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 I - General Services and Definitions (§§ 2581 — 2582) › § 2581 - Definitions

For purposes of this chapter, the following definitions are hereby adopted:
(a) Liquid assets.— Means assets that can be converted into cash in a short time, with little or no loss in value. These include cash, as well as bank deposits and securities with a maturity of less than three (3) months.
(b) Authorized delegate.— Means a person designated by the licensee to engage in the business of money service on his/her behalf pursuant to the provisions of this chapter.
(c) NAFTA.— Means the “North American Free Trade Agreement”, 19 U.S.C. §§ 3301 et seq.
(d) Bank.— Means an institution engaged in the banking business, including banks, savings and loan associations, savings and credit unions, or trust companies organized under the laws of the Commonwealth of Puerto Rico, the United States, any other foreign country, or any state of the United States, and authorized by the pertinent entities to do business in Puerto Rico.
(e) Bank Secrecy Act.— Means the “Bank Secrecy Act”, 31 U.S.C. §§ 5311 et seq.
(f) Beneficiary.— Means a person to whom an obligation incurred through a money transmitting business is due.
(g) Check cashing.— Means to provide cash in exchange for checks, for which a service charge is collected or withheld.
(h) Capital.— Means the sum of all resources and securities used to organize and start a business; the amount invested in a business by its owners, partners, or shareholders.
(i) Special charge.— Means the rate or fee to be collected and paid by the money transmitting business for every money transmission processed or completed electronically or by check, money order, fax, air transportation, or other means, from the jurisdiction of Puerto Rico, including any of the municipalities thereof, to any foreign entity, person, or business, including the United States jurisdiction.
(j) Service charge.— Means the amount of money, rate, discount, or commission that persons engaged in any money service business charge clients directly, indirectly, or disguised as compensation for services rendered in such capacity.
(k) Check.— Means a bill of exchange or order drawn against a bank, requiring payment at sight against deposited funds, including, but not limited to, money orders, traveler's checks, or any payment order or instrument to transfer or pay money.
(l) Post-dated check.— Means a check issued for collection at a future date.
(m) Commissioner.— Means the Commissioner of Financial Institutions of Puerto Rico.
(n) Licensee.— Means a person holding a license issued by the Commissioner under this chapter.
(ñ) Financial statement.— Means a document presenting the financial position, operating results, and cash flow status of an institution that has been prepared using generally accepted accounting principles.
(o) FINCEN.— Means the “Financial Crimes Enforcement Network of the United States Department of the Treasury”.
(p) Check cashing business.— Means to offer services or engage in activities in which a check is exchanged for cash. Such services require the person for whom the exchange is processed, transacted, or conducted to pay a service charge.
(q) Money transmitting business.— Means to offer services or engage in activities in which any order of payment is received, including, but not limited to bank drafts, checks, personal money orders, or any other means of money transmission or payment, including those carried out by electronic transfer, wire, telephone, or any other medium to be transferred to a beneficiary, and which services require the person for whom the money transmission is processed, transacted, or conducted to pay a service charge.
(r) OCFI.— Means the Office of the Commissioner of Financial Institutions, created under §§ 2001 et seq. of Title 7.
(s) OFAC.— Means the Office of Foreign Asset Control of the United States Department of the Treasury.
(t) Office.— Means the location of the licensee's main office and any other place or mobile location in which money services are rendered.
(u) Net worth or capital.— Means the total amount of assets minus the total amount of liabilities.
(v) Person.— Means any natural or juridical person, including, but not limited to individuals, partnerships, corporations, trusts, or any other natural juridical [sic] entity.
(w) Average annual outstanding money transmission.— Means the total unpaid money transmissions computed using the monthly arithmetic means for the twelve (12) months prior to all the transfer orders that have been accepted by the licensee or reported as accepted by an authorized delegate, but not yet paid by the licensee to the client or beneficiary on the same day such orders were made.
(x) Money services.— Includes money transmitting and/or check cashing businesses.
(y) Money transmissions.— Means any order of payment, including, but not limited to bank drafts, checks, personal money orders, or any other means of transferring money, including those carried out by electronic transfer, wire, telephone, or any other medium, processed in favor of a beneficiary.
(z) Mobile location.— Means any vehicle or portable facility where money services are provided.
(aa) U.S.A. Patriot Act.— Means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”, Pub. L. 107-56 of October 26, 2001.
History —Sept. 21, 2010, No. 136, § 1.2, eff. 60 days after Sept. 21, 2010; Aug. 8, 2014, No. 136, § 1, eff. Sept. 1, 2014.