2019 US Virgin Islands Code
Title 3 - Executive
Chapter 3 - Lieutenant Governor
§ 37. Conflicts of interest of Division officers and employees prohibited

(a) It is unlawful during the term of office or while employed by the Division for the Commissioner, Director or any employee of the Division to be an officer, director, organizer, employee of or attorney for or otherwise be directly or indirectly interested in any institution subject to the supervision of, or regulation by the Division.

(b) It is unlawful for the Commissioner, Director and employees of the Division during their terms of office or employment to receive directly or indirectly any payment or gratuity from any institution subject to the supervision of, or regulation by the Division or be engaged in the negotiation of loans for others with any such institution. The prohibitions contained in this subsection may not be construed as prohibiting a person from being a depositor, equity interest owner, or member in any financial institution or an insurance policyholder or equity interest owner on the same terms as are available to the public generally.

(c) If the Commissioner, Director, or any employee of the Division, or the spouse of any of them, or the son or daughter of any of them residing at their respective homes obtains a loan from or holds an equity interest in any financial institution subject to supervision of, or regulation by the Division, the fact of the loan or of the holding of the equity interest and the appropriate terms and conditions, must be disclosed immediately to the Commissioner in writing by the person obtaining the loan or holding an equity interest.

(d) A record of the indebtedness or holding of an equity interest described in subsection (c) must be kept on file in the Division and must be open to inspection by the public.

(e) The Commissioner or the Director shall investigate any loan or equity interest of a Division employee to ensure that no preferential treatment was given to the Division employee in the process of granting the loan or issuing the interest and that the loan or interest will not compromise the employee’s effectiveness in carrying out the employee’s employment duties. If the loan has been obtained by, or if the interest is held by the Commissioner, the Office of the Inspector General shall conduct the investigation.