Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 814 Taking possession of licensee records
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In making any examination or investigation, the Board may, for a reasonable time not to exceed 60 days, take possession of the books, records, accounts, and other papers pertaining to the business. The Board may place a keeper in exclusive charge and custody of the books, records…
9 V.I.C. § 815 Record kept by the Board
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The officers, employees, partners, directors, and stockholders may inspect and examine the books, accounts, papers, records, files, safes, and vaults while they are in the custody of the Board. Employees may make entries in these documents reflecting current operations or transac…
9 V.I.C. § 816 Authority of Board not limited
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The power of investigation and examination by the Board is not terminated by the surrender, suspension, or revocation of any license issued by it.
9 V.I.C. § 817 Broad authority of the Board
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Whenever the Board considers it necessary for the general welfare of the public, the Board has continuous authority to exercise the powers set forth in this chapter whether or not an application for a license has been filed with the Board, any license has been issued, or if issue…
9 V.I.C. § 818 Disciplinary action by the Board
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(a) For any licensee, a disciplinary action taken by the Virgin Islands, another state or territory, an agency of the federal government, or another country for an action substantially related to the activity regulated under this chapter may be grounds for disciplinary action by …
9 V.I.C. § 819 Attendance of witness
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The Board may require the attendance of witnesses and examine under oath all persons whose testimony the Board requires relative to loans or business regulated by this chapter or to the subject matter of any examination, investigation, or hearing.
9 V.I.C. § 820 Examination of a licensee
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(a) The licensee or person examined shall pay the cost of each examination of the licensee or a person subject to this chapter to the Board, and the Board may maintain an action for the recovery of the cost in any court of competent jurisdiction. In determining the cost of an exa…
9 V.I.C. § 821 Issuing order
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(a) If, upon inspection, examination, or investigation, the Board has cause to believe that a licensee or other person is violating any provision of this chapter or any regulation or order thereunder, the Board, may issue an order to the licensee or person in writing, describing …
9 V.I.C. § 822 Certifying record
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After an examination, investigation, or hearing under this chapter, if the Board considers it of public interest or advantage, the Board may certify a record to the proper prosecuting official of the city, county, or city and county in which the act complained of, examined, or in…
9 V.I.C. § 823 Examination of records
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The Board may require the production for examination in the Territory of all books, records, and supporting data used by the licensee in the preparation of its audited annual reports and any other report required to be submitted to the Board. The books, records, and supporting da…
9 V.I.C. § 824 Suspension of license
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(a) Notwithstanding any other provisions of this chapter, the Board may upon three days’ notice, suspend any license for a period not exceeding 30 days, pending investigation and hearing if the Board finds the continuation of business is to the detriment of the public. (b) Surren…
9 V.I.C. § 825 Surrender of license
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Any licensee may surrender any license by delivering to the Board written notice that the licensee surrenders that license. Surrender of the license does not affect the licensee’s civil or criminal liability for acts committed prior to surrender of the license.
9 V.I.C. § 826 Unauthorized conducting of finance lender or broker business
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(a) Whenever, in the opinion of the Board, any person is engaged in the business as a broker or finance lender, as defined in this chapter, without a license from the Board, or any licensee is violating any provision of this chapter, the Board may order that person or licensee to…
9 V.I.C. § 827 Violation of this chapter
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(a) Whenever the Board believes from evidence satisfactory to the Board that any person has violated or is about to violate a provision of this chapter, or a provision of any order, license, decision, demand, requirement, or any regulation adopted pursuant to this chapter, the Bo…
9 V.I.C. § 828 Suspension and revocation of license
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(a) The Board shall suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the Board finds any of the following:(1) The licensee has failed to comply with any demand, ruling, or requirement of the Board or its design made pursuant to and within the …
9 V.I.C. § 829 Suspension or revocation of license by order
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The Board may by order summarily suspend or revoke the license of any licensee if that person fails to file the audited annual report required by section 799 within 10 days after notice by the Board that the report is due and not filed. If, after an order is made, a request for h…
9 V.I.C. § 830 Revocation, suspension, expiration or surrender of license
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The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
9 V.I.C. § 831 Hearing procedures
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(a) Before the Board takes any action by order under this chapter, unless specifically provided otherwise, the Board shall give the licensee an opportunity to request a hearing at least 15 days prior to the effective date of the Order. (b) The hearing notice to the licensee must …
9 V.I.C. § 832 Action of Board
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Every order, decision, license, or other official act of the Board is subject to judicial review of such action in the court of competent jurisdiction.
9 V.I.C. § 833 Definitions
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(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…
9 V.I.C. § 834 Consumer loan defined
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(a) In addition to the definition of consumer loan in section 833(4), a “consumer loan” also means a loan of a principal amount of less than $50,000, the proceeds of which are intended by the borrower for use primarily for other than personal, family, or household purposes. For p…
9 V.I.C. § 835 Interest or charge on loan
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A licensee may not directly or indirectly charge, contract for, or receive any interest or charge of any nature unless a loan is made.
9 V.I.C. § 836 Limitation and exemption on applying interest or charges
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(a) Except as provided otherwise in subsection (b), a licensee may not directly or indirectly charge, contract for, or receive any interest or charge of any nature with respect to a loan of $5,000 or more unless the loan is made. (b) Notwithstanding subsection (a), whenever a loa…
9 V.I.C. § 837 Unconscionable contract
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(a) Section 2-302 of title 11A, Virgin Islands Code applies to the provisions of a loan contract that is subject to this chapter. (b) A loan found to be unconscionable is in violation of this chapter and is subject to the remedies specified in this chapter.
9 V.I.C. § 838 Limitation on charges
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(1) Every licensee who lends any sum of money may contract for and receive charges at a rate not exceeding the sum of the following:(a) Two and one-half percent per month on that part of the unpaid principal balance of any loan up to, including, but not in excess of $225.(b) Two …
9 V.I.C. § 839 Exemptions to limitation on charges authorized by section 838(1)
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(a) As an alternative to the charges authorized by section 838(1), a licensee may contract for and receive charges at the greater of the following:(1) A rate not exceeding 1.6 percent per month on the unpaid principal balance.(2) A rate not exceeding five-sixths of 1 percent per …
9 V.I.C. § 840 Administrative fee
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In addition to the charges authorized by section 838 or 839, a licensee may contract for and receive an administrative fee, that must be fully earned immediately upon making the loan, with respect to a loan of a bona fide principal amount of not more than $2,500 at a rate not in …
9 V.I.C. § 841 Aggregate may not exceed maximum rate
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No interest rate in excess of 26 percent may be directly or indirectly charged, contracted for, or received by any person seeking a consumer loan, and the total charges of the finance lender and broker and any other person in the aggregate may not exceed the maximum rate provided…
9 V.I.C. § 842 Computation on charges
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(a) Except as provided in section 840 and with regards to consumer loans, all charges on loans made under this chapter may be computed and paid only as a percentage per month of the unpaid principal balance or portions thereof and must be so expressed in every obligation signed b…
9 V.I.C. § 843 Charges on unpaid principal balance
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Notwithstanding section 842, a licensee may contract for and receive charges on the unpaid principal balance at a single annual percentage rate, applied on the basis of the number of days actually elapsed, if the annual rate would produce a finance charge at the maturity of the c…
9 V.I.C. § 844 No Advance or compound charges
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Except as provided in section 840 and with regards to consumer loans, no charges on loans made pursuant to this chapter may be paid, deducted, or received in advance, or compounded. However, if part or all of the consideration for a new loan contract is the unpaid balance of a pr…
9 V.I.C. § 845 Rebate or Refund
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(a) Except for a rebate or refund pursuant to any administrative, civil, or criminal action, or any act of the Board, a rebate or refund required to be made upon payment in full of a loan pursuant to this chapter need not be made if the aggregate of all rebates or refunds require…
9 V.I.C. § 846 Contract for purchase
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No person in connection with or incidental to the making of any loan regulated by this chapter may require the borrower to contract for purchase, or agree to purchase, any other thing in connection with the loan. A policy of insurance of the type specified in section 848 and cred…
9 V.I.C. § 847 Collateral sales agreement of contract
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No person in connection with, or incidental to, the making of a loan may require the borrower to enter into any collateral sales agreements or contracts, other than the contract of pledge, assignment, or mortgage of personal property, or if otherwise permitted by this chapter, th…
9 V.I.C. § 848 Insurance offered as security
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(a) Insurance on tangible personal or real property offered as security may not be deemed to be a collateral sale, purchase, or agreement within the terms of sections 833(2), 846, or 847, when all the following requirements are met:(1) The insurance is sold at standard rates thro…
9 V.I.C. § 849 Credit insurance
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(a) Credit insurance may not be deemed to be a collateral sale, purchase, or agreement within the terms of section 833(2), section 846, or section 847 when the insurance is provided in accordance with the Virgin Islands Insurance Code and this section. As used in this chapter:(1)…
9 V.I.C. § 850 Credit disability insurance
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(a) Credit disability insurance written pursuant to section 849 may not provide indemnity against the risk that the borrower will become disabled for a period of less than 14 days. The insurance may provide indemnity for any single period of continuous disability of 14 days or lo…
9 V.I.C. § 851 Cost of a lot book report
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A licensee may collect the cost of a lot book report purchased in lieu of the title insurance provided for in section 848. The cost is not included in charges as defined in this chapter or in determining the maximum charges that may be made under this chapter.
9 V.I.C. § 852 Appraisal
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On any loan made that is secured by real property, an appraisal fee not to exceed the actual cost of the appraisal may be charged by the licensee if a written appraisal is provided to the licensee by a qualified appraiser. Only one fee for appraising the same real property may be…
9 V.I.C. § 853 Automated valuation model fee
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(a) A licensee may collect a fee for use of an automated valuation model result prepared by a third party not to exceed the actual cost paid to the third party for a written automated valuation model result in lieu of the appraisal provided for in section 852. The borrower may no…
9 V.I.C. § 854 Loan secured by real property
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(1) On any loan secured by real property, a licensee may not do either of the following:(1) Fail to disburse funds in accordance with a commitment to make a loan that is accepted by the applicant; or(2) Intentionally delay the closing of a loan for the sole purpose of increasing …
9 V.I.C. § 855 Escrow fee disallowed
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Escrow fee are disallowed under this chapter.
9 V.I.C. § 856 Fee for trustee
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On any loan that is secured by real property, the fee to be paid to the trustee for reconveyance of the trust deed may be collected by the licensee for transmittal to the trustee. The fee is not included in charges defined in this chapter or in determining the applicable maximum …
9 V.I.C. § 857 Fee for dishonored check
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With respect to a loan under this chapter, a fee not to exceed $40 for the return by a depository institution of a dishonored check, negotiable order of withdrawal, or share draft may be charged and collected by the licensee. The fee is not included in charges defined in this cha…
9 V.I.C. § 858 Delinquency fee
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(a) A licensee may contract for and receive a delinquency fee not in excess of one of the following amounts:(1) For a period in default of not less than 10 days, an amount not in excess $25.(2) For a period in default of not less than 15 days, an amount not in excess of $35. (1) …
9 V.I.C. § 859 Credit loss of income insurance
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(a) Credit loss-of-income insurance provided pursuant to this subchapter is subject to the following conditions:(a) The insurance must provide indemnity in accordance with the terms of the policy after any single period of continuous unemployment of 45 days or less as determined …
9 V.I.C. § 860 Loan made outside the territory
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A loan lawfully made outside the Virgin Islands may be enforced in the Virgin Islands as to the unpaid principal balance of the loan together with the interest, consideration, brokerage, and all other charges, to the extent of but not to exceed the unpaid principal balance and th…
9 V.I.C. § 861 Collection in the territory balance on loan made outside the territory
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Any person who collects or attempts to collect in the Virgin Islands the unpaid principal balance of a loan made outside the Virgin Islands and a greater aggregate amount of interest, consideration, brokerage, and all other charges in connection with the loan than is permitted by…
9 V.I.C. § 862 Contracting and negotiating a loan in the territory
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Any person who contracts for or negotiates in the Virgin Islands a loan to be made outside the Virgin Islands for the purpose of evading or avoiding the provisions of this chapter is subject to the provisions of this chapter.
9 V.I.C. § 863 Display of license schedule and methods of computing charges
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Every licensee shall display prominently in each licensed place of business a full and accurate schedule of the charges to be made and the method of computing the charges. The schedule is subject to the approval of the Board.