§ 385. State license and registration application and issuance
(a) Application Form. Applicants for a license shall apply in a form as prescribed by the Banking Board or its designated agent. Each such form must contain content as set forth by rule, regulation, instruction or procedure of the Banking Board or its designated agent and may be changed or updated as necessary by the […]
§ 386. Standards for license renewal
(a) The minimum standards for license renewal for State-licensed mortgage loan originators must include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under section 385(c)(1)-(6). (2) The mortgage loan originator has satisfied the annual continuing education required in section 385(c)(4)(F). (3) The loan originator has paid all […]
§ 387. Authority to require license and modification of act
(a) In addition to any other duties imposed upon the Banking Board by law, the Banking Board shall require State-licensed mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the Banking Board or its designated agent may participate in the Nationwide […]
§ 381. Authority of the Banking Board to issue rules and regulations
The Banking Board is authorized to promulgate such regulations pursuant to title 3 Virgin Islands Code, chapter 35, as necessary and appropriate to implement the provisions of this chapter.
§ 382. Short title and purpose of this subchapter
(a) This subchapter may be cited as “The Virgin Islands Secure and Fair Enforcement for Mortgage Licensing Act of 2009”. (b) The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon Virgin Islands’ consumers, Virgin Islands’ economy, the neighborhoods and […]
§ 383. Definitions
As used in this subchapter— (a) The term “depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. (b) The term “federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office […]
§ 383a. Use of unique identifiers
(a) To the greatest extent possible and to accomplish the purpose of this subchapter, the Virgin Islands shall use unique identifiers in lieu of social security numbers. (b) The unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business […]
§ 384. License and registration required; supervised loan processor and underwriters; independent contractor loan processors or underwriters
(a) Subject to the existence of a licensing or registration regime, as the case may be, an individual, unless specifically exempted from this subchapter under subsection (c) may not engage in the business of a mortgage loan originator with respect to any dwelling located in the Virgin Islands without first— (1) obtaining and maintaining annually— […]
§ 376. Advertising
No mortgage lender or mortgage broker required to be licensed under this chapter may use, or cause to be published, any advertisement which: (1) contains any false, misleading, or deceptive statement or representation; or (2) identifies the lender or broker by any name other than the name set forth on the license issued by the […]
§ 377. Evasive business tactics
(a) If the Banking Board finds that the conduct of any other business conceals a violation or evasion of this chapter, any rule or regulation adopted under this chapter, or any law regulating mortgage loan lending in the Virgin Islands, the Banking Board may issue a written order to a licensee to: (1) stop doing […]