§ 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 […]
§ 186. Renewal of loan
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 […]
§ 187. Certain collateral restricted
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 […]
§ 188. Loans made elsewhere
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 […]
§ 189. Other business in the same office
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 […]
§ 190. Certain security interest charges
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 […]
§ 181. Definitions
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 […]
§ 182. Scope; exemptions; penalty
(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 […]