Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 904 Applicability to open-end loan under $5,000
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Section 886 does not apply to open-end loans.
9 V.I.C. § 905 Principal amount required
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An open-end loan is in compliance with section 869, if it is an open-end loan of a bona fide principal amount of $5,000 or more as determined in accordance with section 906.
9 V.I.C. § 906 Applicability to open-end loan
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(a) Any section that refers to this section or that is subject to section 885 does not apply to any open-end loan of the bona fide principal amount specified in the regulatory ceiling provision of that section or more, or to a licensed finance lender in connection with the loan i…
9 V.I.C. § 907 Disclosure of Applications
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(a) (1) Upon the request of a person who has obtained a police report to initiate an identity theft investigation, a finance lender engaged in the business of making consumer loans shall provide to the person, or to a law enforcement officer specified by the person, copies of all…
9 V.I.C. § 908 Willful act of excessive charge
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(a) If any amount other than, or in excess of, the charges permitted by this chapter is willfully charged, contracted for, or received, the contract of loan is void, and no person has any right to collect or receive any principal, charges, or recompense in connection with the tra…
9 V.I.C. § 909 Unintentional act of excessive charge
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(a) If any amount other than or in excess of the charges permitted by this chapter is charged or contracted for, or received, for any reason other than a willful act of the licensee, the licensee shall forfeit all interest and charges on the loan and may collect or receive only t…
9 V.I.C. § 910 Unintentional violation in the making or collection of a consumer loan
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(a) If any provision of this chapter is violated in the making or collection of a loan, for any reason other than a willful act of the licensee, the licensee shall forfeit all interest and charges on the loan and may collect or receive only the principal amount of the loan. (b) S…
9 V.I.C. § 911 Fine and/or imprisonment for willful violation—consumer loans
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Any person who willfully violates any provision of this chapter or who willfully violates any regulation or order adopted pursuant to this chapter, must upon conviction, be punished by a fine of not more than $10,000 or by imprisonment for not more than one year, or by both. Howe…
9 V.I.C. § 912 Act done or omitted in good faith
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No provision imposing liability under this chapter, including the provisions of sections 909(a) and 910(a), apply to any act done or omitted in good faith in conformity with any written general rule, regulation, or specific ruling of the Board, notwithstanding that after the act …
9 V.I.C. § 913 Commission, fee or other compensation
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A finance lender or broker licensed under this chapter may not pay any commission, fee, or other compensation to an unlicensed individual for conducting activities that require a license, unless that unlicensed individual is exempt from licensure pursuant to this chapter.
9 V.I.C. § 914 Definitions
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(a) “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, negotiating, procuring, guara…
9 V.I.C. § 915 Exemptions
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Sections 792, 794, 795, 802, and 803 do not apply to any commercial loan of a bona fide principal amount of $5,000 or more, or to a duly licensed finance lender in connection with any loan or loans, if the provisions of this section are not used for the purpose of evading this ch…
9 V.I.C. § 916 Commercial loans of a bona fide principal amount
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(a) In determining whether a loan is a loan of a bona fide principal amount of the specified amount or more, the following principles apply:(a) If a borrower applies for a loan in a bona fide principal amount of less than the specified amount and a loan to that borrower of a bona…
9 V.I.C. § 917 Institutional investor
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(a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this subchapter or evidencing the obligation to repay loans purchased from and made by another licensee pursuant to this subchapter to institutional investors and ma…
9 V.I.C. § 918 Institutional lender or 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 917(b)(6), promissory notes evidencing the obligation to repay real estate secured business purpose loans, as defined in Section 24 CFR 3500.5, purchased…
9 V.I.C. § 919 Allowable fee for a 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 as defined in this …
9 V.I.C. § 920 Open-end credit programs
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(a) As used in this chapter, “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 thi…
9 V.I.C. § 921 Fine and/or imprisonment for willful violation—commercial loans
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Any person who willfully violates any provision of this chapter relating to commercial loans, or who willfully violates any regulation or order adopted under this chapter relating to commercial loans, shall, upon conviction, be punished by a fine of not more than $10,000, by impr…
9 V.I.C. § 922 Authority of the Board to issue rules and regulations
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The Board may promulgate regulations and specific rulings, demands, and findings for the enforcement of this chapter, in addition to, and within the general purposes of, this chapter.