(a) Authority to Access Information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation to determine compliance with this subchapter, the Banking Board or its designated agent shall have the authority to access, receive and use any books, accounts, records, files, documents, information or evidence including but not limited to:
(1) Criminal, civil and administrative history information, including nonconviction data as specified in Virgin Islands Code; and
(2) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act; and
(3) Any other documents, information or evidence the Banking Board or its designated agent deems relevant to the inquiry or investigation regardless of the location, possession, control or custody of such documents, information or evidence.
(b) Investigation, Examination, and Subpoena Authority. For the purposes of investigating violations or complaints arising under this subchapter, or for the purposes of examination, the Banking Board or its designated agent may review, investigate, or examine any licensee, individual or person subject to this subchapter, as often as necessary in order to carry out the purposes of this subchapter. The Banking Board may direct, subpoena, or order the attendance of and examine under oath all persons whose testimony may be required about the loans or the business or subject matter of any such examination or investigation, and may direct, subpoena, or order such person to produce books, accounts, records, files, and any other documents the Banking Board or its designated agent deems relevant to the inquiry.
(c) Availability of Books and Records. Each licensee, individual or person subject to this subchapter shall make available to the Banking Board or its designated agent upon request the books and records relating to the operations of such licensee, individual or person subject to this subchapter. The Banking Board or its designated agent shall have access to such books and records and interview the officers, principals, mortgage loan originators, employees, independent contractors, agents, and customers of the licensee, individual or person subject to this subchapter concerning their business.
(d) Reports and Other Information As Directed. Each licensee, individual or person subject to this subchapter shall make or compile reports or prepare other information as directed by the Banking Board or its designated agent in order to carry out the purposes of this section including but not limited to:
(1) Accounting compilations;
(2) Information lists and data concerning loan transactions in a format prescribed by the Banking Board or its designated agent; or
(3) Such other information deemed necessary to carry out the purposes of this section.
(e) Control Access to Records. In making any examination or investigation authorized by this subchapter, the Banking Board or its designated agent may control access to any documents and records of the licensee or person under examination or investigation. The Banking Board or its designated agent may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, no individual or person shall remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the Banking Board or its designated agent. Unless the Banking Board or its designated agent has reasonable grounds to believe the documents or records of the licensee have been, or are at risk of being altered or destroyed for purposes of concealing a violation of this subchapter, the licensee or owner of the documents and records shall have access to the documents or records as necessary to conduct its ordinary business affairs.
(f) Additional Authority. In order to carry out the purposes of this section, the Banking Board or its designated agent may:
(1) Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;
(2) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information or evidence obtained under this section;
(3) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate the licensee, individual or person subject to this subchapter;
(4) Accept and rely on examination or investigation reports made by other government officials, within or without this state; or
(5) Accept audit reports made by an independent certified public accountant for the licensee, individual or person subject to this subchapter in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation or other writing of the Examiner.
(g) Effect of Authority. The authority of this section shall remain in effect, whether such a licensee, individual or person subject to this subchapter acts or claims to act under any licensing or registration law of this State, or claims to act without such authority.
(h) Withhold Records. No licensee, individual or person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.