§ 372. Examinations and investigations
(a) The Banking Board or its designated agent shall examine the affairs, business, premises, and records of each licensee at least once in every three year period and at any other time the Banking Board reasonably considers necessary. (b) (1) Any person aggrieved by the conduct of a licensee under this chapter in connection with […]
§ 373. Required loan disclosures
(a) (1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage on a single to four-family home to be occupied by the borrower shall provide the borrower with a financing agreement executed by the lender. (2) The financing agreement shall provide: (A) The term and principal amount […]
§ 374. Prohibited practices
(a) No mortgage lender or mortgage broker required to be licensed under this chapter may: (1) obtain any agreement or instrument in which blanks are left to be filled in after execution; (2) take an interest in collateral other than the real estate or residential property, including fixtures and appliances thereon, securing a mortgage loan; […]
§ 375. Escrow accounts
(a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, must be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the mortgage lender. (b) No licensed mortgage […]
§ 366. Rejection of license application
(a) (1) If an applicant does not meet the requirements of section 363 of this chapter, the Banking Board shall: (A) immediately notify the applicant in writing of this fact; (B) return the bond filed; and (C) refund the license fee. (2) The Banking Board shall keep the investigation fee and application fee. (b) Within […]
§ 367. License expiration and renewal; annual fee
(a) A license expires an December 31 after its effective date, unless the license is renewed for a one year term as provided in this section. (b) Before a license expires, the licensee periodically may renew the license for additional one year terms, if the licensee; (1) otherwise is entitled to be licensed; (2) submits […]
§ 361. Definitions
For the purposes of this chapter, the term: (1) “Banking Board” means the Banking Board of the United States Virgin Islands as established by title 3 Virgin Islands Code, section 42. (2) “Borrower” means a person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on […]
§ 362. Exemptions
The provisions of this chapter do not apply to: (1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws of the United States, any state or territory of the United States, or the Virgin Islands, and any other financial institution incorporated or chartered under the […]
§ 363. License requirements
(a) No person may engage in business as a mortgage lender or mortgage broker, or both, or hold himself out to the public to be a mortgage lender or mortgage broker unless such person has first obtained a license under this chapter. (b) To qualify for a license, an applicant must satisfy the Banking Board […]
§ 364. Issuance of license
(a) When an applicant for a license files the application and bond and pays the fees required by this chapter, the Banking Board shall investigate to determine if the applicant meets the requirements of this chapter. The Banking Board shall make such investigations as necessary to determine if the applicant has complied with all applicable […]