§ 202. No impairment of contracts
This subchapter, or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license, or right of a licensee hereunder, provided that such modification, amendment or repeal shall not impair or affect the obligation of any preexisting lawful contracts between any licensee and any borrowers.
§ 203. Penalty
Any person and the several members, officers, directors, agents and employees thereof who, knowingly, shall violate any provision of this subchapter, shall, upon conviction thereof, be punished by a fine of not less than $100 and not more than $500.
§ 204. Review
In addition to any other available remedy, any person considering himself aggrieved by any act or omission of the Banking Board may, within thirty days from the date of such act, or failure to act, bring an action in the Superior Court of the Virgin Islands to review such act, or failure to act. The […]
§ 201. Deceptive advertising
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 […]
§ 191. Insurance
(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 […]
§ 192. Application and fees
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 […]
§ 193. Investigation of application; license requirements
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 […]
§ 195. Bond
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 […]
§ 196. License; posting and change of name
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 […]
§ 197. Place of business
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 […]