V.I. Code tit. 11, § 951 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 15 - Interest and Usury|§ 951. Legal rate of interest

 (a) The rate of interest shall be nine (9%) per centum per annum on— (1) all monies which have become due; (2) money received to the use of another and retained beyond a reasonable time without the owner's consent, either express or implied; (3) money due upon the settlement of matured accounts from the day the balance is ascertained; and (4) money due or to become due where there is a contract and no rate is specified. (b)  (1) On written contracts, by express agreement of the parties, the maximum rate of interest per annum shall not exceed 18½% on amounts of $9,000 or less. All amounts in excess of $9,000 shall be exempted from any maximum interest rate limitations. All loans shall be subject to paragraph (4) of this subsection. (2) On first priority mortgage loans on real estate where the amount of the first priority mortgage loan is $100,000 or less, the maximum rate of interest per annum shall be as follows: (A) not more than one and one-half percentage points above the Federal Home Loan Mortgage Corporation's posted yield on the last business day of the month on thirty-year standard conventional fixed rate mortgages committed for delivery within sixty days, rounded to the nearest one-fourth percent, which rate shall (i) take effect on the first day of the immediately subsequent month and continue in effect for the remainder of said month, and (ii) apply to all commitments made by a lender during the said month; plus (B) a maximum of a $150 application fee, 50 percent of which shall be refunded to the borrower unless the application is approved; plus (C) one and one-half points at the time of the mortgage closing. Provided, however, that if for any reason, the Mortgage Corporation ceases its auction, temporarily or permanently, the rate in part (A) of this paragraph shall be based on the Federal Home Loan Bank Board's average monthly contract rate; provided, further, that in transactions where the amount loaned exceeds seventy percent of the amount of the purchase price of the property, one-quarter of one percent may be added to the rate determined in part (A) of this paragraph for each five percent increment above seventy; plus in transactions where the term of the loan exceeds 20 years, one-quarter of one percent may be added to the rate determined in part (A) of this paragraph in addition to the amount in the first clause of this proviso for each five years in excess of 20 years. (3) No interest rate on first priority mortgage loans, as provided in this subsection, shall be usurious if such rate is in conformity, at the time of loan commitment, with the rate ascertained and published by the Chairman of the Banking Board as provided in paragraph (7) of this subsection. (4) No fee, penalty, or other form of payment may be charged a borrower for prepayment of all or part of the balance of a loan, which loan is subject to the maximum rates provided by this section. (5) On first priority mortgage loans, no handling fee or other form of administrative cost for servicing the loan may be charged other than the fees and interest in paragraph (2) of this subsection; provided, that actual out-of-pocket costs such as appraisal fees, document recordation charges, legal fees, survey costs and the cost of a credit check may be charged by the lender to the borrower notwithstanding the limitations of this section; And provided, further, That such fees are included in the good faith estimate and the disclosure statement required under the provisions of the Truth in Lending Act (PL 90–321, as amended; 15 U.S.C. 1638), the Real Estate Settlement Procedures Act (PL 93–533, as amended; 12 U.S.C. 2603 and 2604(c)) and related regulations. (6) First priority mortgage loans in excess of $100,000 are exempt from any maximum interest rate limitation, but are subject to the provisions of paragraph (4) of this subsection. No fee, penalty, or other form of payment may be charged a borrower for prepayment of all or part of the balance of such loans. (7) The Chairman of the Banking Board shall ascertain the permissible rate as defined in paragraph (2) of this subsection for each month and shall publish such rate and otherwise make it available to the public. (c) The maximum lawful rate of interest on first priority mortgage loans on real estate prescribed by this section shall not apply to any loan insured or guaranteed in whole or in part by the Federal Housing Authority, the Veterans Administration or any other department or agency of the United States Government, provided that such loan is subject to a federal ceiling consisting of a maximum rate of interest and any origination fee and/or discount points allowed by federal law or by such department or agency (d) Each bank shall report to the Banking Board and the Legislature of the United States Virgin Islands once quarterly the number of first priority mortgage loans made, the amount of each such mortgage, the rate at which each mortgage loan was made, and the term of each such mortgage loan; Provided however, That no information shall be released which would reveal the identity of the mortgagor. (e) The maximum lawful rate of interest as established by this section shall not apply to interest paid on bonds issued by the Government of the United States Virgin Islands or the Public Works Acceleration Authority to effectuate the provisions of Title 19, chapter 56A, Virgin Islands Code. (f) The provisions of this section do not apply to the following: (i) Any loan of money, credit sale, or extension of credit which provides that the rate of interest charged on the unpaid balance may be adjusted from time to time as provided in the promissory note or other documents evidencing the loan, and which is secured, in whole or in part, directly or indirectly, by a mortgage on real property located in the Virgin Islands; (ii) Loans on which the interest rate may be converted from one type of rate to another; (iii) Loans to entities other than natural persons, including but not limited to corporations, partnerships, limited partnerships, limited liability companies, and other legal entities; (iv) Loans to any entity or person for business or commercial purpose; (v) Home equity loans as provided for in title 9 Virgin Islands Code, chapter 12, section 141(a)(7); and (vi) Any loan or extension of credit to an entity or individual for the purchase of a “timeshare real property” as that term is defined in Title 33 Virgin Islands Code, Chapter 81, Section 2301(c)(4).