(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 […]
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 […]
(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 […]
(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— […]
(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 […]
(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 […]
(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 […]
(a) In order to ensure the effective supervision and enforcement of this subchapter, the Banking Board or its designated agent may: (1) Deny, suspend, revoke, condition or decline to renew a license for a violation of this subchapter, rules or regulations issued under this subchapter or order or directive entered under this subchapter. (2) Deny, […]
In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing— (a) Protections. Except as otherwise provided in Public Law 110-289, the requirements under any Federal law or Virgin Islands law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and […]
In addition to any authority allowed under this subchapter the Banking Board or its designated agent shall have the authority to conduct investigations and examinations as follows: (a) Authority to Access Information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation to […]
That the Banking Board shall have the broad administrative authority to administer, interpret and enforce this subchapter, and promulgate rules or regulations implementing this subchapter, in order to carry out the intentions of the Legislature.
In addition to those prohibited acts set forth in 9 V.I.C. section 374 governing mortgage lenders and brokers and their employees, it is a violation of this subchapter for a person or individual subject to this subchapter to: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders […]
(a) Mortgage Call Reports. Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (b) Report to Nationwide Mortgage Licensing System and Registry. Subject to Virgin Islands privacy […]
The Banking Board or its designated agent shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Banking Board or its designated agent.
Non-federally insured credit unions that employ loan originators, as defined in PL 110-289, Title V, the S.A.F.E. Act, shall register such employees with the Nationwide Mortgage Licensing System and Registry by furnishing the information concerning the employees’ identity set forth in Section 1507(a)(2) of PL 110-289, Title V.
If any provision of this subchapter or its application to any person or circumstance is held invalid, the remainder of the subchapter or the application of the provision to other persons or circumstances is not affected.
In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the effective date for implementation of this subchapter shall be December 31, 2010, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, pursuant to the authority granted under Public Law […]
