reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 724 - Prohibitions

Any business establishment engaged in providing lodging under the provisions of this chapter shall advertise in strict accordance with the approval of the site consultation as granted by the Planning Board or by the occupancy permit granted for said establishment to operate by the Regulations and Permits Administration, or by authorization to said establishment by the Tourism Company through regulations to that effect. Any person infringing upon the provisions of this section shall be sentenced to pay a fine in the amount of five thousand dollars ($5,000).
History —June 23, 1956, No. 85, p. 540, added as § 19 on Dec. 23, 1998, No. 305, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 741 - Provisions of retail installment contracts

(1) Each retail installment contract shall be in writing, shall contain the entire agreement of the parties, and shall be signed by both the buyer and the seller.
(2) The printed portion of the contract shall be in at least eight-point type.
(3) Each retail installment sales contract shall be provided in the Spanish or English language, at the purchaser’s option.
History —June 19, 1964, No. 68, p. 192, § 201; June 4, 1979, No. 60, p. 123, eff. 6 months after June 4, 1979.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 743 - Blank spaces in contract

It is hereby expressly prohibited to leave blank spaces in contracts to be filled in later by the seller. However, if delivery of the goods is not made at the time of the execution of the contract, the serial numbers or identification marks of the goods or other similar information and the due date of the first installment may be inserted in the contract after its execution.
History —June 19, 1964, No. 68, p. 192, § 203; May 31, 1972, No. 78, p. 171, § 3, eff. 180 days after May 31, 1972.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 744 - Insurance provisions

If the cost of any insurance were to be included in the contract:
(a) The contract shall state whether the insurance is to be procured by the buyer-holder or the seller.
(b) The amount, if any, so included for such insurance, shall not exceed the premiums approved by the Commissioner of Insurance.
(c) If the insurance is to be procured by the seller or holder, he shall, within thirty days after delivery of the goods or furnishing of the services under the contract, deliver, mail or cause to be mailed to the buyer, at his address as specified in the contract, a notice thereof or a copy of the insurance policy, or a certificate of the insurance so procured.
(d) Such notice, policy or certificate shall clearly set forth the amount of the premiums, the kind of insurance, the coverage thereof, and the terms, conditions, exceptions, limitations and restrictions of the insurance contracts. The retail installment buyer shall have the privilege of purchasing such insurance from an agent or broker of his own selection and of selecting an insurance company which is acceptable to the seller. However, the inclusion of the cost of the insurance premium in the contract when the buyer selects his agent, broker or company, shall be optional with the seller and, in such case, neither the seller nor the financing agency shall be under obligation to send or cause to be sent to the buyer, the notice, copy of the policy, or certificate thereof. Every institution engaged in financing the acquisition of motor vehicles by individuals, through a lease, shall provide to each individual requesting said financing, a form stating the following written notice in a clear and prominent text and in captions:
“IMPORTANT NOTICE: IT IS THE RIGHT OF EVERY CONSUMER TO CHOOSE HIS/HER PREFERRED INSURANCE AGENT OR BROKER OR INSURANCE COMPANY TO OBTAIN ANY INSURANCE NEEDED IN RELATION TO THE ACQUISITION OF A MOTOR VEHICLE. NO FINANCIAL INSTITUTION SHALL REQUIRE THAT THE CONSUMER OBTAIN, AS A CONDITION TO FINANCE SAID VEHICLE, INSURANCE FROM A PARTICULAR AGENT OR BROKER OR INSURANCE COMPANY. HOWEVER, THE FINANCIAL INSTITUTION MAY ESTABLISH STANDARDS IN TERMS OF THE TYPE OF INSURANCE COVERAGE OR THE EXTENT OF FINANCIAL SOLIDITY IT SHALL REQUIRE FROM THE INSURANCE COMPANY.”
Furthermore, before the applicant signs the aforesaid loan or financial lease contract, the financial institution shall obtain from the individual a written confirmation that he/she received the notice described above. The financial institution shall keep said confirmation in its records during the effectiveness of the contract.
History —June 19, 1964, No. 68, p. 192, § 204; July 23, 2008, No. 126, § 2, eff. 90 days after July 23, 2008.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 745 - Merchandise or credit certificates and obligations therefor

Merchandise or credit certificates may be issued payable in installments and exchangeable for goods and services with a cash sale price on a par with said certificates. Such certificates shall not be redeemable in cash, and shall be issued pursuant to a document executed by the parties, which shall constitute a retail installment obligation for the purposes of this chapter, and shall be the full binding agreement between the parties, and shall be subject to the provisions of §§ 741 and 758 of this title.
History —June 19, 1964, No. 68, p. 192, § 205; Dec. 23, 1998, No. 310, § 3, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 746 - Financing charges for merchandise or credit certificates

In merchandise or credit certificates, the payment of a financing charge may be required at rates not to exceed those provided by the Financial Board.
History —June 19, 1964, No. 68, p. 192, § 206; May 31, 1972, No. 78, p. 171, § 4; Aug. 17, 1989, No. 69, p. 301, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 747 - Refunds

The buyer of merchandise or credit certificates shall be entitled to return at any time all merchandise or credit certificates that have not been exchanged for goods and services, and the buyer shall then be credited for the full par value of said certificate up to the pro rata amount of the financing charges collected thereon, which shall be computed from the date of issue of the return merchandise certificates. It shall not be necessary to make any refund if the total amount of the certificate is less than one dollar ($1.00).
History —June 19, 1964, No. 68, p. 192, § 207; Dec. 23, 1998, No. 310, § 4, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 748 - Restriction on retail installment contracts

No contract shall require or entail the execution of any note or series of notes unless it is stated clearly therein that said note or series of notes are part of this retail installment contract and are subject to all the conditions thereunder.
History —June 19, 1964, No. 68, p. 192, § 208; May 31, 1972, No. 78, p. 171, § 5; May 31, 1973, No. 69, p. 310, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 750 - Financing charge limitations

No retail installment sale contract or revolving account plan shall include financing charges in excess of those allowed by the regulations approved by the Board pursuant to the provisions of Subchapter V of this chapter. The financing charges shall include all charges incidental to the investigation and execution of a contract and for the granting of credit thereunder or under a revolving account plan.
History —June 19, 1964, No. 68, p. 192, § 2010, renumbered as § 210 and amended on May 31, 1972, No. 78, p. 171, § 7; Dec. 23, 1998, No. 310, § 6, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 751 - Delivery of copy of contract; buyer’s acknowledgment

The seller shall deliver to the buyer, or mail to him at his address shown on the contract, an executed copy thereof. Until the seller does so, a buyer who has not received the goods or services shall have an unconditional right to cancel the contract and to receive immediate refund of all payments made and redelivery of all goods traded-in to the seller on account or in contemplation of the contract. Any acknowledgment by the buyer of delivery of a copy of the contract shall be printed or typewritten in a size equal to or greater than ten-point type; if contained in the contract, it shall appear directly above the space reserved for the buyer’s signature. In any domicile retail installment sale for a value of more than seventy-five dollars ($75), the buyer shall have, in order to cancel the contract, three working days from the date in which delivery of goods is made. There shall be no surcharge if the cancellation is made within the time limit. The seller shall not be bound to accept the goods, if the latter has suffered damages or deterioration in the hands of the buyer. The return and subsequent acceptance of damaged goods shall not relieve the buyer from the payment of compensation.
History —June 19, 1964, No. 68, p. 192, § 2011, renumbered as § 211 and amended on May 31, 1972, No. 78, p. 171, § 8, eff. 180 days after May 31, 1972.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 752 - Notice of assignment; payments

Unless the buyer has notice of actual or intended assignment of a contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders or assignees.
History —June 19, 1964, No. 68, p. 192, § 2012, renumbered as § 212 on May 31, 1972, No. 78, p. 171, § 18, eff. 180 days after May 31, 1972.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 753 - Statements of account; receipts

(a) The holder shall furnish to the buyer at least once a year, free of charge, and should the latter so request, a statement of account containing the following information:
(1) The annual percentage rate of the finance charges;
(2) the initial principal;
(3) the dates and amounts of the payments made;
(4) the total of payments credited;
(5) the present balance owed;
(6) the date or period of time within which the payments shall be made to avoid late charges, and
(7) any other information required by regulations as necessary to keep the buyer informed on the terms and conditions under which credit has been granted.
(b) [Repealed. Act Aug. 15, 1999, No. 258, eff. 30 days after Aug. 15, 1999.]
History —June 19, 1964, No. 68, p. 192, § 2013; May 14, 1968, No. 43, p. 66, § 3; renumbered as § 213 and amended on May 31, 1972, No. 78, p. 171, § 9; May 31, 1973, No. 69, p. 310, § 5; Dec. 23, 1998, No. 310, § 7; Aug. 15, 1999, No. 258, § 3, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 754 - Credit upon anticipation of payments

Notwithstanding the provisions to the contrary in any other contract, any buyer may pay the full amount of the contract any time before the final installment of the deferred balance of the contract is due. In such cases, the principal due on the date of payment, plus any balance to cover charges or interest earned as to that date shall be cancelled. If the contract includes a sum for insurance, a refund or credit shall be issued by virtue of the payment in advance, regardless of whether the advanced maturity of the deferred balance was caused by his/her own default. The procedure for computing the refunds or credits shall be established through regulations approved by the Board. Unearned interest shall not be collected or withheld.
History —June 19, 1964, No. 68, p. 192, § 2014, renumbered as § 214 and amended on May 31, 1972, No. 78, p. 171, § 10; Dec. 23, 1998, No. 310, § 8, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 755 - Refinancing; extension or deferral of installments

The holder of a contract may, through an agreement with the buyer, extend the due date or defer the payment of all or any of the installments payable under said contract. The extension or deferral agreement shall meet the requirements, if any, provided by the Board through regulations.
History —June 19, 1964, No. 68, p. 192, § 2015, renumbered as § 215 on May 31, 1972, No. 78, p. 171, § 18; Dec. 23, 1998, No. 310, § 9; Aug. 15, 1999, No. 258, § 4, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 756 - Refinancing of unpaid time balance

The holder of a contract, through a written agreement with the buyer, may refinance the payment of the outstanding deferred balance of the contract providing to such effect a new plan for the payment of the installments.
History —June 19, 1964, No. 68, p. 192, § 2016, renumbered as § 216 on May 31, 1972, No. 78, p. 171, § 18; Dec. 23, 1998, No. 310, § 10, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 757 - Purchase of contract by financing company; conversion of debt into personal loan

(a) No financing company may purchase any contract from a seller for a price which brings greater returns than the financing charges established by the Board according to regulations.
(b) Conversion of the balance of a retail installment sale contract into a personal loan is hereby prohibited, when the goal of such conversion is to collect interest at a rate greater than the one had in the retail installment sale contract. Violation of this prohibition by the creditor shall give to the aggrieved debtor a right to claim from said creditor damages up to the sum of one thousand dollars ($1,000).
History —June 19, 1964, No. 68, p. 192, § 2017, renumbered as § 217 and amended on May 31, 1972, No. 78, p. 171, § 11, eff. 180 days after May 31, 1972.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 758 - Cancellation

After payment by the buyer of all the sums due under a contract, the seller or holder shall be bound to submit to the pertinent registry within sixty (60) days from the date of cancellation all documents that may be needed, or perform any actions required for the cancellation of the liens on the goods pursuant to the regulations or guidelines established to such ends by the Department of State, the Department of Transportation and Public Works, or any other body designated to register such contracts, and to notify the buyer of the efforts carried out for the cancellation and extinction of the lien. Upon the request of the buyer, the seller or holder shall be bound to furnish a copy of said documents, at no cost.
History —June 19, 1964, No. 68, p. 192, § 2018, renumbered as § 218 and amended on May 31, 1972, No. 78, p. 171, § 12; Dec. 23, 1998, No. 310, § 11, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 759 - Consolidation or increase of obligation

If two (2) or more transactions in which credit is granted are consolidated or if an existing obligation is increased, it shall be deemed a new transaction subject to the required disclosure.
History —June 19, 1964, No. 68, p. 192, added as § 219 on May 31, 1972, No. 78, p. 171, § 13; Dec. 23, 1998, No. 310, § 12, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter II - Retail Installment Sales of Goods and Services (§§ 741 — 760) › § 760 - Requirement of notice

The seller or the holder shall be bound to serve notice to the buyer for the failure of payment of any installment and of the corresponding charge for delay in payment at the shortest possible time and before the next installment falls due.
History —June 19, 1964, No. 68, p. 192, added as § 220 on May 31, 1972, No. 78, p. 171, § 14, eff. 180 days after May 31, 1972.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter III - Financing Companies (§§ 761 — 764) › § 762 - Processing of license by Commissioner

(1) After the application for a license for a financing company is filed and the license and investigation fees are paid, the Commissioner may refuse to issue the license if he finds that the applicant, or any other person who, at the time of filing the application was a shareholder, director, official, member, partner, agent or spouse of the applicant, has had a license granted under this part revoked previously, or has been found guilty of violating any of the provisions of this subchapter, or has been responsible for any act or omission, as a result of which the license of another person was revoked, or if in the judgment of the Commissioner, the competence and character of the applicant or the persons related thereto, as stated above, indicate that it is not in the best public interests to issue a license to said applicant.
(2) The Commissioner shall approve or deny the application for a license within ninety (90) days after it has been filed and the pertinent fees have been paid.
(3) If the Commissioner refuses to issue a license:
(a) He shall notify the applicant of his denial and refund his license fee, but he shall keep the investigation fees to cover the cost of investigating the application, and
(b) within the next twenty (20) days, he shall render a written decision wherein he shall set forth the grounds for his denial, a copy of which he shall send immediately to the applicant. The person affected by the Commissioner’s decision shall have the right to challenge said decision by means of an adjudicative procedure pursuant to the provisions of this chapter and the provisions of §§ 2151 et seq. of Title 3, part of the law known as “Uniform Administrative Procedures Act”.
(4) Financing companies in operation on the effective date of this act may continue doing business but must obtain a license within the ninety (90) days next following said date.
History —June 19, 1964, No. 68, p. 192, § 302; Aug. 17, 1989, No. 69, p. 301, § 5; Dec. 23, 1998, No. 310, § 14, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter III - Financing Companies (§§ 761 — 764) › § 763 - Content of license; restrictions

(1) Every license shall contain the address at which the business is to be conducted, and the complete name of the person to whom issued. Such license shall be posted in a conspicuous place at the establishment of the licensee and shall be transferable.
Whenever a licensee moves his business offices to another place he shall promptly give notice thereof to the Commissioner, who, at no charge, shall amend or endorse the existing license to indicate the change and date thereof, which amendment or endorsement shall constitute authorization to operate the business under such license at the new premises.
History —June 19, 1964, No. 68, p. 192, § 303; Aug. 17, 1989, No. 69, p. 301, § 6.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter III - Financing Companies (§§ 761 — 764) › § 764 - Revocation, surrender and suspension of licenses

(1) The Commissioner may suspend or revoke a license issued under this chapter if it is found that:
(a) The licensee has violated the provisions of this chapter or of any regulation adopted thereunder; or
(b) a fact exists which, if existing or known at the time the application was filed, would have justified denial of the license by the Commissioner; or
(c) in the case of a licensee other than an individual:
(i) Any official, director, trustee or partner of the licensee has incurred an act or omission that would be cause for revoking or suspending the license to said person as an individual, or
(ii) any agent or employee of the licensee has incurred such act or omission and the licensee has approved or been aware of such acts or omissions or others of a similar nature, and after such approval or knowledge has retained the benefits, proceeds, profits, or advantages of such acts or omissions or otherwise ratified the same.
(2) Any license holder may surrender a license upon written notice to the Commissioner.
(3) No revocation, suspension or surrender of any license shall reduce or affect the obligations derived from any existing contract between the licensee and other persons. The revocation, suspension or surrender of any license shall not release the licensee of his/her obligations under this chapter and the regulations adopted by the Commissioner regarding the business conducted prior to the revocation, suspension or surrender of the license.
History —June 19, 1964, No. 68, p. 192, § 304; Aug. 17, 1989, No. 69, p. 301, § 7; Dec. 23, 1998, No. 310, § 15, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766 - Granting of credit under a revolving account plan for credit card use

The issuer of a credit card may grant credit and collect financing charges under a revolving account plan for credit card use in which:
(a) The issuer of the credit card allows the card holder to perform transactions from time to time;
(b) a financing charge or an interest rate is computed from time to time on the balance due by the card holder;
(c) the issuer shall render to the card holder monthly statements of account if there is any balance or if there have been any transactions during that billing cycle;
(d) the balance due according to such statements shall be payable on a specific date as established between the parties or in installments, at the option of the card holder, subject to the terms and conditions of the agreement, and
(e) the balance due is increased by the total amount of the transactions made by the card holder, plus the financing charges computed pursuant to the agreement, and shall be reduced by the payments made by the card holder.
The revolving account plan agreement for credit card use executed in Puerto Rico between an issuer authorized by the laws of Puerto Rico to issue such credit cards and the holder thereof, shall be governed by the laws and regulations of Puerto Rico and by applicable federal laws and regulations, including, but not limited to the “Truth in Lending Act” (15 U.S.C.A. § 1601 et seq.) and Regulation Z adopted thereunder, regardless of the place of residence of the holder thereof.
History —June 19, 1964, No. 68, p. 192, added as § 401 on Dec. 23, 1998, No. 310, § 30; Aug. 15, 1999, No. 258, § 5, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766a - Disclosure of material information

Prior to opening a revolving account plan, the issuer of a credit card must disclose in the monthly statements of account and in every event requiring disclosure, any information required by the federal law known as the “Truth in Lending Act” (15 U.S.C.A. § 1601 et seq.) and by Regulation Z, adopted thereunder, as amended from time to time.
History —June 19, 1964, No. 68, p. 192, added as § 402 on Dec. 23, 1998, No. 310, § 31, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766b - Prohibition

Any person, firm, partnership or corporation, on its own or through its agent, is prohibited from providing, issuing or distributing credit cards to persons who have not applied for them, except in the case of renewal of credit cards that have been accepted previously.
History —June 19, 1964, No. 68, p. 192, added as § 403 on Dec. 23, 1998, No. 310, § 32; Aug. 15, 1999, No. 258, § 6, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766c - Fradulent credit card offers and issue

Any person not exempted from obtaining a license, and who without obtaining the same and under misrepresentation, uses any means to issue credit cards or to offer or arrange for the obtaining thereof in exchange for money or other goods, shall be guilty of a felony and punished by a fine not greater than ten thousand dollars ($10,000) and not under five thousand dollars ($5,000), or by imprisonment for a fixed term of ten (10) years, which could be increased up to a maximum of fifteen (15) years should there be aggravating circumstances, or reduced to a minimum of five (5) years should there be extenuating circumstances, or by both penalties, at the discretion of the court.
History —June 19, 1964, No. 68, p. 192, added as § 404 on Dec. 23, 1998, No. 310, § 33, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766d - Limited liability

(a) The liability of a card holder for the unauthorized use of a credit card that has not been accepted is hereby limited to a maximum of fifty dollars ($50).
(b) The cardholder shall not be held liable for the unauthorized use of a credit card that has not been accepted.
(c) The holder shall be exempted from liability if the signature on the sales slip or in the contract for the acquisition of goods, services or credit is obviously or clearly different from the signature appearing on the credit card, and in such case, the person, firm, partnership or corporation who on its own or through an agent, accepted the signature, shall be held liable.
History —June 19, 1964, No. 68, p. 192, added as § 405 on Dec. 23, 1998, No. 310, § 34, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766e - Burden of proof

In every judicial action filed by a credit card issuer against its holder, the burden of proof of the application, authorization or permit for the card holder to use or benefit from the use of a credit card shall fall on the issuer.
History —June 19, 1964, No. 68, p. 192, added as § 406 on Dec. 23, 1998, No. 310, § 35, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766f - Right of the bearer to file claims or defenses against the issuer

(1) When a person who accepts payment through a credit card fails to satisfactorily resolve a dispute or claim of the bearer of the card regarding the goods or services paid for with said card, the bearer may file against the credit card issuer any claim (except a claim for damages) or defense related to the disputed transaction. The bearer may withhold the payment for up the total amount of the credit granted for the goods or services which gave rise to the claim and any [finance] charge imposed on said amount.
(2) If according to the provisions of subsection (1) the bearer withholds payment of the amount of the credit granted for the transaction under dispute, the credit card issuer shall not report said sum as delinquent until the dispute has been resolved or a firm and final judgment has been issued regarding said dispute.
History —June 19, 1964, No. 68, p. 192, added as § 407 on Aug. 15, 1999, No. 258, § 7, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter IV - Provisions Applicable to Revolving Account Plans for Credit Card Use (§§ 766 — 766g) › § 766g - Acceptability in other jurisdictions

(a) Any issuer of credit cards under this chapter shall inform the Commissioner, within the term provided by the Commissioner through regulations, if any affiliated or related entity issues the same or similar credit cards to residents of the other jurisdictions of the United States. Should the issuer report having such an affiliation or relationship, the issuer must also certify to the Commissioner that the credit cards issued under this chapter to residents of Puerto Rico have the same acceptability in the other jurisdictions of the United States as the credit cards issued to the residents of the other jurisdictions of the United States by entities affiliated or related to the issuer. The term “acceptability” refers to the capacity to obtain credit verification and approval or non-approval of transactions at the time the bearer intends to use his/her credit card to acquire goods or services and to the extension to residents of Puerto Rico of those offers unrelated to charges and prices generally advertised and accepted nationally.
(b) In case the issuer is unable to execute the certification required by this section, the Commissioner shall not authorize the [issuance] of credit cards under this chapter unless the issuer submits a plan to the Commissioner to achieve the same acceptability of the credit cards issued under this chapter within a period of time which the Commissioner determines to be reasonable. Nothing in this section shall be interpreted as creating a private cause for action in behalf of credit card holders, credit applicants and any other person, in case an issuer fails to provide said equal acceptability provided in this section.
History —June 19, 1964, No. 68, p. 192, added as § 408 on Aug. 15, 1999, No. 258, § 7, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 773 - Powers of the Commissioner

According to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”, the Commissioner shall have the power to approve, review, amend, suspend and revoke regulations:
(1) To prescribe the kinds of insurance permitted in retail installment sales, which may vary according to the type of goods or services involved in the sale.
(2) To refund insurance premiums in the case of advance payments of contracts and the cancellation of insurance policies.
(3) To establish the charges for extending or deferring the contract and the manner for computing the same.
(4) To establish, fix, regulate, increase, reduce or leave to free enterprise the charges, other than [finance] or interest rate charges, that may be collected under the contracts as well as under the revolving account plan.
(5) To establish the charges for any other items derived from the retail installment purchase of goods or services or the acquisition of the retail installment sales contract or interest thereon.
(6) To determine the information to be contained in the statements of account sent every month under a revolving account plan.
(b) [Repealed. Act Aug. 15, 1999, No. 258, § 8, eff. 30 days after Aug. 15, 1999.]
(c) [Repealed. Act Aug. 15, 1999, No. 258, § 8, eff. 30 days after Aug. 15, 1999.]
History —June 19, 1964, No. 68, p. 192, § 403; May 14, 1968, No. 43, p. 66, § 4; May 31, 1972, No. 78, p. 171, § 16; Mar. 4, 1976, No. 9, p. 20, § 3; Aug. 17, 1989, No. 69, p. 301, § 9; renumbered as § 501 and amended on Dec. 23, 1998, No. 310, § 17; Aug. 15, 1999, No. 258, § 8, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 773a - Powers of the Board

(a) The Board may require the Commissioner to conduct studies of every or any activity undertaken under this chapter and of the operations of financing companies, to determine the legitimacy of the financing charges and any other factor which, in the judgment of the Board, merits revision.
(b) The Board may fix, regulate, increase, reduce or leave to free enterprise, through regulations and during the time needed, the charges for financing and the interest rates applicable to all activity undertaken under this chapter.
History —June 19, 1964, No. 68, p. 192, added as § 501A on Aug. 15, 1999, No. 258, § 9, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 774 - Policy

(a) In the exercise of the powers granted to it by this chapter, and in conformity with the public policy hereby implemented, the Board may make classifications for the purpose of fixing proper charges for different goods or services whenever advisable due to the nature of the goods or services.
(b) The Board shall take into account the needs and interests of the different sectors or branches of commerce engaged in the installment sales business, the needs and interests of the sector engaged in the financing of said sales, and the needs of the buyers, so that any measure it may adopt may tend to afford stability and foster the economy of the Commonwealth of Puerto Rico.
(c) The Board shall establish fair and reasonable charges with due regard to the cost factors involved in the retail installment sales business and in the financing of such sales, as the case may be. It shall also consider the market conditions and economic factors which might affect its findings.
(d) Any finance charge fixed by the Board shall be legal, irrespective of the provisions of §§ 4591—4599 of Title 31, and Act No. 92 of May 6, 1938.
History —June 19, 1964, No. 68, p. 192, § 404; Mar. 4, 1976, No. 9, p. 20, § 4; renumbered as § 502 on Dec. 23, 1998, § 24, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 775 - The Commissioner

The Commissioner shall have charge of the administration and enforcement of this chapter and of the rules and regulations approved by the Board.
History —June 19, 1964, No. 68, p. 192, § 405; Aug. 17, 1989, No. 69, p. 301, § 10; renumbered as § 503 on Dec. 23, 1998, No. 310, § 24, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 776 - Duties of the Commissioner

(a) The Commissioner shall study the conditions of the retail sale installment business and financing thereof whenever it is deemed convenient by him/her or entrusted to him/her by the Board.
(b) All departments, agencies, corporations, authorities, offices and political subdivisions of the Commonwealth shall provide to the Commissioner, without charge, expense or fee of any kind, all official information, books, pamphlets or publications, certified copies of documents, statistics, compiled data and records that may be requested of them for official use of the office.
(c) In the exercise of the powers granted in this section and in the other provisions of this chapter, the Commissioner is hereby authorized to adopt all pertinent measures to enforce the provisions thereof.
(d) The Commissioner may, through regulations, circular letter, order or administrative determination, temper compliance of the provisions of this chapter to technological changes.
History —June 19, 1964, No. 68, p. 192, § 406; Aug. 17, 1989, No. 69, p. 301, § 11; renumbered as § 504 on Dec. 23, 1998, No. 310, § 24; Aug. 15, 1999, No. 258, § 10, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 777 - Procedure for fixing charges

(a) When the Commissioner, motu proprio or at the request of the Board, determines it is necessary to fix or revise the charges mentioned in this chapter, he/she shall remit to the Board a proposal for regulations. The Board shall consider the proposal for regulations and may accept, amend, complement or reject the same.
(b) The regulations approved by the Board shall have force of law, subject to the procedures established by §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
History —June 19, 1964, No. 68, p. 192, § 407; June 16, 1966, No. 53, p. 192; Aug. 17, 1989, No. 69, p. 301, § 12; renumbered as § 505 and amended on Dec. 23, 1998, No. 310, § 18; Aug. 15, 1999, No. 258, § 11, eff. 30 days after Aug. 15, 1999.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 778 - Investigative power

(a) The Commissioner may issue subpoenas to compel the attendance of witnesses and the production of such economic data or information as he may deem necessary for the administration of the statute. If the subpoenaed person should refuse to submit the required information, he/she may challenge the requirements of the Commissioner through the procedure established in §§ 2151—2168 of Title 3, part of the Uniform Administrative Procedures Act. The challenge may only be on the grounds that the requirement of information is unreasonable or exceeds the power of the Commissioner, since it does not have any relationship with the areas of interest covered by this chapter. The witnesses so subpoenaed by the Commissioner shall receive per diems at the rate fixed for witnesses subpoenaed by the Court of First Instance of Puerto Rico.
(b) The Commissioner, or his duly authorized agent, may administer oaths and receive testimony, data or information.
(c) If a subpoena issued by the Commissioner is not duly obeyed, the Commissioner may appear before the Court of First Instance of Puerto Rico and petition the court to order compliance of the summons. The Court of First Instance shall give priority to the course and dispatch of said petition and shall have the authority to issue orders compelling the appearance of witnesses or the production of any data or information which the Commissioner may have previously required. The Court of First Instance shall have power to punish as contempt the disobedience of such orders.
(d) In case that a natural person should refuse to obey a subpoena of the Commissioner or a judicial order so issued on the grounds that the testimony, data or information required of him might incriminate him or give rise to a penalty, the Commissioner must resort to the Court of First Instance so that, through a court order issued to these effects, it will order the person who has raised his/her constitutional privilege to avoid self-incrimination, to produce the information required by the Commissioner. In these cases the court shall order that said information can not be used in any criminal procedure against the person who submitted the information requested by the Commissioner.
History —June 19, 1964, No. 68, p. 192, § 408; Aug. 17, 1989, No. 69, p. 301, § 13; renumbered as § 506 on Dec. 23, 1998, No. 310, § 24, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 779 - Other powers and duties of the Commissioner

The Commissioner shall have power to:
(1) Appoint, subject to the provisions of §§ 2001 et seq. of Title 7, the technical and office personnel necessary to carry out his functions.
(2) To make, at the request of an interested party or motu proprio, investigations in connection with alleged violations of this chapter, as well as any other investigations necessary for an efficient administration thereof.
(3) To require of the persons operating businesses who make installment sales or engage in the financing of contracts, to keep such records, files and forms and render such reports as the Commissioner may deem necessary to achieve the public policy and the purposes of this chapter.
History —June 19, 1964, No. 68, p. 192, § 409; Aug. 17, 1989, No. 69, p. 301, § 14; renumbered as § 507 on Dec. 23, 1998, No. 310, § 24, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 780 - Duties of financing companies

Financing companies shall be bound to:
(1)
(a) Provide all such information as the Commissioner may deem necessary from time to time for the enforcement of this chapter or any regulations approved hereunder and to place at the disposal of the Commissioner, at the place of business, the accounting books, records, documents and such other data that he may consider as necessary.
(b) Pay the Commissioner an examination fee of three hundred dollars ($300) for each day or fraction thereof, for each examiner intervening in each examination, plus expenses incurred on account of per diems and mileage pursuant to the rules established for officials and employees of the Commonwealth of Puerto Rico, by a check issued to the order of the Secretary of the Treasury.
(c) Every licensee shall submit those reports required by the Commissioner, on the dates and under the terms provided by the Commissioner.
(i) Financial statement.
(ii) Statement of income and expenses.
(iii) Reconciliation of the capital account as of December 31 of each year.
In addition to the aforesaid reports, the Commissioner may request any other report he deems necessary. If the company has more than one authorized office in Puerto Rico, the Commissioner may authorize him to submit a consolidated annual report.
(2) To allow the Commissioner free access to their properties, facilities and places of operation.
(3) To submit to the Commissioner the retail installment sale contract to be used in their installment sales and any other agreement that will govern a revolving account plan, along with the credit application form under such plan, as the case may be. The licensee shall submit a certification stating that the contract or agreement that shall govern the revolving account plan and the credit application form under such plan, as the case may be, comply with the applicable local and federal laws and regulations and the Commissioner at his discretion may revise or require changes to the same.
History —June 19, 1964, No. 68, p. 192, § 4010, renumbered as § 410 and amended on May 31, 1972, No. 78, p. 171, § 17; Aug. 17, 1989, No. 69, p. 301, § 15; renumbered as § 508 and amended on Dec. 23, 1998, No. 310, § 19, eff. 60 days after Dec. 23, 1998.