reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes the general method for implementing W. Va. Code '31A-4-26;
				it applies to all loans and extensions of credit made by state-chartered
				banking institutions and their domestic operating subsidiaries. This rule does
				not apply to loans made by state-chartered banking institutions to their
				affiliates (as that term is defined in subsection (b)(1) of Section 23A of the
				Federal Reserve Act (
				12 U.S.C. 371
				c(b)(1))) or operating subsidiaries. W. Va. Code '31A-4-26
				and this rule are intended to prevent one (1) individual, or a relatively small
				group, from borrowing an unduly large amount of the state-chartered banking
				institution's funds. The statute and this rule are intended to safeguard the
				depositors of state-chartered banking institutions by spreading the loans and
				extensions of credit among a relatively large number of persons engaged in
				different lines of business.
1.2.
				Authority. -- W. Va. Code '31A-4-26(a)(5).
1.3. Filing Date. -- April 30,
				2001.
1.4. Effective Date. -- June
				1, 2001.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule:
2.1. "Loans and Extensions of Credit" means
				any direct or indirect advance of funds to a person made on the basis of any
				obligation of that person to repay the funds or repayable from specific
				property pledged by or on behalf of a person. Such term shall also include any
				liability of a state-chartered banking institution to advance funds to or on
				behalf of a person pursuant to a contractual commitment;
2.2. "Contractual Commitment to Advance
				Funds" means
(a) an obligation on the part of
				the bank to make payments (directly or indirectly) to a designated third party
				contingent upon a default by the bank's customer in the performance of an
				obligation under the terms of that customer's contract with the third party or
(b) an obligation to guarantee or
				stand as surety for the benefit of a third party. The term includes, but is not
				limited to, "Standby Letters of Credit", guarantees, puts and other similar
				arrangements. For purposes of this rule, undisbursed loan funds and loan
				commitments not yet drawn upon but which the bank has through written agreement
				obligated itself to disburse upon request are contractual commitments to
				advance funds as defined in this subsection. The definition does not include
				commercial letters of credit_and similar instruments where the issuing bank
				expects the beneficiary to draw upon the issuer, which do not guarantee payment
				of a money obligation, and which do not provide for payment in the event of a
				default by the account party;
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-3 - Limitations and Compliance

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				General limitation.
The total loans and extensions of credit made by a
				  state-chartered banking institution to any one person or common enterprise (as
				  defined in subsection 4.2 of this rule) and not fully secured, as determined in
				  a manner consistent with subsection 3.2 of this rule, shall not exceed fifteen
				  percent (15%) of the unimpaired capital and unimpaired surplus of that
				  state-chartered banking institution initially determined for the period that
				  the loan or extension of credit is made.
3.2. Additional general limitation; loans
				fully secured by readily marketable collateral.
Where the total loans and extensions of credit by a
				  state-chartered banking institution to any one person or common enterprise are
				  fully secured by readily marketable collateral having a current market value,
				  as determined by reliable and continuously available price quotations, at least
				  equal to the outstanding amount of those loans and extensions, then the bank
				  may provide these loans or extensions of up to ten percent (10%) of the
				  unimpaired capital and unimpaired surplus of that state-chartered banking
				  institution initially determined for the period that the loan or extension is
				  made. This limitation is separate from and in addition to the limitation
				  contained in subsection 3.l of this rule.
3.3. Compliance with W. Va. Code
				'31A-4-26(a)(2).
(a) Each loan or extension of credit based on
				the limitation contained in W. Va. Code '31A-4-26(a)(2)
				shall be secured by readily marketable collateral having a current market value
				of at least one hundred percent (100%) of the amount of the loan or extension
				of credit at all times.
(b) Each
				bank shall institute adequate procedures to ensure that the collateral value
				fully secures the outstanding loan at all times.
(c) Financial instruments may be denominated
				in foreign currencies which are freely convertible to United States dollars. If
				collateral is denominated and payable in a currency other than that of the loan
				or extension of credit which it secures, the bank's procedures shall require
				that the collateral be revalued at least monthly, using appropriate foreign
				exchange rates, in addition to being repriced at current market
				value.
(d) If collateral values
				fall below one hundred percent (100%) of the outstanding loan, to the extent
				that the loan is no longer in conformance with this section and exceeds the
				general fifteen percent (15%) limitation, the bank shall bring the loan into
				conformance within five (5) business days, except where judicial proceedings,
				regulatory actions or other extraordinary occurrences prevent the bank from
				taking action.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-4 - Combining Loans to Non-Affiliated Persons or Entities

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. General Rule. -- Loans or extensions of
				credit to one (1) person shall be attributed to other persons, for purposes of
				this rule, when:
(a) the proceeds of the
				loans or extensions of credit are to be used for the direct benefit of the
				other person or persons
,
or
(b) a "Common Enterprise" is determined to
				exist between the persons.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-5 - Combining Loans to Affiliated Persons or Entities

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. General rules.
(a) The bank need not combine loans or
				extensions of credit to a person and its affiliates or to affiliates of one
				person unless either the direct benefit or the common enterprise test is met as
				set forth in section 4 of this rule.
(b) Loans or extensions of credit to a
				partnership, joint venture or association need not be combined with loans or
				extensions of credit to the members of the partnership, joint venture or
				association if the direct benefit or the common enterprise tests are not met.
				Similarly, loans or extensions of credit to members of a partnership, joint
				venture or association need not be combined with loans or extensions of credit
				to other members of the partnership, joint venture or association if the direct
				benefit or the common enterprise tests are not met with respect to the other
				members. The tests shall be considered to have been met when loans or
				extensions of credit are made to members of a partnership, joint venture or
				association for the purpose of purchasing an interest in the partnership, joint
				venture or association.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-6 - Exceptions to the Lending Limits

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Discount of commercial or business
				paper. -- W. Va. Code '31-4-26(a)(4)(A) provides that loans or extensions of
				credit arising from the discount of commercial or business paper evidencing an
				obligation to the person negotiating it with recourse are not subject to any
				limitation based on capital and surplus.
(a)
				This exception applies to negotiable paper given in payment of the purchase
				price of commodities in domestic or export transactions purchased for resale or
				to be used in connection with the fabrication of a product or to be used for
				any other business purpose which may reasonably be expected to provide funds
				for payment of the paper. Loans or extensions of credit arising from the
				discount of paper of the kind described in this subsection shall bear the full
				recourse endorsement of the owner. However, loans or extensions of credit
				arising from the discount of the paper in export transactions may be endorsed
				by the owner without recourse or with limited recourse, or may be accompanied
				by a separate agreement for limited recourse: Provided, that if transferred
				without full recourse, the paper shall be supported by an assignment of
				appropriate insurance covering the political, credit and transfer risks
				applicable to the paper. Insurance provided by the Export-Import Bank or the
				Foreign Credit Insurance Association is considered appropriate for this
				purpose. Loans or extensions of credit based on this exception are not subject
				to any limitation.
(b) Since the
				reason for the unlimited credit under this exception is that the paper arises
				from the sale of a commodity which may reasonably be expected to provide funds
				for payment of the paper, a borrower's failure to pay either principal or
				interest when due removes the reason for unlimited credit. Therefore, although
				the line of credit to the maker or endorser should not be classified as
				excessive by reasons of the default, the paper on which the default has
				occurred shall thereafter be taken into consideration in determining whether
				additional loans or extensions of credit may be made within the limits of W.
				Va. Code '31A-4-26(a).
				The same principles of disqualification from the exception apply to any renewal
				or extension of either the entire loan or an installment of the loan.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-09 - Rule Pertaining To The Legal Lending Limit › Section 106-9-7 - Miscellaneous

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Obligations of
				accommodation parties. -- The liability of a drawer, endorser or guarantor who
				does not receive any of the proceeds, or the benefit of the proceeds, of the
				loan or extension of credit is not a loan or extension of credit to that person
				for purposes of this rule unless either the direct benefit or the common
				enterprise test is met. However, no person shall serve as an accommodation
				party on loans exceeding fifty percent (50%) of a state-chartered banking
				institution's unimpaired capital and unimpaired surplus.
7.2. Sale of federal funds and limitations on
				interbank liabilities.
(a) For purposes of
				this section of the rule, "Sale of Federal Funds" means any transaction among
				depository institutions involving the transfer of immediately available funds
				resulting from credits to deposit balances at federal reserve banks or from
				credits to deposit balances due from a correspondent depository
				institution.
(b) Immediately
				available balances may be sold for one business day, under a continuing
				contract, or for more than one business day.
(c) For purposes of this section of the rule,
				a "Continuing Contract" means an agreement that remains in effect for more than
				one business day but has no specified maturity and requires no advance notice
				for termination.
(d) Sales of
				federal funds to other banking or depository institutions, regardless of
				maturity, are subject to a maximum limitation equal to twenty-five percent
				(25%) of the bank's unimpaired capital and unimpaired surplus.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-10 - Procedural Rules Of The Commissioner Of Banking › Section 106-10-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. --
				These regulations shall govern the procedure and practice before the
				Commissioner of Banking (or any hearing examiner appointed pursuant to W. Va.
				Code '31A-8-1)
				with regard to declaratory rulings and contested case hearings.
1.2. Authority. -- W. Va. Code ''29A-4-1 and
				29A-5-1(a).
1.3. Filing Date. --
				January 11, 1985.
1.4. Effective
				Date. -- February 11, 1985.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-10 - Procedural Rules Of The Commissioner Of Banking › Section 106-10-2 - Declaratory Rulings

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. The
				permissive parties. -- Pursuant to W. Va. Code '29A-4-1,
				any person with a bona fide interest in any state of facts or any rule or
				statute enforceable by the Commissioner of Banking may, by proper petition,
				request a declaratory ruling from the Commissioner of Banking upon such
				matter.
2.2. Form of petition. --
				The petition shall be typewritten, shall concisely state the matters upon which
				a declaratory ruling is sought, shall state why petitioner seeks such ruling
				and shall be verified by petitioner's authorized agent or petitioner's
				attorney. Three (3) copies of such petition shall be filed with the
				Commissioner of Banking.
2.3.
				Briefs. -- Petitioner shall prepare a brief or memorandum of law and three (3)
				copies of such shall be filed with the Commissioner of Banking simultaneously
				with the filing of the petition.
2.4. Hearings. -- If petitioner seeks a
				hearing before the Commissioner of Banking, he shall so state in his petition,
				in which event the Commissioner of Banking shall hear petitioner at a time and
				place to be determined by the Commissioner of Banking within sixty (60) days
				from the date of request, giving petitioner at least ten (10) days written
				notice of the date, time and place of the hearing.
2.5. Decision. -- The Commissioner of Banking
				shall render a written ruling upon the matter requested by petitioner within
				thirty (30) days after a hearing, if such is held, or within sixty (60) days
				after the filing of a petition, if no hearing is requested.
2.6. Applicability of decision. -- Any ruling
				by the Commissioner of Banking shall be binding upon the Commissioner of
				Banking and upon the party requesting the ruling upon the state of facts set
				forth in the petition, but shall not be binding upon any other
				person.
2.7. Appeal. -- A
				declaratory ruling of the Commissioner of Banking shall be subject to review as
				provided for in W. Va. Code '29A-4-2.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-10 - Procedural Rules Of The Commissioner Of Banking › Section 106-10-3 - Contested Case Hearings

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Conduct of hearing. -- Any contested case hearing before the Commissioner of
				Banking shall be conducted pursuant to W. Va. Code '29A-5-1
				et seq. and W. Va. Code '31A-8-1.
3.2. Notice of hearing. -- Notice of the time
				and place of any hearing shall be given to all parties who may be interested in
				any hearing as provided for in W. Va Code '31A-8-1;
				29A-5-1;
				and
				29A-7-2. All
				notices required by statute or these rules to be served on parties to a
				contested case hearing shall be sufficient if served upon that party or his
				attorney of record, in person or by registered or certified mail. Hearings may
				be continued by the Commissioner of Banking on his own motion or for good cause
				shown without further notice.
3.3.
				Place of hearing. -- The Commissioner of Banking shall determine the site of
				any hearing.
3.4. Hearing tribunal.
				-- Pursuant to W .Va. Code '31A-8-1, any matter requiring a hearing may be
				heard by the Commissioner of Banking or by a hearing examiner appointed by
				him.
3.5. Presentation of evidence.
				-- Seven (7) days prior to the hearing date, each party to the hearing shall
				file with the Commissioner of Banking three (3) copies of the following items
				and shall simultaneously supply opposing parties with one (1) copy:
(a) The basic petition document or answer to
				that petition and supporting exhibits which the party may wish to file in
				support or furtherance of that petition or answer to that petition.
(b) A list of all witnesses proposed to be
				called with the identity of each witness and a concise summary statement of
				each witness' testimony. At any hearing, all items previously filed as
				hereinabove required shall become a part of the record and shall not require
				further authentication, but may be traversed by an opposing party. No witness
				not previously listed shall be heard except for good cause shown. The
				provisions of W. Va. Code '29A-5-2
				shall govern the presentation of all evidence at a contested case
				hearing.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes certain other "Permissible Additional Charges", for benefits
				conferred on the consumer in a consumer credit sale or loan, pursuant to W. Va.
				Code '46A-3-109(a)(4).
1.2. Authority. -- W. Va. Code
				''46A-3-109(a)(4) and 31A-2-4(c)(12).
1.3. Filing Date. -- April 19,
				1999.
1.4. Effective Date. -- May
				1, 1999.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-2 - Documentary Fee or Documentary Charge

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Benefit to Consumer. -- The "Documentary
				Fee"
				or "Documentary Charge" provided for in W. Va. Code '46A-3-109(a)(6)
				applies to a documentary service. The documentary service is limited to
				securing a title and services related to securing a title actually provided to
				the consumer in a consumer credit sale. Except as authorized under W. Va. Code
' 17A-4A-4, documentary services do not include services that
				  the seller is required by law to perform. It is not mandatory under this rule
				  for the seller to provide documentary services for which a "Documentary Fee" or
				  "Documentary Charge" apply, and the consumer, unless otherwise precluded by
				  law, has the option to accept the documentary service for which the
				  "Documentary Fee" or "Documentary Charges" apply. The "Documentary Fee" or
				  "Documentary Charge" must represent a benefit of value to the consumer and
				  there must be a reasonable relationship between the fee or charge and the
				  benefit conferred on the consumer. The seller in a consumer credit sale must
				  demonstrate that there was a documentary service actually performed, that the
				  documentary service was of value to the consumer, and that there was a
				  reasonable relationship between the fee or charge and the benefit conferred
				  upon the consumer.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-3 - Flood Mapping Service Fee for Residential Property

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Third Party Providers. -- A lender in
				making a consumer loan secured by a first or subsequent lien on residential
				property, including a loan for a mobile home purchase or refinancing where the
				home is to be placed on a certain parcel of real estate known to the lender,
				may charge the consumer and recover the reasonable fee incurred by the lender
				in obtaining information from a non-affiliated third party on the flood map
				location of the property: Provided, That this flood map location information is
				required by federal law or regulation to be ascertained by the lender. The
				flood mapping service fee must be reasonable in relation to the actual service
				provided.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-4 - Over-the-Limit Fees

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Revolving
				Credit. -- A lender may assess, as a permissible additional charge in
				connection with a revolving line of credit, a charge to the consumer for
				exceeding his or her credit limit. The charge may not, in any billing period,
				exceed two percent (2%) of the consumer's established credit limit or ten
				dollars ($10), whichever is less. This charge is also subject to the monthly
				periodic finance charge if not paid upon initial billing.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-5 - Cash Advance Charges

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				Lender Credit Cards. -- A lender may impose charges for a cash advance obtained
				by a consumer in connection with use of a lender credit card as a permissible
				additional charge. The charge may not, per occurrence, exceed one and one-half
				percent (1.5%) of the amount of the cash advance, or five dollars ($5),
				whichever is less. These charges are also subject to the monthly periodic
				finance charge if not paid upon initial billing.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-6 - Debt Cancellation Contracts and Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. Fee for Cancellation of Debt. -- A
				lender or creditor may charge and collect a fee in connection with a contract
				to cancel (i) all of the debtor's liability for non-delinquent amounts which
				exceed the value received by the creditor or its assignee for the collateral
				securing the obligation, or (ii) the remaining liability in the event of the
				loss of life, health, or income of the debtor, or in case of an accident. The
				fee is a permissible additional charge: Provided, That,
6.1.a. The debt cancellation agreement is not
				required by the lender or the creditor, and this fact is disclosed in
				writing;
6.1.b. The fee is
				disclosed in writing and the term of the agreement is equal to the term of the
				loan or credit transaction;
6.1.c.
				The borrower signs or initials an affirmative written request for the plan
				after receiving the disclosures required by subdivisions a and b of this
				subsection;
6.1.d. In the case of a
				debt cancellation plan for collateral, the amount of the debt at the time of
				the contract, excluding any insurance or additional charges, exceeds
				$2,000;
6.1.e. In the case of a
				debt cancellation plan for loss of life, health, or income or in case of an
				accident, the contract is sold in lieu of corresponding credit life, health,
				loss of income or accident insurance; and
6.1.f. The debt cancellation fee is one which
				is not treated as a finance charge for purposes of the federal Truth-in-Lending
				Act.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-11 - Permissible Additional Charges In Connection with A Consumer Credit Sale › Section 106-11-7 - Optional End Term Debt Cancellation Fee

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Balloon Note Secured by Motor Vehicle--
				A lender or creditor may, at the end of the term of a balloon loan or note
				secured by a motor vehicle, offer, as an option, to accept return of the motor
				vehicle and charge and collect a fee to cancel all of the debtor's liability
				for amounts exceeding the value of the collateral securing the obligation. The
				fee may include or be in addition to excess mileage fees and payments for
				damages to the vehicle. The fee is a permissible additional charge: Provided,
				That,
7.1.a. The borrower is provided the
				option to pay off the loan or debt, or to refinance the loan or debt without
				penalty; and
7.1.b. The amount of
				the initial balloon loan or note exceeded $2,000 and the amount actually owing
				at the end of that balloon loan or note and at the time the fee is imposed
				exceeds $1,000.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes general guidelines implementing W. Va. Code '31A-8B-1 et seq., the
				West Virginia Community Reinvestment Act; it applies to all bank holding
				companies, all state-chartered banking institutions, all domestic subsidiaries
				of bank holding companies and all domestic subsidiaries of state-chartered
				banks operating or with application to operate in West Virginia. W. Va. Code
				'31A-8B-1 et seq. and
				this rule are intended to encourage banks and bank holding companies to help
				meet the credit needs of their local community or communities and to provide
				guidance to banks and bank holding companies as to how the Commissioner of
				Banking ("Commissioner") and the West Virginia Board of Banking and Financial
				Institutions ("Board") will assess the records of these institutions in
				satisfying their continuing and affirmative obligations to help meet the credit
				needs of the local communities, including low and moderate-income
				neighborhoods, consistent with the safe and sound operation of those
				institutions. The Commissioner and the Board will take the records of applicant
				banks and bank holding companies in complying with the provisions of both the
				Federal and West Virginia Community Reinvestment Acts into account when
				evaluating applications for deposit facilities and applications for permission
				to engage in financially-related services.
1.2. Authority. -- W. Va. Code '31A-8B-5.
1.3. Filing Date. -- June 9, 1993.
1.4. Effective Date. -- July 1,
				1993.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-2 - Applicability of Federal Community Reinvestment Act of 1977

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. All state-chartered banks shall comply
				with the Federal Community Reinvestment Act of 1977 and related regulations
				heretofore promulgated thereunder. In connection with the examination of a
				bank, the Commissioner shall assess the record of performance of the bank in
				helping to meet the credit needs of its entire community, including low - and
				moderate-income neighborhoods, consistent with the safe and sound operation of
				the bank. The Commissioner shall consider the factors established in the
				Federal Community Reinvestment Act of 1977 and related regulations in making
				this assessment.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-3 - Filing Requirements

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. All
				bank or bank holding company applications requiring Board or Commissioner
				approval shall include the current Community Reinvestment Act statement
				required pursuant to the Federal Community Reinvestment Act of 1977 and related
				regulations issued thereunder. For purposes of a bank holding company
				application, the applicant bank holding company shall submit the information
				requested pursuant to these regulations for each of its subsidiary banks
				located in West Virginia and each bank located in West Virginia, which it is to
				acquire. For purposes of a bank merger application, the acquiring bank or bank
				holding company shall submit all information requested pursuant to these
				regulations for each bank or bank holding company involved in the
				merger.
3.2. In addition to the
				Community Reinvestment Act (CRA) statement required under subsection 3.1 of
				this rule, the applicant may include supplemental information supporting the
				applicant's record of performance in meeting the credit needs of the community
				or communities it is attempting to serve. Credit activities in the following
				loan categories are considered important and favorable:
3.2.1. Housing-related Loans
3.2.1.a. Federal Housing Authority/Veterans
				Administration/Farmers Home Administration mortgage loans.
3.2.1.b. Federal Housing Authority Title I
				home improvement loans.
3.2.1.c.
				Mobile home loans.
3.2.1.d. Loans
				extended via participation in city, county and/or state housing development
				agencies.
3.2.1.e. Housing loans
				extended in low - and moderate-income neighborhoods.
3.2.1.f. Use of various secondary market
				programs and participation in such programs.
3.2.1.g. In-house housing related loan
				programs.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-4 - Assessing The Record Of Performance

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Whenever the Board or Commissioner
				receives an application, requiring Board or Commissioner approval, from a
				banking institution, whose most recent CRA performance rating is "Needs to
				improve record of meeting community credit needs", the Board or Commissioner
				shall require the applicant banking institution to provide additional, detailed
				information, setting forth the measures undertaken by the applicant banking
				institution to improve its performance under the CRA. The Board or Commissioner
				shall not accept an application requiring Board or Commissioner approval from
				banking institutions whose most recent CRA performance rating is "Substantial
				noncompliance in meeting community credit needs."
4.2. Whenever a bank holding company files an
				application requiring the approval of the Board or Commissioner, the Board or
				Commissioner shall assess the record of compliance with the CRA of each of the
				holding company's subsidiary banks. If, in the opinion of the Board or
				Commissioner, the overall record of compliance with CRA by the holding
				company's subsidiary banks is determined to be unsatisfactory, the Board or
				Commissioner will not accept the application.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-5 - Public Participation

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				For all bank or bank holding company applications requiring Board or
				Commissioner approval the applicants shall, in conjunction with public notice
				and publication requirements of the Federal Reserve Board or Federal Deposit
				Insurance Corporation, include in the notice the following statement:
"The public is also invited to submit written comments
				  regarding this application to the West Virginia Board of Banking and Financial
				  Institutions. Write Commissioner of Banking, Capitol Complex, Charleston, West
				  Virginia 25305."
5.2. In
				conjunction with an application, the Commissioner shall make available for
				public inspection the applicant's CRA statements, the applicant's record of
				previously filed CRA protests, historical information concerning loan and
				deposit trends, and any supplemental information filed with the
				Commissioner.
5.3. A banking
				institution's record of compliance with the Community Reinvestment Act and this
				rule is a subject for consideration in conjunction with the notice and hearings
				required by W. Va. Code '31A-3-3.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-12 - General Rules Implementing The WV Community Reinvestment Act › Section 106-12-6 - Effects On Applications

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. The
				assessment of an applicant's record of performance in helping to meet the
				credit needs of its community or communities, may be the basis for denial of an
				application.
6.2. Notwithstanding
				any section of this rule to the contrary, the Board or the commissioner may
				approve applications subject to terms and conditions, which, in the discretion
				of the Board or the Commissioner, are considered necessary to improve the
				applicant's record of community reinvestment.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-14 - Format For Notice Of Right To Cancel Consumer Credit Insurance › Section 106-14-1 - GENERAL

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1
Scope and Purpose.
-- The purpose of this regulation
				is to set forth the form by which a creditor, receiving payment in full of a
				consumer credit sale, or consumer loan, refinancing or consolidation, must
				notify the debtor of his/her right to cancel any consumer credit insurance
				provided in association with said sale, loan, refinancing or consolidation, and
				receive a refund of any unearned premiums thereon.
1.2
Authority.
-- W.
				Va. Code
				46A-3-109(2)(f).
1.3
Filing
				Date.
-- August 31, 1990
1.4
Effective Date.
-- October 1, 1990
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-14 - Format For Notice Of Right To Cancel Consumer Credit Insurance › Section 106-14-2 - DEFINITIONS

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1
				"
BANK
" shall have the meaning set forth in W. Va. Code
				31A-1-2(b).
2.2 "
FINANCIAL
				INSTITUTION
", as used in this regulation, shall mean banks,
				building and loan associations, industrial banks, industrial loan companies,
				supervised lenders, credit unions and all other similar institutions, whether
				persons, firms or corporations.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-14 - Format For Notice Of Right To Cancel Consumer Credit Insurance › Section 106-14-3 - NOTICE FORM

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1 The form of
				the notice to be sent to a debtor, in the event of payment in full of a
				consumer credit sale, or consumer loan, refinancing or consolidation shall be
				found in FORM 106-14A at the end of this regulation.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-14 - Format For Notice Of Right To Cancel Consumer Credit Insurance › Section 106-14-4 - EXEMPTIONS

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1 Any creditor
				who is a financial institution and who applies any unearned insurance premiums
				to a debtor's loan balance to arrive at said debtor's payoff amount is exempt
				from the provisions of this regulation, Provided, that the debtor is notified
				of this fact in writing.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- The
				purpose of this regulation is to set forth the manner in which state chartered
				banking institutions may engage in lease financing transactions.
1.2. Authority. -- W. Va. Code '31A-4-38.
1.3. Filing Date. -- April 22,
				1992.
1.4. Effective Date. -- April
				24, 1992.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Bank", as
				used in this regulation, means a corporation heretofore or hereafter chartered
				to conduct a banking business under the laws of West Virginia and embraces and
				includes a trust company or an institution combining banking and trust company
				facilities, functions and services chartered or authorized to conduct such
				business in this state and includes industrial banks as authorized by W. Va.
				Code '31-7-1 et seq.
2.2.
(a) "Net Lease", as used in this regulation,
				means a lease which is the functional equivalent to a loan of money secured by
				the leased properties and under which a bank will not directly or indirectly,
				provide or be obligated to provide for:
(1)
				The servicing, maintenance or repair of the lease property during the lease
				term.
(2) The purchasing of parts
				and accessories for the leased property; however, the bank may lease
				improvements and additions to the leased property to the lessee upon its
				request in accordance with any applicable requirements for maximum estimated
				rental value.
(3) The loan of
				replacement or substitute property while the leased property is being
				serviced.
(4) The purchasing of
				insurance for the lessee, except where the lessee has failed in its contractual
				obligation to purchase or maintain the required insurance.
(5) The renewal of any license or
				registration for the leased property unless such action by the bank is
				necessary to protect its interest as owner or financier of the leased
				property.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-3 - Authority to Engage in Leasing Transactions

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Investment in Personal Property
(a) A bank may (1) become the legal or
				beneficial owner and lessor of specific, personal property or otherwise acquire
				property only after the bank has entered into a legally binding written
				commitment to lease the personal property on terms which comply with the
				provisions of this regulation; (2) become the owner and lessor of personal
				property by purchasing the property from another lessor in connection with the
				purchase of the related lease; and (3) incur obligations incidental to its
				position as the legal or beneficial owner and lessor of the leased property;
				provided the lease is a net basis lease representing a noncancelable obligation
				of the lessee, notwithstanding the possible early termination of the
				lease.
(b) Prior to entering into a
				lease financing transaction, a bank must reasonably expect to realize a return
				of its full investment in the leased property, plus the estimated cost of
				financing the property over the term of the lease from:
(1) Rentals;
(2) Estimated tax benefits; and
(3) The estimated residual value of the
				leased property at the expiration of the initial term of the lease.
(c) The aggregate book value of
				all tangible personal property held for lease by a bank pursuant to the
				provisions of this regulation shall not exceed ten percent (10%) of the
				consolidated assets of the bank.
(d) At the expiration of the lease (including
				any renewals or extensions with the same lessee), or in the event of a default
				on a lease agreement prior to the expiration of the lease term, all of the
				bank's interest in the property shall either be liquidated or re-leased in
				conformance with this regulation as soon as practicable, but in any event no
				later than one (1) year from the expiration of the lease. Provided, that under
				exceptional circumstances and in response to a written request by the bank, the
				Commissioner of Banking may extend the time for the liquidating or re-leasing
				the leased property. Property which the bank retains in anticipation of
				re-leasing the leased property. Property which the bank retains in anticipation
				of re-leasing must be re-valued at the lower of current fair market value or
				book value prior to any subsequent lease, for the purpose of determining the
				applicable maximum estimated residual value.
(e) Notwithstanding the provisions of
				paragraph (d) of this section, on the return of leased property, at the
				expiration of a conforming lease term, or on the default of a lessee, a short
				term bridge or interim lease is permissible if it otherwise conforms with the
				requirements of this section. Banks may only use short term bridge or interim
				leases to facilitate conforming long term lease financing
				transactions.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-4 - Lease Term, Legal Lending Limits

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Term of Initial Lease Transaction.
Lease financing transactions entered into pursuant to this
				  regulation must have an initial term of not less than ninety (90) days and not
				  more than ten (10) years.
4.2. Application of Legal Lending Limits.
Lease financing transactions entered into pursuant to this
				  regulation are subject to the limitations on loans and extensions of credit
				  under W. Va. Code '31A-4-26
				  and regulations promulgated thereunder. The Commissioner of Banking reserves
				  the right to determine that such leases are also subject to the limitations of
				  any other law, regulation or ruling.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-5 - Residual Value

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Maximum
				Estimated Residual Value.
(a) Any
				unguaranteed portion of the estimated residual value relied upon by the bank to
				yield a return of its full investment shall not exceed twenty-five percent
				(25%) of the original cost of the property to the lessor. The amount of the
				estimated residual value guaranteed by the manufacturer, the lessee or a third
				party may exceed twenty-five percent (25%) of the original cost of the
				property, where the bank has determined, and can provide full, supporting
				documentation, that the guarantor, which is not an affiliate, as that term is
				defined by
				12 USC 371 C,
				has the resources to meet the guarantee.
(b) A bank may base calculations of estimated
				residual value on leases of personal property to federal, state or local
				governments entities may be based on reasonably anticipated future transactions
				or renewals.
(c) In all cases, the
				estimated residual value of the property and that portion of the estimated
				residual value relied upon by the lessor to satisfy the requirements of
				subsection 3.1.(b) of this rule must be reasonable in light of the nature of
				the leased property and all relevant circumstances so that realization of the
				bank's full investment plus the cost of financing the property depends on the
				creditworthiness of the lessee and any guarantor of the residual value, and not
				on the residual market value of the leased property.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-6 - Maintenance and Retention of Records

Current through Register Vol. XLI, No. 28, July 12, 2024
Whenever a bank enters into a lease financing transaction,
				  the bank must identify any and all records associated with the lease financing
				  transaction to distinguish them from those records maintained by the bank on
				  its loans. A bank shall maintain all records associated with a bank's lease
				  financing transactions separately from those records associated with a bank's
				  loan transactions.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-16 - Lease Financing Transactions › Section 106-16-7 - Conflicts

Current through Register Vol. XLI, No. 28, July 12, 2024
Nothing in this regulation shall be construed to be in
				  conflict with the duties, liabilities and standards imposed by the Consumer
				  Leasing Act of 1976,
				  15
				  USC 1667 et seq.
West Virginia Code of State Rules › Agency 106 - Banking › Title 106 - LEGISLATIVE RULE COMMISSIONER OF FINANCIAL INSTITUTIONS › Series 106-17 - Notice And Treatment Of Joint Accounts › Section 106-17-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes procedures for the notice to holders of joint deposit accounts
				opened on or after July 1, 1994 regarding their rights and liabilities as to
				those accounts. In addition, this rule pertains to the treatment of joint
				deposit accounts in the event of receipt of written notice by a bank from one
				of their joint deposit account holders informing the bank not to pay, pledge,
				or encumber the account upon the demand or request of another named party to
				the joint account.
1.2. Authority.
				-- W. Va. Code ''31A-4-33 and 31A-2-4(c)(11).
1.3. Filing Date. -- April 5, 1995.
1.4. Effective Date. -- May 5,
				1995.