Turnbull signs key banking, school vandalism legislation into law

ST. THOMAS - Gov. Charles Turnbull on Saturday signed into law legislation that will revamp the territory's banking systems and increase penalties for school vandalism.

The Financial Services Bill of 2005 updates V.I. banking laws to allow local banks to issue credit cards and expand the territory's financial services activity. The legislation also allows local banks to enter into other financial services markets such as securities, insurance and real estate.

Exemptions to interest rate caps on variable rate loans less than $100,000, including home equity and business loans, is also allowed by the legislation.

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