Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 127 Fraudulent conveyances; attachment, etc.; penalties
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All transfers of notes, bonds, bills of exchange or credits of any bank or foreign bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property, or of judgments or decrees in favor of such bank, and all deposits of money, gold and silver …
9 V.I.C. § 128 False statements for credit purposes
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Whoever knowingly, in his own name or in representation of a natural or artificial person, furnishes a bank or foreign bank any false information or financial statements, with the purpose of inducing the bank to grant credit, to give banking facilities, or make any business trans…
9 V.I.C. § 129 Accounting system
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Every bank or foreign bank shall keep an accounting system which shall reflect the financial condition of the bank or foreign bank, and its relations, operations and transactions with third persons whether natural or artificial, and with government organizations, and shall keep a…
9 V.I.C. § 130 Unlawful fees or commissions; penalties
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Whoever, being an officer, a director, or an employee or agent of a bank or foreign bank, stipulates, receives, or acquiesces in or agrees to receive any fee, commission, gift or thing of value, from any person, firm or corporation, for obtaining, or trying to obtain, for such pe…
9 V.I.C. § 131 Discrediting banks and foreign banks; penalties
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Any person who knowingly and maliciously makes, circulates or transmits to another, or to others, any statement, rumor or suggestion, whether written, printed, or by word of mouth, which directly or by inference redounds to the discredit of the financial condition of any bank, fo…
9 V.I.C. § 131a Check cashing
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Every financial institution authorized to do business in the Territory shall cash any properly endorsed retirement check issued by the United States Virgin Islands Government Employees Retirement System and any social security check issued by the United States Government without …
9 V.I.C. § 131b Short title
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This subchapter may be cited as “The Virgin Islands Uniform Multiple-Person Accounts Act.”
9 V.I.C. § 131c Definitions
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(1) In this subchapter:(1) “Account” means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, and share account.(2) “Agent” means a person authorized to make account transactions for a p…
9 V.I.C. § 131d Limitation on scope of subchapter
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(A) This subchapter does not apply to:(A) an account established for a partnership, joint venture, or other organization for a business purpose.(B) an account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or …
9 V.I.C. § 131e Types of account; existing accounts
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(a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to section 131i(c), either a single-party account or a multiple-party account may have a POD designation, an agency d…
9 V.I.C. § 131f Designation of agent
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(a) By a writing signed by all parties, the parties may designate as agent of all parties on an account a person other than a party. (b) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’…
9 V.I.C. § 131g Applicability of subchapter
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The provisions of this subchapter concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors, and do not apply to the right of those persons to payment as de…
9 V.I.C. § 131h Ownership during lifetime
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(a) In this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any…
9 V.I.C. § 131i Rights at death
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(a) Except as otherwise provided in this part, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately b…
9 V.I.C. § 131j Alteration of rights
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(a) Rights at death of a party under section 131i are determined by the terms of the account at the death of the party. A party may alter the terms of the account by a notice signed by the party and given to the financial institution to change the terms of the account or to stop …
9 V.I.C. § 131k Accounts and transfers nontestamentary
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Except as provided in any law of the Virgin Islands governing augmented estates, or as a consequence of, and to the extent directed by, section 131l, a transfer resulting from the application of section 131i is effective by reason of the terms of the account involved and this sub…
9 V.I.C. § 131l Rights of Creditors and Others
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(a) For the purpose of this section, a nonprobate transfer occurs if the last domicile of a depositor whose interest is transferred under section 131i was in the Virgin Islands. (b) A transferee of a nonprobate transfer is subject to liability to any probate estate of the deceden…
9 V.I.C. § 131m Community property and tenancy by the entireties
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(a) A deposit of community property in an account does not alter the community character of the property or community rights in the property, but a right of survivorship between parties married to each other arising from the express terms of the account or section 131i may not be…
9 V.I.C. § 131n Authority of financial institution
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A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a m…
9 V.I.C. § 131o Payment on multiple-party account
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(1) A financial institution, on request, may pay sums on deposit in a multiple-party account to:(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives …
9 V.I.C. § 131p Payment on POD designation
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(1) A financial institution, on request, may pay sums on deposit in an account with a POD designation to:(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another …
9 V.I.C. § 131q Payment to designated agent
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A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated, or deceased when the request is made or received, and whether or not the authority o…
9 V.I.C. § 131r Payment to minor
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If a financial institution is required or permitted to make payment pursuant to this part to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act.
9 V.I.C. § 131s Discharge
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(a) Payment made pursuant to this part in accordance with the terms of the account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or…
9 V.I.C. § 131t Set-off
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Without qualifying any other statutory right to set off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the p…
9 V.I.C. § 131u Uniformity of application and construction
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This subchapter must be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among jurisdictions enacting it.
9 V.I.C. § 131v Supplementary general principles of law applicable
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Unless displaced by the particular provisions of this subchapter, the principles of law and equity supplement its provisions.
9 V.I.C. § 131w On the effective date of this subchapter
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(1) An act done before the effective date and any accrued right is not impaired by this subchapter. If a right is acquired, extinguished, or barred on the expiration of a prescribed period of time that has commenced to run by the provisions of any statute before the effective dat…
9 V.I.C. § 131x Severability clause
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If any provision of this subchapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this subchapter which can be given effect without the invalid provision or application, and to this end the pro…
9 V.I.C. § 132 Definitions
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(a) As used in this chapter, unless the text otherwise requires:(a) “Consumer funds transfer facility” means an automated teller machine, including any supporting equipment, structures, or systems;(b) (1) “Automated Teller Machine” means an unmanned, free-standing electronic info…
9 V.I.C. § 133 Transaction fees for consumer funds transfer facilities
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(a) Any bank or foreign bank operating or sharing the use of a consumer funds transfer facility may:(1) make the facilities available for use by account holders of banks, foreign banks or other financial service providers other than the institution owning the facility;(2) connect…
9 V.I.C. § 134 Nonbank automated teller machines
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(a) No person other than a bank or foreign bank may establish or operate an automated teller machine except in accordance with the following provisions. (b) At least 30 days prior to the activation date of any nonbank automated teller machine, its nonbank operator shall provide t…
9 V.I.C. § 141 Definitions
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(a) For purposes of this chapter:(1) “Advertisement” means a commercial message in any medium that promotes, directly or indirectly, a credit transaction;(2) “Balloon payment” means a loan in which the consumer is required to repay the entire amount of any outstanding balance as …
9 V.I.C. § 142 Consumer protection disclosures
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(a) At the time that a consumer makes an initial application to a creditor for a home equity loan in person, or within three business days if the consumer applies by mail or telephone, the creditor shall provide the applicant with a disclosure in either of the following forms:(1)…
9 V.I.C. § 143 Restrictions on fees, penalties and advertisements
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(a) No fee, penalty or other form of payment may be charged a consumer for prepayment of all or part of the balance of a home equity loan. (b) No advertisement for a home equity loan may refer to such loan as “free money” or use any other term determined by the Banking Board to b…
9 V.I.C. § 144 Penalties
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Any person who violates the provisions of section 142 and 143 of this chapter shall upon conviction be subject to a fine of not more than $1,000.
9 V.I.C. § 151 Receivership of bank or foreign bank
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(a) If, in consequence of an examination or report made by an examiner, or otherwise, the Banking Board should have reason to believe that a bank or foreign bank is not in sound financial condition to continue doing business, or that its affairs are being conducted in such a mann…
9 V.I.C. § 152 Cancellation of license and liquidation of bank or foreign bank; liability of directors
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If the directors of any bank or foreign bank knowingly violate or knowingly permit any of the officers, agents or employees of the bank or foreign bank doing business in the United States Virgin Islands to violate any of the provisions of sections 5, 38, 39, and 101 of this title…
9 V.I.C. § 153 Dissolution and liquidation
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Causes for dissolution Causes for dissolution (a) Banks shall be dissolved because of the expiration of the term fixed for their duration, or because one-third or more of the capital of the corporation has been lost, or by resolution of the holders of two-thirds of the capital st…
9 V.I.C. § 181 Definitions
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The following words and phrases as used in this subchapter shall have the meanings indicated unless a contrary meaning shall appear in the context:“person” means any individual, firm, voluntary association, joint-stock company, incorporated society, partnership, trust, corporatio…
9 V.I.C. § 182 Scope; exemptions; penalty
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(a) No person shall, without first obtaining a license from the Banking Board as hereinafter provided, engage in the business of making loans in amounts of $7,500 or less and contract for, exact or receive, directly or indirectly, in connection with any such loan any charges, whe…
9 V.I.C. § 183 Amount of loan and maximum charges
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(a) A licensee may lend any sum of money, goods, or things of value not exceeding in amount or value $9,500, excluding interest charges, upon such security not forbidden by section 187 of this title as may be agreed upon, under a contract which permits the combined total of the p…
9 V.I.C. § 184 Maximum maturity and charges thereafter
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Any loan contract subject to the provisions of this subchapter shall have an originally scheduled final installment date not later than 48 months, fifteen days from the date of the loan. Notwithstanding any other provisions of this subchapter the charges which may be collected on…
9 V.I.C. § 185 Requirements for making and payment of loans
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(a) Every licensee shall—(1) mail or deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this subchapter, a statement making the disclosures and furnishing the information required by the federal Truth-in-Lending Act with respect to th…
9 V.I.C. § 186 Renewal of loan
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If a borrower desires to renew an existing loan for the purpose of obtaining additional cash a new contract shall be drawn up in its entirety and the prior loan shall be paid in full from the proceeds of the new loan. All legal papers in connection with the previous loan shall be…
9 V.I.C. § 187 Certain collateral restricted
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No licensee shall be permitted to accept real estate as collateral on a loan under this subchapter. No licensee shall enforce a lien on any item of household furniture in use except on order of a court after a finding that continued possession and use of the item by the borrower …
9 V.I.C. § 188 Loans made elsewhere
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Any loan made outside this territory in conformity to the law of the place where made which would have been subject to the provisions of this subchapter had it been made in this territory after July 1, 1968, may be collected in this territory by a licensee or others, but the char…
9 V.I.C. § 189 Other business in the same office
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A licensee may conduct a business of making loans under this subchapter within any office, suite, room or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other business, unless the Banking Board shall find, after…
9 V.I.C. § 190 Certain security interest charges
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(1) No charge for any examination, service, brokerage, commission, or other thing, or otherwise, shall be directly or indirectly made or contracted for, except as provided for in this subchapter and except for the following:(1) Taxes and fees prescribed by law that actually are o…
9 V.I.C. § 191 Insurance
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(a) Credit life insurance and credit accident and health insurance may be issued in connection with a loan or other credit transaction authorized by this subchapter in compliance with the provisions of Title 22, Virgin Islands Code, and the cost of such insurance and any commissi…