(a) When an applicant for a license files the application and bond and pays the fees required by this chapter, the Banking Board shall investigate to determine if the applicant meets the requirements of this chapter. The Banking Board shall make such investigations as necessary to determine if the applicant has complied with all applicable provisions of law and any regulations promulgated thereunder.
(b) The Banking Board shall approve or deny each application for a license within 60 days after the date when the application and bond are filed, all requested information and required data are submitted, and the fees are paid.
(c) The Banking Board shall issue a license to any applicant who meets the requirements of this chapter.
(d) Every license shall remain in force until it has been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license does affect any pre-existing legal right or obligation of such licensee.
(1) A license issued under this section authorizes the licensee to act as mortgage lender or mortgage broker under the license at the licensed place of business.
(2) Only one place of business may be maintained under any one license.
(3) A licensee may maintain more than one license under this section if a separate application for each license is made pursuant to section 363 of this chapter, and the Banking Board approves the application.
(e)
(1) The Banking Board shall include on each license:
(A) the name of the licensee; and
(B) the physical address at which the business is to be conducted.
(2) A person may not conduct any mortgage loan business at any location or under any name different from the address and name that appears on the person's license.
(f)
(1) A licensee may not receive any application for a loan or allow any note or contract for a loan or mortgage, or evidence of indebtedness to be signed or executed at any place for which the licensee does not have a license, except at the office of:
(A) The attorney for the borrower or for the licensee; or
(B) A title insurance company, a title company, or an attorney for a title insurance company or a title company.
(2) Notwithstanding paragraph (1)(A) of this subsection, a licensee may accept a loan application from a borrower by mail or telephone or in person at the borrower's residence or place of employment to accommodate the borrower at the borrower' s request.
(3) The Banking Board shall promulgate regulations pursuant to title 3 Virgin Islands Code, chapter 35, to ensure that the loan application process is conducted fairly and in a manner consistent with the best interests of both the borrower and mortgage lender.
(g) A license may be issued under this chapter to a business entity whose principal office is located outside the Virgin Islands if the business entity maintains a resident agent within the Territory at all times during the term of the license, regardless of whether:
(1) The business entity maintains any office within the Virgin Islands; and
(2) The activities of the business entity constitute doing business or having a tax situs in the Virgin Islands.
(h) Each license must be prominently posted in each place of business of the licensee. Licenses are not transferable or assignable, by operation of law or otherwise. No licensee may use any name other than the name set forth on the license issued by the Banking Board.