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https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055a/ | 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)›§ 3055a - License requirements | 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) › § 3055a - License requirements | To obtain a mortgage loan originator license under this subchapter, the applicant shall prove that:
(a) He/she has never had a mortgage loan originator license revoked in any jurisdiction;
(b) he/she has not been convicted of, pled guilty or nolo contendere to a felony in any court of any jurisdiction:
(1) During a per... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055b/ | 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)›§ 3055b - License application and registration | 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) › § 3055b - License application and registration | (a) Every initial application for a mortgage loan originator license shall enclose the annual license fees in the amount of one hundred dollars ($100), and the application processing fees established by the nationwide mortgage licensing system and registry to be paid to such entity.
(b) The license application shall in... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055c/ | 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)›§ 3055c - Surety bond | 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) › § 3055c - Surety bond | (a) Every applicant for a residential mortgage loan originator license shall file a surety bond whose amount shall be calculated on the basis of the volume of mortgage loans originated and be determined by the Commissioner through rules or regulations.
(b) Mortgage loan originators may use the surety bond of the entity... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055d/ | 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)›§ 3055d - License issuance and registration | 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) › § 3055d - License issuance and registration | (a) The Office of the Commissioner of Financial Institutions shall issue one (1) license for each mortgage loan originator. Each license shall include the name of the licensee, the street address of the office in Puerto Rico where the business shall be conducted, the date of issue, and the effective date of the license... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055e/ | 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)›§ 3055e - Pre-licensing educational requirements | 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) › § 3055e - Pre-licensing educational requirements | (a) Every applicant for a mortgage loan originator license shall complete at least twenty (20) hours of pre-licensing education approved by the nationwide mortgage licensing system and registry which shall include, at least:
(1) Three (3) hours of federal laws and regulations;
(2) three (3) hours of ethics, which shall... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055f/ | 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)›§ 3055f - Testing prior to the issuance of the license | 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) › § 3055f - Testing prior to the issuance of the license | (a) In order to meet the written test requirements referred to in § 3055a of this title, the applicant shall pass a qualified written test developed by the nationwide mortgage licensing system and registry and administered by a test provider, approved by the aforementioned entity based upon reasonable standards.
(b) A ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055g/ | 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)›§ 3055g - License renewal | 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) › § 3055g - License renewal | In addition to the provisions of § 3052d of this title, every license renewal application for mortgage loan originators shall include the following:
(a) Evidence that the mortgage loan originator continues to meet the minimum license requirements under § 3055a of this title;
(b) evidence that the mortgage loan originat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055h/ | 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)›§ 3055h - Continuing education for mortgage loan originators | 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) › § 3055h - Continuing education for mortgage loan originators | (a) All licensed mortgage loan originators shall complete at least eight (8) hours of continuing education per year, approved by the nationwide mortgage licensing system and registry, which shall include, at least, the following:
(1) Three (3) hours of Federal laws and regulations;
(2) Two (2) hours of ethics, which sh... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055i/ | 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)›§ 3055i - Savings and credit unions not insured by a federal banking agency | 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) › § 3055i - Savings and credit unions not insured by a federal banking agency | Savings and credit unions not insured by a federal banking agency, but that employ mortgage loan originators shall register said originators with the nationwide mortgage licensing system and registry, as provided in Section 1507 (a)(2) of Title V of Public Law 110-289, known as the “Secure and Fair Enforcement for Mort... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055j/ | 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)›§ 3055j - Report to the nationwide mortgage licensing system and registry | 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) › § 3055j - Report to the nationwide mortgage licensing system and registry | The Commissioner shall periodically report violations of this subchapter, as well as corrective measures and any other relevant information, to the nationwide mortgage licensing system and registry, so as to comply with the provisions of applicable privacy acts.
History —Dec. 30, 2010, No. 247, § 5.11, eff. 120 days af... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055k/ | 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)›§ 3055k - Prohibitions | 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) › § 3055k - Prohibitions | No person bound by the provisions of this subchapter shall:
(a) Employ any scheme or artifice, either directly or indirectly, to defraud or deceit borrowers or lenders, or to defraud any other person;
(b) participate in any unfair or fraudulent practice against any person;
(c) obtain any property through fraud or decei... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-v/3055l/ | 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)›§ 3055l - Term to obtain a license | 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) › § 3055l - Term to obtain a license | As of July 31st, 2010, every mortgage loan originator is required to be licensed.
History —Dec. 30, 2010, No. 247, § 5.13, eff. 120 days after Dec. 30, 2010. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-vi/3056/ | 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 VI - Powers of the Commissioner (§§ 3056 — 3056d)›§ 3056 - General powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter VI - Powers of the Commissioner (§§ 3056 — 3056d) › § 3056 - General powers | (a) The Office of the Commissioner of Financial Institutions is authorized to participate in the nationwide mortgage licensing system and registry and to pay the fees and related expenses.
(b) The Office of the Commissioner of Financial Institutions shall have the responsibility to oversee, supervise, and regulate the ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-vi/3056a/ | 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 VI - Powers of the Commissioner (§§ 3056 — 3056d)›§ 3056a - Examinations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter VI - Powers of the Commissioner (§§ 3056 — 3056d) › § 3056a - Examinations | (a) The Commissioner may conduct examinations or audits of a licensee’s operations at his/her office. The Commissioner may also conduct special examinations whenever necessary in his/her judgment.
(b) Every financial institution licensed under this chapter shall be required to make accounting books, files, records, doc... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-vi/3056b/ | 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 VI - Powers of the Commissioner (§§ 3056 — 3056d)›§ 3056b - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter VI - Powers of the Commissioner (§§ 3056 — 3056d) › § 3056b - Penalties | The Commissioner is hereby authorized to:
(a) Impose and collect administrative fines of at least one hundred dollars ($100) but not greater than ten thousand dollars ($10,000) for each violation of the provisions of this chapter or rules and regulations that may be promulgated thereunder;
(b) impose restitution or the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-vi/3056c/ | 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 VI - Powers of the Commissioner (§§ 3056 — 3056d)›§ 3056c - Information confidentiality | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter VI - Powers of the Commissioner (§§ 3056 — 3056d) › § 3056c - Information confidentiality | (a) Except as otherwise provided in Section 1512 of Title V of Public Law 110-289, known as the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 or S.A.F.E. Mortgage Licensing Act of 2008, the requirements of any federal or Puerto Rico law regarding the privacy or confidentiality of any information or mat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/subchapter-vi/3056d/ | 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 VI - Powers of the Commissioner (§§ 3056 — 3056d)›§ 3056d - Update of other applicable laws or regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter VI - Powers of the Commissioner (§§ 3056 — 3056d) › § 3056d - Update of other applicable laws or regulations | The Commissioner is hereby directed to update, within one hundred twenty (120) days after the approval of this act, any and all of the regulations amended or repealed by this chapter, as appropriate. Any regulation that could be required from the Office of the Commissioner of Financial Institutions by this chapter or o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3061/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3061 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3061 - Definitions | For purposes of this chapter, the following terms shall have the meaning stated hereinbelow:
(a) Reverse mortgage.— A loan secured by the equity in a real property that serves as main residence, which does not require repayment of principal or interest until the borrower no longer uses such housing unit as his/her main... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3062/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3062 - Financial institution; duty to act in good faith; notice to ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3062 - Financial institution; duty to act in good faith; notice to applicant; materials available in Spanish langua... | Persons or entities that recommend, process or sell reverse mortgages for direct or indirect financial gain have the legal obligation toward applicants to be honest, act in good faith, and provide fair treatment, for which reason, they shall refrain from engaging in the following practices:
(a) To give or to cause ther... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3063/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3063 - Financial institution; must refer to counselor for informati... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3063 - Financial institution; must refer to counselor for information session | Before accepting a completed application for a reverse mortgage or charging any fees, the financial institution shall:
(a) Refer the applicant to several counseling agencies, and provide him/her with a list of the agencies duly certified by the United States Department of Housing and Urban Development.
(b) Hand the app... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3064/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3064 - Information session; requirements | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3064 - Information session; requirements | The following topics must be covered in the information session:
(a) An evaluation of the loan’s advantages and disadvantages specific to the applicant.
(b) An inventory of the finances, assets, liabilities, necessary expenses and income, and of all other options available to the applicant in terms of housing, social s... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3065/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3065 - Counselor; qualifications | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3065 - Counselor; qualifications | (a) All counselors must be duly certified by the United States Department of Housing and Urban Development (HUD) after having passed the corresponding tests administered under the HUD-HECM National Counselors Network.
(b) Financial institutions shall obtain an updated list of counseling agencies from the webpage of the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3066/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3066 - Cooling-off period; right to terminate | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3066 - Cooling-off period; right to terminate | (a) The applicant, upon having agreed in writing to the offer made by the financial institution in connection with a reverse mortgage loan, shall have a cooling-off period of seven (7) days, during which period he/she may not be forced to move forth the loan or be demanded to close the transaction. The financial instit... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3067/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3067 - Financial institution; annual information required | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3067 - Financial institution; annual information required | (a) When closing a reverse mortgage, the lender shall provide the borrower with the name of the lender’s employee or agent designated for the specific purpose of addressing any questions or doubts of the borrower in connection with the reverse mortgage. The lender shall update this information annually or whenever any ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3068/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3068 - Potentially false or deceptive representations about reverse... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3068 - Potentially false or deceptive representations about reverse mortgages | Persons or entities which recommend, process or sell reverse mortgage loans for direct or indirect financial gain, shall, during the process of informing the public about the product they offer, refrain from making the following false or deceptive representations:
(a) That the debtor of a reverse mortgage loan shall ne... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3069/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3069 - Duties of the Office of the Commissioner of Financial Instit... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3069 - Duties of the Office of the Commissioner of Financial Institutions and of the Public Corporation for the Sup... | The Office of the Commissioner of Financial Institutions (OCFI) and the Corporation for the Supervision and Insurance of Cooperatives in Puerto Rico (COSSEC, Spanish acronym) are hereby empowered to establish the regulations as are necessary for the implementation thereof, for the purpose of assuring that its implement... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3070/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3070 - Violations of the law; liability; penalties; fines | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3070 - Violations of the law; liability; penalties; fines | Any financial institution found to be in violation of this chapter shall be subject to:
(a) Special and expeditious civil compensation action if in violation of its legal obligation of being honest, acting in good faith, and providing fair treatment to applicants for and borrowers of reverse mortgage loans. Sanctions s... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-144/3071/ | 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 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071)›§ 3071 - Choice of law | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 144 - Reverse Mortgage Consumer Protection Act (§§ 3061 — 3071) › § 3071 - Choice of law | This chapter shall apply prospectively to all reverse mortgages executed in Puerto Rico.
History —July 29, 2011, No. 164, § 12, eff. 60 days after July 29, 2011. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3081/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3081 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3081 - Definitions | For purposes of this chapter, the following terms are defined as set forth below:
(a) Bank Secrecy Act or BSA.— Means the Currency and Foreign Transactions Reporting Act, better known as the “Bank Secrecy Act” (BSA), 31 U.S.C. §§ 5311-5330, and 12 U.S.C, §§ 1818(s), 1829(b), and 1951-1959, or any law succeeding or amen... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3082/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3082 - Authority and duties of the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3082 - Authority and duties of the Commissioner | (a) The Commissioner shall:
(1) Adopt, and may thereafter, from time to time, repeal, amend, or supplement rules and regulations in order to comply with the provisions of this chapter.
(2) Collect fees for examinations and audits, receive monies and make disbursements according to its budget or as otherwise provided by... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3083/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3083 - Interest rates and reserves | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3083 - Interest rates and reserves | The Commissioner may not establish interest rates to be paid or charged by an international financial institution.
Notwithstanding the foregoing, in the case of licensed international financial institutions expressly authorized to receive deposits in accordance with clauses (1) and (2) of subsection (a) of § 3091 of th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3084/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3084 - Organization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3084 - Organization | (a) An international financial institution may be:
(1) Any person, other than an individual, incorporated or organized under the laws of Puerto Rico, of the United States, or of any other country, or
(2) only in those cases authorized by the Commissioner, a unit of another person, other than an individual, incorporated... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3085/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3085 - Income tax | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3085 - Income tax | (a) Income derived by international financial institutions holding a decree under this chapter, from the conduct of the activities described in § 3091(a) of this title, shall be subject to a four percent (4%) fixed tax rate on their net income, in lieu of any other tax imposed by the Code, except as provided in subsect... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3086/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3086 - Permit application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3086 - Permit application | (a) Any person, other than an individual, may apply to the Commissioner for a permit to organize an international financial institution. The application shall be made in writing, in the form specified in the regulations of the Commissioner and shall be accompanied by:
(1) The proposed articles of incorporation, partner... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3087/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3087 - License | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3087 - License | (a) At the discretion of the Commissioner and under the terms and conditions he/she deems necessary as established by administrative determination to such effect, the Commissioner may issue to the applicants a license to operate an international financial institution upon receipt of:
(1) The certification of the Depart... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3088/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3088 - Amendments to articles of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3088 - Amendments to articles of incorporation | (a) No amendment whatsoever shall be adopted to the articles of incorporation, partnership agreement, or other written document establishing an international financial institution or to any certification executed in accordance with § 3084 of this title, unless such amendment has been previously approved, in writing, by... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3089/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3089 - Transfer of capital or control of an international fina... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3089 - Transfer of capital or control of an international financial institution | (a) Except as provided in the regulations of the Commissioner, no sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international financial institution may be initiated without the previous written authorization of the Commissioner, if by... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3090/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3090 - No transfer of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3090 - No transfer of license | No license issued in accordance with this chapter may be sold, assigned, transferred, pledged, used as security, or otherwise encumbered.
History —Sept. 25, 2012, No. 273, § 11. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3091/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3091 - Allowed and prohibited transactions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3091 - Allowed and prohibited transactions | (a) Upon receipt of a license to operate an international financial institution in accordance with § 3087 of this title, and as specified in said license, an international financial institution may:
(1) Upon authorization of the Commissioner, accept deposits from foreign persons in checking accounts, as well as demand ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3092/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3092 - Personnel | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3092 - Personnel | (a) The international financial institution shall employ on a full-time basis a minimum of four (4) persons at its business office or offices in Puerto Rico.
The Commissioner may authorize a lesser number of employees at the request of the interested party, for which authorization the Commissioner shall evaluate factor... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3093/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3093 - Accounts and registers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3093 - Accounts and registers | (a) Original account books and registers of the international financial institution shall be kept in its principal business office in Puerto Rico and shall reflect such details and be kept in such a manner as may be required by the regulations of the Commissioner.
(b) Such account books and registers must be segregated... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3094/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3094 - Reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3094 - Reports | Every international financial institution shall file with the Commissioner all such reports as may be required by the regulations of the Commissioner, including an annual financial statement prepared by certified public accountants, licensed to practice in Puerto Rico, as well as interim financial statements.
History —... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3095/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3095 - Revocation, suspension or surrender | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3095 - Revocation, suspension or surrender | (a) A license issued under § 3087 of this title shall be subject to revocation or suspension by the Commissioner, upon previous notice and hearing pursuant to the regulations provided in § 3099 of this title, if:
(1) An international financial institution or the person of which said international financial institution ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3096/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3096 - Dissolution | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3096 - Dissolution | (a) The Commissioner may, among other alternatives, appoint a receiver and order the dissolution of an international financial institution if the license of said international financial institution or of the person of which the international financial institution is a unit, is revoked or surrendered pursuant to § 3095 ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3097/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3097 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3097 - Penalties | (a) If any director, official, or individual acting in a similar capacity of an international financial institution or of a person of which the international financial institution is a unit, violates, or voluntarily or negligently allows any director officer, agent, or employee of the international financial institutio... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3098/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3098 - Confidentiality | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3098 - Confidentiality | (a) The information that the international financial institution provides to the Commissioner under the provisions of this chapter and the regulations adopted by the Commissioner thereunder, shall be kept confidential, except:
(1) When disclosure of such information is required by law or judicial order, or
(2) through ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3099/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3099 - Administrative hearings, adjudication proceedings, and ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3099 - Administrative hearings, adjudication proceedings, and judicial review | All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review shall be provided in Regulations No. 3920 of June 23, 1989, known as the “Regulations to Regulate the Adjudication Proceedings Under the Jurisdiction of the Office of the Commissioner of Financial Institutions” or any... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3100/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3100 - Property tax exemption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3100 - Property tax exemption | The real and personal property, tangible and intangible, belonging to an international financial institution duly authorized under this chapter, shall be exempt from property taxes.
History —Sept. 25, 2012, No. 273, § 21. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3101/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3101 - Municipal license tax exemption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3101 - Municipal license tax exemption | The international financial institutions duly authorized by this chapter, shall be exempt from the payment of municipal license taxes levied under §§ 651–652 of Title 21, known as the “Municipal License Tax Act”.
History —Sept. 25, 2012, No. 273, § 22. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3102/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3102 - Contributions to the Special Fund for the Development o... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3102 - Contributions to the Special Fund for the Development of Services for Export and Promotion | (a) During the effective term of this act, seven point five percent (7.5%) of the revenues derived from the income tax paid by international financial institutions shall be covered into the Special Fund for the Development of Services for Export and Promotion, created by the “Act to Promote the Export of Services”.
His... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3103/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3103 - Effect of existing laws | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3103 - Effect of existing laws | (a) Insofar as the laws of Puerto Rico are not inconsistent with the provisions of this chapter, the laws of Puerto Rico shall prevail.
(b) Insofar as the provisions of this chapter are inconsistent with any other laws of Puerto Rico, the provisions of this chapter shall prevail.
History —Sept. 25, 2012, No. 273, § 24. |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3104/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3104 - Decrees issued under industrial or tax exemption laws | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3104 - Decrees issued under industrial or tax exemption laws | The Tax Exemption Office shall not receive new applications for businesses exemption decrees under subsections (d)(1)(D)(i) and (h)(2) of § 10642 of Title 13, after the date of effective date of this act. Decrees issued under §§ 10641 et seq. of Title 13 or under similar preceding laws shall remain in effect pursuant t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3105/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3105 - Non applicable existing legislation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3105 - Non applicable existing legislation | The provisions of §§ 1 et seq. of this title, known as the “Puerto Rico Banking Laws”, and the provisions of §§ 998 et seq. of Title 10, which fixes the maximum allowed rates or interest charges for loans, shall not apply to international financial institutions created under this chapter. Also, § 4591 of Title 31, whic... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-145/3106/ | 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 145 - International Financial Center Regulatory Act (§§ 3081 — 3106)›§ 3106 - Transition measures | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3106 - Transition measures | Sections 232 et seq. of this title, known as the “International Banking Center Regulatory Act” shall remain in effect and none of the provisions of this chapter shall be construed to impair the renewal of licenses under §§ 232 et seq. of this title. International banking entities to which a license was issued pursuant ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3111/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3111 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3111 - Definitions | (a) RIA or Registered Investment Advisor.— Means:
(1) A business that, under a contract with another business (which could be a Fund), is engaged in the investment advisory business and regularly provides consulting services regarding the convenience of investing in, buying or selling securities or any other property, ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3112/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3112 - Eligibility | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3112 - Eligibility | (a) Any partnership or limited liability company organized under the laws of the Commonwealth of Puerto Rico, the United States of America or under any other foreign jurisdiction law, that works with investments on promissory notes, bonds, notes (including secured and unsecured loans and including the collateral), shar... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3113/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3113 - Private equity fund election | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3113 - Private equity fund election | (a) Any entity that meets the eligibility requirements mentioned in § 3112 of this title may choose to be treated as a Fund only if it notifies said election to the Secretary of Treasury no later than the last day of the third month after the inception date of the Fund. The Secretary of Treasury shall issue through pub... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3114/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3114 - Election effects | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3114 - Election effects | (a) Income Tax.— The applicable provisions to partners of a partnership, as provided by §§ 30321 et seq. of Title 13, shall apply to investors of a Fund (including taxable investors who have not contributed money or property in exchange for proprietary interests of the Fund and who have an interest in Fund profit). The... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3115/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3115 - Information disclosure | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3115 - Information disclosure | (a) Any participation or investment offer in a Fund shall be properly registered or notified to CFIPR and comply with all provisions of the Federal Security Law of the United States and Puerto Rico, as applicable with respect to disclosure and registration.
(b) Every Fund shall:
(1) Inform its investors of its operatin... |
https://law.justia.com/codes/puerto-rico/title-seven/part-vii/chapter-146/3116/ | 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 146 - Private Equity Funds Act (§§ 3111 — 3116)›§ 3116 - Term of the funds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 146 - Private Equity Funds Act (§§ 3111 — 3116) › § 3116 - Term of the funds | Every Fund will be created with a term of existence that will be determined by its general partners. The general partner has the ability to automatically extend the term of existence of the Fund for a maximum period of one (1) year. Additional terms of existence shall require approval in accordance to Fund statutes to ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 1 - Preamble; purpose | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 1 - Preamble; purpose | Social service and assistance to persons of families who are unable to provide themselves with the essentials of a decent livelihood is a basic responsibility of government. The fulfillment of such responsibility will be fully assured when all the resources of government for such purposes are so coordinated and adminis... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/2/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 2 - Short title | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 2 - Short title | Sections 1–26 of this title shall be known as the Public Welfare Act of Puerto Rico.
History —May 12, 1943, No. 95, p. 236, § 2, eff. 90 days after May 12, 1943. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/3/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 3 - Definitions | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 3 - Definitions | For the purposes of §§ 1–26 of this title the terms hereinafter stated are defined as follows:
(a) Division.— Shall mean the Division of Public Welfare hereby created.
(b) Department.— Shall mean the Department of the Family of Puerto Rico.
(c) Board.— Shall mean the Public Welfare Board hereby created.
(d) Director.— ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/4/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 4 - Public Welfare Board | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 4 - Public Welfare Board | A Public Welfare Board is hereby created, which shall consist of the Secretary of the Family, ex-officio, and six (6) persons appointed by the Governor by and with the advice and consent of the Senate of Puerto Rico. The Governor shall designate one of these persons to preside over the Board. Appointments shall be made... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/5/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 5 - Public Welfare Board—Duties | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 5 - Public Welfare Board—Duties | It shall be the duty of the Board to promote the development of the programs and objectives of the Division of Public Welfare and its plans for the furtherance and utilization of all available resources for the adoption of adequate public welfare measures, and to participate in interpreting the programs and objectives ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/6/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 6 - Division of Public Welfare—Creation | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 6 - Division of Public Welfare—Creation | A Division of Public Welfare is hereby created in the Commonwealth Department of the Family, which shall consist of a Director of Public Welfare and all other necessary personnel.
History —May 12, 1943, No. 95, p. 236, § 6, eff. 90 days after May 12, 1943. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/7/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 7 - Division of Public Welfare—Director | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 7 - Division of Public Welfare—Director | The Director of Public Welfare shall be appointed by the Secretary of the Family and shall be the executive and administrative head of the Division. The person so appointed shall be a resident of Puerto Rico and must have shown administrative ability and had successful experience in the organization and direction of so... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/8/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 8 - Division of Public Welfare—Personnel | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 8 - Division of Public Welfare—Personnel | The personnel required for the administration of §§ 1–26 of this title, except the Secretary of the Family, shall be subject to the provisions of the Personnel Act, notwithstanding any other provision of law. Appointments shall be made in conformity with a plan of employment, classification and selection of personnel o... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/9/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 9 - Division of Public Welfare—Organization | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 9 - Division of Public Welfare—Organization | There is hereby established, within the Division, such sections and offices as the Director, with the approval of the Secretary, may deem necessary to perform the duties of the Division.
History —May 12, 1943, No. 95, p. 236, § 9, eff. 90 days after May 12, 1943. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/10/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 10 - Division of Public Welfare—Functions | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 10 - Division of Public Welfare—Functions | Except as otherwise provided by law, the Division, under the supervision of the Secretary of the Family, shall discharge the public welfare functions in Puerto Rico. The Division shall have the following functions and duties:
(a) Rules and regulations.— To establish and enforce such rules as it may be necessary or desi... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/11/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 11 - Local public welfare services | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 11 - Local public welfare services | The Division shall establish local service units which shall be designated as public welfare units and which shall cover one or more municipalities, and it may appoint a board of representative citizens of the municipality or municipalities to further the development of the programs and objectives of the Division.
The ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/12/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 12 - Eligibility—General assistance | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 12 - Eligibility—General assistance | Public assistance shall be granted under §§ 1–26 of this title to any person who lacks sufficient income or resources to support himself and who establishes his/her inability to earn a living.
History —May 12, 1943, No. 95, p. 236, § 12, eff. 90 days after May 12, 1943. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/12a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 12a - Eligibility—Payment through guardians | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 12a - Eligibility—Payment through guardians | Payments made to any minor or elderly person incapacitated to administer his/her properties may be made in the name of his/her custodian or guardian.
History —May 12, 1943, No. 95, p. 236, added as § 12a on June 19, 1969, No. 51, p. 93, § 1. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/13/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 13 - Eligibility—Persons over 65 years | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 13 - Eligibility—Persons over 65 years | Public assistance or medical assistance or public assistance and medical assistance shall be granted according to the provisions of §§ 1–26 of this title and with the rules and regulations of the Division of Public Welfare, to any individual with a low economic income who has attained the age of sixty-five (65) years.
... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/14/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 14 - Eligibility—Needy children | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 14 - Eligibility—Needy children | Public assistance shall be granted to any needy child under the age of eighteen (18) years, who, by reason of the death, continued absence from the home, or physical or mental incapacity of a parent, is living with his/her father, mother, grandfather, grandmother, brother, sister, stepfather, stepmother, stepbrother, s... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/14a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 14a - Eligibility—Certification of school attendance as a prior requirement to receive public assi... | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 14a - Eligibility—Certification of school attendance as a prior requirement to receive public assistance | All applicants or beneficiaries of the public assistance programs shall file with the government agencies concerned, attesting evidence that their children under eighteen (18) years of age are in effect attending school, as a prior requirement for obtaining public assistance.
History —May 12, 1943, No. 95, p. 236, adde... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/14b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 14b - Eligibility—Notice of noncompliance of the school hourly schedule and paternal duties | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 14b - Eligibility—Notice of noncompliance of the school hourly schedule and paternal duties | The Department of Education and every private educational institution shall notify the parents of the absences or irregular tardinesses of their minor children. If after a second notice of an absence, the parents fail to take the necessary measures for the students to attend classes regularly, all public assistance rec... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/15/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 15 - Eligibility—The blind | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 15 - Eligibility—The blind | Public assistance shall be granted under the provisions of §§ 1–26 of this title, to all such needy individuals deprived of sight, or whose eyesight is so defective as to prevent the performance of ordinary activities for which eyesight is essential, as are not receiving old-age assistance.
History —May 12, 1943, No. 9... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/15a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 15a - Eligibility—Totally and permanently disabled | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 15a - Eligibility—Totally and permanently disabled | Public assistance shall be granted under the provisions of §§ 1–26 of this title to any needy person aged eighteen (18) years or over who is not receiving public assistance under any other category, and who according to the norms established by the Public Welfare Division is found to be totally and permanently disabled... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/16/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 16 - Amount of assistance | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 16 - Amount of assistance | The amount of assistance which a recipient shall receive shall be determined in accordance with the rules and regulations of the Division, with due regard to his/her application, his/her requirements, and the income and resources available to him/her, except in the case of a recipient of assistance to the blind, in whi... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/17/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 17 - Application for public assistance | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 17 - Application for public assistance | Application for public assistance under the provisions of §§ 1–26 of this title shall be made in the manner and form prescribed by the Division and shall contain such information as the Division may require.
History —May 12, 1943, No. 95, p. 236, § 18, eff. 90 days after May 12, 1943. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/18/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 18 - Application for public assistance—Investigation | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 18 - Application for public assistance—Investigation | Upon the receipt of an application for public assistance the Division shall make the proper investigation and record of the circumstances of the applicant in order to corroborate the facts set forth in the application and to obtain such other information as it may deem necessary.
History —May 12, 1943, No. 95, p. 236, ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/19/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 19 - Award of public assistance | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 19 - Award of public assistance | The Division shall determine whether the applicant is eligible for public assistance under the provisions of §§ 1–26 of this title, the type and amount of public assistance he shall receive, and the date upon which such public assistance shall begin. Payments shall be made in the manner prescribed by the Division; Prov... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/20/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 20 - Award of public assistance—Redetermination | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 20 - Award of public assistance—Redetermination | The Division shall change or withdraw the assistance whenever it may be determined that the circumstances of a case have altered sufficiently to warrant the change or total withdrawal of such assistance. If during the time he is receiving public assistance, the beneficiary thereof receives income or acquires resources ... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/21/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 21 - Fraudulent acts, penalties | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 21 - Fraudulent acts, penalties | Any person who willfully fails to comply with the provisions of § 20 of this title or who knowingly makes false statements or inexact representations in relation to an application for assistance, or who omits the declaration of facts, or who otherwise obtains assistance to which he is not lawfully entitled; or any pers... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/22/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 22 - Review of decisions, hearings | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 22 - Review of decisions, hearings | Any applicant or recipient aggrieved because of the Division’s decision in his/her case, or the delay in making a decision, shall be entitled to request a reconsideration of his/her case by the Division in the manner prescribed by the latter, and shall be heard and afforded an opportunity for a fair hearing by the Divi... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/23/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 23 - Nonassignable | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 23 - Nonassignable | Public assistance granted under the provisions of §§ 1–26 of this title shall not be transferable or assignable at law or in equity, and none of the moneys paid or payable under §§ 1–26 of this title shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankrup... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/24/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 24 - Confidential nature of records | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 24 - Confidential nature of records | The Division shall establish and enforce reasonable rules and regulations governing the custody, use, and preservation of the documents, records, papers, files and communications concerning public welfare. The use of such documents, records, papers, files, and communications by any other government agency or department... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/25/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 25 - Limitations by other acts | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 25 - Limitations by other acts | All assistance granted under the provisions of §§ 1–26 of this title shall be deemed to be granted under, and to be subject to, the provisions of any other act that may hereafter be approved, and no recipient shall have any claim for compensation by reason of his/her assistance being in any way affected by any other ac... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/26/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 26 - Funds | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 26 - Funds | There is hereby established in the Treasury of Puerto Rico a special fund which shall be known as “Public Welfare Fund—Trust Fund” and which shall be used to carry out the purposes of §§ 1–26 of this title.
The Public Welfare Fund shall consist of:
(a) Appropriations made in the General Appropriations Act or in special... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/27/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 27 - Physicians for municipal charities, contracts for services | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 27 - Physicians for municipal charities, contracts for services | (a) The sum of twenty thousand dollars ($20,000) is hereby appropriated from unencumbered general funds for the contracting of physicians who shall render services in the municipal charities. The Governor of Puerto Rico is hereby authorized to contract for the services of such physicians.
(b) The Secretary of the Treas... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-1/28/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 1 - Division of Public Welfare (§§ 1 — 28)›§ 28 - Articles made by the blind | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 1 - Division of Public Welfare (§§ 1 — 28) › § 28 - Articles made by the blind | The Division of Public Welfare of the Department of the Family is hereby authorized to permit the blind covered by the Program of Home Teaching Classes to retain for themselves the articles they have made from the raw material provided to them in the classes for such purpose. The blind shall not receive any compensatio... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/36/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 36 - Obligation | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 36 - Obligation | Every department, agency and public corporation or instrumentality of the Government of Puerto Rico shall be under the obligation to set aside within its facilities or at a reasonable distance therefrom, a suitably fitted out area to be operated as a day care center to be devoted to the care of pre-school age children;... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/37/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 37 - Description | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 37 - Description | A day care center shall be deemed to be an area designated within the physical facilities of, or at a reasonable distance from, the place of work of the user of said services, that has been suitably fitted out and accredited by the pertinent authorities for the care of preschool age children.
History —Mar. 3, 1999, No.... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/38/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 38 - Right of use | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 38 - Right of use | All officials or employees of the pertinent departments, agencies, public corporations or instrumentalities of the Government of Puerto Rico shall be entitled to avail themselves of the services provided by said day care centers.
History —Mar. 3, 1999, No. 84, § 4. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/39/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 39 - Director | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 39 - Director | For the purposes of this chapter, the term Director shall be deemed to be the secretary, director or highest ranking executive officer of the pertinent department, agency, public corporation or instrumentality.
History —Mar. 3, 1999, No. 84, § 5. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/40/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 40 - Regulations | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 40 - Regulations | The Director of the Department, his/her secretary or highest ranking executive officer of the corresponding agency, public corporation or instrumentality, is hereby empowered to adopt those rules and regulations deemed pertinent and necessary to achieve the proper planning, direction and supervision of the centers crea... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/41/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 41 - Facilities and schedule | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 41 - Facilities and schedule | With regard to the creation and operation of these centers, the Director is hereby empowered to use the physical facilities under his/her official control to locate the corresponding day care center and establish the most convenient schedule according to the needs and main activities of his/her government dependency.
H... |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/42/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 42 - Fee for upkeep | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 42 - Fee for upkeep | Those who avail themselves of the services of the center shall contribute financially to its proper upkeep; Provided, That the Director shall determine what is to be a reasonable fee for the use of said facilities and services.
History —Mar. 3, 1999, No. 84, § 8. |
https://law.justia.com/codes/puerto-rico/title-eight/chapter-2/43/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422)›Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44)›§ 43 - Funds | 2023 Laws of Puerto Rico › TITLE EIGHT - Public Welfare and Charitable Institutions (§§ 1 — 1422) › Chapter 2 - Act for the Creation of Child Day Care Centers (§§ 36 — 44) › § 43 - Funds | The Director is hereby authorized to take all pertinent steps with the Families and Children Administration, a government entity that pursuant to Reorganization Plan No. 12 of 1995, administers the funds received by the Government of Puerto Rico under the “Child Care and Development Block Grant Act (PL 101-508)”, to en... |
Subsets and Splits
Unemployment Word Count by State
Calculates the total word count of documents related to unemployment in each state, revealing insights into the volume of unemployment-related content by location.
CO Title 8 Word Count
Calculates the total number of words in the content of entries related to 'Title 8' in Colorado, providing insight into the volume of text data available for that specific category and state.