2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630g - Annual licenses

(a) Contents of the license. — Every license shall have the address of the main office in Puerto Rico where the business shall be conducted and the name of the business.
The license shall not be transferable and shall be placed in a visible area in the place of business. No other license shall be issued unless it is certified in writing that the original was lost or destroyed, or due to change of address. In the latter case, the original license shall be returned.
(b) Term to begin operations. — All concessionaires shall initiate operations within a term not greater than ninety (90) days from the date in which the Commissioner or his/her representative issues the license. If the office cannot initiate business within the term herein set forth, an extension shall be requested from the Commissioner, explaining the reasons for the delay. The Commissioner or his/her representative shall study the request and, if in his/her judgment it is determined that the justification is valid, the corresponding extension shall be granted.
The license shall be void if operations are not initiated within the term set forth in this subsection or for any extension granted.
(c) Renewal. — Every license shall remain in effect until its date of expiration, which shall be at the end of each calendar year, or until it is suspended, revoked or relinquished. Any license renewal application shall be filed not later than December 1 of each year.
If the payment and the information required for the license renewal are not received on or before December 31, it shall be understood that it has been relinquished due to lack of interest and the applicant may not operate or do business pursuant to the provisions of this chapter.
Any concessionaire who pays the fees or submits the information required for the license renewal after December 1 of each year shall be subject to the imposition of an administrative fine, pursuant to the provisions of this chapter. The license renewal fees to be paid shall be one thousand dollars ($1,000) per office.
(d) Prohibition during the renewal procedures. — If the term established for requesting the license renewal elapses without the application or documents requested having been submitted, it shall be understood that the previous license has expired. Once the previous license has expired, the credit repair agency may not operate or collect commissions, or generate income from the operation of the business until the Commissioner issues the corresponding license.
(e) Denial of the renewal. — If the Office of the Commissioner denies the renewal of the license to any concessionaire, the former shall, within thirty (30) days after his/her determination, prepare a notification stating the reasons that motivated his/her decision and a summons to an administrative hearing, as set forth in §§ 2101 et seq. of Title 3.
(f) Offices. — A license shall be required for each office established. In the case of moving offices or branches to another location, a written notification shall be sent thirty (30) days in advance to the Commissioner, who shall amend the license as required.
Once requested to do so, the Office of the Commissioner of Financial Institutions may amend the license issued to indicate the change and the date of the same free of charge. In such a case, the original license shall be returned. The amendment shall constitute authorization to operate the business under such a license, franchise or permit in the new location.
History —Aug. 31, 2004, No. 236, § 10, eff. 60 days after Aug. 31, 2004.