Title 9, Banking
20 chapters · 557 sections in this title.
9 V.I.C. § 368 Change of place of business
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(a) A licensee may not change the place of business for which a license is issued, unless the licensee:(1) notifies the Banking Board in writing of the proposed change; and(2) receives the written consent of the Banking Board. (1) notifies the Banking Board in writing of the prop…
9 V.I.C. § 369 Recordkeeping requirements
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(a) Each licensee shall keep and make available to the Banking Board at the licensee's place of business any books and records that the Banking Board, by regulation requires to enable the Banking Board to enforce this chapter and any regulation adopted under this chapter. (b) Eac…
9 V.I.C. § 370 Annual report
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(a) Each mortgage lender or mortgage broker required to be licensed under this chapter shall annually, on or before March 31, file a written report with the Banking Board containing such information as the Banking Board may require concerning the licensee's operations during the …
9 V.I.C. § 371 Surrender of license
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(a) A licensee may surrender a license by sending to the Banking Board the license and a written statement that the license is surrendered. (b) The surrender of a license does not affect any civil or criminal liability of a licensee for acts committed before the license was surre…
9 V.I.C. § 372 Examinations and investigations
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(a) The Banking Board or its designated agent shall examine the affairs, business, premises, and records of each licensee at least once in every three year period and at any other time the Banking Board reasonably considers necessary. (b) (1) Any person aggrieved by the conduct o…
9 V.I.C. § 373 Required loan disclosures
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(a) (1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage on a single to four-family home to be occupied by the borrower shall provide the borrower with a financing agreement executed by the lender.(2) The financing agreement shall provide…
9 V.I.C. § 374 Prohibited practices
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(a) No mortgage lender or mortgage broker required to be licensed under this chapter may:(1) obtain any agreement or instrument in which blanks are left to be filled in after execution;(2) take an interest in collateral other than the real estate or residential property, includin…
9 V.I.C. § 375 Escrow accounts
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(a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, must be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the…
9 V.I.C. § 376 Advertising
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(1) No mortgage lender or mortgage broker required to be licensed under this chapter may use, or cause to be published, any advertisement which:(1) contains any false, misleading, or deceptive statement or representation; or(2) identifies the lender or broker by any name other th…
9 V.I.C. § 377 Evasive business tactics
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(a) If the Banking Board finds that the conduct of any other business conceals a violation or evasion of this chapter, any rule or regulation adopted under this chapter, or any law regulating mortgage loan lending in the Virgin Islands, the Banking Board may issue a written order…
9 V.I.C. § 378 Suspension, revocation, and enforcement
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(a) The Banking Board may suspend or revoke the license of any licensee, if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee, while acting on behalf of the licensee:(1) makes any material misstatement in an application…
9 V.I.C. § 379 Hearing procedures
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(a) Before the Banking Board takes any action under section 377 or section 378 of this chapter, the Banking Board shall give the licensee an opportunity for a hearing. (b) The hearing notice to the licensee must be sent by certified mail, return receipt requested, to the principa…
9 V.I.C. § 380 Limitation on name of mortgage business
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(1) A mortgage lender or mortgage broker may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is:(1) a bank, trust company, or savings bank;(2) a savings and loan association;(3) a credit union; or(4) an insurance company. …
9 V.I.C. § 381 Authority of the Banking Board to issue rules and regulations
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The Banking Board is authorized to promulgate such regulations pursuant to title 3 Virgin Islands Code, chapter 35, as necessary and appropriate to implement the provisions of this chapter.
9 V.I.C. § 382 Short title and purpose of this subchapter
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(a) This subchapter may be cited as “The Virgin Islands Secure and Fair Enforcement for Mortgage Licensing Act of 2009”. (b) The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediat…
9 V.I.C. § 383 Definitions
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(a) As used in this subchapter—(a) The term “depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union.(b) The term “federal banking agencies” means the Board of Governors of the Federal Reserve System, the Co…
9 V.I.C. § 383a Use of unique identifiers
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(a) To the greatest extent possible and to accomplish the purpose of this subchapter, the Virgin Islands shall use unique identifiers in lieu of social security numbers. (b) The unique identifier of any person originating a residential mortgage loan must be clearly shown on all r…
9 V.I.C. § 384 License and registration required; supervised loan processor and underwriters; independent contractor loan processors or underwriters
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(a) Subject to the existence of a licensing or registration regime, as the case may be, an individual, unless specifically exempted from this subchapter under subsection (c) may not engage in the business of a mortgage loan originator with respect to any dwelling located in the V…
9 V.I.C. § 385 State license and registration application and issuance
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(a) Application Form. Applicants for a license shall apply in a form as prescribed by the Banking Board or its designated agent. Each such form must contain content as set forth by rule, regulation, instruction or procedure of the Banking Board or its designated agent and may be …
9 V.I.C. § 386 Standards for license renewal
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(a) The minimum standards for license renewal for State-licensed mortgage loan originators must include the following:(1) The mortgage loan originator continues to meet the minimum standards for license issuance under section 385(c)(1)-(6).(2) The mortgage loan originator has sat…
9 V.I.C. § 387 Authority to require license and modification of act
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(a) In addition to any other duties imposed upon the Banking Board by law, the Banking Board shall require State-licensed mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement …
9 V.I.C. § 388 Enforcement authorities, violations and penalties
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(a) In order to ensure the effective supervision and enforcement of this subchapter, the Banking Board or its designated agent may:(1) Deny, suspend, revoke, condition or decline to renew a license for a violation of this subchapter, rules or regulations issued under this subchap…
9 V.I.C. § 389 Confidentiality
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(a) Protections. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing—(a) Protections. Except as otherwise provided in Public Law 110-289, the requirements under any Federal law or Virgin Islands law regarding the priv…
9 V.I.C. § 390 Investigation and examination authority
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(a) Authority to Access Information. In addition to any authority allowed under this subchapter the Banking Board or its designated agent shall have the authority to conduct investigations and examinations as follows:(a) Authority to Access Information. For purposes of initial li…
9 V.I.C. § 391 Broad administrative authority
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That the Banking Board shall have the broad administrative authority to administer, interpret and enforce this subchapter, and promulgate rules or regulations implementing this subchapter, in order to carry out the intentions of the Legislature.
9 V.I.C. § 392 Prohibited acts and practices
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(a) In addition to those prohibited acts set forth in 9 V.I.C. section 374 governing mortgage lenders and brokers and their employees, it is a violation of this subchapter for a person or individual subject to this subchapter to:(a) Directly or indirectly employ any scheme, devic…
9 V.I.C. § 393 Reports
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(a) Mortgage Call Reports. Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (b) R…
9 V.I.C. § 394 Nationwide mortgage licensing system and registry information challenge process
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The Banking Board or its designated agent shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Banking Board or its designated agent.
9 V.I.C. § 395 Privately insured credit unions
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Non-federally insured credit unions that employ loan originators, as defined in PL 110-289, Title V, the S.A.F.E. Act, shall register such employees with the Nationwide Mortgage Licensing System and Registry by furnishing the information concerning the employees' identity set for…
9 V.I.C. § 396 Severability
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If any provision of this subchapter or its application to any person or circumstance is held invalid, the remainder of the subchapter or the application of the provision to other persons or circumstances is not affected.
9 V.I.C. § 397 Effective date
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In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the effective date for implementation of this subchapter shall be December 31, 2010, or such later date approved by the Secretary of the United States Department of Hous…
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 …