2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 32 - Pawnbroking Business and Operations Regulatory Act (§§ 634 — 654) › § 649 - Duties

(a) Any person who operates a pawnbroking business shall:
(1) Conduct business in a commercial location with a duly approved use permit issued by the corresponding government agency, where he/she can adequately assist customers and be found during business hours.
(2) Register the legal or trade name being used for business at the Office of the Commissioner.
(3) Conspicuously display all applicable licenses, permits, and certifications at the pawnshop.
(4) Prominently display a sign stating the legal or trade name in the exterior of the business.
(5) Advertise in such a manner that the nature of the services provided, as well as the license number, may be clearly identified.
(6) Prominently show and display a list of current charges for pawnbroking services in each office, so that it may be visible to the public.
(7) Provide clear orientation in writing to the customer regarding the service charges.
(8) Keep physical or electronic sequential records that accurately show business transactions and operations, including but not limited to the following:
(A) A list of all pledged goods.
(B) A list of the goods whose right of redemption expired and are available for sale.
(C) A list of sold goods including their source.
(D) The fingerprints of the pledgor.
(9) Include the information prescribed through regulations by the Commissioner in each record entry. Said information shall be made available to the OCFI or the Department of the Treasury upon request.
(10) Give each pledgor a pawn ticket for each transaction. Such ticket must contain the information prescribed by the Commissioner through regulations. Keep copies of such tickets on record for at least five (5) years from the date of the transaction.
(11) Keep in his/her office and available to the Commissioner all accounts, accounting books, records, files, and any other documents deemed necessary for the latter to discharge his/her supervisory duties. In addition, allow the Commissioner free access to his/her properties, facilities, and places of business, and cooperate with any examinations or investigations carried out by him/her and consent without limitation to the examination he/she conducts of the accounting books, records, files, and documents within and outside the facilities.
(12) Make available to the Commissioner a copy of the annual financial statements and any other information prescribed through regulations. If a licensee has more than one authorized office in Puerto Rico, he/she may file only one consolidated annual report.
(13) Make all offices, files, records, safety deposit boxes, and premises used for the deposit and storage of pledged goods available to the Commissioner and to law enforcement officers during regular working hours.
(14) Allow advance payment to the principal for any portion of the amount due.
(15) After full payment of the loan, write the word “paid” or “cancelled” on the ticket and return the pledged good to the pledgor in the same condition it was originally delivered.
(16) Duly identify each person, as prescribed by the Commissioner through regulations, with the pledgor's name, address, and telephone number; and a copy of the passport, drivers' license, or official document with a picture issued by the Government of Puerto Rico or the United States.
(17) Duly identify all goods accepted by the licensee as pledge for any loan, regardless of their nature, keep the same in the licensee's deposit and storage space, and have the same available for inspection by the Commissioner and Law Enforcement Officers, as defined in this chapter.
(18) File with the Commissioner any periodic reports he/she may require by rules, regulations, circular letter, request, or order.
(19) Comply with any order or resolution issued by the Commissioner.
(20) Perform his/her duties with the utmost diligence, care, loyalty, and protection of the customers' interests.
(21) Comply with all the local, as well as any applicable federal legislation and regulations.
(22) Faithfully comply with §§ 2201 et seq. of this title, known as the “Purchase and Sale of Precious Metals and Stones Regulation Act”, if the licensee is engaged in said business at the same location in which he/she conducts a pawnbroking business, or any other activities approved by the Commissioner.
(23) Manage, operate, and administer the pawnbroking business in a safe manner, as established through regulations.
(24) Keep the pledged good in the premises where the transaction was conducted for at least thirty (30) days before sending it elsewhere for safekeeping.
(25) Keep a detailed description of all goods related to the business. In the case of motor vehicles, proof of ownership or any other document established through regulations shall be required.
(26) State in the agreement the value given to the pledged good, which shall be determined by negotiation between the contracting parties prior to executing the pawn loan agreement. If the pledged good is the title of a motor vehicle, the agreement shall state, in addition to the terms and conditions of the transaction, the interest fixed, penalties for noncompliance, a notice of criminal sanctions for fraud and other offenses applicable to the debtor who sells a vehicle whose title has been pledged without notice to the third party that buys the personal property about the existence of the contracted debt.
History —Feb. 24, 2011, No. 23, § 17, eff. 60 days after Feb. 24, 2011; Dec. 16, 2014, No. 209, § 6, eff. 60 days after Dec. 16, 2014.