reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 368 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 368. Change of place of business

 (a) A licensee may not change the place of business for which a license is issued, unless the licensee: (1) notifies the Banking Board in writing of the proposed change; and (2) receives the written consent of the Banking Board. (b) The application for a change of place of business shall be approved, unless the Banking Board finds that the applicant has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with all applicable laws and regulations. (c) Notwithstanding subsection (a)(2) of this section, if the Banking Board does not approve or disapprove of the proposed change of place of business within 30 days of the mailing of the notice required under subsection (a)(1) of this section, the proposed change of place of business shall be deemed approved. (d) After approval, the applicant for a change of place of business shall give written notice to the Banking Board within 10 days after the commencement of business at the additional or relocated office. (e) Every licensee shall notify the Banking Board, in writing of the closing of any office not less than 10 days before such closing, and of the name, address, and position of each new principal, officer, member, partner or director not more than 10 days after such new principal, officer member, partner, or director assumes such position. Every licensee shall also provide such other information with respect to any changes as the Banking Board may reasonably require.
V.I. Code tit. 9, § 369 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 369. Recordkeeping requirements

 (a) Each licensee shall keep and make available to the Banking Board at the licensee's place of business any books and records that the Banking Board, by regulation requires to enable the Banking Board to enforce this chapter and any regulation adopted under this chapter. (b) Each mortgage lender required to be licensed under this chapter shall retain for at least 3 years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs, copies of the note, settlement statement, truth-in-lending disclosure, and such other papers or records relating to the loan as may be required by regulation. (c) On approval of the Banking Board, a licensee need not keep at the licensee's place of business any books and records otherwise required by the Banking Board under subsection (a) of this section if the licensee: (1) is a federally approved seller-servicer; or (2) makes the books and records available to the Banking Board at the licensee's place of business within 5 business days of the Banking Board's official request; and (3) retains the records for at least sixty months in a storage facility disclosed to the Banking Board. (d) Each mortgage broker required to be licensed under this chapter shall retain for at least three years after a mortgage loan is made the original contract for his compensation, a copy of the settlement statement, an account of fees received in connection with the loan, and such other papers or records as may be required by rule or regulation.
V.I. Code tit. 9, § 370 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 370. Annual report

 (a) Each mortgage lender or mortgage broker required to be licensed under this chapter shall annually, on or before March 31, file a written report with the Banking Board containing such information as the Banking Board may require concerning the licensee's operations during the preceding calendar year as to each licensed place of business. Reports must be accompanied by a sworn affidavit and in the form prescribed by the Banking Board, which shall make and publish annually an analysis and recapitulation of the reports. (b) Annual reports must include: (1) the number and total dollar amount of mortgage loans which were originated or purchased by the licensee in the Virgin Islands during each fiscal year for which a valid license is maintained by the licensee; and (2) the number and dollar amount of all loans where the applicant filed notices of intent to foreclose in the last year, including the borrower's: (A) address; (B) income level; and (C) property location. (c) Any information relating to mortgage loans required to be maintained under subsection (b) of this section shall be itemized in order to disclose for each such item: (1) the number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage; and (2) the number and dollar amount of mortgage loans and completed applications involving mortgagors or mortgage applicants grouped according to property location, income level, and gender.
V.I. Code tit. 9, § 371 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 371. Surrender of license

 (a) A licensee may surrender a license by sending to the Banking Board the license and a written statement that the license is surrendered. (b) The surrender of a license does not affect any civil or criminal liability of a licensee for acts committed before the license was surrendered.
V.I. Code tit. 9, § 372 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 372. Examinations and investigations

 (a) The Banking Board or its designated agent shall examine the affairs, business, premises, and records of each licensee at least once in every three year period and at any other time the Banking Board reasonably considers necessary. (b)  (1) Any person aggrieved by the conduct of a licensee under this chapter in connection with a mortgage loan may file a written complaint with the Banking Board, which shall investigate the complaint. (2) The Banking Board may make any other examination or investigation of any person, if the Board has reasonable cause to believe that the person has violated any provision of this chapter, any regulation adopted under this chapter, or any other law regulating mortgage loan lending in the United States Virgin Islands. (c) In the course of any investigation or examination, the owners, members, officers, directors, partners, and any employees of such mortgage lender or mortgage broker being investigated or examined shall afford the Banking Board full access to all premises, books, and records. For the foregoing purposes, the Banking Board, or its designated agent, has authority to administer oaths, examine under oath all the aforementioned persons, compel the production of papers and objects of all kinds, subpoena documents or other evidence, and summon and examine under oath any person whose testimony the Board requires. (d)  (1) If any person fails to comply with a subpoena or summons of the Banking Board under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the Banking Board may request the filing of a petition for enforcement by the Attorney General of the Virgin Islands. (2) On petition by the Attorney General, the court may order the person to attend and testify or produce evidence. (e) When it becomes necessary to examine or investigate the books and records of a licensee required to be licensed under this chapter at a location outside the Virgin Islands, the licensee shall be liable for, and shall pay to the Banking Board, within 30 days, the actual travel and reasonable living expenses incurred on account of its examination, supervision, and regulation, or shall pay a reasonable per diem rate approved by the Banking Board.
V.I. Code tit. 9, § 373 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 373. Required loan disclosures

 (a)  (1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage on a single to four-family home to be occupied by the borrower shall provide the borrower with a financing agreement executed by the lender. (2) The financing agreement shall provide: (A) The term and principal amount of the loan; (B) An explanation of the type of mortgage loan being offered; (C) The rate of interest that will apply to the loan and, if the rate is subject to change, or is a variable rate, or is subject to final determination at a future date based on some objective standard, a specific statement of those facts; provided that loans under $100,000 shall comply with the territory's usury laws. (D) The points and all fees, if any, to be paid by the borrower or the seller, or both; and (E) The term during which the financing agreement remains in effect. (3) If all the provisions of the financing agreement are not subject to future determination, change, or alteration, the financing agreement shall constitute a final binding agreement between the parties as to the items covered by the financing agreement. (b)  (1) The financing agreement executed by the lender must be delivered to the borrower at least 72 hours before the time of settlement agreed to by the parties and must include: (A) The effective fixed interest rate or initial interest rate that will be applied to the loan; and (B) A restatement of all the remaining unchanged provisions of the financing agreement. (2) Prior to execution of the financing agreement, the borrower may waive in writing the 72-hour advance presentation requirement and accept the commitment at settlement only if compliance with the 72-hour requirement is shown by the lender to be infeasible. (3) A borrower aggrieved by any violation of this section shall be entitled to bring a civil suit for damages, including reasonable attorney's fees, against the lender.
V.I. Code tit. 9, § 375 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 375. Escrow accounts

 (a) All moneys required by a mortgage lender to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, must be kept in accounts segregated from accounts of the mortgage lender, and shall not be commingled with other funds of the mortgage lender. (b) No licensed mortgage lender may require any borrower who, on the date of execution of the loan or financial transaction, has made a down payment equaling 20% or more of the total purchase price of the property or who has an equity interest in the property equal to, or greater than, 20% of the fair market value of the property, to make advance payments of the real estate taxes or casualty insurance premiums to enable the mortgage lender to have funds on hand for disbursement for payment of such taxes or insurance premiums. Licensed mortgage lenders shall provide such borrowers with a separate statement, in writing, which clearly and conspicuously sets forth the right to pay such taxes and insurance premiums directly. Nothing contained in this subsection may be construed to prohibit a licensed mortgage lender from obtaining, during any period during which the loan is in default and in consideration for the lender not exercising some or all of the remedies to which it is entitled, a written agreement from the borrower to make such advance payments to enable the mortgage lender to have funds on hand for disbursement from payment of such taxes or insurance premiums. (c) No licensed mortgage lender may require any borrower to pay any money in escrow to defray future taxes and insurance premiums, or for any other purposes, in connection with a subordinate mortgage loan, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate
V.I. Code tit. 9, § 376 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 376. Advertising

 No mortgage lender or mortgage broker required to be licensed under this chapter may use, or cause to be published, any advertisement which: (1) contains any false, misleading, or deceptive statement or representation; or (2) identifies the lender or broker by any name other than the name set forth on the license issued by the Banking Board.
V.I. Code tit. 9, § 377 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 377. Evasive business tactics

 (a) If the Banking Board finds that the conduct of any other business conceals a violation or evasion of this chapter, any rule or regulation adopted under this chapter, or any law regulating mortgage loan lending in the Virgin Islands, the Banking Board may issue a written order to a licensee to: (1) stop doing business at any place in which the other business is conducted or solicited; or (2) stop doing business in association or conjunction with the other business. (b) A licensee who violates an order of the Banking Board issued under this section shall be subject to the penalties provided by section 378 of this chapter. (c) The Banking Board may request the Attorney General of the Virgin Islands to take appropriate action for the enforcement of an order issued under this section.
V.I. Code tit. 9, § 379 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 379. Hearing procedures

 (a) Before the Banking Board takes any action under section 377 or section 378 of this chapter, the Banking Board shall give the licensee an opportunity for a hearing. (b) The hearing notice to the licensee must be sent by certified mail, return receipt requested, to the principal place of business of the licensee at least 30 days before the hearing.
V.I. Code tit. 9, § 380 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 380. Limitation on name of mortgage business

 A mortgage lender or mortgage broker may not do business under any trade name that misrepresents or tends to misrepresent that the mortgage lender is: (1) a bank, trust company, or savings bank; (2) a savings and loan association; (3) a credit union; or (4) an insurance company.
V.I. Code tit. 9, § 381 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 381. Authority of the Banking Board to issue rules and regulations

 The Banking Board is authorized to promulgate such regulations pursuant to title 3 Virgin Islands Code, chapter 35, as necessary and appropriate to implement the provisions of this chapter.
V.I. Code tit. 9, § 382 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 382. Short title and purpose of this subchapter

 (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 communities of Virgin Islands, and the housing and real estate industry. The Legislature finds that accessibility to mortgage credit is vital to the Virgin Islands' citizens. The Legislature also finds that it is essential for the protection of the citizens of the Virgin Islands and the stability of the Virgin Islands' economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. The Legislature further finds that the obligations of mortgage loan originators to consumers in connection with originating or making residential mortgage loans are such as to warrant the regulation of the mortgage lending process. The purpose of this subchapter is to protect consumers seeking mortgage loans and to ensure that the mortgage lending industry is operating without unfair, deceptive, and fraudulent practices on the part of mortgage loan originators. (c) Therefore, the Legislature establishes within this subchapter a system that: (1) Provides uniform license applications and reporting requirements for State-licensed mortgage loan originators; (2) Provides a comprehensive licensing and supervisory database; (3) Aggregates and improves the flow of information to and between regulators; (4) Provides increased accountability and tracking of loan originators; (5) Streamlines the licensing process and reduces the regulatory burden; (6) Enhances consumer protections and supports anti-fraud measures; (7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the internet, regarding the employment history of and publicly adjudicated disciplinary and enforcement actions against, loan originators; (8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer; (9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending; and (10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
V.I. Code tit. 9, § 383a (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 383a. Use of unique identifiers

 (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 cards or websites, and any other documents as established by rule, regulation or order of the Banking Board.
V.I. Code tit. 9, § 387 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 387. Authority to require license and modification of act

 (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 Mortgage Licensing System and Registry. For this purpose, the Banking Board or its designated agent may establish by rules or order requirements as necessary, including but not limited to: (1) Background checks for: (A) Criminal history through fingerprint or other databases; (B) Civil or administrative records; (C) Credit history; or (D) Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry. (2) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry; (3) The setting or resetting as necessary of renewal or reporting dates; and (4) Requirements for amending or surrendering a license or any other such activities as the Banking Board or its designated agent deems necessary for participation in the Nationwide Mortgage Licensing System and Registry. (b)  (1) For the purposes of implementing an orderly and efficient licensing process the Banking Board or its designated agent may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals the Banking Board or its designated agent may establish expedited review and licensing procedures. (2) In order to fulfill the purposes of this subchapter, the Banking Board or its designated may establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this subchapter. (3) For the purpose of participating in the Nationwide Mortgage Licensing System & Registry, the Banking Board or its designated agent may waive or modify by rule, regulation or order, any requirements of this subchapter to establish new requirements as necessary to participate in the Nationwide Mortgage Licensing System & Registry.
V.I. Code tit. 9, § 388 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 388. Enforcement authorities, violations and penalties

 (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, suspend, revoke, condition or decline to renew a license if an applicant or licensee fails at any time to meet the requirements of section 385(c) or section 386, or withholds information or makes a material misstatement in an application for a license or renewal of a license. (3) Order restitution against persons subject to this subchapter for violations of this subchapter. (4) Impose fines on persons subject to this subchapter pursuant to subsection (c) of this section. (5) Issue orders or directives under this subchapter as follows: (A) Order or direct persons subject to this subchapter to cease and desist from conducting business, including immediate temporary orders to cease and desist. (B) Order or direct persons subject to this subchapter to cease any harmful activities or violations of this subchapter, including immediate temporary orders to cease and desist. (C) Enter immediate temporary orders to cease business under a license if the Banking Board or its designated agent determines that such license was erroneously granted or the licensee is currently in violation of this subchapter; (D) Order or direct such other affirmative action as the Banking Board deems necessary. (b) The Banking Board or its designated agent may impose a civil penalty on a mortgage loan originator or person subject to this subchapter, if the Banking Board or its designated agent finds, on the record after notice and opportunity for hearing, that such mortgage loan originator or person subject to this subchapter has violated or failed to comply with any requirement of this subchapter or any regulation prescribed by the Banking Board or its designated agent under this subchapter or order issued under authority of this subchapter. (c) The maximum amount of penalty for each act or omission described in subsection (2) of this section shall be $1,000. (d) Each violation or failure to comply with any directive or order of the Banking Board or its designated agent is a separate and distinct violation or failure.