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, corporation or any other legal entity; “licensee” means a person to whom one or more licenses have been […]
(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, whether for interest, compensation, brokerage, endorsement fees, consideration, expense […]
(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 principal and interest charges to […]
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 any loan made under this subchapter for the period beginning […]
(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 the contract of loan. (2) give to […]
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 stamped “PAID […]
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 is not necessary to […]
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 charges thereon which may […]
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 a hearing, that the conduct of such other […]
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 or will be paid to public officials for determining the existence […]
(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 commission, benefit or return to the licensee therefrom shall not […]
Application for a license shall be in writing, under penalty of perjury, and in the form prescribed by the Banking Board. The application shall give the location where the business is to be conducted, and shall include the names and addresses of the partners, officers, directors, or trustees of the applicant. At the time of […]
Upon the filing of such application and the payment of such fees, the Banking Board shall send a notice of the pending application to all licensees in the community in which the applicant proposes to do business and shall investigate the facts concerning the application. Every licensee so notified shall have ten days after the […]
The applicant shall also, at the same time, file with the Banking Board a surety company bond to the territory, in the sum of $7,500, to be approved by the Banking Board, for the use of the territory and of any person who may have a cause of action against the principal in said bond […]
No person, partnership, or corporation shall make any loan of money, credit, goods, or things of value in the amount or to the value of $7,500 or less whether secured or unsecured, and charge, contract for, or receive a greater rate of interest than otherwise authorized by law therefor without holding a license from the […]
No licensee shall make any loan or transact any business provided for by this subchapter under any other name, or at or from any other place of business than stated in the license, except, that nothing shall prevent the making of loans, otherwise authorized under this subchapter, by mail or prohibit accommodations to individual borrowers […]
(a) If the Banking Board has reason to believe that grounds for suspension of a license exist it may suspend such license and shall send written notice to the licensee of such suspension stating in general, the grounds therefor and setting a date for hearing thereon. Such suspension shall not exceed a period of twenty […]
(a) The Banking Board or its duly authorized representative may at any time and shall periodically investigate the business and examine the books, accounts, papers and records of each licensee pertaining to the business of making loans of $7,500 or less; provided, however, the investigation carried out under the provisions of this section by the […]
(a) Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and accepted accounting practice and enable the Banking Board to determine whether the licensee is complying with this subchapter. The licensee’s system of records shall be accepted provided it discloses the information required under […]
No licensee or other person, shall advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action in the […]
