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https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1407/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1407 - Judicial review | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1407 - Judicial review | Any finding of the Secretary grounded on this chapter or on its regulations may be reviewable by certiorari upon petition filed by the aggrieved party in the Court of First Instance, San Juan Part, within 30 days from the date of receipt of the notice of said finding.
History —July 23, 1974, No. 131, Part 1, p. 590, § ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2001/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2001 - Short title | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2001 - Short title | This chapter shall be known as the “Financial Institutions Commissioner’s Office Act”.
History —Oct. 11, 1985, No. 4, p. 857, § 1. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2002/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2002 - Creation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2002 - Creation | The Office of the Commissioner of Financial Institutions is hereby created.
History —Oct. 11, 1985, No. 4, p. 857, § 2; Sept. 10, 2009, No. 95, § 1. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2003/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2003 - Purpose | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2003 - Purpose | The Financial Institutions Commissioner’s Office shall be charged with the main responsibility of controlling and supervising the financial institutions that operate or do business in the Commonwealth of Puerto Rico, among its other functions provided in this chapter.
The Office of the Commissioner of Financial Institu... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2004/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2004 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2004 - Definitions | To the effects of this chapter, the following terms shall have the meanings stated hereinbelow:
(a) Bank. — Shall mean any person engaged in the banking business in Puerto Rico.
(b) Banking business. — Shall mean the business of buying, selling, paying or collecting bills of exchange or bank drafts, issuing letters of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2005/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2005 - Direction | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2005 - Direction | (a) Commissioner of Financial Institutions. — The Office of the Commissioner shall be under the direction of a Commissioner, who shall be appointed by the Governor with the advice and consent of the Senate of Puerto Rico; the Commissioner shall answer directly to the Governor.
In the performance of his functions, the C... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2006/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2006 - Personnel | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2006 - Personnel | (a) Deputy Commissioner. — The Commissioner shall appoint a Deputy Commissioner and one or more Assistant Commissioners of established moral repute, with experience in and knowledge of financial matters deemed necessary to best comply with the purposes of the Office of the Commissioner. In case of illness, disability, ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2007/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2007 - Transfer to the Office of the Commissioner of Financial Instit... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2007 - Transfer to the Office of the Commissioner of Financial Institutions | The following are hereby transferred to the Office of the Commissioner of Financial Institutions:
(a) All the functions, powers, and duties of the Secretary and/or the Department of the Treasury related to §§ 71—79 of Title 15, known as the “Games of Chance Act”; § 10002(j) of Title 13, known as the “Puerto Rico Indust... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2008/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2008 - Financing Board—Creation and members | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2008 - Financing Board—Creation and members | (a) The Financial Board is hereby created in the Office of the Commissioner, which shall be composed of nine (9) members, including the Commissioner.
(b) The other members are: the Secretary of the Treasury, who shall act as the Chairperson of the Board, the Secretary of Economic and Commercial Development, the Secreta... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2009/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2009 - Financing Board—Functions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2009 - Financing Board—Functions | The Board shall be the legal successor of the Interest Rates and Financing Fees Regulating Board, created by §§ 998 et seq. of Title 10. As such, it shall be responsible for fixing, regulating, raising or lowering, by regulations and for the necessary term, the interest rates and/or maximum fees applicable to certain f... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2009a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2009a - Hearings; summons; oaths; information and personnel | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2009a - Hearings; summons; oaths; information and personnel | In order for the Board to adequately comply with the duties imposed by this chapter, it may hold hearings and request any information that it deems pertinent from the persons or entities that could be affected by any of its determinations.
The Financing Board is hereby empowered to conduct all types of studies and inve... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2009b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2009b - Regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2009b - Regulations | When a regulation is approved, amended or repealed by the Financing Board, said regulation, amendment or repeal shall comply with the provisions of §§ 2101 et seq. of Title 3.
The provisions of the regulations approved by virtue of the provisions of § 2008 of this title, shall not be applicable to contracts executed no... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2010/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2010 - Commissioner—Powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2010 - Commissioner—Powers | (a) The Commissioner, in addition to the powers and faculties transferred hereby, shall have the power and authority to:
(1) Regulate his own procedures and working standards.
(2) Implement any provision through regulations; define with the Board’s approval any term which is not defined by this or other laws which he i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2011/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2011 - Commissioner—Suspension and removal of directors and officials | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2011 - Commissioner—Suspension and removal of directors and officials | (a) When the Commissioner has sufficient grounds to believe that any member of the board of directors or officials of a financial institution supervised by the Office of the Commissioner has committed a violation or is violating any law related to said entity, or has managed the affairs of said business inadequately, t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2012/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2012 - Commissioner—Additional powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2012 - Commissioner—Additional powers | In addition to the other powers conferred by this chapter, the Commissioner is empowered to require the entities that he supervises pursuant to this chapter to:
(a) Keep their accounts, records and registers according to those regulations he may prescribe from time to time.
(b) Comply with standards and methods he pres... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2013/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2013 - Complaints | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2013 - Complaints | Any citizen may file a complaint in the Commissioner’s Office to vindicate the rights granted to the citizens by the laws administered thereby.
History —Oct. 11, 1985, No. 4, p. 857, § 13. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2014/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2014 - Reconsideration of the Commissioner’s decisions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2014 - Reconsideration of the Commissioner’s decisions | When not otherwise provided by any special law administered by the Commissioner, any party affected by the Commissioner’s decision may request a reconsideration thereof within a term of fifteen (15) days after the date the decision is served.
History —Oct. 11, 1985, No. 4, p. 857, § 14. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2015/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2015 - Judicial review of resolutions and orders issued by the Commis... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2015 - Judicial review of resolutions and orders issued by the Commissioner | (a) When not otherwise provided by any special law administered by the Commissioner, any party affected adversely by a resolution or order of the Commissioner may appeal for a judicial review of said resolution or order by the Court of First Instance of the Commonwealth of Puerto Rico, San Juan Part, after service of t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2016/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2016 - Limitation of personnel liability | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2016 - Limitation of personnel liability | No member, official, functionary or employee of the Board or the Commissioner, or official, functionary or employee in the Office of the Commissioner, shall be liable in a civil suit for damages, for any act or omission in good faith, in the performance of the duties of his office.
History —Oct. 11, 1985, No. 4, p. 857... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2017/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2017 - Faculty of the Governor | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2017 - Faculty of the Governor | The Governor may delegate on the functionary or functionaries he wishes to, and may adopt the measures needed so that the transfer of the functions, duties, responsibilities, obligations, offices, programs, funds, property, files or any others that are needed pursuant to the provisions of this chapter to be carried out... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2018/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2018 - Appropriation of funds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2018 - Appropriation of funds | (a) The funds of the “Fund for the Investigation and Examination of Financial Institutions and Gambling Casinos”, created by §§ 7 and 8 of Title 13, are hereby appropriated to the Office of the Commissioner to carry out the purposes of this chapter. The appropriations budgeted for the 1985-86 Fiscal Year are also trans... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2019/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2019 - Continuity of transferred acts | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2019 - Continuity of transferred acts | The provisions of the acts referred to in § 2007 of this title, which grant powers, functions and duties to the Secretary of the Treasury, and the rules, regulations and orders adopted or issued by said Secretary pursuant to said laws, shall remain in force and shall be administered by the Commissioner, who shall be th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2020/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2020 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2020 - Penalties | (a) Any financial institution or person who violates the provisions of this chapter or the regulations promulgated hereunder shall be subjected to an administrative fine to be determined by the Commissioner, which in no case shall exceed five thousand dollars ($5,000). Any financial institution or person who violates t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-131/2021/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021)›§ 2021 - Special Fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2021 - Special Fund | (a) A special fund is hereby created, to be known as the “Fund for Consumer Education in Financial Matters and Training of the Personnel of the Office of the Commissioner of Financial Institutions”, in order to provide financial assistance geared toward the education of the general public in financial matters and to tr... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2031/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2031 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2031 - Definitions | For purposes of this chapter, the terms of the “Fair Credit Reporting Act” as defined in § 1681a are hereby adopted.
The following terms shall mean:
(a) Commissioner. — The Commissioner of Financial Institutions as defined by §§ 2001 et seq., known as the “Financial Institutions Commissioner’s Office Act”.
(b) Consumer... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2032/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2032 - Authority and duties of the Secretary and the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2032 - Authority and duties of the Secretary and the Commissioner | (a) The Secretary shall have jurisdiction for the general implementation of this chapter, including the provisions adopted by the Fair Credit Reporting Act. For the performance his/her functions he/she shall have all the powers conferred by §§ 341 et seq. and by 2101 et seq. of Title 3.
(b) The Commissioner shall have ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2033/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2033 - Federal legislation applicability | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2033 - Federal legislation applicability | All the provisions of federal legislation contained in the Fair Credit Reporting Act are hereby adopted and incorporated into this chapter, as these are amended from time to time.
The requirements and penalties provided in this chapter shall be in addition to those of the Fair Credit Reporting Act.
History —Sept. 2, 20... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2034/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2034 - Duty to inform | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2034 - Duty to inform | Any information provider shall be bound to notify in writing to all its clients of every instance in which it has submitted information that is adverse to their credit, within not more than thirty (30) days after such information is submitted to the credit reporting agency.
Clients shall be notified every time that adv... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2035/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2035 - Responsibility of credit reporting agencies | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2035 - Responsibility of credit reporting agencies | Responsibility of credit reporting agencies to eliminate incomplete, incorrect, inaccurate or non-verifiable information.
(a) Credit reporting agencies shall investigate disputes raised by consumers where it is challenged that any information contained in the credit report is incorrect, incomplete or inaccurate. The pl... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2035a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2035a - Responsibility of the credit reporting agency to provide notice that certain credit i... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2035a - Responsibility of the credit reporting agency to provide notice that certain credit information is being disputed and that an investi... | (a) If any information furnished to a credit reporting agency by a furnisher of information is challenged or disputed by a consumer because it is incomplete or inaccurate, said furnisher of information may not relay the information to any credit reporting agency without including a notice explaining that such informati... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2036/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2036 - Responsibility to correct erroneous information | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2036 - Responsibility to correct erroneous information | (a) General provision. — If any information submitted by an information provider to a credit reporting agency is disputed, the information provider shall:
(1) Conduct a diligent investigation with regard to the disputed information.
(2) Review all the relevant information provided by the consumer or by the credit repor... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2037/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2037 - Information that credit reporting agency must provide at consumer’s request | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2037 - Information that credit reporting agency must provide at consumer’s request | (a) All the information in the file at the time it is requested, with the exception of information on the credit rating or any rating of risk, or predictions related to the consumer.
(b) The source of the information.
(c) The identity of each person who procures a report about the consumer. The name of the person or th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2038a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2038a - Obtaining a credit report free of charge once in a calendar year | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2038a - Obtaining a credit report free of charge once in a calendar year | (a) The consumer may claim a free of charge credit report per calendar year from each credit agency doing business in Puerto Rico.
(b) The credit reporting agencies shall post a sign citing this section in a reasonably visible location where the credit reports are dispatched. Furthermore, they shall cite this section o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-132/2039/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039)›§ 2039 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2039 - Penalties | The Secretary or the Commissioner may impose fines from five hundred dollars ($500) up to a maximum of five thousand dollars ($5,000) for each violation of the provisions of this chapter or its regulation, including the provisions of § 2035 of this title on the imposition of a fine established in its subsection (c).
Re... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2101/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2101 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2101 - Definitions | For the purposes of this chapter, the following terms shall have the meaning stated hereinbelow, unless another meaning clearly arises from the context:
(a) Commissioner. — Means the Commissioner of Financial Institutions.
(b) Owner. — Means the person entitled to claim money and other liquid assets abandoned or unclai... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2102/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2102 - Applicability | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2102 - Applicability | This chapter shall apply to all financial institutions or holders, as such terms are defined in this chapter. Nevertheless, those sums of money or liquid assets under the jurisdiction of the courts or agencies of the Commonwealth of Puerto Rico, are hereby excluded.
History —July 28, 1989, No. 36, p. 116, § 3. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2103/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2103 - Presumption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2103 - Presumption | (a) Those sums of money and other liquid assets, as defined in this chapter, in the custody of a financial institution plus the interest or dividends that the same have accrued or accumulated and after deducting the charges legally imposed thereon, shall be presumed as abandoned and unclaimed when, within the five (5) ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2104/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2104 - Obligation to render reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2104 - Obligation to render reports | (a) Every financial institution or holder, as defined in this chapter, is under the obligation to render an annual report to the Commissioner no later than the 10th day of August, as of the previous 30th of June, stating the sums of money and other liquid assets in its custody, having an aggregate value greater than on... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2105/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2105 - Publication | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2105 - Publication | (a) Every financial institution or holder, as defined in this chapter, bound to render the report described in § 2104(a) of this title, shall publish annually, once during each of the months of August and September, in a newspaper of general circulation that is published at least six days a week, a notice entitled Uncl... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2106/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2106 - Term to claim | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2106 - Term to claim | Any person who believes he/she is entitled to any abandoned and unclaimed money or other liquid assets turned over to the Commissioner, as provided in § 2105 of this title, may claim them to the Commissioner. The Commissioner is hereby authorized to pay such unclaimed money or other liquid assets to the owner, plus com... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2107/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2107 - Regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2107 - Regulations | The Commissioner is hereby empowered to approve, promulgate, amend, stay or repeal any regulation he deems convenient for the faithful compliance of this chapter.
History —July 28, 1989, No. 36, p. 116, § 8. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2108/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2108 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2108 - Penalties | Any financial institution or holder who incurs a violation to the provisions of this chapter, may be penalized with an administrative fine which shall not exceed five thousand dollars ($5,000). The Commissioner may also impose an administrative fine which shall not exceed five thousand dollars ($5,000) for every five (... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vi/chapter-133/2109/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VI - Control And Supervision (§§ 2001 — 2109)›Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109)›§ 2109 - Applicability of Uniform Administrative Procedures Act | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2109 - Applicability of Uniform Administrative Procedures Act | All the provisions of this chapter shall be ruled, in that which is pertinent, by §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”.
History —July 28, 1989, No. 36, p. 116, § 10. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3021/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3021 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3021 - Definitions | For the purposes of this chapter, the following terms shall have the meaning stated below:
(a) Administrator of the fund. — Is the person in charge of investing the capital of a capital investment fund, administering the tax credits provided in this chapter, administering the resulting stock portfolio, keeping the book... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3022/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3022 - Operations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3022 - Operations | (a) Investment in ventures.— The operation of a fund shall consist in the investment of restricted use capital in ventures in the following sectors or activities:
(1) Manufacture;
(2) service;
(3) tourism;
(4) agriculture;
(5) agricultural and livestock industries;
(6) fish nurseries;
(7) commercial fishing;
(8) scient... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3023/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3023 - Organization and trade name | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3023 - Organization and trade name | (a) Corporation or trust. — A capital investment fund which is a corporation or a trust shall be organized according to the laws of Puerto Rico.
(b) Partnership. — A capital investment fund may be constituted as a partnership according to the laws of Puerto Rico or any of the states of the United States of America, pro... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3024/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3024 - Capital; list of investors; loans | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3024 - Capital; list of investors; loans | (a) Capital of the fund. — The capital of each fund shall consist of restricted use capital and unrestricted use capital. The acquisition of private proprietary interests and/or Bank proprietary interests shall only be made in cash.
(b) Investment of the Bank. — The Bank may invest in a fund in Bank proprietary interes... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3025/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3025 - Responsibilities of investors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3025 - Responsibilities of investors | Investors in a fund shall be liable for the debts or obligations of the fund only up to the total amount invested.
History —Jan. 28, 2000, No. 46, § 6. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3026/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3026 - Effectiveness and fees for the issuance of licenses; audits or e... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3026 - Effectiveness and fees for the issuance of licenses; audits or examination of the funds; Certificates of Complia... | (a) Application, fees, evaluation, and issuance of license.— Every trust, corporation, or partnership interested in operating as a capital investment fund shall file an application before the Commissioner in which it shall provide the information required by the Commissioner. Together with said application the interest... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3027/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3027 - Obligation to submit reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3027 - Obligation to submit reports | Every fund and the business in which it invests, shall file the reports required by the Commissioner through orders, administrative decisions or his/her powers under §§ 2001 et seq. of this title, known as the “Office of the Commissioner of Financial Institutions Act”. Likewise, on the same date as that required by the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3028/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3028 - Non-compliance of requirements, obligations and duties; authoriz... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3028 - Non-compliance of requirements, obligations and duties; authorization to liquidate | (a) Non-compliance of requirements, obligations and duties. — The Commissioner may impose and collect an administrative fine of five hundred [dollars] ($500) up to five thousand dollars ($5,000) from the Administrator of the fund or any person for each violation, when he/she determines that the Administrator of the fun... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3029/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3029 - Taxing of the capital investment fund and disposal of income fro... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3029 - Taxing of the capital investment fund and disposal of income from investments in risk-free businesses | (a) Tax exemption. — Every fund with a license in effect issued by the Commissioner during the entire taxable year, or that part thereof that applies to the first or last year of operations, shall be exempted from the income taxes imposed by §§ 8401 et seq. of Title 13, except for the provisions of subsection (f) of th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3030/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3030 - Taxation of stockholders or investors of capital investment fund... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3030 - Taxation of stockholders or investors of capital investment funds | The taxation of stockholders or investors of a fund shall be governed by the following norms:
(a) Distributions attributable to the investment of unrestricted use capital in risk-free businesses. — The distribution of profits or dividends (that are not a distribution upon liquidation subject to § 3031 of this title) th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3031/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3031 - Special tax on net long-term capital gains | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3031 - Special tax on net long-term capital gains | In the case of the sale, exchange, disposition or transfer of private proprietary interests in a fund (including that related to the total liquidation of the fund), any capital gain attributable to the investment in private proprietary interests in the fund shall be subject to a tax of ten percent (10%) on the amount i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3032/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3032 - Licenses and involuntary conversions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3032 - Licenses and involuntary conversions | Involuntary conversions of the proprietary interests of a fund shall be governed by the following norms:
(a) Revocation, suspension or denial of license. — The Commissioner may revoke, suspend, or deny the license of a fund for violations of this chapter or its regulations. In any of said cases, if the Commissioner sho... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3033/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3033 - Tax credit; sale or assignment of tax credit; adjusted base | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3033 - Tax credit; sale or assignment of tax credit; adjusted base | (a) Tax credit. — The Administrator of the fund shall be entitled to a tax credit equivalent to twenty-five percent (25%) of the sum of money received by the fund as private proprietary interests in the fund, which can be used solely as provided in subsections (b) and (d) of this section.
The tax credit shall be availa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3034/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3034 - Profits from the sale, exchange or other disposition of investme... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3034 - Profits from the sale, exchange or other disposition of investments in proprietary interests in a capital invest... | The sale, exchange, or any other disposition of proprietary interests in a fund shall be governed by the following norms:
(a) All profits from the sale, exchange or other disposition that is not a transfer by donation or inheritance, of an investment in private proprietary interests in [a] capital investment fund, incl... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3035/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3035 - Losses from the sale, exchange or other disposition of investmen... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3035 - Losses from the sale, exchange or other disposition of investments in proprietary interests in a capital investm... | Any loss sustained by the holders of private proprietary interests in the exchange or other disposition of an investment in private proprietary interests in a fund, shall be deemed as a capital loss.
History —Jan. 28, 2000, No. 46, § 16. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3036/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3036 - Profits and losses attributable to proprietary interests of the ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3036 - Profits and losses attributable to proprietary interests of the Bank | (a) Profits of the fund. — The Bank shall have preferred participation in the profits and income obtained by the fund.
(1) The profit rate of the proprietary interests of the Bank shall be equal to two percent (2%) over the prime rate, which shall be determined by the Bank through regulations. The percent[age] of the p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3037/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3037 - Prohibition to impair capital | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3037 - Prohibition to impair capital | (a) Paid-up capital of the fund. — A fund must maintain a sum of paid-up capital which, in the judgment of the Commissioner, will provide adequate security for its:
(1) Long-term operations in a safe and lucrative manner, and
(2) active operations in accordance with the license issued by the Commissioner.
(b) Solvency ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3038/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3038 - Transfer of title | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3038 - Transfer of title | The transfer of proprietary interests in a capital investment fund shall be subject to the requirements established by the Commissioner through regulations. The regulations to be promulgated by the Commissioner shall provide for the administrator of the fund to notify the Secretary of any transfer of proprietary intere... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3039/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3039 - Other exemptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3039 - Other exemptions | (a) Taxation of personal property. — Investments in proprietary interests in funds, or in stock of trusts created by the Bank pursuant to § 3032 of this title, shall be exempted from personal property taxes in Puerto Rico and shall not have to be reported on the real property tax returns that the investor is bound to f... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3040/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3040 - Administrators of the fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3040 - Administrators of the fund | (a) Administration of more than one (1) fund. — The Administrators of a fund may administer more than one (1) fund simultaneously.
(b) Notification. — The Administrator of a fund shall notify the Secretary and the Bank, in writing, of the authorization and issuance of private proprietary interests. The Administrator of... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3041/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3041 - Due diligence of the administrator of the fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3041 - Due diligence of the administrator of the fund | (a) The Administrator of a fund shall act in a fiduciary capacity for the good of the fund and its beneficiaries. The Administrator of the fund shall also be responsible for maximizing profits and minimizing any investment loss, without considering the tax credits available. For such reason, he/she shall take the neces... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3042/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3042 - Regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3042 - Regulations | (a) The Commissioner together with the Bank shall adopt regulations, in addition to the other regulations provided in this chapter, to govern:
(1) The maximum percent of the moneys of a capital investment fund that can be used and attributed to the administrative expenses thereof, to professional and consulting service... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3043/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3043 - Supplemental acts | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3043 - Supplemental acts | The provisions of §§ 851 et seq. of Title 10, known as the “Uniform Securities Act”, concerning civil and criminal liability, shall be supplemental to this chapter to the extent that they do not conflict with it.
History —Jan. 28, 2000, No. 46, § 24. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3044/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3044 - Interrelation with other acts | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3044 - Interrelation with other acts | (a) Granting of combined tax credits. — The provisions of this chapter shall not be used together with other laws that provide incentives for private economic sectors through the granting of tax credits, if the combination of both laws is used to elude limitations that apply under any of said laws with respect to the b... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3045/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3045 - Licenses issued | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3045 - Licenses issued | Applications presented prior to the approval of this act shall be considered and approved under the provisions of §§ 1241 et seq. of this title, known as the “Capital Investment Funds Act”. Licenses issued under the provisions of said §§ 1241 et seq., shall remain in force during the remainder of their term, but shall ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3046/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3046 - Non-applicability of the Investment Companies Act to the fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3046 - Non-applicability of the Investment Companies Act to the fund | The provisions of §§ 661 et seq. of Title 10, known as the “Investment Companies Act”, nor the regulations promulgated thereunder, shall be applied to the funds authorized pursuant to the provisions of this chapter.
History —Jan. 28, 2000, No. 46, § 28. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-142/3047/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047)›§ 3047 - Faculties and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3047 - Faculties and powers of the Commissioner | Nothing that is provided in this chapter shall affect the faculties and powers that the Commissioner has under §§ 2001 et seq. of this title, known as the “Office of the Commissioner of Financial Institutions Act”, or any other act that succeeds it.
History —Jan. 28, 2000, No. 46, § 29. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-i/3051/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter I - General Provisions and Definitions (§§ 3051 — 3051a)›§ 3051 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter I - General Provisions and Definitions (§§ 3051 — 3051a) › § 3051 - Definitions | For purposes of this chapter, the following definitions are adopted:
(a) Liquid assets.— An asset that can be converted into cash in a short time, with little or no loss in value, including cash, bank deposits, and securities with a maturity date of less than three (3) months.
(b) Mortgage loan servicing.— The delivery... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-i/3051a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter I - General Provisions and Definitions (§§ 3051 — 3051a)›§ 3051a - Applicability | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter I - General Provisions and Definitions (§§ 3051 — 3051a) › § 3051a - Applicability | (a) This chapter shall apply to any person partially or totally engaged in mortgage lending, mortgage brokerage, or mortgage loan origination activities, as defined in this chapter, for all purposes, which include financing the acquisition of residential real estate or refinancing residential mortgage loans.
(b) Any pe... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052 - License requirement | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052 - License requirement | No person or individual, except for those excluded in §§ 3053, 3054, and 3055 of this title, shall engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination in Puerto Rico without first obtaining a license issued under this chapter by the Commissioner as provided below.
History —Dec. ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052a - License application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052a - License application | (a) Any person interested in obtaining a license to engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination shall file an application containing all the required information with the Office of the Commissioner of Financial Institutions using the forms and system provided by the nati... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052b - Surety bond | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052b - Surety bond | (a) Every applicant for a license to engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination shall post a bond that ensures faithful compliance with the provisions of this chapter and the rules or regulations to be adopted thereunder by the Commissioner. Said surety bond shall serve... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052c - Return of application or denial of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052c - Return of application or denial of license | (a) After analyzing the filed application, the Commissioner may deny the same for any of the following reasons:
(1) The application was not filed in accordance with the provisions and requirements of this chapter or the regulations that may be promulgated thereunder;
(2) the application lacks the information or documen... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052d - Issuance of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052d - Issuance of license | (a) Upon filing the application and paying the fees, the Commissioner shall conduct the investigations deemed necessary and, if he/she determines that the applicant meets all the requirements and that the application should be approved, the Commissioner shall issue a license to the applicant, which shall represent the ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052e - Renewal of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052e - Renewal of license | (a) Every license shall remain in effect until its expiration, which shall be at the end of every calendar year, or until the same has been surrendered, revoked, cancelled, or suspended.
(b) Every licensee shall renew the license in strict compliance with the applicable laws and regulations, the payment of the correspo... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-ii/3052f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f)›§ 3052f - Surrender, revocation, cancellation, or suspension of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter II - License Issuance General Provisions (§§ 3052 — 3052f) › § 3052f - Surrender, revocation, cancellation, or suspension of license | (a) Any licensee may surrender his/her license through the nationwide mortgage licensing system and registry, but shall notify his/her decision to the Commissioner at least thirty (30) days before it becomes effective.
(b) The Commissioner may order and conduct an inspection of the business prior to accepting the surre... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053 - Applicability and excluded entities | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053 - Applicability and excluded entities | (a) This subchapter shall apply to every person engaged in the mortgage lending business, as defined in § 3052 of this title.
(b) The following persons shall not be subject to the provisions of this subchapter:
(1) Banks authorized to operate in Puerto Rico that are regulated by a federal banking agency;
(2) federal ag... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053a - License requirements | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053a - License requirements | To obtain a license to engage in the mortgage lending business in Puerto Rico under this subchapter, the applicant shall:
(a) Have a capital of at least two hundred fifty thousand dollars ($250,000) when applying for a license, to be determined pursuant to generally accepted accounting principles; provided, however, th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053b - License application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053b - License application | (a) Every application for a license to engage in the mortgage lending business shall include the annual license fees in the amount of two thousand five hundred dollars ($2,500) per office; in the case of a new license, it shall include an investigation fee in the amount of one thousand two hundred fifty dollars ($1,250... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053c - Surety bond | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053c - Surety bond | Every applicant for a license to engage in the mortgage lending business in Puerto Rico shall file a surety bond in the amount of five hundred thousand dollars ($500,000) if the applicant plans to do business in a single office. Every additional office shall entail a ten thousand dollar ($10,000)-increase in the surety... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053d - Issuance of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053d - Issuance of license | (a) The Office of the Commissioner of Financial Institutions shall issue one (1) license for each office. Each license shall include the name of the licensee, the street address of the office where business shall be conducted, the date of issue, and the effective date of the license. The license to engage in the mortga... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053e - License renewal | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053e - License renewal | (a) In addition to the provisions of § 3052d of this title, every application to renew a license to engage in the mortgage lending business shall enclose the annual license fees in the amount of two thousand five hundred dollars ($2,500) per office and the application processing fees established by the nationwide mortg... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053f - Prohibitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053f - Prohibitions | (a) No person, licensee, member of the board of directors, member of the committees, executive officer, official, employee, or agent of the licensee may:
(1) Falsely or deceitfully advertise, display, distribute, or radio broadcast or allow the advertisement, display, distribution or radio broadcasting of any informati... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053g - Duties of the licensee | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053g - Duties of the licensee | (a) Any person engaged in the mortgage lending business to finance or refinance the acquisition of real property shall be required to:
(1) Provide services that are satisfactory to their clients in all their offices and in any other place that facilitates the transaction for the client and according to the best and sou... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053h - Reports from mortgage lending licensees | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053h - Reports from mortgage lending licensees | All licensees shall submit the reports required by nationwide mortgage licensing system and registry in the form and including the content established by said entity.
History —Dec. 30, 2010, No. 247, § 3.9, eff. 120 days after Dec. 30, 2010. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iii/3053i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i)›§ 3053i - Transfer of capital or control | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053i - Transfer of capital or control | (a) No sale, acquisition, assignment, transfer, exchange, or any other type of conveyance or acquisition of voting capital stock issued by any corporation, or of interest in a partnership engaged in mortgage lending in Puerto Rico under this chapter shall be conducted which results in the control or change in control o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054 - Applicability and excluded entities | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054 - Applicability and excluded entities | (a) This subchapter shall apply to any person who offers or renders services as a mortgage loan broker, as defined in § 3051 of this title.
(b) The following persons shall not be subject to the provisions of this subchapter:
(1) Banks authorized to operate in Puerto Rico that are regulated by a federal banking agency;
... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054a - License requirements | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054a - License requirements | To obtain a license to engage in the mortgage loan brokerage business under this subchapter, the applicant shall:
(a) Have liquid assets with a value of at least ten thousand dollars ($10,000) for the administration of the main office of the business, and liquid assets with a value of at least five thousand dollars ($5... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054b - License application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054b - License application | (a) Every application for a license to engage in the mortgage loan brokerage business shall enclose the annual license fees in the amount of one thousand dollars ($1,000) per office, as well as the investigation fees in the amount of five hundred dollars ($500) and the application processing fee or fees established by ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054c - Surety bond | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054c - Surety bond | Every applicant for a license to engage in the mortgage loan brokerage business in Puerto Rico shall file a surety bond in the amount of one hundred thousand dollars ($100,000), if the applicant plans to do business in a single office. Every additional office shall entail a five thousand dollar ($5,000)-increase in the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054d - Issuance of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054d - Issuance of license | (a) The Office of the Commissioner of Financial Institutions shall issue one (1) license for each office. Each license shall include the name of the licensee, the street address of the office where business shall be conducted, the date of issue, and the effective date of the license. The license to engage in the mortga... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054e - License renewal | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054e - License renewal | (a) In addition to the provisions of § 3052d of this title, every application to renew a license to engage in the mortgage loan brokerage business shall enclose the annual license fees in the amount of one thousand eight hundred seventy-five dollars ($1,875) per office, if the volume of business conducted therein is eq... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054f - Prohibited practices | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054f - Prohibited practices | No licensee shall:
(a) Request, receive, or collect in advance the total or partial payment of any commission or fee for services to be rendered;
(b) falsely or deceitfully advertise, display, distribute, or radio broadcast or allow the advertisement, display, distribution or radio broadcasting of any information on th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054g - Duties of the licensee | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054g - Duties of the licensee | (a) Any licensee covered by the provisions of this chapter shall comply with the following duties and obligations:
(1) make accounting books, files, documents, and any other data the Commissioner may deemed necessary available to him/her for inspection, and allow the Commissioner or his/her representatives full access ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054h - Mortgage loan brokers report | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054h - Mortgage loan brokers report | Every licensee covered by the provisions of this subchapter shall submit the reports required by the nationwide mortgage licensing system and registry in the form and including the content established by such entity.
History —Dec. 30, 2010, No. 247, § 4.9, eff. 120 days after Dec. 30, 2010. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-iv/3054i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i)›§ 3054i - Transfer of capital or control | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter IV - Mortgage Loans Brokers (§§ 3054 — 3054i) › § 3054i - Transfer of capital or control | (a) No sale, acquisition, assignment, transfer, exchange, or any other type of conveyance or acquisition of voting capital stock issued by any corporation, or of interest in a partnership engaged in mortgage loan brokerage in Puerto Rico under this chapter shall be conducted which results in the control or change in co... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART VII - Other Financial Institutions (§§ 3001-3012 — 3116)›Subchapter V - Mortgage Loan Originators (§§ 3055 — 3055l)›§ 3055 - Applicability and exclusions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter V - Mortgage Loan Originators (§§ 3055 — 3055l) › § 3055 - Applicability and exclusions | (a) This subchapter shall apply to every mortgage loan originator as defined in § 3051 of this title.
(b) The following individuals shall not be subject to the provisions of this subchapter:
(1) Those registered mortgage loan originators as defined in subsection (bb) of § 3051 of this title;
(2) any individual who offe... |
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