reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter II - General Provisions for Licensing (§§ 2591 — 2596) › § 2593 - Application returned or denied

(a) After evaluating the license application, the Commissioner may return the same to the applicant for any of the reasons below, without it being understood as a limitation:
(1) The application was not filed in accordance with the provisions of this chapter or the rules or regulations promulgated thereunder.
(2) The application lacks information or documents.
(3) The license application filed seeks authorization to engage in a business not authorized in the Commonwealth of Puerto Rico.
(b) In the event that the Commissioner returns the application, the amount paid for investigation costs and license fees shall be refunded to the applicant.
(c) Upon evaluating an application to engage in a money service business and carrying out the corresponding investigation, the Commissioner may deny such application if he/she deems that the applicant has failed to meet any of the requirements set forth herein.
(d) An applicant whose application to engage in a money service business has been denied may request reconsideration to the Commissioner within twenty (20) days following the notice of denial.
(e) In the event that the Commissioner denies a license, he/she shall retain the amount paid for investigation costs and refund the license fees to the applicant.
History —Sept. 21, 2010, No. 136, § 2.3, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter II - General Provisions for Licensing (§§ 2591 — 2596) › § 2594 - Issuance of license

(a) If the application is approved, the Commissioner shall issue a license to the applicant to engage in the requested money service business, which license shall include the name of the licensee, the address of the office in Puerto Rico where such business shall be conducted, the date of [issuance], and the expiration date.
(b) A license shall be issued for each office. Said license shall not be used in a location or office other than the one whose address is shown thereon and shall be placed conspicuously visible to the public in such business office. The license to engage in the requested money service business is nontransferrable.
(c) Every holder of a license to engage in a money service business shall begin operations within a term that shall not exceed ninety (90) days after the date on which the Commissioner issued the license. If the licensee is unable to begin operations within the term set forth herein, he/she shall request an extension to the Commissioner and explain the reasons therefor. The Commissioner, in his/her sole judgment, shall determine if such reasons are a valid justification to grant an extension.
The license shall be void if operations do not begin within the term provided herein or within the term of any granted extension.
History —Sept. 21, 2010, No. 136, § 2.4, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter II - General Provisions for Licensing (§§ 2591 — 2596) › § 2595 - License renewal

(a) Each license shall remain in effect until its expiration, which shall be at the end of each calendar year.
(b) Every license renewal application, as provided by OCFI, shall be filed on or before December 1 of each year. The same shall include:
(1) A description of any material change to the information submitted to OCFI in the original license application.
(2) Evidence that the licensee maintains the surety bond or security posted in accordance with § 2604 or § 2614, both of this title, as applicable. If the Commissioner determines that such surety bond or security is inadequate, insufficient, or totally or partially exhausted, he/she may request, by written order and within thirty (30) days after filing the notice, that the licensee posts a new or supplemental surety bond, or the deposit of new or additional securities, in order to ensure compliance with this chapter or the rules or regulations promulgated thereunder.
(3) Evidence of the licensee's registration with FINCEN as a Monetary Service Business, or “MSB”.
(4) Any other information, documentation, or report that the Commissioner may require to keep current the information and documentation included in the application.
(c) The Commissioner may extend the renewal term.
(d) If the licensee fails to file a renewal application or pay the applicable fees within the term granted or during the additional time extension authorized by the Commissioner, if any, it shall be understood that such licensee has surrendered the license to operate a money service business, and may not continue operating the same.
(e) The Commissioner may call a meeting with the person who surrendered the license to require him/her to hand over the license and pay any outstanding debts with OCFI.
History —Sept. 21, 2010, No. 136, § 2.5, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter II - General Provisions for Licensing (§§ 2591 — 2596) › § 2596 - Surrender, revocation, cancellation, and suspension of license

(a) All licensees may surrender a license by providing a written notice to the Commissioner, who may direct and conduct an examination of the licensee's business before accepting such surrender. If, after the examination, the licensee were found to have committed any violation of law, the Commissioner may revoke such license and impose the corresponding penalty pursuant to the provisions of this chapter.
(b) The Commissioner may revoke, cancel, or suspend the license of any licensee for any violation of this chapter or the regulations promulgated thereunder, and/or if he/she determines that a fact exists which, if it had existed or had been discovered at the time when the license was issued would have been sufficient cause to deny the same.
The revocation, cancellation, or suspension process shall be carried out according to the powers or authorities conferred by §§ 2001 et seq. of Title 7, known as the “Financial Institutions Commissioner's Office Act”, and pursuant to §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(c) No surrender, revocation, cancellation, or suspension of any license shall impair or affect the obligations arising from any existing valid contract between the licensee and other persons.
History —Sept. 21, 2010, No. 136, § 2.6, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2601 - Applicability

This subchapter shall apply to any person engaged in the money transmitting business as such term is defined in § 2581 of this title.
History —Sept. 21, 2010, No. 136, § 3.1, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2602 - License requirements

To obtain a license to engage in a money transmitting business under this chapter, the applicant shall:
(a) Have a net worth of not less than five hundred thousand dollars ($500,000) calculated in accordance with generally accepted accounting principles;
(b) have liquid assets worth of at least one hundred thousand dollars ($100,000);
(c) file a license application and post the corresponding bond with OCFI, and
(d) have a reputation, moral probity, financial responsibility, experience, character, and general fitness that reasonably warrant the belief and the probability that such applicant, as well as his/her partners, directors, and executive officers, shall operate its business honestly, efficiently, and in the public interest.
History —Sept. 21, 2010, No. 136, § 3.2, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2603 - License application

In addition to the requirements established in § 2592 of this title, every application for a license to engage in a money transmitting business shall be filed together with:
(a) An annual license fee in the amount of two thousand five hundred dollars ($2,500) per office, to be paid by manager's check, certified check, money order, or bank draft to the order of the Secretary of the Treasury. An additional annual fee of one hundred dollars ($100) shall be required per authorized delegate. If the license is applied for or issued after June 30 of any year, the annual fee for that specific year only shall be one thousand two hundred fifty dollars ($1,250) and an additional fifty dollars ($50) per each authorized delegate.
(b) A manager's check, certified check, money order, or bank draft in the amount of two thousand five hundred dollars ($2,500) to the order of the Secretary of the Treasury, to defray the cost of the investigation required under this chapter. In the event that the cost of the investigation exceeds the aforesaid amount, the Commissioner shall notify the applicant that, in order to continue with the licensing process, such applicant shall deposit the necessary amount with OCFI to cover such cost.
(c) A list identifying the applicant's proposed authorized delegates and the location where the applicant and such authorized delegates intend to conduct such money transmitting business in Puerto Rico.
(d) A copy of the contract that shall govern the relationship between the applicant and his/her authorized delegates.
(e) A certification whereby both the applicant and his/her authorized delegates state that they:
(1) Are familiar and willing to fully comply with all applicable federal and Commonwealth laws, as well as with the regulations related to the money transmitting business proposed by the applicant, including this chapter, the applicable provisions of the “Bank Secrecy Act”, and the “U.S.A. Patriot Act”.
(2) Have adopted such business policies and procedures as necessary to comply with the provisions of OFAC; and [sic].
History —Sept. 21, 2010, No. 136, § 3.3, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2604 - Bond

(a) Any person who applies for a license to engage in a money transmitting business shall post, together with the application, a bond to vouch for full compliance with the provisions of this chapter and any rules or regulations promulgated thereunder. Said bond shall respond to any person, including OCFI, and shall be in the amount of five hundred thousand dollars ($500,000) if the applicant intends to conduct business only in one office. For every additional office or authorized delegate to conduct business, the bond shall be increased by ten thousand dollars ($10,000). However, the Commissioner may require a higher bond based on the licensee's volume of business and his/her financial situation. The bond shall be renewed every year.
Within the terms and conditions of each surety bond, it must be specified that such bond shall respond for claims brought by any person, including OCFI, for a period of at least five (5) years from the date on which the facts that prompted such claim took place.
(b) The bond shall be posted with the Office of the Commissioner and may consist of:
(1) A bond issued by an insurance company authorized to conduct business in Puerto Rico, which shall be subject to cancellation only through written notification to the Commissioner not less than thirty (30) days prior to such cancellation;
(2) bonds, notes, or other evidence of indebtedness of the Commonwealth of Puerto Rico, its municipalities, and public corporations; provided, that the same shall be accepted at eighty percent (80%) of their market value at all times, or
(3) certificates of deposit issued by banks authorized to do business in Puerto Rico.
(c) Securities deposited as bond may be registered, with regards to their principal, in the name of the applicant, and the same must be accompanied with a separate endorsement, including a description of the endorsed securities, in the name of the Secretary of the Treasury. Certificates of deposit shall be assigned to the Secretary of the Treasury and the funds shall not be withdrawn without the express authorization of the Commissioner.
History —Sept. 21, 2010, No. 136, § 3.4, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2605 - License renewal

In addition to the provisions of § 2595 of this title, every renewal application to engage in a money transmitting business shall include the following:
(a) A list of locations at which authorized delegates carry out such money transmissions.
(b) Evidence that the licensee maintains a net worth of not less than five hundred thousand dollars ($500,000) calculated in accordance with generally accepted accounting principles.
(c) Evidence that the licensee maintains liquid assets worth one hundred thousand dollars ($100,000) or more.
(d) A certification attesting that the licensee and all his/her authorized delegates have not accepted money to carry out transmissions knowing that any portion of such money was derived from unlawful activities or transactions, and have not failed to file or evaded their reporting requirement, including money transactions or suspicious activity reports, as required by the “Bank Secrecy Act” and the “U.S.A. Patriot Act”, in the three (3) years prior to filing the application.
(e) An annual license fee in the amount of two thousand five hundred dollars ($2,500) per office, to be paid by manager's check, certified check, money order, or bank draft to the order of the Secretary of the Treasury. An additional annual fee of one hundred dollars ($100) shall be required per authorized delegate.
History —Sept. 21, 2010, No. 136, § 3.5, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2606 - Additional requirements in case of surrender, revocation, cancellation, or suspension of money transmitting business license

If a licensee surrenders his/her license, or if the same is revoked, cancelled, or suspended, he/she shall have the responsibility to notify his/her delegates to immediately cease to provide money services. The licensee must also retrieve all books, files, and documents related to the money transmitting business conducted by authorized delegates.
If a contract with an authorized delegate is rescinded, if the Commissioner suspends or revokes an authorized delegate's authorization, or if an authorized delegate decides to cancel his/her contract with the licensee or otherwise render it ineffective, the licensee shall have the responsibility to retrieve the machines and/or system used to carry out money transmissions, as well as the books, files, and documents related to the money transmitting business conducted by such authorized delegate.
History —Sept. 21, 2010, No. 136, § 3.6, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2607 - Establishment of a separate account

(a) Every licensee shall maintain any money he/she received, either directly or through any of his/her authorized delegates, to carry out money transmissions in a separate account from the time the same are received until the money transmission is carried out.
(b) Every authorized delegate of a licensee shall maintain any money received to carry out money transmissions in a separate account from the time such money is received until it is remitted by the authorized delegate to the licensee.
(c) The money deposited in a separate account shall not be deemed to be part of the assets or wealth of the licensee or authorized delegate.
(d) No licensee or authorized delegate may commingle funds received for transmission by or to the licensee with his/her own personal or business funds or any other personal or business property.
(e) If the Commissioner revokes a licensee's license, any money deposited in the separate account of the licensee or authorized delegate may be assigned to the Commissioner for the benefit of the claimants of pending money transmissions.
History —Sept. 21, 2010, No. 136, § 3.7, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2609 - Responsibilities and prohibitions of authorized delegates

(a) Every authorized delegate has the duty to:
(1) Act according to the authorization granted through the contract executed with the licensee and in strict compliance with the latter's standards and procedures.
(2) Notify the licensee immediately after any theft or loss of payment instruments or money.
(3) Display in a conspicuous place at the office that he/she is an authorized delegate of a licensee under the provisions of this chapter, as well as the service charges for money transmissions.
(4) Immediately cease to operate as an authorized delegate of that licensee or take any required action upon receipt of a notice from the Commissioner or the licensee to such effects.
(5) Remit to the licensee any money from transmissions plus service charges:
(A) In accordance with the terms of the contract executed between the licensee and the authorized delegate, or
(B) as provided in the rules and regulations adopted under this chapter.
(6) Fully comply with the applicable federal and Commonwealth laws and regulations related to money transmitting businesses proposed by the applicant, including this chapter, and the applicable provisions of the “Bank Secrecy Act” and the “U.S.A. Patriot Act”.
(7) File a money transaction or suspicious activity report, as required by the “Bank Secrecy Act” and the “U.S.A. Patriot Act”, whenever necessary.
(8) Establish standards and procedures as necessary to comply with the provisions of the OFAC.
(b) No authorized delegate shall:
(1) Make money advances to the client as loan to later charge for such service.
(2) Enter into a contract with a third party to provide money transmission services on behalf of the licensee.
(3) Provide money transmission services outside the scope of activity permissible under the contract between the authorized delegate and the licensee.
(4) Carry out money transactions knowing that any portion of the money was derived from unlawful activities or transactions.
(c) Any business requiring a license under this chapter and conducted by an authorized delegate outside the scope of specific powers granted in the contract executed with the licensee shall be deemed to be a business that operates without a license.
(d) Violations of any of the provisions of this chapter, or the rules or regulations promulgated thereunder, shall suffice for the Commissioner to order the immediate cancellation of all contracts executed between the authorized delegate and the licensee.
History —Sept. 21, 2010, No. 136, § 3.9, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2611 - Applicability and exclusions

(a) This subchapter shall apply to any person engaged in the check cashing business as such term is defined in § 2581 of this title.
(b) In addition to the persons or entities excluded in § 2582(b) of this title, the following persons or entities shall not be subject to the provisions of this subchapter:
(1) Persons or entities that cash checks free of charge.
(2) Persons or entities for who check cashing is an activity which is inherent or related to a lawful main business or commercial activity.
(3) Persons or entities that hold a license issued by the OCFI to engage in the money transmitting business.
History —Sept. 21, 2010, No. 136, § 4.1, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2612 - Requirements to obtain a license to operate a check cashing business

(a) The Commissioner shall issue a license to engage in the check cashing business to any applicant upon determining whether such applicant has met all of the following conditions:
(1) Have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles;
(2) have liquid assets worth of not less than twenty-five thousand dollars ($25,000);
(3) file a license application and post the corresponding bond with OCFI, and
(4) have a reputation, moral probity, financial responsibility, experience, character, and general fitness that warrant the belief and the probability that such applicant, as well as his/her partners, directors, and executive officers, shall operate its business honestly, efficiently, and in the public interest.
History —Sept. 21, 2010, No. 136, § 4.2, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2613 - License application

In addition to the requirements set forth in § 2592 of this title, every application to engage in a check cashing business shall include:
(a) An annual license fee in the amount of five hundred dollars ($500) per office, to be paid by manager’s check, certified check, money order, or bank draft to the order of the Secretary of the Treasury. An additional annual fee of five hundred dollars ($500) shall be required per every additional office to be established. If the license is applied for or issued after June 30 of any year, the annual fee for that specific year shall only be two hundred fifty dollars ($250).
(b) A manager’s check, certified check, money order, or bank draft in the amount of five hundred dollars ($500) to the order of the Secretary of the Treasury, to defray the cost of the investigation required under this chapter. In the event that the cost of the investigation exceeds the aforesaid amount, the Commissioner shall notify the applicant that, in order to continue with the licensing process, the applicant shall deposit the necessary amount with OCFI to cover such cost.
History —Sept. 21, 2010, No. 136, § 4.3, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2614 - Bond

(a) Any person who applies for a license to engage in a check cashing business shall post, together with the application, a bond to vouch for full compliance with the provisions of this chapter and any rules or regulations promulgated thereunder. Said bond, which shall be in the amount of twenty-five thousand dollars ($25,000), shall respond to any person, including OCFI, if the applicant intends to conduct business in only one office. For every additional office, the bond shall be increased by five thousand dollars ($5,000). However, the Commissioner may require a higher bond based on the licensee's volume of business and his/her financial situation. The bond shall be renewed every year.
Within the terms and conditions of each surety bond, it must be specified that such bond shall respond for claims brought by any person, including OCFI, for a period of not less than five (5) years from the date on which the facts that prompted such claim took place.
(b) The bond shall be posted with the Office of the Commissioner and may consist of:
(1) A bond issued by an insurance company authorized to conduct business in Puerto Rico, which shall be subject to cancellation only through written notice to the Commissioner within not less than thirty (30) days prior to such cancellation;
(2) bonds, notes, or other evidence of indebtedness of the Commonwealth of Puerto Rico, its municipalities and public corporations; Provided, That the same shall be accepted at eighty percent (80%) of their market value at all times, or
(3) certificates of deposit issued by banks authorized to conduct business in Puerto Rico.
(c) Securities deposited as bond may be registered, with regards to their principal, in the name of the applicant, and the same must be accompanied with a separate endorsement, including a description of the endorsed securities, in the name of the Secretary of the Treasury. Certificates of deposit shall be assigned to the Secretary of the Treasury and the funds shall not be withdrawn without the express authorization of the Commissioner.
History —Sept. 21, 2010, No. 136, § 4.4, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2615 - License renewal

In addition to the provisions of § 2595 of this title every renewal application to engage in a check cashing business shall include:
(a) A license fee in the amount of five hundred dollars ($500) per office, to be paid by manager's check, certified check, money order, or bank draft to the order of the Secretary of the Treasury.
(b) Evidence that the applicant maintains a net worth of not less than fifty thousand dollars ($50,000) calculated in accordance with generally accepted accounting principles.
(c) Evidence that the applicant has maintained liquid assets worth twenty- five thousand dollars ($25,000) or more at all times.
History —Sept. 21, 2010, No. 136, § 4.5, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter IV - Check Cashing (§§ 2611 — 2616) › § 2616 - Responsibilities and prohibitions of check cashing business licensees

(a) Every licensee engaged in a check cashing business shall:
(1) Maintain a separate record of all check cashing transactions carried out, including date, time, and description of each transaction, as well as the number of the identification used by the person requesting the check cashing service. Such identification shall be issued by the Commonwealth of Puerto Rico, the Government of the United States or any of its states, or any foreign country.
(2) Endorse for deposit only the checks cashed at their business with his/her name and license number as it appears on the license issued by OCFI.
(b) No check cashing business licensee shall:
(1) Cash or make advances for post-dated checks. Notwithstanding this prohibition, any licensee may cash checks payable on the following business day if such checks are drawn by the Commonwealth of Puerto Rico, the Government of the United States, or any NAFTA member country, or any political subdivision, agency, entity, department, or authority thereof, or if the same is a paycheck drawn by an employer to the order of the person seeking to cash the same.
(2) Enter into contracts with authorized delegates to conduct the check cashing business.
History —Sept. 21, 2010, No. 136, § 4.6, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter V - Additional Responsibilities and Prohibitions (§§ 2621 — 2623) › § 2622 - Prohibitions

No person shall:
(a) Commit fraud, misrepresent, or make false or fraudulent statements.
(b) Grant loans or credit, deduct negotiable instruments or other debt instruments, or engage in any activity allowed solely to banks under §§ 1 et seq. of Title 7.
(c) Engage in a money service business in an establishment where small personal loans are granted.
(d) Charge a double fee for each money service.
(e) Make promises to clients with the intent to do business or knowing that such promises shall not be kept, or make any false claim regarding a material fact in order to induce them to error.
(f) Compensate third parties, either directly or indirectly, for processing or referring cases.
(g) Engage in illegal or unfair business practices.
(h) Use misrepresentations to induce or persuade a person to carry out a transaction.
(i) Unduly retain any sum of money or document concerning a transaction, or failing to advise a client on his/her rights or any amount of money and/or document that is part of a transaction.
(j) Embezzle or misappropriate funds in his/her custody.
(k) Falsify documents that are part of a transaction.
(l) Render, publish or prepare false reports or make false entries in order to deceive or defraud any person or the Commissioner.
(m) Carry out a money service business without a license to do so through personal contact, by telephone, or in writing or through advertisements on newspapers, the Internet, publications, handouts, signs, banners, phone books, radio, television, or any other similar medium.
(n) Advertise, show, distribute, broadcast, or allow someone else to advertise, show, distribute, or broadcast information regarding a money service business in a false or deceiving manner.
(o) No natural or juridical person may refuse to obey a summons, order, or requirement of the Commissioner or a court order thus issued claiming that the testimony, data, or information required could incriminate him/her or lead to the imposition of a penalty.
Likewise, any person who takes part, instigates, or cooperates with another in the commission of these acts shall commit a violation, regardless of whether such person obtained financial gain.
History —Sept. 21, 2010, No. 136, § 5.2, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter VI - Powers of the Commissioner (§§ 2631 — 2633) › § 2632 - Examinations

(a) The Commissioner may conduct examinations or audits of the operations of the licensee at his/her place of business. The Commissioner may also conduct special inspections as necessary in his/her judgment.
(b) Every licensee shall pay an examination fee of three hundred dollars ($300) for each day or fraction thereof, per examiner or investigator who intervenes in any examination, plus the expenses such examiners incurred in per diems and mileage, according to the norms established for officials and employees of the Commonwealth of Puerto Rico, to be paid by manager's check, certified check, money order, or bank draft to the order of the Secretary of the Treasury.
(c) If the Commissioner deems it necessary, an inspection may be conducted outside of Puerto Rico; in such case, the licensee shall pay the examination fee established in subsection (b) of this section, plus all reasonable expenses incurred during said examination, including transportation and lodging expenses.
History —Sept. 21, 2010, No. 136, § 6.2, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter VI - Powers of the Commissioner (§§ 2631 — 2633) › § 2633 - Penalties

The Commissioner shall be empowered to:
(a) Impose and collect administrative fines of not less than one hundred dollars ($100) nor more than ten thousand dollars ($10,000) for each violation of the provisions of this chapter or of the rules and regulations promulgated thereunder.
(b) Order restitution or reimbursement of such payments received in contravention of the provisions of this chapter or any rule or regulation promulgated thereunder, or any other remedy he/she deems necessary to enforce the provisions of this chapter.
(c) Impose and collect administrative fines of not less than one hundred dollars ($100) nor more than five thousand dollars ($5,000) for each day that a person engaged in a money service business fails to meet the requirements or to comply with the orders issued by the Commissioner.
(d) When the nature of the violation of this chapter or of the rules, regulations, or orders and resolutions issued by the Commissioner justify it, the Commissioner, in addition to imposing the administrative fines authorized above, shall initiate the corresponding legal action against the violator.
Any violation by a natural or juridical person of the provisions of this chapter, or of the rules and regulations that may be promulgated thereunder, or of the orders or resolutions issued by the Commissioner by virtue thereof, shall constitute a misdemeanor and, upon conviction, shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of up to five thousand dollars ($5,000) or by imprisonment for up to six (6) months, or both penalties at the discretion of the court. Each transaction in violation of the aforementioned provisions shall constitute a separate offense that shall be punishable individually.
History —Sept. 21, 2010, No. 136, § 6.3, eff. 60 days after Sept. 21, 2010.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3001 - Funeral services

Every institution offering funeral services shall inform the applicant (contracting party) about the itemized services they offer, as well as their cost and the existence of a contractual clause which allows him/her to accept a financial contribution from relatives or friends to assist in such expenses.
History —Jan. 10, 1998, No. 23, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3002 - Processing of contributions

The funeral home shall receive the contributions and shall proceed to credit them to the account under the name of the applicant, and shall deduct the same from the total cost of the contracted services.
History —Jan. 10, 1998, No. 23, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3003 - Receipts

Once the contribution is received, the funeral home shall hand the contributor a duly-identified receipt in the amount of the contribution with the name of the funeral home and signed by an authorized signature. The funeral home shall also furnish a card identified as above, which the contributor shall give to the applicant (contracting party) of the funeral services in order to certify his or her contribution toward the costs of the funeral.
History —Jan. 10, 1998, No. 23, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3004 - Statement and reimbursement of surplus contributions

No later than thirty (30) calendar days after the burial, the funeral home shall deliver a statement to the applicant (contracting party), with the amount of the contributions received, the deductions and a check for the surplus amount, if any.
History —Jan. 10, 1998, No. 23, § 5.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3005 - Alteration of costs prohibited

The funeral home shall not alter the costs originally contracted under any circumstances. In other words, the statement of account shall indicate the cost agreed upon and contracted beforehand less the total amount of the contributions received from relatives and friends. The applicant (contracting party) shall only be billed for the remainder of the debt, if any.
History —Jan. 10, 1998, No. 23, § 6.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3006 - Advance in payment of costs

If the funeral home chooses to ask the applicant (contracting party) for an advance and the contributions cover the total amount of the expenses for the contracted services, the funeral home shall be bound to reimburse the advance and any sum paid in excess of the amount agreed upon and contracted for.
History —Jan. 10, 1998, No. 23, § 7.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3007 - Contingent expenses

The funeral home shall not add any contingent expenses or costs of any other nature after the funeral services have been agreed upon and contracted by the applicant.
History —Jan. 10, 1998, No. 23, § 8.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3008 - Penalties

Any violation of the provisions of this chapter shall be punishable by a fine of five hundred dollars ($500).
History —Jan. 10, 1998, No. 23, § 9.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3009 - Direct contributions to applicant or family

None of the provisions of this chapter shall prevent the contributor from handing his or her contribution directly to the applicant (contracting party) or to the relatives of the deceased.
History —Jan. 10, 1998, No. 23, § 10.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3010 - Dissemination of information

The text of this chapter shall be displayed in a visible place in every institution that offers funeral services.
History —Jan. 10, 1998, No. 23, § 11.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 304 - Special Account for Contributions to Funeral Expenses (§§ 3001 — 3011) › § 3011 - Regulations

The Department of Consumer Affairs is hereby authorized to establish and promulgate the necessary regulations for its implementation. Said regulations would ensure compliance with the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act”.
History —Jan. 10, 1998, No. 23, § 12.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 305 - Uniform Warranty Clause in the Purchase or Lease of Equipment (§§ 4001 — 4002) › § 4001 - Guarantee of warranty

No department, agency, board, body, examining board, public corporation, commission, independent office, division, administration, bureau, authority, municipality or instrumentality of the Government of Puerto Rico, shall purchase or lease any equipment that may contain an electronic control with internal clock, unless the clause indicated in § 4002 of this title is set forth and appears in the purchase or lease contract. The requirement established in this chapter shall be construed to extend to all bids that have not yet been awarded on its effective date.
History —Aug. 7, 1998, No. 199, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 305 - Uniform Warranty Clause in the Purchase or Lease of Equipment (§§ 4001 — 4002) › § 4002 - Clause guaranteeing warranty

In all purchase-sale or lease contracts for equipment granted by the government bodies mentioned in § 4001 of this title, the following clause shall be included, according to the equipment to be acquired or leased:
“The contractor or supplier shall warranty that all non-commercial products, including, but without being limited to computer equipment or physical equipment, programs or logic support, or accessories thereof delivered or developed under the present contract and that are identified and listed hereinbelow, can adequately process the information regarding the date and hour, including but not limited to what refers to the calculation, comparison and sequence, from, to and between the twentieth (XX) century and the twenty-first (XXI) century and the years 1999 and 2000 and the calculation of leap years. He/She shall also warranty that the products allow for the adequate interchange of information regarding dates and time with any other information technology used in combination with the information technology acquired or leased through this contract. If, under the present contract it is required that the specifically indicated products function or work as a system, under the present warranty, then said warranty shall be applied to said products listed as a system. The duration of this warranty and the remedies available to the Government of Puerto Rico for failure to comply with the warranty shall be those defined in, and shall be subject to the terms and limitations of any general warranty clause in this contract. It is hereby established that regardless of the existence of any other provision to the contrary or in the absence of any warranty clause, the remedies available to the Government of Puerto Rico shall include, and shall be understood to entail, the repair and replacement of all the products listed, upon discovery that the same do not meet the requirement established in this clause and that is notified in writing to the contractor or supplier within one hundred and eighty (180) days of its acceptance. Nothing in this warranty shall be construed to limit the rights or remedies available to the Government of Puerto Rico regarding any other defect not related to the problem of the year two thousand (2000).”
History —Aug. 7, 1998, No. 199, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 307 - Operation of Recreational Inflatables (§§ 4021 — 4023) › § 4021 - Registration; license and bond system

The Fire Marshal is hereby directed to create and establish a registry of owners and operators, and a system of licenses to be required for people engaged in the business of renting or operating inflatable amusement rides or chambers.
History —Apr. 17, 2003, No. 111, § 2; Feb. 6, 2004, No. 57, §§ 1, 2; Aug. 13, 2008, No. 251, § 1.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 307 - Operation of Recreational Inflatables (§§ 4021 — 4023) › § 4021a - Registry

Any person engaged in the business of renting or operating inflatable amusement rides or chambers shall register in the Inflatable Amusement Rides or Chambers Owner Registry of the Puerto Rico Firefighters Corps. The Fire Marshal shall establish through regulations the requirements to be complied with for the initial registration and subsequent annual renewal in the registry.
History —Apr. 17, 2003, No. 111, added as § 3 on Aug. 13, 2008, No. 251, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 307 - Operation of Recreational Inflatables (§§ 4021 — 4023) › § 4021b - Licenses

Any person engaged in the business of renting or operating inflatable amusement rides or chambers shall pay the sum of fifty dollars ($50) for his/her registration in the registry and fifty dollars ($50) for the annual renewal thereof. The Fire Marshal may review the registration and renewal fees every four (4) years to adjust the same to the consumer price index, as determined by the Puerto Rico Planning Board.
History —Apr. 17, 2003, No. 111, added as § 4 on Aug. 13, 2008, No. 251, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 307 - Operation of Recreational Inflatables (§§ 4021 — 4023) › § 4021c - Certification

The District Office of the Fire Prevention Bureau of the Puerto Rico Firefighters Corps shall inspect and certify, to be strictly required prior to enrollment in the registry and the subsequent annual renewal thereof, that such inflatable ride or chamber is safe for use. The Fire Marshal shall establish through regulations the requirements to be met by inflatable rides or chambers for their safe use. A stamp shall be created to identify those inflatables that have passed inspection, prior to registration or renewal; such stamp shall be placed prominently on the inflatable. The fixing of a five-dollar ($5) maximum charge per inflatable ride or chamber inspected, plus the cost of the stamp, shall be authorized through regulations.
History —Apr. 17, 2003, No. 111, added as § 5 on Aug. 13, 2008, No. 251, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 307 - Operation of Recreational Inflatables (§§ 4021 — 4023) › § 4021d - Inspection

The inspection of inflatable amusement rides or chambers is an essential means to verify compliance with the provisions of this chapter, in order to protect the bodily integrity and peace of mind concerning children. To such effect, the Puerto Rico Firefighters Corps may conduct inspections without prior notice in order to verify compliance with this chapter and its regulations.
History —Apr. 17, 2003, No. 111, added as § 6 on Aug. 13, 2008, No. 251, § 5.