Bill No. 35-0196 - An Act to amend title 3, Virgin Islands Code, sections 717(c) and 766(c) to establish a deadline for the GERS to resume the personal loan program, increase
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 03/20/2024-AMENDED AND REPORTED OUT TO THE FLOOR 03/05/2024-AMENDED AND REPORTED OUT TO THE COMMITTEE ON RULES AND JUDICIARY BILL NO. 35-0196 Thirty-Fifth Legislature of the Virgin Islands November 13, 2023 An Act amending title 3 Virgin Islands Code, sections 717(c) and 766(c) to establish a deadline for the Government Employees Retirement System to resume the personal loan program, remove the $10,000,000 annual aggregate amount and the 8% interest rate cap, to limit the system’s liability to $75,000, and set a parameter in section 717 that all loans must be structured such that the payoff date occurs before the retiree reaches age 70 PROPOSED BY: Senators Milton E. Potter, Dwayne M. DeGraff, Ray Fonseca, and Franklin D. Johnson Co-sponsor: Marise C. James Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. …
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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE 03/20/2024-AMENDED AND REPORTED OUT TO THE FLOOR 03/05/2024-AMENDED AND REPORTED OUT TO THE COMMITTEE ON RULES AND JUDICIARY BILL NO. 35-0196 Thirty-Fifth Legislature of the Virgin Islands November 13, 2023 An Act amending title 3 Virgin Islands Code, sections 717(c) and 766(c) to establish a deadline for the Government Employees Retirement System to resume the personal loan program, remove the $10,000,000 annual aggregate amount and the 8% interest rate cap, to limit the system’s liability to $75,000, and set a parameter in section 717 that all loans must be structured such that the payoff date occurs before the retiree reaches age 70 PROPOSED BY: Senators Milton E. Potter, Dwayne M. DeGraff, Ray Fonseca, and Franklin D. Johnson Co-sponsor: Marise C. James Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 3 Virgin Islands Code, section 717(c) is amended as follows: 2 (a) “at 8% interest rate” in the third sentence is stricken and replaced with “at an 3 interest rate set by the Board.” 4 (b) “the retirement age.” is stricken in the sixth sentence and replaced with “age 5 70.” 6 (c) All the language after “shall be made payable as set by the Board.” in the 7 eighth sentence is stricken. 8 (d) In the third paragraph, first sentence, strike “from time to time” and insert 9 “not to exceed 12%”. 10 2 SECTION 2. Title 3 Virgin Islands Code, section 701(f) is amended by adding a 1 sentence to read as follows: 2 “No judgment may be rendered against the System in excess of $75,000 in any suit or 3 action against the System with respect to any injury to or loss of property or personal injury or 4 death that: 5 (1) is caused by the negligent or wrongful act or omission of an employee of the 6 System while acting within the scope of the employee’s employment under circumstances 7 where the System, if a private person, would be liable to the claimant in accordance with 8 the law of the place where the act or omission occurred; or 9 (2) occurs in connection with the use of the System’s facilities.” 10 SECTION 3. Title 3 Virgin Islands Code, section 766(c) is amended as follows: 11 (a) “at 8% interest rate” is stricken and replaced with “at an interest rate “not to 12 exceed 12%.” 13 (b) “by striking the sentence: ‘Personal loans issued under this section are not 14 subject to subsection (b), paragraph (17) and shall not exceed the aggregate amount of 15 $10,000,000 per fiscal year, per district for a maximum allocation of $20,000,000.” 16 (c) In paragraph (3): 17 (i) Strike the first sentence; 18 (ii) In the third sentence, strike “, at least three collateral options,”; and 19 (iii) Strike the last sentence. 20 SECTION 4. Title 3 Virgin Islands Code, section 750 is amended by adding subsection 21 (f) to read as follows: 22 3 “(f) No judgment may be rendered against the System in excess of $75,000 in any 1 suit or action against the System with respect to any injury to or loss of property or 2 personal injury or death that: 3 (1) is caused by the negligent or wrongful act or omission of an employee 4 of the System while acting within the scope of the employee’s employment under 5 circumstances where the System, if a private person, would be liable to the claimant 6 in accordance with the law of the place where the act or omission occurred; or 7 (2) occurs in connection with the use of the System’s facilities.” 8 SECTION 5. The Board shall resume the personal loan program in title 3 Virgin Islands 9 Code, sections 717(c) and 766(c) not later than September 30, 2024. 10 BILL SUMMARY 11 Section 1 amends title 3 Virgin Islands Code, section 717 (c) and section 3 amends title 12 3 Virgin Islands Code section 766 (c) to empower the Board to establish the interest rate for 13 personal loans. Section 2 amends title 3 Virgin Islands Code, section 701 (f) and section 4 14 amends title 3 Virgin Islands Code, section 750 by adding subsection (f) to limit the System’s 15 liability. Section 5 establishes a deadline for GERS to resume the personal loan program. 16 BR23-0522/June 6, 2023/HLF/REVISED/October 18, 2023/HLF 17 ..\..\..\..\AMENDS\35th Legislature\POTTER, MILTON E\Amendment 35-717\35-717- 18 DRAFTED ON YELLOW.docx 19 ..\..\..\..\AMENDS\35th Legislature\POTTER, MILTON E\Amendment 35-585\35-585- 20 DRAFTED ON YELLOW.docx 21