reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 181 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 181. Definitions

 The following words and phrases as used in this subchapter shall have the meanings indicated unless a contrary meaning shall appear in the context: “person” means any individual, firm, voluntary association, joint-stock company, incorporated society, partnership, trust, corporation or any other legal entity; “licensee” means a person to whom one or more licenses have been issued under this subchapter; “license” means the authority to do business issued by the Banking Board under the provisions of this subchapter; “fiscal year” means the twelve-month period ending June 30.
V.I. Code tit. 9, § 182 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 182. Scope; exemptions; penalty

 (a) No person shall, without first obtaining a license from the Banking Board as hereinafter provided, engage in the business of making loans in amounts of $7,500 or less and contract for, exact or receive, directly or indirectly, in connection with any such loan any charges, whether for interest, compensation, brokerage, endorsement fees, consideration, expense or otherwise, which in the aggregate are greater than otherwise authorized by law. (b) This subchapter shall not apply to any person lawfully engaged in business as permitted by the laws of this territory or of the United States relative to banks, trust companies, insurance companies, savings or building and loan associations, credit unions or pawnbrokers or to loans made by them, nor shall this subchapter apply to any person engaged solely in the business of making loans for educational purposes or to the loans made by such persons. (c) Any person not exempt under subsection (b) of this section, and the several members, officers, directors, agents and employees thereof who shall wilfully violate or participate in the violations of any provisions of subsection (a) of this section shall be guilty of a misdemeanor and upon conviction thereof shall be punished by a fine of not more than $500. Any contract of loan in the making or collection of which any act shall have been done which violates subsection (a) of this section shall be void and the lender shall have no right to collect, receive or retain any principal, interest or charges whatsoever.
V.I. Code tit. 9, § 184 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 184. Maximum maturity and charges thereafter

 Any loan contract subject to the provisions of this subchapter shall have an originally scheduled final installment date not later than 48 months, fifteen days from the date of the loan. Notwithstanding any other provisions of this subchapter the charges which may be collected on any loan made under this subchapter for the period beginning six months after the originally scheduled or as deferred final installment date of the loan and ending with date of payment of the loan in full shall not exceed 2 percent per month simple interest on the balances outstanding from time to time during said period.
V.I. Code tit. 9, § 185 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 185. Requirements for making and payment of loans

 (a) Every licensee shall— (1) mail or deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this subchapter, a statement making the disclosures and furnishing the information required by the federal Truth-in-Lending Act with respect to the contract of loan. (2) give to the person making any cash payment on account of any loan a receipt at the time such payment is made. The use of a coupon book system shall be deemed in compliance with this provision. (3) permit payment in advance in amount equal to one or more full installments at any time during the regular business hours of the licensee. (4) upon repayment of a loan in full, mark plainly every note or other evidence of the indebtedness or assignment signed by an obligor with the words “PAID IN FULL” or “CANCELLED” and release or provide the borrower evidence to release any mortgage or security instrument no longer securing any indebtedness to the licensee. (b) No licensee shall take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding; nor take any note or promise to pay which does not disclose the date and amount of the note, a schedule or description of the payments to be made thereon, and the agreed charges or rate of charge; nor take any instrument in which blanks are left to be filled in after the loan is made.
V.I. Code tit. 9, § 186 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 186. Renewal of loan

 If a borrower desires to renew an existing loan for the purpose of obtaining additional cash a new contract shall be drawn up in its entirety and the prior loan shall be paid in full from the proceeds of the new loan. All legal papers in connection with the previous loan shall be stamped “PAID IN FULL” and returned to the customer.
V.I. Code tit. 9, § 187 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 187. Certain collateral restricted

 No licensee shall be permitted to accept real estate as collateral on a loan under this subchapter. No licensee shall enforce a lien on any item of household furniture in use except on order of a court after a finding that continued possession and use of the item by the borrower is not necessary to avoid undue hardship on the borrower or his family.
V.I. Code tit. 9, § 188 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 188. Loans made elsewhere

 Any loan made outside this territory in conformity to the law of the place where made which would have been subject to the provisions of this subchapter had it been made in this territory after July 1, 1968, may be collected in this territory by a licensee or others, but the charges thereon which may be collected shall not exceed those permitted by this subchapter.
V.I. Code tit. 9, § 189 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 189. Other business in the same office

 A licensee may conduct a business of making loans under this subchapter within any office, suite, room or place of business in which any other business is solicited or engaged in, or in association or conjunction with any other business, unless the Banking Board shall find, after a hearing, that the conduct of such other business by the licensee or other person in the particular licensed office has concealed evasion of this subchapter and shall order such licensee, in writing, to desist from such conduct in such office.
V.I. Code tit. 9, § 190 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 190. Certain security interest charges

 No charge for any examination, service, brokerage, commission, or other thing, or otherwise, shall be directly or indirectly made or contracted for, except as provided for in this subchapter and except for the following: (1) Taxes and fees prescribed by law that actually are or will be paid to public officials for determining the existence of, and for perfecting, releasing, or satisfying a security interest; (2) The premium for insurance in lieu of perfecting a security interest to the extent that the premium does not exceed the fees described in paragraph (1) of this section that otherwise would be payable; which charges may be collected when the loan is made, or at any time thereafter.
V.I. Code tit. 9, § 191 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 191. Insurance

 (a) Credit life insurance and credit accident and health insurance may be issued in connection with a loan or other credit transaction authorized by this subchapter in compliance with the provisions of Title 22, Virgin Islands Code, and the cost of such insurance and any commission, benefit or return to the licensee therefrom shall not be deemed a violation of any provision of this chapter; provided, however, that if there is more than one borrower or obligor on any such loan or credit transaction, such insurance may be issued on only one borrower or obligor. (b) Tangible personalty. The licensee may require a borrower to insure tangible personal property given to secure the loan against any substantial risk of loss, damage, or destruction for an amount not to exceed the reasonable value of the property insured or the amount of the loan, whichever is less, and for the customary insurance term approximating the term of the loan. The borrower shall not be required to insure against unusual or exceptional risks not ordinarily insured against in policies issued to nonborrowers. The premium for such insurance may be included in the principal amount of the loan. Such insurance shall be written by or through a duly licensed insurance agent or broker with a company qualified to do business in the United States Virgin Islands. Such insurance shall name the borrower as insured but may include the licensee as coinsured or protect the interest of the licensee under a loss-payable clause. No licensee shall require a borrower to duplicate or cancel existing insurance or to purchase insurance from a licensee or any employee, affiliate or associate of the licensee or from any agent, broker or insurance company designated by the licensee, as a condition precedent to the making of the loan.
V.I. Code tit. 9, § 192 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 192. Application and fees

 Application for a license shall be in writing, under penalty of perjury, and in the form prescribed by the Banking Board. The application shall give the location where the business is to be conducted, and shall include the names and addresses of the partners, officers, directors, or trustees of the applicant. At the time of making such application, the applicant shall pay to the Banking Board the sum of $400 as an annual license fee provided that if the application is made after October first in any year the license fee shall be $200. Moneys received from payment of fees under this subchapter shall be covered into the general fund of the Treasury.
V.I. Code tit. 9, § 193 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 193. Investigation of application; license requirements

 Upon the filing of such application and the payment of such fees, the Banking Board shall send a notice of the pending application to all licensees in the community in which the applicant proposes to do business and shall investigate the facts concerning the application. Every licensee so notified shall have ten days after the date of notification to file a notice of objection to the granting of such application. Within ten days thereafter the objecting licensee shall file a statement, supporting his objection. Failure to file such statement within such period of time shall be deemed withdrawal of such objection. If the Banking Board shall find: (1) that the financial responsibility, experience, character and general fitness of the applicant are such as to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly and fairly within the purposes of this subchapter; and (2) that the applicant has available for use in such business at the location specified in the application at least $25,000, or, in the case of the licensee, has such amount available or actually invested in loans made under this subchapter; and (3) that allowing the applicant to engage in business will promote the convenience and advantage of the community in which the business of the applicant is to be conducted which may include as a factor reduced interest rates, the Board shall enter an order approving such application and deliver a license to the applicant. If the Banking Board shall not so find, it shall enter an order denying such application and forthwith notify the applicant of the denial, returning the license fee.
V.I. Code tit. 9, § 195 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 195. Bond

 The applicant shall also, at the same time, file with the Banking Board a surety company bond to the territory, in the sum of $7,500, to be approved by the Banking Board, for the use of the territory and of any person who may have a cause of action against the principal in said bond under the provisions of this subchapter and conditioned that he will conform to and abide by each provision of this subchapter and will pay to the territory and to any such person any sum that may become due or owing to the territory or to such person from said principal under and by virtue of the provisions hereof.
V.I. Code tit. 9, § 196 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 196. License; posting and change of name

 No person, partnership, or corporation shall make any loan of money, credit, goods, or things of value in the amount or to the value of $7,500 or less whether secured or unsecured, and charge, contract for, or receive a greater rate of interest than otherwise authorized by law therefor without holding a license from the Banking Board. Each such license shall terminate on the first day of April next following its issue. Each license shall remain in full force and effect until surrendered, revoked, suspended or terminated. Each such license shall state the name and address of the licensee and shall be posted in the licensee's place of business. No license shall be transferable or assignable. Before the corporate or trade name under which the license business is conducted is changed the licensee shall give notice to the Banking Board who shall amend the license accordingly without cost unless, in the opinion of the Banking Board, the proposed change of name conflicts or might conflict with any existing registered name of any licensee.
V.I. Code tit. 9, § 197 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 197. Place of business

 No licensee shall make any loan or transact any business provided for by this subchapter under any other name, or at or from any other place of business than stated in the license, except, that nothing shall prevent the making of loans, otherwise authorized under this subchapter, by mail or prohibit accommodations to individual borrowers necessitated by sickness or emergency. Not more than one place of business for the making of loans pursuant to this subchapter shall be maintained under the same license, but the Banking Board may issue additional licenses to the same licensee under compliance with all the provisions of this subchapter covering issuance of a single license. No change in the location of a licensed business shall take place to a location outside the city or town specified in the license without the written approval of the Banking Board.
V.I. Code tit. 9, § 198 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 198. Revocation and suspension of license

 (a) If the Banking Board has reason to believe that grounds for suspension of a license exist it may suspend such license and shall send written notice to the licensee of such suspension stating in general, the grounds therefor and setting a date for hearing thereon. Such suspension shall not exceed a period of twenty days pending the holding of a hearing. At the conclusion of such hearing, the Banking Board shall issue a written order either: (1) terminating the suspension; (2) suspending the license for a period of not more than sixty days which period shall include the temporary suspension; or (3) revoking the license. The grounds for revocation or suspension shall be that the licensee, knowingly, has violated any provision of this subchapter. (b) Any licensee may surrender any license by delivering it to the Banking Board with written notice of a surrender, but such surrender shall not affect civil or criminal liability for acts committed prior thereto. (c) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any obligors, and such contracts and all lawful charges thereon may be collected by the licensee, its successors and assigns.
V.I. Code tit. 9, § 199 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 199. Examinations; cease and desist orders; injunctions

 (a) The Banking Board or its duly authorized representative may at any time and shall periodically investigate the business and examine the books, accounts, papers and records of each licensee pertaining to the business of making loans of $7,500 or less; provided, however, the investigation carried out under the provisions of this section by the Banking Board shall also examine and determine if the interest rate charged to consumers is commensurate with the provisions of section 183 of this chapter and the Banking Board shall report annually to the Lieutenant Governor and the Legislature of the United States Virgin Islands regarding the results of the investigation. (b) The Banking Board or its duly authorized representative may investigate at any time any person engaged in the business or participating in such business as principal, agent, broker, or otherwise; or any person who the Board has reasonable cause to believe is violating or is about to violate any provision of this subchapter, whether such person shall claim to be within the authority or beyond the scope of this subchapter. Any person not exempt hereunder who shall advertise for, solicit or hold himself out as willing to make or procure loans in the amount of, or of the value of, $7,500 or less shall be presumed to be engaged in the business described in section 182(a) of this title. (c) For the purpose of this section, the Banking Board or its duly authorized representative shall have and be given free access to the office and places of business, files, safes and vaults of all such persons, and shall have authority to require the attendance of any person and to examine him under oath relative to such loans or such business or to the subject matter of any examination, investigation or hearing, and shall have authority to require the production of books, accounts, papers and records of such persons. (d) Whenever the Banking Board has reasonable cause to believe that any person is engaging in the business described in section 182(a) of this title without obtaining a license as provided herein, it may in addition to all actions provided for in this subchapter and without prejudice thereto, enter an order requiring such person to desist or to refrain from such violation; and an action may be brought by the Board to enjoin such person from engaging in or continuing such violation or from doing any act or acts in furtherance thereof. In any such action, an order or judgment may be entered awarding such preliminary or final injunction as may be deemed proper.
V.I. Code tit. 9, § 200 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 200. Books and records; audits; annual reports

 (a) Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and accepted accounting practice and enable the Banking Board to determine whether the licensee is complying with this subchapter. The licensee's system of records shall be accepted provided it discloses the information required under this section. (b) Every licensee shall at least once a year have its books audited by a certified public accountant registered in the United States Virgin Islands and a copy of such audit duly certified by the accountant shall be filed with the Banking Board, which audit, so certified, shall be accepted by the Board in lieu of an audit made by it. (c) Each licensee shall, on or before the first day of September of each year, file with the Board a report of operations of the licensed business for the preceding fiscal year. Such report shall give information with respect to the financial condition of the licensee and shall include balance sheets at the beginning and end of the year; statement of income and expenses for the period; reconciliation of surplus or net worth with the balance sheets; schedule of assets used and useful in the licensed business; classification of loans made by size and security; an analysis of charges including monthly average number and amount of loans outstanding; analysis of delinquent accounts, and court actions undertaken to effect collection. Such report shall be made under the penalties of perjury and shall be in the form prescribed by the Board which shall annually make and publish an analysis and recapitulation of such reports. In the event any person or affiliated group of persons holds more than one license in the state, they may file a composite annual report, in lieu of separate reports for each licensed office provided a short form of report for each licensed place of business shall be included showing the number and amount of loans made during the year and number and amount of loans outstanding at the beginning and end of the year. Any licensee failing to make the report required by this paragraph within the time prescribed shall pay to the Board the sum of $5 for each day said report is overdue. If a licensee elects to file a composite report and such composite report is not filed on or before September first as herein required the penalty herein prescribed shall apply separately for each license held. Penalties collected hereunder shall be covered into the general fund of the Treasury.
V.I. Code tit. 9, § 201 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 201. Deceptive advertising

 No licensee or other person, shall advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action in the amount of or of the value of $7,500 or less, which is false, misleading or deceptive. The Banking Board may order any licensee to desist from any conduct which it shall find to be a violation of the foregoing provisions.
V.I. Code tit. 9, § 202 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 15 - Regulation of Small Loans and Pawnbrokers|Subchapter I - Small Loans|§ 202. No impairment of contracts

 This subchapter, or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license, or right of a licensee hereunder, provided that such modification, amendment or repeal shall not impair or affect the obligation of any preexisting lawful contracts between any licensee and any borrowers.