reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 531 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter IV - Currency Exchange Licenses|§ 531. License required

 (a) A person may not engage in currency exchange or advertise, solicit, or hold itself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person (1) is licensed under this subchapter; (2) is licensed for money transmission under subchapter 2 of this chapter or approved to engage in money transmission under section 517; (3) is licensed for check cashing under subchapter 3 of this chapter; (4) is an authorized delegate of a person licensed under subchapter 2 of this chapter; or (5) is an authorized delegate of a person approved to engage in money transmission under section 517. (b) A license under this subchapter under this chapter is not transferable or assignable.
V.I. Code tit. 9, § 532 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter IV - Currency Exchange Licenses|§ 532. Application for license

 (a) A person applying for a license under this subchapter under this chapter shall do so in a form and in a medium prescribed by the Director. The application must state or contain: (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director; (2) the location of the principal office of the applicant; (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange or check cashing, including all limited stations and mobile locations; (4) a description of the source of money and credit to be used by the applicant to engage in check cashing and currency exchange; and (5) other information the Director reasonably requires with respect to the applicant, but not more than the Director may require under subchapter 2. (b) A nonrefundable application fee of $2,000 and a license fee of $2,000 must accompany an application for a license under this subchapter. The license fee must be refunded if the application is denied.
V.I. Code tit. 9, § 533 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter IV - Currency Exchange Licenses|§ 533. Issuance of license

 (a) When an application under this subchapter, the Director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Director shall issue a license to an applicant under this subchapter if the Director finds that all of the following conditions have been fulfilled: (1) the applicant has complied with section 532; and (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange. (b) When an application for an original license under this subchapter is complete, the Director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and: (1) the Director shall approve or deny the application within 120 days after that date; or (2) if the application is not approved or denied within 120 days after that date: (A) the application is deemed approved; and (B) the Director shall issue the license under this subchapter, to take effect as of the first business day after expiration of the period. (c) The Director may for good cause extend the application period. (d) An applicant whose application is denied a license by the Director under this subchapter may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.
V.I. Code tit. 9, § 534 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter IV - Currency Exchange Licenses|§ 534. Renewal of license

 (a) A licensee under this subchapter shall pay a biennial renewal fee of $2,000 no later than 30 days before each biennial anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) A licensee under this subchapter shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Director. The renewal report must state or contain: (1) a description of each material change in information submitted by the licensee in its original license application that has not been reported to the Director on any required report; and (2) a list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange or check cashing, including limited stations and mobile locations. (c) If a licensee does not file a renewal report and pay its renewal fee by the renewal date or any extension of time granted by the Director, the Director shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the licensee's license is suspended 10 days after the Director sends the notice of suspension. (d) The Director for good cause may grant an extension of the renewal date.
V.I. Code tit. 9, § 541 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 541. Relationship between licensee and authorized delegate

 (a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter. (c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. (d) If a license is suspended or revoked or a licensee does not renew its license, the Director shall notify all authorized delegates of the licensee whose names are in a record filed with the Director of the suspension, revocation, or non-renewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee. (e) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage under subchapter 2, 3, or 4. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission. (f) An authorized delegate may not use subdelegates to conduct money services on behalf of a licensee.
V.I. Code tit. 9, § 542 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 542. Unauthorized activities

 A person may not provide money services on behalf of a person not licensed under this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.
V.I. Code tit. 9, § 543 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 543. License required

 (a) A person may not engage in authorized delegate activities or advertise, solicit, or hold itself out as serving as an authorized delegate for a money transmission check cashing or currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person meets one of the criteria in paragraphs (1) through (3) of this subsection. The person must be: (1) licensed under this subchapter; (2) an authorized delegate of a person licensed under subchapter II of this chapter; or (3) an authorized delegate of a person approved to Engage in money transmission under section 517. (b) A license under this subchapter is not transferable or assignable.
V.I. Code tit. 9, § 544 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 544. Application for license

 (a) A person applying for a license under this subchapter shall do so in a form and in a medium prescribed by the Director. The application must contain: (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual; or, if the applicant is not an individual, the legal name including any fictitious or trade name and business address of the applicant and the legal name of each partner, executive officer, manager, and director; (2) the location of the principal office of the applicant; (3) complete addresses of other locations in this Territory where the applicant engages in money transmission, check cashing or currency exchange, including all limited stations and mobile locations; (4) a description of the source of money and credit to be used by the applicant to engage as an authorized delegate for money transmission, check cashing and currency exchange; and (5) other information the Director reasonably requires with respect to the applicant, but not more than the Director may require under subchapter II. (b) A non-refundable application fee of $200 and a license fee of $450 must accompany (c) an application for a license under this subchapter. The license fee must be refunded if the application is denied.
V.I. Code tit. 9, § 545 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 545. Issuance of license

 (a) When an application is filed under this subchapter, the Director shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The Director shall conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Director shall issue a license to an applicant under this subchapter if the Director finds that: (1) the applicant has complied with § 538; and (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of, the applicant indicate that it is in the interest of the public to permit the applicant to act as an authorized delegate on behalf of a licensee. (b) When an application for an original license under this subchapter is complete, the Director shall issue the license under this subchapter. (c) The Director may for good cause extend the application period. (d) An applicant whose application is denied by the Director under this subchapter may appeal from the denial and request a hearing, no later than 30 days after receipt of the notice of denial.
V.I. Code tit. 9, § 546 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter V - Authorized Delegates Licensure|§ 546. Renewal of license

 (a) An authorized delegate licensed under this subchapter shall pay a biennial renewal fee of $450 no later than 30 days before each biennial anniversary of the issuance of the license or, if the last day is not a business day, on the next business day. (b) An authorized delegate licensed under this subchapter shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Director. The renewal report must state or contain: (1) a description of each material change in information submitted by the authorized delegate in its original license application that has not been reported to the Director on any required report; and (2) a list of the locations in this Territory where the authorized delegate engages in money transmission, check cashing or currency exchange, including limited stations and mobile locations. (c) If an authorized delegate licensed under this subchapter does not file a renewal report or pay the renewal fee by the renewal date or any extension of time granted by the Director, the Director shall send the authorized delegate a notice of suspension. Unless the authorized delegate files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the Director shall suspend the authorized delegate’s license 10 days after the Director sends the notice of suspension. (d) The Director for good cause may grant an extension of the renewal date. The suspension must be lifted if, within 20 days after its license is suspended, the authorized delegate: (1) files the report and pays the renewal fee; and (2) pays $100 for each day after suspension that the Director did not receive the renewal report and the renewal fee.
V.I. Code tit. 9, § 551 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 551. Authority to conduct examinations

 (a) The Director may conduct an annual examination of a licensee or of any of its authorized delegates upon 45 days' notice in a record to the licensee. (b) The Director may examine a licensee or its authorized delegate, at any time, without notice, if the Director has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a rule adopted or an order issued under this chapter. (c) If the Director concludes that an on-site examination is necessary under subsection (a), the licensee shall pay the reasonable cost of the examination. (d) Information obtained during an examination under this chapter may be disclosed only as provided in section 557.
V.I. Code tit. 9, § 552 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 552. Cooperation

 The Director may consult and cooperate with other state money services regulators in enforcing and administering this chapter. They may jointly pursue examinations and take such other official action that they are otherwise empowered to take.
V.I. Code tit. 9, § 553 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 553. Reports

 (a) A licensee shall file with the Director within 15 business days any material changes in information provided in a licensee's application as prescribed by the Director. (b) A licensee shall file with the Director within 45 days after the end of each fiscal quarter a current list of all authorized delegates, and locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate. (c) A licensee shall file a report with the Director within one business day after the licensee has reason to know of the occurrence any of the following events: (1) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Section 101–110, for bankruptcy or reorganization; (2) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; (3) the commencement of a proceeding to revoke or suspend its license in a State or country in which the licensee engages in business or is licensed; (4) the cancellation or other impairment of the licensee's bond or other security; (5) a charge or conviction of the licensee or of an executive officer, manager, director, or person in control of, the licensee for a felony; or (6) a charge or conviction of an authorized delegate for a felony.
V.I. Code tit. 9, § 554 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 554. Change of control

 (a) A licensee shall: (1) give the Director notice in a record of a proposed change of control within 15 days after learning of the proposed change of control; (2) request approval of the acquisition; and (3) submit a nonrefundable fee of $2,000 with the notice. (b) After review of a request for approval under subsection (a), the Director may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application. (c) The Director shall approve a request for change of control under subsection (a) if, after investigation, the Director determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control. (d) When an application for a change of control under this subchapter is complete, the Director shall notify the licensee in a record of the date on which the request was determined to be complete and: (1) the Director shall approve or deny the request within 120 days after that date; or (2) if the request is not approved or denied within 120 days after that date: (A) the request is deemed approved; and (B) the Director shall permit the change of control under this section, to take effect as of the first business day after expiration of the period. (e) The Director, by rule of order, may exempt a person from any of the requirements of subsections (a)(2) and (3) if it is in the public interest to do so. (f) Subsection (a) does not apply to a public offering of securities. (g) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the Director as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the Director determines that the person would not be a person in control of a licensee, the Director shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (a) through (c).
V.I. Code tit. 9, § 555 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 555. Records

 (a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank reconciliation records; (4) records of outstanding payment instruments and stored-value obligations; (5) records of each payment instrument and stored-value obligation paid within the three-year period; (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and (7) any other records the Director reasonably requires by rule. (b) The items specified in subsection (a) may be maintained in any form of record. (c) Records may be maintained outside this State if they are made accessible to the Director on seven business-days' notice that is sent in a record. (d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the Director pursuant to Section 551.
V.I. Code tit. 9, § 556 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 556. Money laundering reports

 (a) A licensee and an authorized delegate shall file with the Attorney General all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311, 31 C.F.R Section 103, and other federal and state laws pertaining to money laundering. (b) The timely filing of a complete and accurate report required under subsection (a) with the appropriate federal agency is compliance with the requirements of subsection (a), unless the Director notifies the licensee that the Attorney General has notified the Director that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the Attorney General.
V.I. Code tit. 9, § 557 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VI - Examinations; Reports; Records|§ 557. Confidentiality

 (a) Except as otherwise provided in subsection (b), all information or reports obtained by the Director from an applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operating, or condition reports prepared by, on behalf of, or for the use of the Director, or financial statements, balance sheets, or authorized delegate information, are confidential and are not subject to disclosure under title 3 Virgin Islands Code, chapter 33, as amended. (b) The Director may disclose information not otherwise subject to disclosure under subsection (a) to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information; or the Director finds that the release is reasonably necessary for the protection of the public and in the interests of justice, and the licensee has been given previous notice by the Director of its intent to release the information. (c) This section does not prohibit the Director from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees.
V.I. Code tit. 9, § 561 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 22 - Uniform Money Services Act|Subchapter VII - Permissible Investments|§ 561. Maintenance of permissible investments

 (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the licensee. (b) The Director, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The Director by rule may prescribe or by order allow other types of investments that the Director determines to have a safety substantially equivalent to other permissible investments. (c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments and stored value obligations in the event of bankruptcy or receivership of the licensee.