2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2004 - Definitions

To the effects of this chapter, the following terms shall have the meanings stated hereinbelow:
(a) Bank. — Shall mean any person engaged in the banking business in Puerto Rico.
(b) Banking business. — Shall mean the business of buying, selling, paying or collecting bills of exchange or bank drafts, issuing letters of credit or receiving money for their transmittal and transmitting them by bank draft, check or other means, or grant loans, or receive deposits, or engage, in general, through a combination of any of the above functions, in any of the above functions, in any banking transaction that a bank is authorized to perform under §§ 1 et seq. of this title, known as the “Puerto Rico Banking Law”.
(c) Person. — Shall mean any individual, society, corporation, association, or any other juridical or natural entity.
(d) Commissioner’s Office. — Shall mean the Financial Institutions Commissioner’s Office.
(e) Board. — Shall mean the Financial Board created in § 2008 of this title.
(f) Commissioner. — Shall mean the Financial Institutions Commissioner.
(g) Financial Institutions. — Shall mean and include:
(1) Every banking institution doing business in Puerto Rico, pursuant to the provisions of §§ 1 et seq. of this title, known as the “Puerto Rico Banking Law”.
(2) Every small personal loan company organized under §§ 941—959 of Title 10, known as the “Small Personal Loan Act”.
(3) Every domestic savings bank doing business in Puerto Rico.
(4) Any trust company doing trust business and functions in Puerto Rico under the provisions of §§ 301—503 of this title, known as the “Trust Companies Act”.
(5) Any corporation or person which does business in Puerto Rico who is subject to the licensing requirements under the provisions of §§ 1051—1063 of this title, known as the “Mortgage Institutions Act”.
(6) Every real estate investment trust which does business in Puerto Rico, except when it distributes 90% or more of its annual net income to its stockholders.
(7) Any other institution or person who engages in the financial mediation business as a money broker, agent, or as an investment, deposit, loan or financing broker or mediator, with a combined volume of business in excess of ten thousand dollars ($10,000), without being specifically authorized for such purposes by any law or regulation. Subject to the provisions of §§ 2101 et seq. of Title 3, the Commissioner is hereby empowered to approve, promulgate, amend, enact, apply and enforce the rules, regulations, orders, resolutions and determinations he/she deems necessary or convenient in order to authorize, deny, regulate, supervise and investigate the activities and persons described in this clause.
(8) Any person or personal property leasing company which does business in Puerto Rico under §§ 996—996 l of Title 10, known as the “Personal Property Leasing Act”.
(9) Any company engaged in the sale of drafts that operates under Act No. 17, approved May 3, 1967, known as the “Act to Regulate the Sale of Drafts”.
(10) Any company engaged in the financing of retail sales under §§ 731—793 of Title 10, known as the “Retail Sales and Finance Companies Act”.
(11) Any company engaged in the business of financing industrial and commercial contracts under Act No. 86, approved June 24, 1954, the “Industrial and Commercial Financing Contracts Act”.
(12) Any International Banking Entity organized under the International Banking Center Regulating Act, Act No. 16, approved July 2, 1980.
(13) Any investment company which does business in Puerto Rico under the provisions of the Puerto Rico Investment Companies Act, §§ 661—683 of Title 10.
(14) Any stockbroker which does business in Puerto Rico under §§ 851—895 of Title 10.
(15) Any person or entity engaged in the business of conveyance of accounts receivable, under Act No. 8 of October 8, 1954.
(16) Any person or entity that does business under the Uniform Trust Receipt Transactions Act, Act No. 3, approved October 13, 1954.
(17) The Commonwealth of Puerto Employees Association, created by §§ 862 et seq. of Title 3, regarding the businesses that are bound by the duty of inspecting and supervising of the Office of the Commissioner.
(h) Unsuitable practices in the operation of the financial institution. — Shall be those which occur pursuant to the laws which the Commissioner shall enforce under this chapter.
History —Oct. 11, 1985, No. 4, p. 857, § 4; Dec. 13, 1990, No. 39, p. 1560, § 2; Aug. 28, 1991, No. 76, § 1; Aug. 11, 1996, No. 123, § 3; Aug. 17, 2001, No. 114, § 37.