reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 222 - Rent-to-Own Contracts Act (§§ 2451 — 2466) › § 2465 - Penalties; grace period; limitation of liability

(a) Penalties. — The Secretary may impose an administrative fine on any person who violates the provisions of this chapter, which shall not exceed five thousand dollars ($5,000) for each violation.
(b) Violations. — In the event of any violation of the provisions of this chapter related to any transaction, the lessee in said transaction may recover from the person who commits the violation, or introduce the defense of compensation or reconvention in any action of said person, real damages with a minimum recovery of three hundred dollars ($300.00), or twenty-five percent (25%) of the pending price, at the moment of stating his claim, whichever is greater.
(c) Grace period. — Notwithstanding what is provided in this section, any failure to comply with this chapter may be corrected by the lessor within ten (10) days following the date of perfection of the lease contract with a purchase option and, if it has been corrected, neither the lessor nor any owner shall be subject to the penalty established in this section.
(d) Limitation of liability. — A lessor shall not be liable under this section for damages in excess of the real damage suffered by the lessee if the lessor shows by preponderance of evidence that the violation resulted from a bona fide error despite the implementation by lessor of reasonably established procedures to prevent the error. As it is used in this section, “bona fide error” includes, but is not limited to: clerical errors, computation errors, computer errors, and programming and printing errors.
(e) Class actions; limitation of liability. — Regardless of what is provided in any other provision of this chapter, in any class action for violations of its provisions, the total compensation resulting from the noncompliance shall not be greater than the lesser amount between five hundred thousand dollars ($500,000.00) or an amount equal to one percent (1%) of the lessor’s assets.
History —Apr. 13, 2000, No. 67, § 16, eff. 30 days after Apr. 13, 2000.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 222 - Rent-to-Own Contracts Act (§§ 2451 — 2466) › § 2466 - Model contract

The Secretary shall adopt through regulations a model lease contract with purchase option within sixty (60) days following the approval of this act, which shall include the requirements established by this chapter. Said contract shall be used as a model by every person or entity engaged in the leasing of personal property with a purchase option, that is subject to the provisions of this chapter. All the contracts used by persons or entities engaged in the leasing of personal property with a purchase option shall include at least the same provisions included in said model contract.
History —Apr. 13, 2000, No. 67, § 17, eff. 30 days after Apr. 13, 2000.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › §§ 2501—2518 - Repealed. Act Sept. 21, 2010, No. 136, § 6.4, eff. 60 days after Sept. 21, 2010

(a) Liquid assets. — Means money in cash and bank deposits.
(b) Service charges. — Means the amount of money or commission that a person engaged in the “check-cashing business” charges his/her clients as payment for the services he/she renders in that capacity.
(c) Check. — Means a bill of exchange or order drawn against a bank, requiring payment at sight against deposited funds; a bank draft or any payment order or instrument for the transfer or payment of money. This term does not include traveler’s checks, payment instruments in foreign currency, nor transfers of funds by electronic means, cable, telephone, or any other electronic medium.
(d) Postdated check. — Means a check issued for collection at a future date.
(e) Commissioner. — Means the Commissioner of Financial Institutions of Puerto Rico.
(f) Concessionaire. — Means a person who holds a license issued by the Commissioner under this chapter.
(g) NAFTA. — Means the North America Free Trade Agreement.
(h) Check-cashing business. — Means any person engaged in check-cashing business activities in exchange for the payment of a fee or commission, as compensation for the services rendered.
(i) Office. — Means the physical location of the main office of the concessionaire and any other location or mobile unit in which he/she conducts check-cashing business activities.
(j) Person. — Means any individual, corporation, partnership, association, or any other juridical or unincorporated entity.
(k) Mobile unit. — Means any vehicle or movable means of transportation in which check-cashing transactions are conducted.
(l) Check cashing. — Means the delivery of money in cash in exchange for payment instruments and orders for the transfer or payment of money, pursuant to the definition established in subsection (c) of this section.
History —Aug. 11, 1996, No. 119, § 2; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2502 - Applicability and exclusions

(a) Applicability. — This chapter shall apply to every person engaged in check-cashing business activities, as said term is defined in this chapter.
(b) Persons excluded. — The following persons or entities may engage in check-cashing business activities without being subject to the provisions of this chapter:
(1) Banking institutions, savings banks, trust companies and savings and loan associations organized under the laws of the Commonwealth of Puerto Rico, the laws of the United States, the laws of any country that is member of NAFTA, or the laws of any state or territory of the United States of America, authorized to do business in Puerto Rico.
(2) Savings and credit unions organized under the laws of the Commonwealth of Puerto Rico, the United States, or any NAFTA signatory country, authorized to do business in Puerto Rico.
(3) The Postal Service of the Government of the United States of America, federal or state agencies or dependencies of the Government of Puerto Rico or of any NAFTA signatory country.
(4) Persons who cash checks free of charge.
(5) Persons for whom the cashing of checks is an activity which is inherent or related to a legitimate main business or commercial activity.
(6) Persons authorized to engage in the money transfer business by the Office of the Commissioner of Financial Institutions.
History —Aug. 11, 1996, No. 119, § 3; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2503 - Obtention of license; exceptions

No person, except those excluded under § 2502(b) of this title, may engage in check-cashing business activities in the Commonwealth of Puerto Rico, as a service rendered in exchange for payment of compensation, without having previously obtained a license issued by the Commissioner as provided below. Any person who on the date of approval of this act is operating a check-cashing business, may continue operating the same, but he/she must comply with all of the provisions of this chapter within thirty (30) days from its effective date.
History —Aug. 11, 1996, No. 119, § 4; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2504 - License application and fee

(a) Contents of the application. — The application for a license to engage in the “check-cashing business” shall be completed under oath and be filed at the Office of the Commissioner. The same shall state the full name of the applicant and the address of the main business office in Puerto Rico in which its accounting books and all documents concerning its operations shall be kept. It shall also contain any information required by the Commissioner, on the forms prescribed for such purposes, including the identity and address of each of the directors and officials if the applicant is a corporation, and of the partners, if the applicant is a partnership, in order to conduct the inspections provided in § 2505 of this title.
(b) License and inspection fees. — Upon submitting the license application, the applicant shall pay two hundred and fifty dollars ($250) for the first office, and an equal amount for each additional office. This fee shall be the same regardless of the date on which it is applied for in its calendar year.
(c) Municipal license fees. — For the purposes of this chapter, to determine the amount of the municipal license fee, the check-cashing business is deemed to be a rendering of services, and therefore, not financial.
History —Aug. 11, 1996, No. 119, § 5; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2505 - Processing of application

(a) Issuing of license. — After the application has been filed and the fees have been paid, the Commissioner shall conduct the investigations he/she deems necessary and, if he should find that the reputation, moral soundness, financial accountability, experience, character, and general aptitude of the applicant are such that they justify the belief that the business will be managed legally and fairly, within the purposes of this chapter, and that the issuing of the license shall be necessary and convenient for the community within which the business will be operated, he/she shall approve said application and shall issue a license to the applicant that shall constitute the authorization to operate said business according to the provisions of this chapter.
(b) Denial of license. — Should the Commissioner deny the application, the amount paid for inspection expenses shall be retained by the Commissioner, and the amount paid for license fees shall be returned to the applicant.
History —Aug. 11, 1996, No. 119, § 6; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2506 - Annual licenses

(a) Contents. — Each license shall bear the name of the concessionaire and the address of the office in Puerto Rico where the business shall be conducted. The license shall be untransferable and shall be posted in a conspicuous place within the business establishment.
(b) Renewal. — Each license shall remain in effect until it expires at the close of each calendar year, or until it has been suspended, revoked, or relinquished. Every license renewal application shall be filed not later than the 1st of December of every year. Upon the renewal of the license, each concessionaire shall pay the amount of two hundred fifty dollars ($250), for the annual license fee, for each office, by certified check, or postal or bank money order, drawn to the order of the Secretary of the Treasury. The Commissioner shall impose an administrative fine of not less than one hundred and fifty dollars ($150), nor more than one thousand five hundred dollars ($1,500), on any concessionaire who files an application and pays the license renewal fee after December 31.
(c) Offices. — A license shall be required for each office. The payment of annual license fees stipulated in this section and § 2504 of this title, shall be required for each office that is established.
When the concessionaire wishes to move his/her office within the municipality in which he/she does the business, he/she shall remit a written notice to the Commissioner who shall make the corresponding amendments to the license.
(d) Resident agent. — All concessionaires with juridical status shall file with the Commissioner, a written appointment of a resident in Puerto Rico, stating the name, and the mailing and residential addresses, and designating said resident as his/her agent for service of process, or any other legal process or notice, unless the concessionaire has appointed another agent for these purposes under another law of Puerto Rico, in which case the concessionaire shall submit the name and mailing and residential addresses of said agent to the Commissioner.
History —Aug. 11, 1996, No. 119, § 7; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2508 - Concessionaire—Duties

(a) Inspections. — Every concessionaire under the provisions of this chapter shall have the obligation of making available to the Commissioner for his/her inspection, the accounting books, records, documents, and any other data that he/she deems necessary to perform his/her supervisory function, and allow the Commissioner or his/her representatives free access to his/her properties, facilities, and operating sites.
Any concessionaire who fails to make such accounts, books, and other documents available to the Commissioner or his/her agents within the term established by the Commissioner, or who does not comply with any order issued by the Commissioner without just cause, may be sanctioned with an administrative fine of not less than one hundred dollars ($100) for each day the concessionaire fails to comply with the requirement and order issued by the Commissioner.
The Commissioner may, at his/her discretion, extend the term granted to comply with an order or requirement, at the request of the concessionaire within the term granted, should the latter prove to have just cause for doing so to the satisfaction of the Commissioner.
(b) Annual reports. — No later than April 15 of each year, each concessionaire shall submit a financial report, under oath of its operations, for the preceding calendar year.
Should a concessionaire have more than one authorized office in Puerto Rico, he/she may submit a consolidated report in lieu of a separate report for each authorized office.
(c) Destruction of books and records. — Any concessionaire may destroy his/her books or records after a term of not less than five (5) years from the date of the last entry on said books or records, or from the date on which any obligation has ceased to be exigible according to the documents in his/her power, with the authorization of the Commissioner.
History —Aug. 11, 1996, No. 119, § 9, renumbered as § 8 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2509 - Concessionaire—Additional duties and obligations

All concessionaires under the provisions of this chapter shall comply with the following duties and obligations:
(1) Their relationship with their clients shall be deemed to be of a fiduciary nature, and they will be required to carry out their functions with the highest degree of diligence, care, loyalty, and pecuniary benefit for their clients.
(2) Keep an office or establishment that is adequate to attend to their clients, where they can be reached during business hours.
(3) Keep and maintain in the main office all reports, books, records, registries, documents, papers and other evidence related to their check-cashing business, in separate accounts from those of other businesses they may conduct.
(4) Prepare and submit to the Office of the Commissioner any report on their business and operations that he/she may require.
(5) Endorse the checks cashed at their establishment with the name and license number as it appears on the license issued by the Commissioner.
(6) Furnish a copy of the license that authorizes them to engage in the check-cashing business to any financial institution with which they do business.
(7) Advertise in such a manner that the nature of the services they offer and/or the activity in which they are engaged with regard to the check-cashing business are clearly identifiable.
(8) Conspicuously post and display in each office in view of the public, a list of the rates they currently charge for their check-cashing services.
(9) Observe the applicable laws and regulations that impose record keeping requirements and render report of current transaction reports to the Federal Treasury Department (31 USC §§ 5311 et seq. and 31 CFR § 103 et seq.) and to the Secretary of the Treasury of Puerto Rico (Puerto Rico Internal Revenue Code of 1994, § 1153), and provide a true and exact copy of said reports (CTRs) to the Commissioner when he/she requires it.
(10) Comply with any order or resolution of the Commissioner.
(11) Provide all persons for whom a check is cashed or with whom a transaction is conducted with a receipt evincing such a transaction.
History —Aug. 11, 1996, No. 119, § 10, renumbered as § 9 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2510 - Service rates

(1) The service fee a concessionaire may charge or collect for cashing checks shall be determined according to open market conditions.
History —Aug. 11, 1996, No. 119, § 11, renumbered as § 10 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2511 - Prohibited practices

No concessionaire subject to the provisions of this chapter shall:
(1) 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.
(2) Engage in his/her cash-checking business in an establishment where small personal loans are granted.
(3) Cash or [provide an] advance cash in exchange for post-dated checks. This prohibition notwithstanding, any concessionaire may cash or pay a check that is payable on the next working day following the date the same was cashed or paid when the check is drawn by the Commonwealth of Puerto Rico, the Government of the United States, or any NAFTA member country, or by a political subdivision, agency, dependency, department, or authority thereof; or, if the check is a paycheck drawn by an employer to the order of its employees for services rendered.
(4) Request, receive or collect the total or partial payment of any commission or fee in advance for services yet to be rendered.
(5) Use falsehood in order to induce or persuade a person to conduct a transaction.
(6) Unduly retain any sum of money or document concerning a transaction, or failing to advise a client as to his/her rights, or to any amount of money and/or document that is part of a transaction.
(7) Embezzle or misappropriate funds in his/her custody.
(8) Falsify documents that are part of a transaction.
(9) Render, publish or prepare false reports or entries in order to deceive or defraud any person or agent authorized by the Commissioner to inspect his/her business affairs.
History —Aug. 11, 1996, No. 119, § 12, renumbered as § 11 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2513 - Relinquishing, revocation or suspension of license

(a) Any concessionaire may relinquish his/her license through a written notice to the Commissioner, who may order and conduct an inspection of the business before accepting the relinquishment of the license. If after the inspection, it is found that the concessionaire has incurred any violation of law, the Commissioner may impose the corresponding penalty as provided in § 2518 of this title, as well as revoke or suspend his/her license.
(b) The Commissioner may revoke or suspend the license of any concessionaire on any grounds empowering him/her to deny the same pursuant to this chapter, and if he/she should find that:
(1) A fact exists which, if it had existed or been known at the time the license was issued, it would have been sufficient grounds to deny the same, or
(2) the concessionaire has violated any provision of this chapter.
(c) Every case of revocation or suspension of a license issued by the Commissioner shall be handled according to the powers and duties conferred by his/her Organic Act, according to any of the adjudicative procedures established in Regulation 3920, adopted under §§ 2101 et seq. of Title 3, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”, and §§ 2001 et seq. of Title 7, known as “Office of the Commissioner of Financial Institutions Act.”
History —Aug. 11, 1996, No. 119, § 14, renumbered as § 13 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2514 - Powers of the Commissioner

In addition to the powers and faculties conferred to the Commissioner by the Organic Act, he/she shall have the power to:
(1) Conduct investigations on alleged violations of this chapter at the request of an interested party or motu proprio, as well as any other investigations needed for the sound enforcement thereof.
(2) Issue summons and orders for the appearance of witnesses and the production of the information he/she deems necessary for the enforcement of this chapter.
(3) The Commissioner or his/her duly authorized agents may take oaths and receive testimony, data or information. If a summons issued by the Commissioner is not duly observed, he/she may appear before the Court of First Instance of Puerto Rico and request the Court to order compliance with the summons. The Court of First Instance shall be empowered to punish as contempt of court the disobedience of its orders and to compel the appearance of witnesses or the production of any data or information that the Commissioner has previously required.
No natural or juridical person may refuse to obey a summons of the Commissioner or a court order thus issued, by claiming that the testimony, data or information required could incriminate him/her or lead to the imposition of a sanction; but, said person shall not be prosecuted criminally with respect to any transaction, issue, or matter on which he/she has testified or produced data or information.
History —Aug. 11, 1996, No. 119, § 15, renumbered as § 14 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2515 - Cease and desist orders

After it has been determined that a concessionaire has incurred a violation of this chapter, or an administrative order or resolution, or regulations approved thereunder, the Commissioner may issue an order to cease and desist against the defendant and prescribe the corrective terms and conditions which he/she determines from the evidence in his/her power, will best serve the public interest.
The orders issued shall be served on the defendant concerned at his/her place of business or sent to his/her last known address by certified mail with acknowledgment of receipt.
History —Aug. 11, 1996, No. 119, § 16, renumbered as § 15 on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2516 - Regulations

The Commissioner shall issue the regulations he/she deems are necessary for compliance of the provisions of this chapter.
History —Aug. 11, 1996, No. 119, § 17, renumbered as § 16 on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2517 - Reconsiderations and review

All matters concerning the administrative hearing procedures, adjudicative procedures, and reconsiderations and review of orders and resolutions issued by the Commissioner shall be governed as provided in §§ 2101 et seq. of Title 3, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”, and the regulations adopted thereunder.
History —Aug. 11, 1996, No. 119, § 18, renumbered as § 17 on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 301 - Commissioner of Financial Institutions—Check Cashing Businesses (§§ 2501-2518 — 2518) › § 2518 - Penalties

The Commissioner is hereby authorized to impose and collect administrative fines of not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000) for any violation of the provisions of this chapter or of the provisions contained in the rules and regulations promulgated by virtue thereof.
When the nature of the infraction of this chapter or of the rules, regulations or orders and resolutions issued by the Commissioner justify it, the Commissioner, besides imposing the authorized administrative fine, shall refer the matter to the Department of Justice for it to file criminal charges against the violator.
Each violation of the provisions of this chapter, or of the provisions contained in the rules or regulations promulgated hereunder, or of the orders and resolutions issued by the Commissioner, shall constitute a misdemeanor punishable by a fine of not more than five hundred dollars ($500).
History —Aug. 11, 1996, No. 119, § 19, renumbered as § 18 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › §§ 2521—2527 - Repealed. Act June 29, 2012, No. 128, § 2, eff. June 29, 2012

History —Aug. 12, 2000, No. 171, § 2; Aug. 10, 2002, No. 159, § 2; Sept. 15, 2004, No. 304, § 1; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2522 - Program—Purpose

The Compulsory Registry for Merchants and Businesses Program shall be responsible for preparing a registry consisting of an inventory in which statistical data may be identified and published, such as: number and amount, sales volume and type of services or company which entrepreneurs and other businesses are engaged, and other businesses that operate for profit in Puerto Rico.
History —Aug. 12, 2000, No. 171, § 3; Aug. 10, 2002, No. 159, § 3, eff. 90 days after Aug. 10, 2002.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2523 - Registry—Scope

It shall be obligatory for any natural or juridical person whose business operates, or has its main business location in the Commonwealth of Puerto Rico, to register in the Compulsory Registry for Merchants and Businesses and to submit to the Puerto Rico Trade and Export Company the information the latter may require not later than July 15 of each year.
It is likewise provided that the various agencies, public corporations and other government instrumentalities, to wit, the Department of the Treasury, the Department of Labor and Human Resources, the Economic Development Bank for Puerto Rico, the Puerto Rico Tourism Company, the Industrial Development Company, the Electric Power Authority and the Office of the Ombudsman, among other government entities shall share with and provide to the Registry the pertinent information the latter may require in order to achieve the purposes for which it was created.
History —Aug. 12, 2000, No. 171, § 4; Aug. 10, 2002, No. 159, § 4; Sept. 15, 2004, No. 304, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2524 - Rules and regulations

The Executive Director of the Puerto Rico Trade and Export Company shall be the official responsible for drafting and submitting the rules and regulations for the approval of the Secretary of the Department of Economic Development and Commerce. The regulations adopted shall provide for the establishment and collection of a fee for searching for information in the registry. Provided, however, That the fee to be collected shall be fixed so as not to be an unreasonable and onerous expense for the natural or juridical person interested in the information.
History —Aug. 12, 2000, No. 171, § 5; Sept. 15, 2004, No. 304, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2525 - Funds

A special fund is hereby created which shall be known as the “Compulsory Registry for Merchants and Businesses Fund”. This fund shall be administered pursuant to the rules and regulations adopted by the Puerto Rico Trade and Export Company, attached to the Department of Development and Commerce, in harmony with the provisions in effect for the administration of similar funds. The total fees collected for searching for information in the Registry by natural or juridical private persons as well as the total amount collected for other related services shall be covered into said Fund. Legislative appropriations, contributions of federal and municipal funds, and funds from public corporations and any other contributions from the private sector shall also be covered into said Fund. It being understood that said Fund shall in no way be nourished by fees for registering in said Registry which shall be deemed proscribed pursuant to this chapter.
The Executive Director of the Puerto Rico Trade and Export Company shall use those funds pursuant to the regulations adopted for the organization and implementation of the Program created by this chapter.
History —Aug. 12, 2000, No. 171, § 6; Aug. 10, 2002, No. 159, § 5; Sept. 15, 2004, No. 304, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2526 - Internet access

The Executive Director of the Puerto Rico Trade and Export Company, when designing the operations of the Registry, shall make available to those natural or juridical persons who must provide the information required for registering, electronic means so they may access said information in the Internet. The Executive Director shall also ensure that the information in the Registry is accessible through the Internet. Access to said information shall entail the payment of a fee to be fixed by the Executive Director of the Puerto Rico Trade and Export Company for natural and juridical persons. The accepted means for paying for the registration or access to the information shall include both credit or debit cards.
History —Aug. 12, 2000, No. 171, § 7; Aug. 10, 2002, No. 159, § 6; Sept. 15, 2004, No. 304, § 5.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 302 - Compulsory Registry for Merchants and Businesses (§§ 2521-2527 — 2527) › § 2527 - Powers, penalties and research

The Secretary of the Department of Development and Commerce is hereby authorized to establish through regulations and pursuant to the recommendations made by the Executive Director of the Trade and Export Company, the fees for searching for information and/or any other specialized services through the Registry. The Secretary is furthermore authorized to establish through regulations and again as pursuant to the recommendations of the Executive Director, the penalty to be imposed upon those merchants and businesses who fail to register in the Compulsory Registry for Merchants and Businesses.
History —Aug. 12, 2000, No. 171, added as § 8 on Aug. 10, 2002, No. 159, § 7; Sept. 15, 2004, No. 304, § 6.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2552 - Powers of the Commissioner [Repealed]

History —Aug. 6, 1996, No. 106, § 3; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2553 - Licensing requirement [Repealed]

History —Aug. 6, 1996, No. 106, § 4; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2554 - Excluded entities [Repealed]

History —Aug. 6, 1996, No. 106, § 5; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2555 - Requirements to obtain a license [Repealed]

History —Aug. 6, 1996, No. 106, § 6; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2556 - Applications [Repealed]

History —Aug. 6, 1996, No. 106, § 7; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2557 - Fees, statements and bond [Repealed]

History —Aug. 6, 1996, No. 106, § 8; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2558 - Investigation to issue license [Repealed]

History —Aug. 6, 1996, No. 106, § 9; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2559 - Continuity of the bond and other requirements [Repealed]

History —Aug. 6, 1996, No. 106, § 10; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2560 - Annual license [Repealed]

History —Aug. 6, 1996, No. 106, § 11; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2561 - Change in control [Repealed]

History —Aug. 6, 1996, No. 106, § 12; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2562 - Waiver of license [Repealed]

History —Aug. 6, 1996, No. 106, § 13; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2563 - Agents [Repealed]

History —Aug. 6, 1996, No. 106, § 14; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2564 - Responsibilities of the concessionaire and the agent [Repealed]

History —Aug. 6, 1996, No. 106, § 15; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2565 - Revocation or suspension of licenses [Repealed]

History —Aug. 6, 1996, No. 106, § 16; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2566 - Existing contracts [Repealed]

History —Aug. 6, 1996, No. 106, § 17; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2567 - Inspections [Repealed]

History —Aug. 6, 1996, No. 106, § 18; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2568 - Corrective orders [Repealed]

History —Aug. 6, 1996, No. 106, § 19; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303 - Act to Regulate Money Transfer Businesses (§§ 2551-2569 — 2569) › § 2569 - Fines and penalties [Repealed]

History —Aug. 6, 1996, No. 106, § 20; Repealed. Act.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303A - Technical Development of Small and Medium Merchants Act (§§ 2571 — 2574) › § 2571 - Definitions

(a) Micro-business.— Means a business of goods or services whose annual gross sales do not exceed five hundred thousand dollars ($500,000) and has seven (7) employees or less.
(b) Small business.— Means a business of goods or services whose annual gross sales exceed five hundred thousand dollars ($500,000) but not do not exceed three million dollars ($3,000,000) and has more than seven (7) but not more than twenty-five (25) employees.
(c) Medium business.— Means a business of goods or services whose annual gross sales exceed three million dollars ($3,000,000) but not do not exceed ten million dollars ($10,000,000).
(d) Puerto Rico Trade and Export Company.— Means the government instrumentality whose ministerial duty is to implement the public policy on the development of commerce in Puerto Rico, emphasizing on micro, small, and medium business owners.
(e) Economic Development Bank for Puerto Rico.— Means the government instrumentality that has the mission of providing financing mechanisms to promote economic and entrepreneurial development in Puerto Rico, especially those financial and training programs and resources aimed at micro, small, and medium business owners.
History —Aug. 21, 2003, No. 194, § 2; Oct. 19, 2010, No. 152, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303A - Technical Development of Small and Medium Merchants Act (§§ 2571 — 2574) › § 2572 - Inventory of commercial establishments by region

The Trade and Export Company, hereinafter the Company, is hereby authorized to make an inventory of all micro, small, and medium business establishments operating in Puerto Rico, to determine their level of technological modernization and the specific needs of the establishments included in this inventory. The Company shall make a precise evaluation of the technological needs of small and medium businesses (PYMES, Spanish acronym) and issue an individualized report of this evaluation. This inventory must be completed within a term not to exceed one year as of the approval of this act. The various organizations of business owners are hereby authorized to collaborate with the Company in making this inventory by providing such information about their members that they are authorized to disclose for purposes of this inventory.
This inventory must be completed within a term of not more than one year from the approval of this act. The various organizations of merchants are hereby authorized to collaborate with the Administration in the development of this inventory by providing such information that they are authorized to divulge for the effect of this inventory on their members.
This inventory must itemize the following information:
(a) Name of the business
(b) Years established
(c) Location
(d) Industrial Classification Index
(e) Total square feet
(f) History of sales for the last five (5) years
(g) Total number of suppliers
(h) Total number of employees
(i) Technology applied in the operation of the business
History —Aug. 21, 2003, No. 194, § 4; Oct. 19, 2010, No. 152, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303A - Technical Development of Small and Medium Merchants Act (§§ 2571 — 2574) › § 2573 - Technological training program

The Administration shall prepare an integrated program of technological training that shall, incorporate the most modern application of technological practices, such as business-to-business and business-to-consumer electronic trading, operational security and commercial integration through the net, inventory management, cybernetic marketing and all technological tools available. Provisions must be made for organized merchant groups to participate as strategic partners in the drafting of this training program.
History —Aug. 21, 2003, No. 194, § 5.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303A - Technical Development of Small and Medium Merchants Act (§§ 2571 — 2574) › § 2574 - Financing Program

The Commercial Development Bank for Puerto Rico, hereinafter the Bank, is hereby authorized to design an individualized financing program for the specific needs of small and medium-size merchants exclusively, for the acquisition of new technology. The Administration, through its Administrator, shall provide a certification in which the new needs of the business technology are certified, with the pertinent recommendations so that the Bank may proceed to grant a loan pursuant to the lending policies established by the Bank, to meet the objectives established by this chapter.
History —Aug. 21, 2003, No. 194, § 6.
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) › § 2582 - Applicability and excluded entities

(a) This chapter shall apply to any person who offers or provides money services.
Any person who, upon the approval of this act, is operating a money transmitting business authorized under Act No. 106 of August 6, 1996, and/or a check cashing business authorized under Act No. 119 of August 11, 1996, as amended, may continue operating such business under the provisions of said laws. However, any person who holds a license to operate any of these businesses, whose license expires during the effective term of this act, shall file a renewal application in accordance with the provisions and requirements set forth herein.
(b) The following persons or entities shall not be subject to the provisions of this chapter:
(1) Banks, as defined herein, whose permitted activities include money transmissions and check cashing;
(2) The United States Postal Service, federal or state agencies, or entities of the Government of Puerto Rico or any foreign country.
(c) Persons acting on their capacity as owners, partners, directors, officials, agents, or employees of any of the entities excluded from the applicability of this chapter may engage in any money service business without a license issued therefor exclusively for the benefit of their institutions; however, if they do, they may not collect service charges as individuals.
History —Sept. 21, 2010, No. 136, § 1.3, 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) › § 2591 - License required

No person, except those excluded under § 2582(b) of this title, may engage in any money service business in the Commonwealth of Puerto Rico, in exchange for a service charge, without first obtaining a license issued by the Commissioner as provided below.
History —Sept. 21, 2010, No. 136, § 2.1, eff. 60 days after Sept. 21, 2010.