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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

49 sections·Filtered byTitle 9✕Ch 22✕

9 V.I.C. § 501 Short title
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This chapter may be cited as the “Uniform Money Services Act”.
9 V.I.C. § 502 Definitions
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(1) In this chapter:(1) “Alien” means a person incorporated or formed under the laws of a nation other than the United States and not subject to the jurisdiction of the United States.(2) “Applicant” means a person that files an application for a license under this chapter.(3) “Au…
9 V.I.C. § 503 Exclusions
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(1) This chapter does not apply to:(1) the United States or a department, agency, or instrumentality thereof;(2) money transmission by the United States Postal Service or by a contractor on behalf of the United States Postal Service;(3) a state, county, city, or any other governm…
9 V.I.C. § 511 License required
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(a) A person may not engaged in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person:(1) is licensed under this subchapter or approved to engage in money transmission under section 517; (2) is an authorized…

9 V.I.C. § 512 Application for license

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(a) In this section, “material litigation” means litigation that according to generally accepted accounting principles is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the applicant's or licensee's annual audited financial…

9 V.I.C. § 513 Security

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(a) Except as otherwise provided in subsection (b), a surety bond, letter of credit, or other similar security acceptable to the Director in the amount of $50,000 plus $10,000 per location, not exceeding a total addition of $250,000, must accompany an application for a license. (…

9 V.I.C. § 514 Issuance of license

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(a) When an application is filed under this subchapter, the Director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, th…

9 V.I.C. § 515 Renewal of license

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(a) A licensee under this subchapter shall pay an annual renewal fee of $2,000 no later than 30 days before the anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) A licensee under this subchapter shall submit a rene…

9 V.I.C. § 516 Net worth of licensee

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A licensee under this subchapter shall maintain a net worth of at least $100,000 determined in accordance with generally accepted accounting principles.

9 V.I.C. § 517 Approval to engage in money transmission when licensed elsewhere

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(a) A person that is licensed to engage in money transmission in at least one other state, with the approval of the Director and in accordance with this section, may engage in money transmission and check [cashing] or currency exchange or both in this state without being licensed…

9 V.I.C. § 518 Money Transmission Fee; Money Transmission Revolving Fund

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(a) Any licensee under this subchapter shall collect a fee of 3% of the gross amount of each money transmission that originates within the Virgin Islands and terminates outside the United States, its territories, consulates, embassies, or military installations. (b) Not later tha…

9 V.I.C. § 519 Money Transmission Revolving Fund

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(a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the Money Transmission Revolving Fund (“Fund”). The Commissioner of the Virgin Islands Department of Finance (“Commissioner”) shall administer the Fund as a separate and distinct…

9 V.I.C. § 520 Regulations

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Pursuant to title 3 Virgin Islands Code, chapter 35, the Director of the Division of Banking, Insurance and Financial Regulation shall promulgate regulations to effectuate the purpose of this chapter.

9 V.I.C. § 521 License required

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(a) A person may not engage in check cashing or advertise, solicit, or hold itself out as providing check cashing for which the person receives at least $500 within a 30-day period unless the person:(1) is licensed under this subchapter;(2) is licensed for money transmission unde…

9 V.I.C. § 522 Application for license

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(a) A person applying for a license under this subchapter shall do so in a form and in a medium prescribed by the Director. The application must state or contain:(1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if t…

9 V.I.C. § 523 Issuance of license

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(a) When an application is filed under this subchapter, the Director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, th…

9 V.I.C. § 524 Renewal of license

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(a) A licensee under this subchapter shall pay an annual renewal fee of $2,000 no later than 30 days before each annual anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) A licensee under this subchapter shall submi…

9 V.I.C. § 531 License required

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(a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person(1) is licensed under this subchapter;(2) is lice…

9 V.I.C. § 532 Application for license

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(a) A person applying for a license under this subchapter under this chapter shall do so in a form and in a medium prescribed by the Director. The application must state or contain:(1) the legal name and residential and business addresses of the applicant, if the applicant is an …

9 V.I.C. § 533 Issuance of license

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(a) When an application under this subchapter, the Director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, the reasona…

9 V.I.C. § 534 Renewal of license

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(a) A licensee under this subchapter shall pay an annual renewal fee of $2,000 no later than 30 days before each annual anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) A licensee under this subchapter shall submi…

9 V.I.C. § 541 Relationship between licensee and authorized delegate

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(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) A contract between a licensee and an authorized delegate must require the…

9 V.I.C. § 542 Unauthorized activities

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A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.

9 V.I.C. § 543 License required

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(a) A person may not engage in authorized delegate activities or advertise, solicit, or hold itself out as serving as an authorized delegate for a money transmission check cashing or currency exchange for which the person receives revenues equal or greater than five percent of to…

9 V.I.C. § 544 Application for license

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(a) A person applying for a license under this subchapter shall do so in a form and in a medium prescribed by the Director. The application must contain:(1) the legal name and residential and business addresses of the applicant, if the applicant is an individual; or, if the appli…

9 V.I.C. § 545 Issuance of license

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(a) When an application is filed under this subchapter, the Director shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The Director shall conduct an on-site investigation of the applicant, …

9 V.I.C. § 546 Renewal of license

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(a) An authorized delegate licensed under this subchapter shall pay an annual renewal fee of $450 no later than 30 days before each annual anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) An authorized delegate li…

9 V.I.C. § 551 Authority to conduct examinations

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(a) The Director may conduct an annual examination of a licensee or of any of its authorized delegates upon 45 days' notice in a record to the licensee. (b) The Director may examine a licensee or its authorized delegate, at any time, without notice, if the Director has reason to …

9 V.I.C. § 552 Cooperation

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The Director may consult and cooperate with other state money services regulators in enforcing and administering this chapter. They may jointly pursue examinations and take such other official action that they are otherwise empowered to take.

9 V.I.C. § 553 Reports

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(a) A licensee shall file with the Director within 15 business days any material changes in information provided in a licensee's application as prescribed by the Director. (b) A licensee shall file with the Director within 45 days after the end of each fiscal quarter a current li…

9 V.I.C. § 554 Change of control

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(a) A licensee shall:(1) give the Director notice in a record of a proposed change of control within 15 days after learning of the proposed change of control;(2) request approval of the acquisition; and(3) submit a nonrefundable fee of $2,000 with the notice. (1) give the Directo…

9 V.I.C. § 555 Records

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(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:(1) record of each payment instrument or stored-value obligation sold;(2) a general ledger posted at least monthly containing all asset, liability, capita…

9 V.I.C. § 556 Money laundering reports

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(a) A licensee and an authorized delegate shall file with the Attorney General all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311, 31 C.F.R Section 103, and other federal and…

9 V.I.C. § 557 Confidentiality

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(a) Except as otherwise provided in subsection (b), all information or reports obtained by the Director from an applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operating, or condition reports prepared by, on b…

9 V.I.C. § 561 Maintenance of permissible investments

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(a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued…

9 V.I.C. § 562 Types of permissible investments

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(a) Except to the extent otherwise limited by the Director pursuant to section 561, the following investments are permissible under section 561:(1) cash, a certificate of deposit, or senior debt obligation of an insured depositary institution, as defined in Section 3 of the Feder…

9 V.I.C. § 571 Suspension and revocation; receivership

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(a) The Director may suspend or revoke a license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if:(1) the licensee violates this chapter or a rule adopted or an order issued under this chapter;(2) the licensee does not …

9 V.I.C. § 572 Suspension and revocation of authorized delegates

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(a) The Director may issue an order suspending or revoking the license and designation of an authorized delegate, if the Director finds that:(1) the authorized delegate violated this chapter or a rule adopted or an order issued under this chapter;(2) the authorized delegate did n…

9 V.I.C. § 573 Orders to cease and desist

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(a) If the Director determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the viola…

9 V.I.C. § 574 Consent orders

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The Director may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representativ…

9 V.I.C. § 575 Civil penalties

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The Director may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed $1,000 per day for each day the violation is outstanding, plus the State's costs and expenses for the investigati…

9 V.I.C. § 576 Criminal penalties

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(a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record is guilty of a felony. (b) A p…

9 V.I.C. § 577 Unlicensed persons

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(a) If the Director has reason to believe that a person has violated or is violating section 511, 521, or 531 the Director may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation. (b) In an e…

9 V.I.C. § 581 Administrative proceedings

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All administrative proceedings under this chapter must be conducted in accordance with rules and regulations adopted in compliance with Title 3, Chapter 35, Virgin Islands Code.

9 V.I.C. § 582 Hearings

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Except as otherwise provided in sections 515(c), 524(c), 534(c), 513, and 577, the Director may not suspend or revoke a license, place a licensee in receivership, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil pe…

9 V.I.C. § 583 Appeal

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Any rule or regulation promulgated under this chapter, or any decision of the Director under this chapter, may be appealed to the Superior Court of the United States Virgin Islands or the District Court for the United States Virgin Islands, by filing such appeal within sixty (60)…

9 V.I.C. § 591 Uniformity of application and construction

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In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.

9 V.I.C. § 592 Severability clause

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If any provision of this Act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of…

9 V.I.C. § 593 Requirements for alien companies to conduct business under this chapter

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No alien company, as defined in new section 502(1), may be licensed to conduct money services business under this chapter. An alien company seeking to conduct business under this chapter may conduct business only through a United States subsidiary. The United States subsidiary sh…