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) › § 2592 - License application

(a) Persons interested in obtaining a license to engage in any money service business shall file an application with OCFI. Such application shall contain:
(1) The full name, and the residential and mailing address of the applicant.
(2) The business and mailing address, as well as the telephone number of the main office of the business in Puerto Rico where the accounting books and all documents related to the business' operations shall be kept.
(3) Any trade name used by the applicant in the conduct of its business.
(4) The business and mailing address, as well as the telephone number, of any additional office to be established, if any.
(5) The full name, the business and mailing address, as well as the telephone number, of the statutory agent in Puerto Rico, and the date on which such agent was designated.
(6) A criminal record certificate of the applicant, as well as the history of the applicant's litigations and/or complaints, both in Puerto Rico and at the federal level, for the five (5)-year period preceding the date of the application. In the case of juridical persons, the provisions of subsection (b)(5) of this section shall apply.
(7) A description of any money services previously provided by the applicant and the type of money services in which such applicant seeks to be engaged in Puerto Rico.
(8) The name and address of the applicant's depository bank.
(9) A copy of the applicant's financial statements for the fiscal year preceding the year of application, duly certified by a certified public accountant authorized to practice in Puerto Rico or the United States.
(10) The amount and description of the applicant's liquid assets, certified under oath by his/her chief financial officer.
(11) A description certified under oath of the source of money and line of credit to be used by the applicant to provide money services in Puerto Rico.
(12) Any other document or information required by the Commissioner to determine whether the applicant is eligible for and should be granted a license pursuant to the application he/she has filed.
(b) If the applicant is a juridical person, the following shall also be submitted:
(1) The date of the applicant's incorporation or formation and the state or country of incorporation and organization.
(2) A certificate of good standing from the state or country in which the applicant is incorporated.
(3) A brief description of the applicant's entity or organization, including any parent company or subsidiary, and whether any parent company or subsidiary is publicly traded on a recognized stock exchange.
(4) The legal name, any trade name, all residential and mailing addresses, and the place of employment of every partner, director, or executive officer for the five (5)-year period preceding the filing of the application.
(5) A criminal record certificate, as well as the history of litigations and/or complaints, both in Puerto Rico and at the federal level, in which any partner, shareholder, director, or executive officer has been involved for the five (5)-year period preceding the date of the application.
(6) The name, and the residential and mailing address of the resident agent authorized to receive service of process; as well as the residential and business address, and the telephone number of his/her place of employment.
(c) The Commissioner may waive any requirement or allow an applicant to submit other information in lieu of that generally required if he/she determines that such action is consistent with the purposes of this chapter.
(d) The license application shall enclose any license and investigation fees, as well as the required bond, as provided in the corresponding sections.
(e) Any application to engage in a money service business filed with the OCFI shall entail all those investigations considered proper and necessary to determine if the applicant and/or the partners, or the directors and executive officers, in the case of a juridical person, meet all the requirements established in this chapter.
(f) The Commissioner may extend the period provided by law and/or regulation to consider the license application.
History —Sept. 21, 2010, No. 136, § 2.2, eff. 60 days after Sept. 21, 2010.