Act No. 7140 (28th Legislature) — An Act amending title 9 Virgin Islands Code to adopt the S.A.F.E. Mortgage Licensing Act in the Virgin Islands ---0---
ACT NO. 7140 BILL NO. 28-0106 TWENTY-EIGHT LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2009 An Act amending title 9 Virgin Islands Code to adopt the S.A.F.E. Mortgage Licensing Act in the Virgin Islands ---0--- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 9 Virgin Islands Code, chapter 20, sections 361-38T are designated “Subchapter I” and Subchapter II is added to read as follows. “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. …
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