Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 864 Charges by authorized person only
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No person, except as authorized by this chapter, may directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by law to charge if the person were not a licensee under this chapter, upon the loan, u…
9 V.I.C. § 865 Inducement
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(a) It is unlawful for any licensee:(1) to knowingly induce any borrower to split up or divide any loan with any other licensee; or(2) to induce or permit any borrower to be or to become obligated directly or indirectly, or both, under more than one contract of loan at the same t…
9 V.I.C. § 866 Loan secured by a lien on a motor vehicle—disposition of repossessed or surrendered vehicle
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle. (b) Any provision in any loan contract to the contrary notwithstanding, at least 15 days’ written notice of intent to dispose of a repossessed or surrendered motor vehicle must be given t…
9 V.I.C. § 867 Loan secured by a lien on a motor vehicle—acceleration of the amount due
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle. (b) In the absence of default in the performance of any of the borrower’s obligations under the loan, the licensee may not accelerate the maturity of any part or all of the amount due the…
9 V.I.C. § 868 Notice to licensee or agent
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A licensee, or the agent of a licensee, that has received a notice of agent, may not make a subsequent assignment to skip trace, locate, or repossess the vehicle without simultaneously, and in the same manner by which the assignment is given, advising the assignee of the assignme…
9 V.I.C. § 869 Deed of trust, mortgage or lien on real property
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No licensee may take a deed of trust, mortgage, or lien upon real property as security for any loan made under this chapter, except any lien as is created by law upon the recording of an abstract of judgment. This section does not apply to any loan of a bona fide principal amount…
9 V.I.C. § 870 Confession of judgment or power of attorney
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No licensee may take any confession of judgment or any power of attorney, except a power of attorney taken to effectuate the transfer of the ownership of any motor vehicle or mobile home at the time of making the loan.
9 V.I.C. § 871 Note or promise to pay
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No licensee may take any note or promise to pay that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of charge or the annual percentage rate pursuant to Regulation Z promulgated by the Board of Governors of the Federa…
9 V.I.C. § 872 Blank spaces in instrument
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No licensee may take any instrument in which blanks are left to be filled in after execution.
9 V.I.C. § 873 Repayment of principal more than maximum terms
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(a) No licensee may contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth in this section opposite the respective size of loans. Principal amount of loanMaximum termLess than $500 ........................24 months and …
9 V.I.C. § 874 Loan secured by assignment
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The payment by any person in money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, is, for the purposes of regulation u…
9 V.I.C. § 875 No prohibition on statutory fee and premiums
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(a) This chapter does not prohibit any licensee from contracting for, collecting, or receiving the following:(1) The statutory fee paid by the licensee to any public officer for acknowledging, filing, recording, or releasing in any public office any instrument securing the loan o…
9 V.I.C. § 876 Finance lender
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(a) A finance lender shall deliver or cause to be delivered to the borrower, or any one thereof, at the time the loan is made, a statement showing in clear and distinct terms the name, address, and license number of the finance lender and the broker, if any. The statement must sh…
9 V.I.C. § 877 Licensed broker
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(a) A finance broker shall deliver to the borrower, or any one thereof, at the time the final negotiation or arrangement is made, a statement showing in clear and distinct terms the name, address, and license number of the broker and the finance lender. The statement must show th…
9 V.I.C. § 878 Right of taking and using a security agreement
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Nothing contained in this chapter may be construed to deny to any licensee under this chapter the right of taking and using a security agreement that, in addition to securing an original obligation, may secure the repayment of sums that may be advanced to, or expenditures that ma…
9 V.I.C. § 879 Sell promissory notes
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(a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this chapter or evidencing the obligation to repay loans purchased from and made by another licensee pursuant to this chapter to institutional investors and may make…
9 V.I.C. § 880 Institutional lender and institutional investor
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(a) A licensee that is a finance lender may sell to an institutional lender, or an institutional investor described in section 879(b)(6), promissory notes evidencing the obligation to repay federally related mortgage loans, as defined in 24 C.F.R. 3500.2 purchased from and made b…
9 V.I.C. § 881 Retail installment contract
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(a) No licensee may make a loan to refinance a retail installment contract, that is held by the licensee, its subsidiaries, or affiliates, unless all of the following conditions are met:(1) The buyer has been making installment payments required by the retail installment contract…
9 V.I.C. § 882 Instant loan check or live check
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(a) As used in this section:(1) “Instant loan check” or “live check” means any loan or extension of credit that is made available in the form of a check, draft, or any other negotiable instrument that can be deposited in a bank or used for third-party payments.(2) “Instant loan c…
9 V.I.C. § 883 John Warner National Defense Authorization Act for Fiscal Year 2007
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(a) Any person who violates any provision of Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007, (Public Law 109-364), or any provision of Section 232 of Title 32 of the Code of Federal Regulations, as published on August 31, 2007, in Volume 72…
9 V.I.C. § 884 Exemptions from bona fide principal amount of $5,000 or more and $50,000 or more
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(a) The following sections do not apply to any loan of a bona fide principal amount of $50,000 or more, or to a duly licensed finance lender in connection with the loan or loans, if the provisions of this section are not used for the purpose of evading: sections 794, 795, 842, 84…
9 V.I.C. § 885 General exemptions
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(a) Any section that refers to this section does not apply to any loan of the bona fide principal amount specified in that section, or more, if that provision is not used for the purpose of evading this chapter. In determining under §§ 884, 838, or 839 or any section that refers …
9 V.I.C. § 886 Precompute charges
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(a) This subchapter applies only to loan contracts payable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is due not less than 15 days nor more than one month and 15 days from the date the loan is made. Instead of…
9 V.I.C. § 887 Precomputed loans
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With respect to precomputed loans, licensees are subject to comply only with, and derive authority only from sections 886 and 888, notwithstanding any other provision of law that is not within this chapter.
9 V.I.C. § 888 Charges on principal loan amount of $5,000 or more
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When charges on a loan of an original bona fide principal amount of $5,000 or more have been precomputed in a manner similar to that provided in section 886, and the loan is prepaid in full by cash, a new loan, refinancing, or otherwise, or the maturity of the loan contract is ac…
9 V.I.C. § 889 Open-end credit program
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(a) As used in this subchapter, “open-end credit program” means a licensee’s plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the open-end credit program, expressly stating that the loan is made pursuant to …
9 V.I.C. § 890 Purpose of open-end credit program
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If an open-end credit program is not primarily for the purpose of purchasing or leasing goods or services from the licensee, then all credit extended through use of the program, including transactions that involve the purchase or lease of goods or services from the licensee, are …
9 V.I.C. § 891 Plan of business
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(a) Subject to the written approval of the Board of the licensee’s plan of business for making open-end loans as not being misleading or deceptive and subject to regulations the Board may adopt with respect to open-end loans under section 992, a licensee may make open-end loans p…
9 V.I.C. § 892 Minimum monthly payment
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(a) The minimum monthly payment is determined by any of the following:(1) The amount calculated by multiplying the unpaid principal balance, after an advance and including the advance, by a percent agreed upon by the borrower and the licensee, which may not be less than 2 1/2 per…
9 V.I.C. § 893 Fees, costs and expenses
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On open-end loans, the licensee may contract for and receive the fees, costs, and expenses permitted on other loans, including those permitted by subsection (a) paragraphs (1), (2), (3), and (4) of section 848 and subsection (d) of section 849, except that the charge for credit i…
9 V.I.C. § 894 Credit, life or disability insurance
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(a) In lieu of subsections (b), (c), (d), (e), and (f) of section 849, with respect to open-end loans, a licensee may provide credit insurance with the borrower’s consent, in a form to be approved by the Board, in an amount not in excess of the amount of the indebtedness. For cre…
9 V.I.C. § 895 Open-end loan with variation
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(a) Section 844 applies to open-end loans with the following variations:(a) Section 844 applies to open-end loans with the following variations:To comply with section 844, in the case of open-end loan advances directly to the borrower, the licensee shall deliver to the borrower, …
9 V.I.C. § 896 Required inclusion in open-end agreement
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Instead of the requirements of section 871, the open-end loan agreement must contain the name, address, and license number of the finance lender and must disclose the nature of the security taken, the method of determining the minimum payments that will be required to repay the i…
9 V.I.C. § 897 Statement
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Instead of the requirements of section 876(a), with respect to open-end loans, except in the case of an account that the licensee considers uncollectible, or for which delinquency collection procedures have been instituted, the licensee shall deliver or cause to be delivered to t…
9 V.I.C. § 898 Open-end loan with no balance
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Subsection (e) of section 876 does not apply to an open-end loan that has no balance outstanding if the open-end loan agreement continues in effect.
9 V.I.C. § 899 Change in term
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Section 872 does not apply to a change in terms of an open-end loan if notice is given to the borrower in accordance with 12 C.F.R. 226.9(c).
9 V.I.C. § 900 Change in terms
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Sections 791(a), 794, 863, and 876(b) do not apply to a licensee with respect to advances made through an open-end credit program.
9 V.I.C. § 901 Fees
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The payment of fees for participation in an open-end credit program, the acceptance by a borrower of the form of the licensee’s program, and the borrower’s agreement to the licensee’s program may not be deemed a collateral sale, purchase, or agreement within the terms of sections…
9 V.I.C. § 902 Advertising
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(a) Nothing in this subchapter limits the authority of the Board to disapprove advertising with respect to open-end loans pursuant to section 804. (b) This section does not apply to any open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance wi…
9 V.I.C. § 903 Open-end loan
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The subchapter does not apply to loans other than open-end loans. This section does not apply to any open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance with section 906.
9 V.I.C. § 904 Applicability to open-end loan under $5,000
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Section 886 does not apply to open-end loans.
9 V.I.C. § 905 Principal amount required
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An open-end loan is in compliance with section 869, if it is an open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance with section 906.
9 V.I.C. § 906 Applicability to open-end loan
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(a) Any section that refers to this section or that is subject to section 885 does not apply to any open-end loan of the bona fide principal amount specified in the regulatory ceiling provision of that section or more, or to a licensed finance lender in connection with the loan i…
9 V.I.C. § 907 Disclosure of Applications
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(a) (1) Upon the request of a person who has obtained a police report to initiate an identity theft investigation, a finance lender engaged in the business of making consumer loans shall provide to the person, or to a law enforcement officer specified by the person, copies of all…
9 V.I.C. § 908 Willful act of excessive charge
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(a) If any amount other than, or in excess of, the charges permitted by this chapter is willfully charged, contracted for, or received, the contract of loan is void, and no person has any right to collect or receive any principal, charges, or recompense in connection with the tra…
9 V.I.C. § 909 Unintentional act of excessive charge
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(a) If any amount other than or in excess of the charges permitted by this chapter is charged or contracted for, or received, for any reason other than a willful act of the licensee, the licensee shall forfeit all interest and charges on the loan and may collect or receive only t…
9 V.I.C. § 910 Unintentional violation in the making or collection of a consumer loan
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(a) If any provision of this chapter is violated in the making or collection of a loan, for any reason other than a willful act of the licensee, the licensee shall forfeit all interest and charges on the loan and may collect or receive only the principal amount of the loan. (b) S…
9 V.I.C. § 911 Fine and/or imprisonment for willful violation—consumer loans
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Any person who willfully violates any provision of this chapter or who willfully violates any regulation or order adopted pursuant to this chapter, must upon conviction, be punished by a fine of not more than $10,000 or by imprisonment for not more than one year, or by both. Howe…
9 V.I.C. § 912 Act done or omitted in good faith
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No provision imposing liability under this chapter, including the provisions of sections 909(a) and 910(a), apply to any act done or omitted in good faith in conformity with any written general rule, regulation, or specific ruling of the Board, notwithstanding that after the act …
9 V.I.C. § 913 Commission, fee or other compensation
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A finance lender or broker licensed under this chapter may not pay any commission, fee, or other compensation to an unlicensed individual for conducting activities that require a license, unless that unlicensed individual is exempt from licensure pursuant to this chapter.