by the Lieutenant Governor and shall be paid to the city or town in which the license is to be in force. No person in any city or town shall be required to pay a larger fee for said license than is required from any other…

9 V.I.C. § 226 Regulations

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The Lieutenant Governor may from time to time establish regulations relative to the business carried on by pawnbrokers.

9 V.I.C. § 227 Retention of pledged articles

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Articles deposited in pawn with a licensed pawnbroker shall, unless redeemed, be retained by him, on the premises occupied by him for his business, for at least four months after the date of deposit, if not of a perishable nature; and, if of a perishable nature, for at least one …

9 V.I.C. § 228 Sale of pledged articles

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After the expiration of said time he may sell the same by public auction. Notice of such sale shall be given by posting notice thereof in two or more public places in the town where the property is situate, fourteen days before the sale, notice of the sale shall also be given to …

9 V.I.C. § 229 Waiver of notice and sale at public auction

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If less than $25 has been loaned on any article so taken in pawn the requirement of notice, and of sale by public auction, may be waived by agreement of the parties, made in writing. In other cases the requirement cannot be waived.

9 V.I.C. § 230 Interest

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The Lieutenant Governor may fix the rate of interest which such pawnbrokers may receive on loans, and may fix different rates which may be received for different amounts of money lent; and no licensed pawnbroker shall charge or receive a greater rate of interest than that so fixe…

9 V.I.C. § 231 Records

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(a) Every such pawnbroker shall keep a book in which, at the time of making a loan, shall be legibly written in the English language an account and description of the goods, articles or things pawned or pledged, the amount of money loaned thereon, the time of pledging them, the r…

9 V.I.C. § 231a Definitions

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(a) For purposes of this subchapter:(1) “Pawnbroker” means any person, corporation, partnership or other business entity conducting business in the Virgin Islands which acquires from a consumer through purchase, barter, or any form of transfer in exchange for money, trade, barter…

9 V.I.C. § 232 Inspections

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(a) The Lieutenant Governor or his authorized representative may at any time enter upon any premises used by a licensed pawnbroker for the purposes of his business, ascertain how he conducts his business and examine all articles taken in pawn or kept or stored in or upon said pre…

9 V.I.C. § 233 Penalty

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Whoever, not being licensed, carries on such business or is concerned therein within such city or town; or, being licensed, carries on such business or is concerned therein in any other place or manner than that designated in his license or after notice to him that his license ha…