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https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/583/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 583 - Financial advisory and reporting age... | The Bank shall be and it is hereby appointed and authorized to act as Financial Advisory and Reporting Agency to the Governor of Puerto Rico and to the Secretary of the Treasury of Puerto Rico. The Bank is hereby directed to prepare and submit to the Governor of Puerto Rico and to the Secretary of the Treasury of Puert... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/584/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 584 - Financial advisory and reporting age... | The Secretary of the Treasury of Puerto Rico is hereby authorized and directed to make available to the Bank for the purposes of § 583 of this title, prior to the issuance, sale or exchange by the Commonwealth Government or its agencies, or by the Secretary of the Treasury of Puerto Rico, of any bonds, notes, or other ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/585/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 585 - Financial advisory and reporting age... | The Bank shall be and is hereby appointed and authorized to act as a Financial Advisory and Reporting Agency to the Council of Secretaries of Puerto Rico and to the Secretary of the Treasury of Puerto Rico. The Bank is hereby directed to prepare and submit to the Council of Secretaries of Puerto Rico and to the Secreta... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/586/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 586 - Financial advisory and reporting age... | The municipalities of Puerto Rico and the Secretary of the Treasury of Puerto Rico are hereby authorized and directed to make available to the Bank, for the purposes of § 585 of this title, prior to the issuance, sale or exchange by the municipalities of Puerto Rico or by the Secretary of the Treasury of Puerto Rico on... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/587/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 587 - Governmental enterprises and authori... | The Bank shall be and is hereby appointed and authorized to act as agent for the payment of interest and principal of bonds, notes or other evidences of indebtedness issued by any public service enterprise or authority owned or controlled by the Commonwealth Government heretofore created or hereinafter created, includi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/588/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 588 - Governmental enterprises and authori... | The Bank shall be and is hereby authorized and appointed to act as agent for any unit for the purpose of registering, authenticating or countersigning, the bonds, notes or other evidences of indebtedness of any such unit, on such terms as may be agreed upon by and between the Bank and such unit. No such unit shall sele... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/589/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 589 - Governmental enterprises and authori... | In the event there is already existent, prior to the enactment of §§ 581—585 of this title, a contract between any such unit and any other bank, trust company, individual, corporation, association or partnership, to act as fiscal agent and/or paying agent, and/or co-paying agent, such contract on such issue for such un... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/590/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 590 - Governmental enterprises and authori... | The Bank shall be and is hereby authorized and appointed as agent for each unit for the purpose of creating by and between the Bank and each unit, a proceeding or fiscal agency purchase and sales contract for the issuance, purchase, sale and exchange of all bonds, notes or other evidence of indebtedness, on such terms ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/591/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 591 - Governmental enterprises and authori... | Each unit shall be and is hereby authorized and directed to execute a contract with the Bank for the purposes of § 590 of this title. Such contract shall be a proceeding or fiscal agency purchase and sales contract for the issuance, purchase, sale and exchange of all bonds, notes or other evidences of indebtedness for ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/592/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 592 - Governmental enterprises and authori... | In the event that there shall exist, prior to the enactment of §§ 581—595 of this title, any proceeding or fiscal agency purchase or sales contract, by and between any unit and any investment banker, bank, trust company, individual, corporation, association, partnership, or a combination thereof, for the issuance, sale... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/593/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 593 - Determination to act as agent; fees ... | The Bank is hereby charged with the responsibility of basing its determination to act or not to act for or on the behalf of any unit, on the sole basis that such determination will best serve the Commonwealth of Puerto Rico, its municipalities, agencies, authorities and other political subdivisions, and is further char... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/594/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 594 - Power to deal in bonds, etc | The Bank may in good faith, buy, sell, own, hold and deal in any of the bonds, notes, evidences of indebtedness and/or interest coupons or evidences of interest appurtenant thereto, of the Commonwealth Government, its agencies and municipalities, and of the Secretary of the Treasury of Puerto Rico, and of any units, as... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/595/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 595 - English text prevails | If in the interpretation and application of §§ 581—595 of this title any conflict arises as between the Spanish and the English texts thereof, the latter shall prevail over the former.
History —May 15, 1945, No. 272, p. 952, § 16. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/601/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 601 - ... | The Government Development Bank for Puerto Rico is hereby authorized to establish a program for the payment of a subsidy which shall serve as an incentive so that the banks and institutions that grant loans to students of post-secondary level under Title IV of the “Federal Education Act of 1965”, as amended, may increa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/602/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 602 - ... | The Government Development Bank is hereby authorized to pay to those banks and institutions authorized, and which make loans to students residents of Puerto Rico, which loans are secured by the Government of the United States under the above-mentioned federal act, a subsidy which shall not exceed two percent (2%) annua... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/603/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 603 - ... | The Government Development Bank for Puerto Rico is hereby authorized to establish by regulations the norms that will govern the payment of the subsidy referred to in § 602 of this title, on loans to students authorized hereunder.
History —May 30, 1969, No. 19, p. 33, § 3, eff. July 1, 1969. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/604/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 604 - ... | The sum of $200,000 is hereby appropriated to the Government Development Bank for Puerto Rico from any unencumbered funds in the Commonwealth Treasury to carry out the purposes of §§ 601—606 of this title.
History —May 30, 1969, No. 19, p. 33, § 4, eff. July 1, 1969. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/605/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 605 - ... | Any bank or institution authorized to make and which makes loans to students under the said federal act, and which receives from the Government Development Bank supplementary payment as subsidy under the provisions of §§ 601—606 of this title, shall be under the obligation to furnish to said Development Bank such infor... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iii/606/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter III - Incentive Program for Loans Under Title IV of the Federal... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter III - Incentive Program for Loans Under Title IV of the Federal Education Act of 1965 (§§ 601 — 606) › § 606 - ... | The good faith and the credit of the People of Puerto Rico is hereby pledged to pay the supplementary subsidy authorized by §§ 601—606 of this title to banks or institutions which make loans to students under Title IV of the “Federal Education Act of 1965”, as amended, and to appropriate to the Government Development B... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607 - Negotiation and execution of instrume... | It is hereby required that all departments, agencies, instrumentalities and public corporations of the Commonwealth of Puerto Rico identified in column A of § 607a of this title and their successors, negotiate and execute with the Government Development Bank for Puerto Rico, the agreements, promissory notes or finance ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607a - What may be restructured | The advances, pledges, obligations and/or loans that may be executed, restructured and/or refinanced and the estimated amounts thereof to June 30, 2001, including accrued interest to be paid up to June 30, 2001, and the debt service for the Fiscal Year 2002, including therein the interest to be accrued from July 1, 200... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607b - Budget appropriations | The Commonwealth of Puerto Rico shall honor, through budget appropriations made by the Legislature in the operating budgets for each fiscal year for the next thirty (30) years, beginning with fiscal year 2001-2002, the payments of the principal, the interest and any other payment allowed in § 607 of this title concerni... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607b-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607b-1 - Negotiate and execute agreements, ... | Every department, agency, instrumentality and public corporation of the Commonwealth of Puerto Rico, and their successors (hereinafter denominated as “government entities”) are hereby require to negotiate and execute with the Government Development Bank for Puerto Rico, agreements, notes or financial contracts as are n... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607b-2/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607b-2 - Advances, agreements, and/or loans... | Advances, agreements, obligations, and/or loans that may be entered into or executed, restructured, and/or refinanced under the provisions of § 607b-1 of this title, and the estimated amounts thereof as of December 31st, 2013, including interest accrued pending payment as of said date, shall be those advances, agreemen... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607b-3/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607b-3 - Honoring the payment of principal,... | The Commonwealth of Puerto Rico shall honor, by means of budget appropriations made by the Legislative Assembly in the operating budgets of every fiscal year for the next thirty (30) years, beginning in Fiscal Year 2016-2017, the payment of the principal, interest, and any other payment allowed under § 607b-1 of this t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607c - Budget appropriations—Uses; claims | The budget appropriations provided under this subchapter shall be used solely for the payment of these advances, pledges, obligations and loans and may not be used for other purposes, nor shall they be subject to claims from other creditors of the government entity.
History —Dec. 17, 2001, No. 164, § 4; renumbered as §... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607d - Authorization to advance funds | The Secretary of the Treasury is hereby authorized to advance the funds needed for the payment of the principal, the interest and any other payment related to said advances, pledges, obligations and loans. Any amount advanced shall be reimbursed to the Secretary of the Treasury through the budget appropriations authori... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607e - Special account | The Secretary of the Treasury shall deposit in a special account in the Government Development Bank, or in any other banking entity, the amount needed to meet the payment of the principal, the interest and other payments allowed by this subchapter, prior to each date on which the principal and the interest are to be pa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607f - Transfer of debts | The Government Development Bank may sell, transfer or otherwise dispose of any advance, pledge, obligation or loan covered by the provisions of this subchapter to any financial institution and/or subsidiary of the Government Development Bank, or dispose thereof in the capital markets.
History —Dec. 17, 2001, No. 164, §... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607g - Loans to government entities—Prohibi... | After the effective date of this act, the Government Development Bank for Puerto Rico or any subsidiary thereof is hereby banned from granting loans to any government entity other than a Bank’s subsidiary, whose source of repayment, as determined by the Board of Directors of the Government Development Bank for Puerto R... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607g-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607g-1 - Loans to government entities—Other... | After the effective date of this act, the Government Development Bank for Puerto Rico or any subsidiary thereof is hereby banned from granting loans to any government entity other than a Bank’s subsidiary, whose source of repayment, as determined by the Board of Directors of the Government Development Bank for Puerto R... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607h - Other laws | (a) Sections 1151 et seq. of Title 15, § 7035nt of Title 24, §§ 430 et seq. of Title 5 and §§ 353 et seq. of Title 13, and Act No. 179 of August 18, 2000, are hereby amended to the degree that they may be in conflict with the provisions of this subchapter, in order to prevent the duplication of the payment source and i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-iv/607i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter IV - Debt Refinancing for Governmental Entities (§§ 607 — 607i) › § 607i - Penalty | Any person who grants financing payable from the General Fund of the Commonwealth of Puerto Rico without the authorization established herein or who grants financing that is inconsistent with the provisions of § 607g-1 of this title shall be personally liable and shall commit a violation of this subchapter. To such eff... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608 - Imple... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608 - Implementation | The Government Development Bank (the Bank) and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, in their capacity as public corporations, shall implement a staggered Voluntary Early Retirement Program for all employees who meet the requir... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608a - Pens... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608a - Pension; uncredited services | After choosing early retirement, all employees who have not received the reimbursement of their accrued contributions or who having received said reimbursement have returned or deposited the same with the Retirement System not later than thirty (30) days as of the date of availing themselves of the Early Retirement Sys... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608b - Spec... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608b - Special incentives | The special incentives that the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority shall grant to those employees who comply with the parameters consigned in § 608 of this title, are the following:
(a) A lump ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608c - Exer... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608c - Exercise of decision | Those employees who meet the requirements established in §§ 608(a) and 608a of this title shall have to exercise their decision to join the Early Retirement Program on or before January 31, 2008, and the date for the payment of the pension shall be May 1, 2008.
[Those employees who meet the requirements established in ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608d - Judi... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608d - Judicial or administrative claims | It is hereby provided that the opportunity for eligible employees to join the Voluntary Early Retirement Program shall not be conditioned by their having to waive any present or pending judicial adjudication or administrative claims against the Government Development Bank and its affiliate, the Puerto Rico Infrastructu... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608e - Indi... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608e - Indispensable positions | It is hereby provided that with the implementation of this Early Retirement Program the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, shall eliminate a number of positions equal to those left vacant as a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608f - Actu... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608f - Actuarial cost | The actuarial cost of the pensions provided in this chapter, as determined by the Administrator of the Retirement System of the Employees of the Government and the Judiciary, shall be paid in advance by the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608g - Paym... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608g - Payment of new benefit | The GDB and its affiliate, the IFA and its subsidiary, the HFA, shall be liable for the payment of any other new benefit granted by law to the pensioners who have availed themselves of this Early Retirement Program.
History —Dec. 12, 2007, No. 188, § 7[bis] |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61a/608h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h)›§ 608h - Appl... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608h - Applicability; orientation | (a) The provisions of this act shall also be extensive to those employees who by the effective date of the same are enjoying some type of leave pursuant to the Regulations of the GDB and its affiliate, the IFA and its subsidiary, the HFA, or collective bargaining agreements or applicable statutes.
(b) The GDB and its a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611 - Short title | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611 - Short title | This chapter shall be known as the “Economic Development Bank for Puerto Rico Act”.
History —July 24, 1985, No. 22, p. 735, § 1; May 3, 1986, No. 17, p. 37, § 2. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611a - Creation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611a - Creation | (a) A corporate and political body is hereby created which shall constitute an instrumentality of the Commonwealth of Puerto Rico, which shall be known as the “Puerto Rico Development Bank”, hereinafter denominated as “the Bank”, which has as its purpose the promotion of the development of the private sector of the eco... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611b - Faculties and powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611b - Faculties and powers | The Bank shall have the following faculties and powers:
(a) To sue and be sued.
(b) To have an official seal and alter it from time to time.
(c) To invest in industrial, commercial, agricultural, hotel and service enterprises located in Puerto Rico, without this being construed as a limitation, through the acquisition ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611c - Personnel | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611c - Personnel | The Bank may appoint, employ and contract the services of all its officials, agents and employees and confer upon them the powers, faculties, responsibilities and authority that it deems pertinent, establish their duties, fix, change and pay the remuneration that it may determine subject to the policy, regulations and ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611d - Administration | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611d - Administration | (a) The business of the Bank and its subsidiaries shall be administered and its corporate powers shall be exercised by a Board of Directors, which shall be composed of nine (9) members. The President of the Government Bank, who is hereby designated as the Chairman of the Board of Directors of the Economic Development B... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611e - Regulations for loans, securities and investments | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611e - Regulations for loans, securities and investments | Within the ninety (90) days following the approval of this act, the Board of Directors shall adopt one or more regulations which shall rule the granting of loans, the securities and investments to be granted or made under the terms of this chapter including, but not limited to, the following criteria:
(1) Eligibility r... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611f - Exemptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611f - Exemptions | It is hereby determined and declared that the purpose for which the Bank is created is to help the Commonwealth of Puerto Rico in the execution of its government responsibilities of promoting the development of the economy of Puerto Rico, which is the public purpose in all respects for the benefit of all the residents ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611g - Bonds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611g - Bonds | (a) The Bank is hereby empowered to issue its own bonds from time to time, in the principal amounts that are necessary or adequate in the bank’s opinion up to the limit established in this subsection, to provide the funds to achieve any of its corporate purposes, including the payment of interest on the Bank’s bonds an... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611h - Trust agreement | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611h - Trust agreement | At the discretion of the Bank, any bond issued under the provisions of this chapter shall be secured by a trust agreement executed by and between the Bank and a corporate trust, which can be any trust company or bank with the faculties of a trust company in or outside the Commonwealth of Puerto Rico. It shall be legal ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611i - Examination and supervision by the Secretary of the Treasury and in... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611i - Examination and supervision by the Secretary of the Treasury and independent auditors | (a) The Bank shall be subject to examination and supervision by the Secretary of the Treasury of Puerto Rico pursuant to the terms of the “Banking Law”, §§ 1 et seq. of this title, applicable to banks organized under it or subject to its provisions; Provided, however, That the Bank shall not be compelled to pay any fee... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611j - Appointment of and powers of a receiver | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611j - Appointment of and powers of a receiver | (a) The Board of Directors of the Bank or the Secretary of the Treasury of Puerto Rico shall have the power to recommend to the Governor the appointment of a receiver for the Bank if the Board of Directors of the Bank or the Secretary of the Treasury of Puerto Rico determines that: (1) the Bank’s assets are less than i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611j-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611j-1 - Priority of expenses and unsecured claims in a receivership | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611j-1 - Priority of expenses and unsecured claims in a receivership | (a) Unsecured claims against the Bank, or the receiver for the Bank under this chapter, that are proven to the satisfaction of the receiver, shall have priority in the following order:
(1) Administrative expenses of the receiver.
(2) Wages, salaries, or commissions, including vacation, severance, and sick leave pay, or... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611j-2/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611j-2 - Provisions relating to contracts entered into before appointment ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611j-2 - Provisions relating to contracts entered into before appointment of receiver | (a) Except as otherwise provided by this section, the receiver may enforce any contract or agreement entered into by the Bank notwithstanding any provision of a contract providing for termination, default, acceleration, or exercise of rights upon, or by reason of, insolvency or the appointment of a receiver to the exte... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611k - Violations to laws and regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611k - Violations to laws and regulations | If any Bank Director violates or knowingly or negligently allows any official, agent or employee of the Bank to violate this chapter or any of the provisions of the Bank’s regulations, the Bank’s Board of Directors and/or the President of the Bank shall immediately inform the matter to the Governor of Puerto Rico. The ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611l - Nullity of transfers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611l - Nullity of transfers | Every transfer of notes, bonds, bills of exchange or credit balances of the Bank or deposits to the credit thereof, as well as every assignment of mortgage, collateral on real property or of a judgment or decree in favor of the Bank, and every deposit or other thing of value; and every cash payment made to its creditor... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611m - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611m - Penalties | (a) Any official, employee or agent of the Bank who receives any deposit knowing that the Bank is bankrupt shall be guilty of a misdemeanor if the amount or value of said deposit is less than two hundred dollars ($200), but if the amount or value of said deposit is two hundred dollars ($200) or more, said person shall ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611n - “Banking Law” not applicable | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611n - “Banking Law” not applicable | Considering that this chapter includes all the necessary and pertinent provisions which are analogous to those of § 1 et seq. of this title, none of the provisions thereof shall apply to the Bank, its Directors, officials, employees or agents.
History —July 24, 1985, No. 22, p. 735, § 16. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611o - Reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611o - Reports | The President of the Bank shall render an annual report of the Bank’s operations to the Board of Directors; in turn, the Board of Directors shall render an annual report to the Governor and to the Legislature of Puerto Rico of said operations at the beginning of each regular session. This report shall include:
(1) A fi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611p/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611p - Capitalization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611p - Capitalization | The Economic Development Bank for Puerto Rico Fund, a subsidiary of the Government Development Bank for Puerto Rico, is hereby directed and authorized to transfer to the Bank the sum of fifteen million dollars ($ 15,000,000), which shall represent the Bank’s original capital.
History —July 24, 1985, No. 22, p. 735, § 1... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-62/611q/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q)›§ 611q - Special Fund for Emergencies—Establishment | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611q - Special Fund for Emergencies—Establishment | (a) To direct the Economic Development Bank for Puerto Rico to establish a Special Fund for emergency loans to small businesses of the tourism sector of Puerto Rico including inns, small hostelries, travel agencies and tour companies with gross sales of less than two million dollars ($2,000,000) annually. Said loans sh... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630 - Definitions | For the ends and purposes of this chapter, these terms shall have the following meaning:
(a) Credit repair agency. — Any person, business, establishment, corporation, association, partnership or entity dedicated to providing assistance or advice for the planning and management of the debts of a consumer, by means of pe... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630a - Oversight | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630a - Oversight | The Office of the Commissioner of Financial Institutions, created by virtue of §§ 2001 et seq. of this title, shall be the office in charge of supervising and overseeing credit repair agencies.
History —Aug. 31, 2004, No. 236, § 3, eff 60 days after Aug. 31, 2004. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630b - Powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630b - Powers of the Commissioner | In addition to the powers and authorities conferred to the Commissioner by the Organic Act, he/she shall be empowered to:
(1) Conduct investigations at the request of an interested party or at his/her own initiative pertaining to alleged infringements of this chapter, as well as any other investigations necessary for t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630c - License—Obtaining; exceptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630c - License—Obtaining; exceptions | No person, except for those excluded from the applicability of this chapter, banks authorized to operate in Puerto Rico, trust companies, federal agencies or dependencies of the Commonwealth of Puerto Rico, savings and credit unions, government retirement systems and federal savings and loans associations, may establis... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630d - License—Applications and fees | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630d - License—Applications and fees | License applications shall be sworn and filed with the Commissioner, which shall state the following:
(1) Name and address where the main offices of the business shall be located in Puerto Rico, as well as the information required by the Commissioner, including the identification of each applicant. Upon filing the appl... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630e - Requirements for operating | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630e - Requirements for operating | Any person to be dedicated to act as a credit repair agency shall have a bachelor’s degree and two (2) years of experience in the area of credit granting and analysis with a financial institution or five (5) years of experience in said market if he/she lacks the bachelor’s degree. In the case of juridical entities, sai... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630f - Processing the application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630f - Processing the application | (a) Issuing the license. — Upon filing the application and paying the fees, the Commissioner shall conduct the investigations he/she deems necessary and shall approve the application and issue a license to the applicant to operate pursuant to the provisions of this chapter if it he/she finds that the financial responsi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630g - Annual licenses | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630g - Annual licenses | (a) Contents of the license. — Every license shall have the address of the main office in Puerto Rico where the business shall be conducted and the name of the business.
The license shall not be transferable and shall be placed in a visible area in the place of business. No other license shall be issued unless it is ce... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630h - Capital and bond requirements | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630h - Capital and bond requirements | Any business established under the provisions of this chapter shall:
(a) Maintain not less than ten thousand dollars ($10,000) in liquid capital for use in the administration of the business of each authorized office.
(b) Post and maintain a bond for a minimum of ten thousand dollars ($10,000) and a maximum of one hund... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630i - Inspections | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630i - Inspections | All businesses established under the provisions of this chapter shall be bound to put at the disposal of the Commissioner the accounting books, records, documents and any other information that the Commissioner deems necessary for his/her inspection. Moreover, the Commissioner or his/her representatives shall be given ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630j - Destruction of books and records | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630j - Destruction of books and records | Any business established pursuant to the provisions of this chapter may destroy its books and records after five (5) years have elapsed from the date of the last entry in such books or records or from the date in which any obligation ceases to be enforceable according to the documents in its possession.
The business sh... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630k - Duties of the credit repair agency | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630k - Duties of the credit repair agency | (a) Orientation. — Any attempt to contract the rendering of services shall be preceded by a thorough and efficient orientation on the services to be offered; said orientation shall include all the information required under the disclosure clause contained in this chapter. This process shall be conducted as professional... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630l - Contract | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630l - Contract | (a) Any service contract of the business shall be in writing and bear the date and the signature of both the consumer and the authorized representative, and shall include the following information:
(1) A clear statement in bold type of not less than 10 points shall be printed next to the space reserved for the signatur... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630m - Additional duties and obligations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630m - Additional duties and obligations | All credit repair agencies established pursuant to the provisions of this chapter shall comply with the following duties and obligations:
(1) Relations with the customer shall be considered to be in the nature of a trust and the agencies shall be required to exercise their functions with utmost diligence, care, loyalty... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630n - Transfer of capital or control | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630n - Transfer of capital or control | No credit repair agency established under the provisions of this chapter may initiate the sale, assignment, merger, exchange, permutation or any other form of transfer of the shares with the right to vote, interest or participation in the capital of another credit repair agency without previous authorization in writing... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630o - Prohibited practices | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630o - Prohibited practices | Credit repair agencies shall not engage in the following:
(1) Operate or do business as a credit repair agency without first obtaining a license from the Office of the Commissioner of Financial Institutions.
(2) Solicit, receive or collect in advance the total or partial payment for any commission or charge for the ser... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630p/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630p - Relinquishment | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630p - Relinquishment | (a) Generally. — Any credit repair agency may relinquish its license through written notice sent to the Commissioner, who shall order and carry out an investigation of the business prior to accepting the relinquishment of the license. If after the investigation it is found that any violation has been incurred, the Comm... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630q/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630q - Revocation of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630q - Revocation of license | (a) Generally. — Pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”, no license shall be revoked without a prior hearing.
The Office of the Commissioner of Financial Institutions, at its own initiative or at the request of a party, may initiate the procedures f... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630r/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630r - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630r - Penalties | The Commissioner, with prior notification and administrative hearing, may impose and collect administrative fines from any credit repair agency for any violation of this chapter or any applicable regulations, orders or resolutions approved and issued by the Commissioner. The administrative fines shall not be of less th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630s/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630s - Consumer claims | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630s - Consumer claims | The Office of the Commissioner of Financial Institutions and the Department of Consumer Affairs shall have jurisdiction over the claims made by consumers regarding credit repair agencies.
The Department of Consumer Affairs, created pursuant to §§ 341 et seq. of Title 3, shall have jurisdiction over claims filed by cons... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630t/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630t - Reconsideration | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630t - Reconsideration | Issues pertaining to administrative hearing procedures, adjudication procedures, reconsiderations and reviews of orders and resolutions, or any other decision made by the Commissioner based on this chapter or any regulations issued by the Commissioner, may be reconsidered and reviewed pursuant to the provisions set for... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630u/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630u - Review before the Circuit Court of Appeals | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630u - Review before the Circuit Court of Appeals | Any party that is adversely affected by a final order or resolution or decision issued by the Commissioner pursuant to the provisions set forth in this chapter or an applicable regulation, may file a request for review before the Circuit Court of Appeals within thirty (30) days from the date of entry in the files of a ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630v/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630v - Compliance | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630v - Compliance | The provisions of this chapter do not exempt the contracting parties from compliance with any other applicable law or regulation, including federal laws.
History —Aug. 31, 2004, No. 236, § 26, eff. 60 days after Aug. 31, 2004. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630w/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630w - Waiver of liability | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630w - Waiver of liability | Any contract clause regarding the waiver of liability concerning the provisions in this chapter granted by a consumer to a credit repair agency for the purpose of exempting the latter from compliance with this chapter shall be in contravention to the public policy and therefore null and void. Likewise, any contract tha... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-64/630x/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x)›§ 630x - Existing businesses | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630x - Existing businesses | Any person who at the date of effectiveness of this act is operating a credit repair business may continue to do so, but shall request a license therefor from the Office of the Commissioner of Financial Institutions within thirty (30) days from the date of effectiveness of this act. Such persons shall comply with all t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-65/695/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 65 - Credit Unions (§§ 651 — 697)›§ 695 - Deductions from salaries of government personnel—Authorization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 65 - Credit Unions (§§ 651 — 697) › § 695 - Deductions from salaries of government personnel—Authorization | The officials and employees of the commonwealth government and municipal governments of the Commonwealth of Puerto Rico who are members of a credit union organized under Act No. 10, approved July 1, 1947, as amended by Act No. 153, approved April 29, 1949, may authorize the head of the department or dependency where th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-65/696/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 65 - Credit Unions (§§ 651 — 697)›§ 696 - Deductions from salaries of government personnel—Deduction by officials responsible for paym... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 65 - Credit Unions (§§ 651 — 697) › § 696 - Deductions from salaries of government personnel—Deduction by officials responsible for payment | The officials responsible for the payment of the salaries of officials and employees of the commonwealth government and municipal governments of the Commonwealth of Puerto Rico shall deduct from the salaries of such officials and employees who have so requested from the head of the department or dependency where they w... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-65/697/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 65 - Credit Unions (§§ 651 — 697)›§ 697 - Deductions from salaries of government personnel—Payment to credit unions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 65 - Credit Unions (§§ 651 — 697) › § 697 - Deductions from salaries of government personnel—Payment to credit unions | The officials responsible for making the deduction mentioned in § 696 of this title shall place at the disposal of the treasurer of each credit union to which said officials and employees belong, by check drawn to the order of such credit union, the amounts so deducted from the salaries of such officials and employees.... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/751/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 751 - Creation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 751 - Creation | The creation of a corporation to operate under the name of “Cooperative Bank of Puerto Rico”, hereinafter called the Bank, is hereby authorized.
History —June 21, 1966, No. 88, p. 257, § 1. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/752/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 752 - Purpose | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 752 - Purpose | The purpose of the Bank is to promote the general welfare of the community by the proper canalization of the resources of cooperative enterprises and their members, in addition to other resources the institution may raise, in order to meet the credit requirements of the cooperative organizations, their members, and the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/753/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 753 - Principal office, branches or agencies | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 753 - Principal office, branches or agencies | The principal office of the Bank shall be in San Juan, Puerto Rico. Those branches or agencies that the Board of Directors of the Bank may deem necessary may be established with the approval of the Commissioner of Financial Institutions.
History —June 21, 1966, No. 88, p. 257, § 3; Sept. 25, 1992, No. 79, § 1. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/754/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 754 - Minimum capital | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 754 - Minimum capital | The minimum capital required for the establishment of the Bank shall be five hundred thousand dollars ($500,000), which must be paid in before the institution shall commence operations as a bank in Puerto Rico.
History —June 21, 1966, No. 88, p. 257, § 4. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/755/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 755 - Types of stock | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 755 - Types of stock | The capital shall consist of common stock which shall have a one hundred dollar ($100) par value.
(a) Common stock shall have the right to vote as provided in §§ 756 and 760 of this title, and shall be held by cooperative organizations operating in Puerto Rico under Commonwealth or federal laws which maintain not less ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/756/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 756 - Voting | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 756 - Voting | In the exercise of the right to vote, voting by proxy is hereby forbidden, except as provided in § 760 of this title.
Each stockholder shall be entitled to one vote per share acquired.
History —June 21, 1966, No. 88, p. 257, § 6; Sept. 25, 1992, No. 79, § 3. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/757/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 757 - Application for incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 757 - Application for incorporation | Through the initiative of the Administrator of the Cooperative Development Administration in collaboration with the central bodies of the cooperative movement, eleven (11) or more persons residing in Puerto Rico and who are officials or directors of central bodies and second- and first-class cooperative organizations a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/758/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 758 - Commencement of operations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 758 - Commencement of operations | The Bank shall commence operations as soon as the Secretary of the Treasury shall certify that all organization requirements established in this chapter and applicable regulations have been complied with.
History —June 21, 1966, No. 88, p. 257, § 8. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/759/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 759 - Board of directors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 759 - Board of directors | (a) During the period comprised between the day it commences operations and the date on which its first Board of Directors is elected, the business of the Bank shall be managed and its corporate powers exercised by a Provisional Board of Directors elected by the incorporators.
(b) Said Board shall adopt, at the first m... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-66/760/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c)›§ 760 - General Assembly | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 66 - Cooperative Bank of Puerto Rico (§§ 751 — 779c) › § 760 - General Assembly | (a) At least one Regular General Assembly of Stockholders shall be held each year, and as many special assemblies as may be necessary in the opinion of the Board of Directors. The Board may call a Special Assembly at the request of the holders of at least one third (1 / 3) or more of the shares issued and outstanding.
... |
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