Title 9 — Banking
20 chapters · 569 sections in this title.
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.
9 V.I.C. § 864 Charges by authorized person only
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No person, except as authorized by this chapter, may directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by law to charge if the person were not a licensee under this chapter, upon the loan, u…
9 V.I.C. § 865 Inducement
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(a) It is unlawful for any licensee:(1) to knowingly induce any borrower to split up or divide any loan with any other licensee; or(2) to induce or permit any borrower to be or to become obligated directly or indirectly, or both, under more than one contract of loan at the same t…
9 V.I.C. § 866 Loan secured by a lien on a motor vehicle—disposition of repossessed or surrendered vehicle
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle. (b) Any provision in any loan contract to the contrary notwithstanding, at least 15 days’ written notice of intent to dispose of a repossessed or surrendered motor vehicle must be given t…
9 V.I.C. § 867 Loan secured by a lien on a motor vehicle—acceleration of the amount due
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(a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle. (b) In the absence of default in the performance of any of the borrower’s obligations under the loan, the licensee may not accelerate the maturity of any part or all of the amount due the…
9 V.I.C. § 868 Notice to licensee or agent
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A licensee, or the agent of a licensee, that has received a notice of agent, may not make a subsequent assignment to skip trace, locate, or repossess the vehicle without simultaneously, and in the same manner by which the assignment is given, advising the assignee of the assignme…
9 V.I.C. § 869 Deed of trust, mortgage or lien on real property
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No licensee may take a deed of trust, mortgage, or lien upon real property as security for any loan made under this chapter, except any lien as is created by law upon the recording of an abstract of judgment. This section does not apply to any loan of a bona fide principal amount…
9 V.I.C. § 870 Confession of judgment or power of attorney
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No licensee may take any confession of judgment or any power of attorney, except a power of attorney taken to effectuate the transfer of the ownership of any motor vehicle or mobile home at the time of making the loan.
9 V.I.C. § 871 Note or promise to pay
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No licensee may take any note or promise to pay that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of charge or the annual percentage rate pursuant to Regulation Z promulgated by the Board of Governors of the Federa…
9 V.I.C. § 872 Blank spaces in instrument
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No licensee may take any instrument in which blanks are left to be filled in after execution.
9 V.I.C. § 873 Repayment of principal more than maximum terms
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(a) No licensee may contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth in this section opposite the respective size of loans. Principal amount of loanMaximum termLess than $500 ........................24 months and …
9 V.I.C. § 874 Loan secured by assignment
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The payment by any person in money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, is, for the purposes of regulation u…
9 V.I.C. § 875 No prohibition on statutory fee and premiums
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(a) This chapter does not prohibit any licensee from contracting for, collecting, or receiving the following:(1) The statutory fee paid by the licensee to any public officer for acknowledging, filing, recording, or releasing in any public office any instrument securing the loan o…
9 V.I.C. § 876 Finance lender
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(a) A finance lender shall deliver or cause to be delivered to the borrower, or any one thereof, at the time the loan is made, a statement showing in clear and distinct terms the name, address, and license number of the finance lender and the broker, if any. The statement must sh…
9 V.I.C. § 877 Licensed broker
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(a) A finance broker shall deliver to the borrower, or any one thereof, at the time the final negotiation or arrangement is made, a statement showing in clear and distinct terms the name, address, and license number of the broker and the finance lender. The statement must show th…
9 V.I.C. § 878 Right of taking and using a security agreement
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Nothing contained in this chapter may be construed to deny to any licensee under this chapter the right of taking and using a security agreement that, in addition to securing an original obligation, may secure the repayment of sums that may be advanced to, or expenditures that ma…
9 V.I.C. § 879 Sell promissory notes
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(a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this chapter or evidencing the obligation to repay loans purchased from and made by another licensee pursuant to this chapter to institutional investors and may make…
9 V.I.C. § 880 Institutional lender and institutional investor
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(a) A licensee that is a finance lender may sell to an institutional lender, or an institutional investor described in section 879(b)(6), promissory notes evidencing the obligation to repay federally related mortgage loans, as defined in 24 C.F.R. 3500.2 purchased from and made b…
9 V.I.C. § 881 Retail installment contract
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(a) No licensee may make a loan to refinance a retail installment contract, that is held by the licensee, its subsidiaries, or affiliates, unless all of the following conditions are met:(1) The buyer has been making installment payments required by the retail installment contract…
9 V.I.C. § 882 Instant loan check or live check
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(a) As used in this section:(1) “Instant loan check” or “live check” means any loan or extension of credit that is made available in the form of a check, draft, or any other negotiable instrument that can be deposited in a bank or used for third-party payments.(2) “Instant loan c…
9 V.I.C. § 883 John Warner National Defense Authorization Act for Fiscal Year 2007
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(a) Any person who violates any provision of Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007, (Public Law 109-364), or any provision of Section 232 of Title 32 of the Code of Federal Regulations, as published on August 31, 2007, in Volume 72…
9 V.I.C. § 884 Exemptions from bona fide principal amount of $5,000 or more and $50,000 or more
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(a) The following sections do not apply to any loan of a bona fide principal amount of $50,000 or more, or to a duly licensed finance lender in connection with the loan or loans, if the provisions of this section are not used for the purpose of evading: sections 794, 795, 842, 84…
9 V.I.C. § 885 General exemptions
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(a) Any section that refers to this section does not apply to any loan of the bona fide principal amount specified in that section, or more, if that provision is not used for the purpose of evading this chapter. In determining under §§ 884, 838, or 839 or any section that refers …
9 V.I.C. § 886 Precompute charges
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(a) This subchapter applies only to loan contracts payable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is due not less than 15 days nor more than one month and 15 days from the date the loan is made. Instead of…
9 V.I.C. § 887 Precomputed loans
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With respect to precomputed loans, licensees are subject to comply only with, and derive authority only from sections 886 and 888, notwithstanding any other provision of law that is not within this chapter.
9 V.I.C. § 888 Charges on principal loan amount of $5,000 or more
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When charges on a loan of an original bona fide principal amount of $5,000 or more have been precomputed in a manner similar to that provided in section 886, and the loan is prepaid in full by cash, a new loan, refinancing, or otherwise, or the maturity of the loan contract is ac…
9 V.I.C. § 889 Open-end credit program
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(a) As used in this subchapter, “open-end credit program” means a licensee’s plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the open-end credit program, expressly stating that the loan is made pursuant to …
9 V.I.C. § 890 Purpose of open-end credit program
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If an open-end credit program is not primarily for the purpose of purchasing or leasing goods or services from the licensee, then all credit extended through use of the program, including transactions that involve the purchase or lease of goods or services from the licensee, are …
9 V.I.C. § 891 Plan of business
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(a) Subject to the written approval of the Board of the licensee’s plan of business for making open-end loans as not being misleading or deceptive and subject to regulations the Board may adopt with respect to open-end loans under section 992, a licensee may make open-end loans p…
9 V.I.C. § 892 Minimum monthly payment
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(a) The minimum monthly payment is determined by any of the following:(1) The amount calculated by multiplying the unpaid principal balance, after an advance and including the advance, by a percent agreed upon by the borrower and the licensee, which may not be less than 2 1/2 per…
9 V.I.C. § 893 Fees, costs and expenses
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On open-end loans, the licensee may contract for and receive the fees, costs, and expenses permitted on other loans, including those permitted by subsection (a) paragraphs (1), (2), (3), and (4) of section 848 and subsection (d) of section 849, except that the charge for credit i…
9 V.I.C. § 894 Credit, life or disability insurance
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(a) In lieu of subsections (b), (c), (d), (e), and (f) of section 849, with respect to open-end loans, a licensee may provide credit insurance with the borrower’s consent, in a form to be approved by the Board, in an amount not in excess of the amount of the indebtedness. For cre…
9 V.I.C. § 895 Open-end loan with variation
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(a) Section 844 applies to open-end loans with the following variations:(a) Section 844 applies to open-end loans with the following variations:To comply with section 844, in the case of open-end loan advances directly to the borrower, the licensee shall deliver to the borrower, …
9 V.I.C. § 896 Required inclusion in open-end agreement
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Instead of the requirements of section 871, the open-end loan agreement must contain the name, address, and license number of the finance lender and must disclose the nature of the security taken, the method of determining the minimum payments that will be required to repay the i…
9 V.I.C. § 897 Statement
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Instead of the requirements of section 876(a), with respect to open-end loans, except in the case of an account that the licensee considers uncollectible, or for which delinquency collection procedures have been instituted, the licensee shall deliver or cause to be delivered to t…
9 V.I.C. § 898 Open-end loan with no balance
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Subsection (e) of section 876 does not apply to an open-end loan that has no balance outstanding if the open-end loan agreement continues in effect.
9 V.I.C. § 899 Change in term
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Section 872 does not apply to a change in terms of an open-end loan if notice is given to the borrower in accordance with 12 C.F.R. 226.9(c).
9 V.I.C. § 900 Change in terms
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Sections 791(a), 794, 863, and 876(b) do not apply to a licensee with respect to advances made through an open-end credit program.
9 V.I.C. § 901 Fees
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The payment of fees for participation in an open-end credit program, the acceptance by a borrower of the form of the licensee’s program, and the borrower’s agreement to the licensee’s program may not be deemed a collateral sale, purchase, or agreement within the terms of sections…
9 V.I.C. § 902 Advertising
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(a) Nothing in this subchapter limits the authority of the Board to disapprove advertising with respect to open-end loans pursuant to section 804. (b) This section does not apply to any open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance wi…
9 V.I.C. § 903 Open-end loan
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The subchapter does not apply to loans other than open-end loans. This section does not apply to any open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance with section 906.