Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 804 Advertisement disapproved
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(a) The Board may by order direct any licensee to submit advertising copy to the Board for review prior to use. (b) It is unlawful for any licensee to use an advertising copy after the Board has disapproved its use and notified the licensee in writing of the disapproval.
9 V.I.C. § 805 Advertising file
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The Banking Board shall require licensees to maintain a file of all advertising copy for a period of three years from the date of its use. The file must be available to the Board upon request.
9 V.I.C. § 806 Place of Business
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A licensed finance lender may act as a broker as defined in section 765 at its licensed place of business without obtaining an additional license as a broker under this chapter if the licensee has notified the Board of the action in writing.
9 V.I.C. § 807 Hearing
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(a) The Board may, after appropriate notice and opportunity for hearing, suspend for a period not to exceed 12 months or bar a person from any position of employment with a licensee if the Board finds that the person has willfully used or claimed without authority a designation o…
9 V.I.C. § 808 Notice and opportunity for hearing
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(a) The Board may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, or control, any finance lender or broker, or any other person, if the Board finds either…
9 V.I.C. § 809 False record or untrue statement
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(a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the administration or enforcement of any provision of this chap…
9 V.I.C. § 810 Adoption of policies and procedures for finance brokers and lenders
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A finance lender or broker licensee shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in the documents described in this section.
9 V.I.C. § 811 Denial, suspension, revocation, condition or decline to renew or fines
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(a) The Board may do one or more of the following:(1) Deny, suspend, revoke, condition, or decline to renew a finance lender or broker license for a violation of this chapter, or any regulations adopted thereunder.(2) Order restitution against any finance lender or broker license…
9 V.I.C. § 812 Revocation and suspension of license
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Finance lender and broker licenses issued under this chapter remain in effect until they are surrendered, revoked, or suspended.
9 V.I.C. § 813 Investigation and examination of records
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For the purpose of discovering violations of this chapter or securing information required by the Board in the administration and enforcement of this chapter, the Board may at any time investigate the loans and business, and examine the books, accounts, records, and files used in…
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…