We have created a new document for loans originating in the Virgin Islands. 9 V.I.C. 373 lays out the Virgin Islands’ requirements for a financing agreement. One of the requirements is that the financing agreement executed by the lender must be delivered to the borrower at least 72 hours before the time of settlement agreed to by the parties. We currently fulfill all the requirements of that statute with an Initial Financing Agreement (Cx14846) which is given with initial disclosures. 9 V.I.C. 373(3) states:
“If all the provisions of the financing agreement are not subject to future determination, change, or alteration, the financing agreement shall constitute a final binding agreement between the parties as to the items covered by the financing agreement.”
In some circumstances, a provision may be subject to future determination, change, or alteration, which would necessitate an additional final financing agreement. We have created the VI Final Financing Agreement, Cx28078, for this purpose. This document will print by default in Closing and Pre-Closing packages in the Virgin Islands.
These changes are available for testing on Stage & Stage 2 servers and will take effect on January 23, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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