Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 192 Application and fees
0.7K chars
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
2.7K chars
(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9 V.I.C. § 194 Repealed. May 25, 1983, No. 4811, § 7, Sess. L. 1983, p. 61
0.2K chars
9 V.I.C. § 194 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
9 V.I.C. § 195 Bond
0.6K chars
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
1.0K chars
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
0.9K chars
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
1.4K chars
(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
2.6K chars
(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
2.5K chars
(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
0.6K chars
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
0.3K chars
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
0.2K chars
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
0.4K chars
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
0.4K chars
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
0.3K chars
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
0.1K chars
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
0.2K chars
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
0.3K chars
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
0.1K chars
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
0.4K chars
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
0.5K chars
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
0.2K chars
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
0.4K chars
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
2.0K chars
(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
2.8K chars
(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
1.5K chars
(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
0.6K chars
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…
9 V.I.C. § 251 Definitions
2.6K chars
Whenever used in this chapter the following words shall have the meaning set opposite them below:“consumer goods” means goods bought for use primarily for personal, family, or household purposes, as distinguished from goods bought for commercial, industrial, or business use, and …
9 V.I.C. § 252 Statement required
0.5K chars
Any person engaged in the business of extending credit shall furnish to each person to whom such credit is extended, concurrently with the consummation of the transaction or agreement to extend credit, a clear statement in writing setting forth the finance charges, expressed in d…
9 V.I.C. § 253 Additional purchases
1.2K chars
(1) Where a buyer makes any subsequent purchases of consumer goods from a seller from whom he has previously purchased goods or services under one or more conditional sales contracts, and the amounts under the contract or contracts have not been fully paid, the subsequent purchas…
9 V.I.C. § 254 Repossession procedure
1.2K chars
Prior to or after any action by the seller or his agents to repossess consumer goods under the terms of any such conditional sales contract or contracts involving both previous and subsequent purchases which have not been fully paid, the seller must retroactively allocate all pay…
9 V.I.C. § 255 Liens upon real estate
0.1K chars
Conditional sales contracts do not include any instrument creating or involving liens against real estate or any interest in real estate.
9 V.I.C. § 256 Prohibition
0.1K chars
No person shall extend credit in contravention of this chapter.
9 V.I.C. § 257 Posting of charges
0.7K chars
(a) Any person engaged in the business of extending credit shall post in a conspicuous public place a list of all fees and charges for credit and other financial transactions, including but not limited to application processing fees, interest on first priority mortgage loans, loa…
9 V.I.C. § 258 Penalty
0.1K chars
Any person who wilfully violates any provision of this chapter shall be fined not more than $500 or imprisoned not more than sixty days, or both.
9 V.I.C. § 262 Definition
0.2K chars
As used in this chapter “credit union” means a cooperative, non-profit association organized in accordance with the Federal Credit Union Act of 1934, as amended.
9 V.I.C. § 263 Federal charter required
0.2K chars
All credit unions doing business in the Virgin Islands must be federally-chartered and regulated by the National Credit Union Administration. The shares of members of credit unions must be insured by the National Credit Union Shares Insurance Fund.
9 V.I.C. § 281 Organization
0.4K chars
Fifteen or more persons of age, residents of this territory, may form an association as provided in this subchapter. Associations formed under the provisions of this subchapter shall be known as cooperative savings and loan associations, and the name of every association so forme…
9 V.I.C. § 282 Powers
1.0K chars
Associations may become members of the Federal Home Loan Bank system, may subscribe for and invest in stock of the Federal Home Loan Bank, and may secure insurance of its thrift accounts and creditor liabilities from the Federal Savings and Loan Insurance Corporation, and may ins…
9 V.I.C. § 283 Investments
3.1K chars
(1) In the absence of a demand for loans or in the regular course of business, accumulations of funds may be invested as follows:(1) cash on hand;(2) deposit in any bank or trust company incorporated under the laws of this territory or national banking association having its prin…
9 V.I.C. § 284 Purchase and sale of real estate
0.2K chars
Such association may purchase real estate at a public or private sale, upon which it has a mortgage, judgment, lien or other encumbrance, or in which it has an interest, and may sell, convey, lease or mortgage the same at pleasure to any person.
9 V.I.C. § 285 Incorporation; articles of incorporation
1.4K chars
(1) Incorporation of such an association shall be accomplished in the following manner:(1) fifteen or more persons shall make and sign a certificate stating the name of such association, the fact that the association is formed under and for the purposes prescribed in this subchap…
9 V.I.C. § 286 Account holders as members; minors
0.9K chars
Any person, corporation, partnership, association, agent, guardian, executor, administrator or trustee may become a member of such association by opening an account therein, subscribing to the bylaws, and annexing to his signature his post-office address. Whenever he desires his …
9 V.I.C. § 287 Borrowers as members; voting rights
0.2K chars
Every person who shall receive a loan from any such association pursuant to this subchapter shall thereby become a member thereof and shall be entitled to one vote at all meetings of the members thereof, whether he be a shareholder or not.
9 V.I.C. § 288 Officers, duties, meetings, voting
1.4K chars
The officers of such association shall consist of a president, vice-president, treasurer and secretary, who shall be ex officio members of the board of directors, which shall consist of not less than five members, exclusive of such ex officio members. Other officers may be author…
9 V.I.C. § 289 Bylaws; attorney
0.5K chars
Such association may adopt bylaws, not inconsistent with the provisions of this subchapter, regulating the conduct of the business of the association, defining the duties of officers and committees, times of meeting, mode of determining and declaring the withdrawing values of sha…
9 V.I.C. § 290 Capital and shares
1.9K chars
(a) The capital of such association shall consist of the accumulated savings of its members which it holds, and shall be unlimited. (b) The shares shall be issued in annual, semiannual or quarterly series, in such amounts in each series and at such times as shall be determined by…
9 V.I.C. § 291 Transfer of shares
0.3K chars
Transfers of shares shall not be binding upon the association until the same have been made upon its books. The transferee thereof shall take the same charged with all the liabilities and conditions attaching thereto in the hands of the transferor. The association may require a t…
9 V.I.C. § 292 Exemption of share accumulations from levy
0.1K chars
All accumulations upon shares in such association held by any person shall be exempt from attachment, levy and garnishment, to the amount of $1,000.
9 V.I.C. § 293 Retirement of unpledged shares
0.5K chars
The board of directors in its discretion and under rules made by it may retire the unpledged shares of any class at any time after four years from the date of their issue, by enforcing withdrawals of the same. However, the shareholders whose shares are to be retired shall be dete…