reglab/housing_qa huggingface dataset:
WV Code § 31A-8F-7 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-7. Direct Agency Offices of Foreign Banks; Necessity of Licensure

(a) A foreign bank may directly transact certain banking business in this state as permitted under this article upon obtaining a license to establish and maintain a West Virginia state agency office.(b) Subsection (a) of this section does not prohibit:(1) Any foreign bank which establishes and maintains a federal agency or federal branch in this state from transacting at such federal agency or federal branch such banking business as it may be authorized to transact under applicable federal laws and rules; or(2) Any foreign bank which does not maintain a branch or agency office in West Virginia from making or enforcing loans in this state including loans secured by liens on real or personal property located in this state, as long as such lending is not conducted from an office in this state, and the loan, if a consumer loan, is governed by West Virginia law.
WV Code § 31A-8F-8 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-8. Application to Establish and Maintain an Agency Office; Contents

A foreign bank seeking to establish and maintain a West Virginia state agency office shall submit an application to the West Virginia board of banking and financial institutions. Such application shall contain:(a) The same information as required by the board of Governors of the federal reserve system for an application to establish an agency in the United States;(b) An instrument irrevocably appointing the West Virginia Secretary of State or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process; and(c) Such additional information as the board or commissioner may require.
WV Code § 31A-8F-10 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-10. No Concurrent Maintenance of Federal Branches or Agencies

(a) No foreign bank which is licensed under this article to establish and maintain a West Virginia state agency shall concurrently maintain a federal branch or federal agency office in this state.(b) No foreign bank which maintains a federal branch or federal agency office in this state shall concurrently be licensed under this article to maintain a West Virginia state agency office.
WV Code § 31A-8F-11 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-11. Powers of a Foreign Bank Agency Office

(a) A West Virginia state agency office of a foreign bank established under this article may engage in the business of making loans and guaranteeing obligations for the financing of the international movement of goods and services and for all operational needs including working capital and short-term operating needs and for the acquisition of fixed assets. In addition, such agency may also:(1) Borrow funds from banks and other financial institutions;(2) Buy and sell foreign exchange;(3) Receive checks, bills, drafts, acceptances, notes, bonds, coupons and other securities for collection abroad and collect such instruments in the United States for customers abroad;(4) Hold securities for safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;(5) Act as paying agent for securities issued by foreign governments or other organizations organized under foreign law and not qualified under the laws of the United States, or any state or the District of Columbia to do business in the United States;(6) In order to prevent the loss on debts previously contracted, an agency may acquire shares in a corporation: Provided, That the shares are disposed of as soon as practicable, but in no event later than two years from the date of acquisition;(7) Issue letters of credit and create acceptances; and(8) Conduct activities which are necessary and incidental to the above-enumerated power: Provided, That the commissioner maintains the authority to determine whether the power or activity sought or undertaken is necessary and incidental.(b) No West Virginia state agency office may take deposits on behalf of any affiliated bank or other depository institution.(c) Any loan limitation or restriction based on the capital stock and surplus of a bank shall be deemed to refer, as applied to a West Virginia state agency, to the United States dollar equivalent of the capital and stock surplus of the parent foreign bank, and not to the capital equivalency deposit in section twenty-eight of this article.
WV Code § 31A-8F-12 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-12. Representative Office of Foreign Banks; Necessity of Licensure

(a) No foreign bank shall establish or maintain a West Virginia state representative office unless the foreign bank is licensed by the commissioner to maintain a West Virginia representative office.(b) Nothing in subsection (a) of this section shall be deemed to prohibit a foreign bank which maintains a federal agency or federal branch in this state from establishing or maintaining one or more West Virginia representative offices.
WV Code § 31A-8F-13 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-13. Representative Office; Application

(a) The application for a license to establish and maintain a West Virginia representative office shall be in writing under oath and shall be in such form and contain such information as the commissioner may require by regulation or order. The application shall be accompanied by a fee of $250.(b) Each application to establish and maintain a West Virginia representative office shall include an instrument irrevocably appointing the West Virginia Secretary of State or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process.
WV Code § 31A-8F-14 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-14. Representative Office; Factors for Approval of Application

(a) A foreign bank making an application for a license to establish and maintain a West Virginia representative office shall deliver to the commissioner two (or more as the commissioner may require in writing) duplicate originals of the foreign bank's application.(b) The commissioner may issue a license to a foreign bank to establish and maintain a West Virginia representative office if he or she finds:(1) That the foreign bank is of sound financial standing;(2) That the management of the foreign bank and the proposed management of the West Virginia representative office are adequate and are of good reputation and character;(3) That the proposed office is not being formed for other than legitimate motives and purposes; and(4) That the convenience and needs of persons to be served by the proposed West Virginia representative office will be promoted.(c) If the commissioner determines to issue a license to a foreign bank to establish and maintain a West Virginia representative office, he or she shall, when all fees have been paid as required under this article:(1) Endorse on each duplicate original of the application the word "Filed", and the date of the filing thereof and return to the foreign bank one such duplicate original so endorsed;(2) File in his or her office one of such duplicate originals of the application; and(3) Issue a license to establish and maintain a West Virginia representative office to such foreign bank.(d) Each license issued to a foreign bank to establish and maintain a West Virginia representative office shall state fully the name of the foreign bank to which such license is issued, the address or addresses at which the West Virginia representative office is to be located and all other information as the commissioner may require.
WV Code § 31A-8F-15 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-15. Representative Office; Permissible Activities

(a) A foreign bank which is licensed to establish and maintain a West Virginia representative office may, subject to such rules as the commissioner may prescribe, engage in the following activities:(1) Solicitation for loans and in connection therewith the assembling of credit information, making of property inspections and appraisals, securing of title information, preparing of applications for loans including making recommendations with respect to action thereon, soliciting of investors to purchase loans from the foreign bank and searching for such investors to contract with the foreign bank for servicing of such loans;(2) The solicitation of new business;(3) The conduct of research; and(4) Back office administrative functions as may be more specifically defined in rules issued by the commissioner.(b) Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior written approval of the commissioner upon finding that the character of such other business is such that the granting of the authority would not facilitate evasions of this article or chapter or the rules or orders lawfully made hereunder.
WV Code § 31A-8F-16 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-16. Posting of License

Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall post its license in a conspicuous place at the office.
WV Code § 31A-8F-17 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-17. Licenses Not Transferable

No license issued by the commissioner in accordance with this article shall be transferable or assignable.
WV Code § 31A-8F-18 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-18. Amended License to Establish and Maintain a Direct Agency Office or Representative Office

(a) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office must secure an amended license if it changes its corporate name, changes corporate control, changes the duration of its corporate existence or desires to pursue in this state other or additional purposes than those set forth in its prior application under this article for a license, by making application therefor to the commissioner.(b) The requirements with respect to the form and contents of an application under subsection (a) of this section, the manner of its execution, the filing of duplicate originals thereof with the commissioner, the issuance of an amended license and the effect thereof shall be the same as in the case of an initial application for a license to establish and maintain a West Virginia state agency or West Virginia representative office, except as may be provided by the commissioner in the case of a change of control which results merely from a corporate reorganization.
WV Code § 31A-8F-19 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-19. Change of Control of Foreign Bank

A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall file with the commissioner a written notice and request an amended license under section eighteen of this article no later than fourteen calendar days after the foreign bank becomes aware of any acquisition of control of the foreign bank or the bank merges with another foreign or domestic bank.
WV Code § 31A-8F-20 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-20. Relocation of Office; Written Notice Necessary

No foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall relocate any office unless the foreign bank provides prior written notice to the commissioner and the commissioner has approved such relocation in writing.
WV Code § 31A-8F-21 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-21. Examination; Payment of Fees

(a) A West Virginia state agency or West Virginia representative office shall be subject to examination by the commissioner at intervals and in a manner as he or she shall establish by rule or order. Unless otherwise provided by rule or order the examinations may be conducted annually.(b) In conducting an examination pursuant to this section, the commissioner shall:(1) Have full access to the offices, books, accounts and records of each office located in this state as well as all of the books, accounts and records maintained in this state of any office not located in this state of such foreign bank; and(2) Have authority to require the attendance of and to examine under oath all persons whose testimony may be required relative to the activities of such office.(c) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall be assessed a reasonable fee for the expenses incurred by the commissioner in making an examination of the office.(d) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall be subject to all reasonable fees and expenses in such amounts as the commissioner may require by rule or order.(e) The commissioner may require a West Virginia state agency or West Virginia representative office to be audited by an independent accountant licensed to practice by the State of West Virginia. The accountant must have knowledge and experience with respect to auditing books of international corporations. The audit must be based on generally accepted accounting standards without limitation on its scope. The cost of the audits must be paid by the foreign bank.
WV Code § 31A-8F-22 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-22. Supervision and Enforcement

(a) The commissioner shall have all of the powers granted to him or her by the laws of this state to the extent appropriate to enable him or her to supervise each West Virginia state agency or West Virginia representative office.(b) If, after notice and a hearing, the commissioner finds that any person has violated any provision of this article or any regulation or order issued under this article, he or she may, in addition to any other remedy or action available to the commissioner under the laws of this state, seek a civil penalty in an amount in accordance with this chapter and rules thereunder.(c) In order to carry out the purposes under this article, the commissioner may:(1) Enter into cooperative, coordinating or information-sharing agreements with any other bank supervisory agency or any organization affiliated or representing one or more bank supervisory agencies;(2) With respect to periodic examination or other supervision of a foreign bank that maintains a West Virginia state agency or West Virginia representative office, accept reports of examinations performed by, and reports submitted to, other bank supervisory agencies in lieu of conducting examinations, or of receiving reports, as might otherwise be required under this article;(3) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any foreign bank: Provided, That the commissioner may at any time take any actions independently if the commissioner determines that the actions are necessary or appropriate to carry out his or her responsibilities under this article and to ensure compliance with the laws of this state;(4) Enter into contracts with any bank supervisory agency having concurrent regulatory or supervisory jurisdiction over a foreign bank maintaining a West Virginia state agency or West Virginia representative office, to engage the services of such agency's examiners at a reasonable rate of compensation or provide the services of the commissioner's examiners at a reasonable rate of compensation: Provided, That any such contract shall be deemed excluded from the requirements of article three, chapter five-a of this code; and(5) Assess supervisory and examination fees that shall be payable by foreign banks maintaining a West Virginia state agency or West Virginia representative office in connection with the commissioner's performance of his or her duties under this article and in accordance with rules adopted by the commissioner.(d) Supervisory or examination fees assessed by the commissioner in accordance with the provisions of this article may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between the commissioner and such agencies or organizations.
WV Code § 31A-8F-23 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-23. Reports

(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall file with the commissioner such reports as and when the commissioner may require.(b) Each report filed with the commissioner under this article or any rule or order issued under this article shall be in such form and contain such information, shall be signed in such manner, and shall be verified in such manner, as the commissioner may reasonably require.
WV Code § 31A-8F-24 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-24. Confidentiality of Examination Reports

All reports of examinations and other records relating to the financial condition of any foreign bank, branch, agency office or representative office shall be confidential and subject to subpoena in the same manner as those examinations and records of other financial institutions pursuant to section four, article two of this chapter.
WV Code § 31A-8F-25 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-25. Books, Accounts and Records

Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall maintain or make available at any such office appropriate books, accounts and records in the English language reflecting: (i) All transactions effected by or on behalf of such office; and (ii) all actions taken in this state by employees of the foreign banking corporation located in this state to effect transactions on behalf of any office of the foreign bank located outside this state.
WV Code § 31A-8F-26 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-26. Separate Assets

(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state as though the West Virginia office was conducted as a separate and distinct entity.(b) The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its West Virginia state agency shall be entitled to absolute preference and priority over the creditors of the foreign bank's offices located outside this state with respect to the assets of the foreign bank in this state.
WV Code § 31A-8F-27 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-27. Disclosure of Lack of Federal Deposit Insurance

Each foreign bank which is licensed to establish and maintain a West Virginia state agency shall clearly and conspicuously disclose that moneys held by or credit balances in such office are not insured by the federal deposit insurance corporation.
WV Code § 31A-8F-29 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8F. The West Virginia International Banking Act|§31A-8F-29. Voluntary Closure of Agency or Representative Office; Application

(a) No foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall close the office without filing an application with, and obtaining the prior approval of, the commissioner. The failure of an agency or representative office to remain open to the public for business at least six hours per day four days per week (excluding legal holidays) shall, unless previous approval for lesser hours has been granted by the commissioner, constitute a closing, and may result in a suspension or revocation of license.(b) If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of the office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve the application. If the commissioner finds otherwise, he or she shall deny the application.(c) Whenever an application by a foreign bank under this section has been approved and all conditions precedent to the closing have been fulfilled, such foreign bank may close the office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.
WV Code § 31A-8G-1 (2021)
2021 West Virginia Code|Chapter 31A. Banks and Banking|Article 8G. The West Virginia Fintech Regulatory Sandbox Program|§31A-8G-1. The West Virginia Fintech Regulatory Sandbox Program

This article shall be known as the West Virginia FinTech Regulatory Sandbox Act.