Local bankers have told Lt. Gov-elect G. Luz James II that major changes in the lieutenant governor's office and serious revision of Virgin Islands laws are needed to stimulate new business investment.
The territory operates under a banking code from 1965 that is antiquated and seriously impedes the process of conducting business in the Virgin Islands, according to members of the V.I. Bankers Association.
Recording a deed, which takes two or three days elsewhere, can take two to three weeks in St. Thomas, Gwen Adams, former Finance commissioner and now chief financial officer at Banco Popular, told WVWI on Monday.
Adams also said the tedious processes slow the flow of money into the V.I. treasury.
All 50 states operate under the Uniform Commercial Code, which was established to simplify and modernize the law governing commercial transactions.
"The V. I. is not in sync with the rest of the country," said Adams, urging passage of the UCC.
Adams said James was receptive to the bankers' concerns, but said he couldn't get a real handle on it until he is in office.