reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 781 - Judicial review of regulations

(a) The validity of regulations adopted under this chapter may be challenged pursuant to §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(b) The Board’s findings of fact, supported by substantial evidence in the record, shall be conclusive.
(c) The party aggrieved by the decision of the Court of First Instance may file a petition for review in the Supreme Court of Puerto Rico within thirty (30) days next following notice of the decision. The Supreme Court may issue the writ of certiorari if it finds the petition worthy.
(d) When the petition for judicial review authorized in this section is filed, the Commissioner shall transmit to the Court of First Instance the original records of the case within fifteen (15) days next following the date of the filing of the copy of the petition for review with the Commissioner. Likewise he shall prepare and certify as correct the transcription of the stenographic record of the case, which shall be transmitted to the court at the request of the interested party upon payment of the pertinent fees, and in the manner and within the term prescribed by the court.
(e) The procedure herein established for the judicial review of the regulations approved by the Board is exclusive, and the same shall not be subject to collateral review.
History —June 19, 1964, No. 68, p. 192, § 4011, renumbered as § 411 on May 31, 1972, No. 78, p. 171, § 18; Aug. 17, 1989, No. 69, p. 301, § 16; renumbered as § 509 and amended on Dec. 23, 1998, No. 310, § 20, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 782 - Orders to cease and desist

(a) Upon finding that a person has incurred a violation of this statute, of an administrative order or resolution, or of regulations approved thereunder, the Commissioner may issue against such person an order to cease and desist and prescribe those corrective terms and conditions that according to the evidence at hand, he/she deems serves the public interest.
(b) The orders issued shall be served on the corresponding defendant at his/her place of business or by certified mail to his/her last known address.
History —June 19, 1964, No. 68, p. 192, § 4012, renumbered as § 412 on May 31, 1972, No. 78, p. 171, § 18; Aug. 17, 1989, No. 69, p. 301, § 17; renumbered as § 510 and amended on Dec. 23, 1998, No. 310, § 21, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 783 - Reconsideration before the Commissioner; judicial review of orders or resolutions

(a) Any final determination by the Commissioner grounded on the statute or on any rules or regulations issued by virtue of this chapter may be subject to reconsideration and review pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(b) The motion to reconsider shall be jurisdictional in nature in order to petition the judicial review.
History —June 19, 1964, No. 68, p. 192, § 4013, renumbered as § 413 on May 31, 1972, No. 78, p. 171, § 18; Aug. 17, 1989, No. 69, p. 301, § 18; renumbered as § 511 and amended on Dec. 23, 1998, No. 310, § 22, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 785 - Injunctions

(a) Whenever the Commissioner deems that a person has engaged or is about to engage in any act or practice that constitutes a violation of any provision of this chapter, or any regulation or order promulgated pursuant to the provisions thereof, he/she may establish proceedings at the Court of First Instance, Superior Part, at his/her discretion, to prohibit such acts or practices, and to enforce compliance with the provisions of this chapter or any regulation or order promulgated thereunder. Upon presentation of satisfactory proof, the court may issue a permanent or temporary injunction, writ of prohibition or mandamus, and a receiver or curator may be appointed on behalf of the defendant or the defendant’s assets. The Commissioner shall not be bound to set bail.
(b) None of the provisions of this chapter shall in any way limit the powers conferred to the Commissioner under § 2001 of Title 7, known as the “Financial Institutions Commissioner’s Office Act”.
(c) No injunction shall issue to stay the application of this chapter or of the regulations approved hereunder.
History —June 19, 1964, No. 68, p. 192, § 4015, renumbered as § 415 on May 31, 1972, No. 78, p. 171, § 18; Aug. 17, 1989, No. 69, p. 301, § 20; renumbered as § 512 and amended on Dec. 23, 1998, No. 310, § 23, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter V - Administration (§§ 771 — 786) › § 786 - Authority of the Court of First Instance

The Court of First Instance of Puerto Rico is hereby vested with authority to take cognizance of actions instituted for the commission of the offenses established in this chapter. Such cases shall be heard before a court without a jury.
History —June 19, 1964, No. 68, p. 192, § 4016, renumbered as § 416 on May 31, 1972, No. 78, p. 171, § 18; renumbered as § 513 on Dec. 23, 1998, No. 310, § 24, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter VI - General Provisions (§§ 791 — 793) › § 792 - Penalties

(a) The Commissioner is hereby authorized to impose or collect administrative fines of not less than one hundred dollars ($100) or more than five thousand dollars ($5,000) for each violation of the provisions of this chapter or the provisions contained in the rules and regulations promulgated by virtue thereof, or in the orders or resolutions issued by the Commissioner.
(b) When the nature of the violation of this chapter or of the rules and regulations or orders and resolutions issued by the Commissioner so justify, he/she may file criminal action against the offender, in addition to the imposition of the administrative fine authorized above.
(c) Except as otherwise provided in any section of this chapter, each violation of the provisions of this chapter or the provisions contained in the rules and regulations promulgated by virtue thereof, or the orders and resolutions issued by the Commissioner, shall constitute a misdemeanor punishable by a fine of not more than five hundred dollars ($500) or by imprisonment for not more than six (6) months, or both penalties, at the discretion of the court.
History —June 19, 1964, No. 68, p. 192, § 502; Aug. 17, 1989, No. 69, p. 301, § 21; renumbered as § 601 and amended on Dec. 23, 1998, No. 310, § 27, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 36 - Retail Installment Sales and Finance Companies (§§ 731 — 793) › Subchapter VI - General Provisions (§§ 791 — 793) › § 793 - Waiver of rights

Any waiver by the buyer or cardholder of the application of the provisions of this chapter shall be null and void.
History —June 19, 1964, No. 68, p. 192, § 503, renumbered as § 602 and amended on Dec. 23, 1998, No. 310, § 28, eff. 60 days after Dec. 23, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter I - Fraudulent and Other Prohibited Practices (§§ 851 — 853) › § 851 - Sales and purchases

It shall be unlawful for any person, relative to the offer, sale or purchase of any securities, directly or indirectly:
(1) To employ any device, scheme, or artifice to defraud;
(2) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading;
(3) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person;
(4) to issue, circulate, or publish any material, printed or through electronic means, containing false representation of a material fact, or omitting information concerning a necessary material fact, so that the information which is issued, circulated or published, in the light of the circumstances in which it was issued, circulated or published, leads to an error, or
(5) to issue, circulate, or publish any material, or make any written statement, unless the name of the person who issues, circulates or publishes or makes the aforesaid, and the fact that it is that person who issues, circulates, publishes or makes the statement, is clearly indicated in that same communication.
History —June 18, 1963, No. 60, p. 162, § 101; Aug. 11, 1996, No. 114, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter I - Fraudulent and Other Prohibited Practices (§§ 851 — 853) › § 852 - Advisory activities

(a) It is unlawful for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise:
(1) To employ any device, scheme, or artifice to defraud the other person, or
(2) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person.
(b) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing:
(1) That the investment adviser shall not be compensated on the basis of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of the client;
(2) that no assignment of the contract may be made by the investment adviser without the consent of the other party to the contract, and
(3) that the investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change.
Clause (1) of this subsection does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates or taken as of a definite date. “Assignment”, as used in clause (2) of this subsection, includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor’s outstanding voting securities by a security holder of the assignor; but, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business.
(c) It shall be unlawful for any investment adviser to take or have custody of any securities or funds of any client if:
(1) The Commissioner prohibits custody through regulations, or
(2) in the absence of regulations, the investment adviser fails to notify the Commissioner that he/she has or may have custody.
History —June 18, 1963, No. 60, p. 128, § 102; Aug. 11, 1996, No. 114, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter I - Fraudulent and Other Prohibited Practices (§§ 851 — 853) › § 853 - Market manipulation

It shall be unlawful for any person, directly or indirectly:
(a) With the purpose of creating the false or deceptive appearance of the active negotiation of securities, or a false or deceptive impression regarding the existence of a market for specific securities:
(1) To carry out any transaction regarding securities which does not involve a change in the owner of the title deed of the aforesaid, or
(2) to file any order or orders for the purchase or sale of securities with the knowledge that the order or orders are substantially of the same size, or substantially done at the sale time and substantially have the same price for the sale or purchase of the securities, and that these have been made or will be made by or for the same person or for any other person affiliated to the aforesaid.
(b) To carry out, alone, or with one or more persons, a series of transactions regarding any securities, creating an active, actual or apparent negotiation concerning said securities to increase or decrease their price, for the purpose of inducing the purchase or sale of said securities by others.
History —June 18, 1963, No. 60, p. 128, added as § 103 on Aug. 11, 1996, No. 114, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter II - Registration of Broker-Dealers, Agents and Investment Advisers (§§ 861 — 864) › § 863 - Postregistration provisions

(a) Every registered broker-dealer and investment adviser shall keep and maintain such accounts, correspondence, memoranda, papers, books and other records prescribed by the Commissioner through regulations. All records required shall be kept for three (3) years unless the Commissioner, through regulations, provides otherwise for particular types of records.
(b) Every registered broker-dealer and investment adviser shall submit those financial reports required by the Commissioner through regulations.
(c) Should the information contained within any document filed with the Commissioner be or become inaccurate or incomplete in any material aspect, the registered person shall promptly file a corrective amendment, unless said correction has been notified pursuant to § 861(b) of this title.
(d) All the records referred to in subsection (a) of this section shall be subject at any time or from time to time, to such reasonable periodic or special or other examinations and inspections by representatives of the Commissioner, within or without Puerto Rico, as long as the Commissioner deems it to be necessary or appropriate in the public interest or for the protection of the investors. In the case of periodic inspections, the broker-dealer and the investment adviser whose records are inspected, shall pay the Administrator [sic] an examination fee of [one hundred dollars] $100 for each day or fraction thereof, for each examiner who intervenes in each examination, in addition to the expenses incurred by them for per diems and mileage according to the norms established by the officials and employees of the Commonwealth of Puerto Rico, by certified check or money order issued in favor of the Secretary of the Treasury. In no case shall more than six thousand dollars ($6,000) be charged for periodic inspections in one (1) year. In order to avoid unnecessary duplication of the investigations, the Commissioner, as far as he/she may deem it practical in making effective this subsection, shall cooperate with the securities administrators of other states, with the Securities and Exchange Commission and with any national securities exchange or securities association registered under the Securities Exchange Act.
History —June 18, 1963, No. 60, p. 128, § 203; Aug. 28, 1991, No. 77, § 2; Aug. 11, 1996, No. 114, § 7.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter III - Registration of Securities (§§ 871 — 877) › § 871 - Requirement

It shall be illegal for any person to offer or sell any security in Puerto Rico unless:
(1) Said security has been registered under the provisions of this chapter;
(2) the security or transaction is exempted under the provisions of § 882 of this title, or
(3) [the] security in question is a federally covered security.
History —June 18, 1963, No. 60, p. 128, § 301; July 26, 1999, No. 167, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 883 - Filing of sales and advertising literature

The Commissioner may, through regulation or order to that effect, require the filing of any prospectus, pamphlet, circular, form letter, advertisement or any sales literature or advertisement communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the securities or transactions are exempted under § 882 of this title.
History —June 18, 1963, No. 60, p. 128, § 403; Aug. 11, 1996, No. 114, § 16.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 884 - Misleading filings

It shall be unlawful for any person to make or cause to be made, in any document filed with the Commissioner, or in any proceeding established pursuant to the provisions of this chapter, any statement which is, at the time and in light of the circumstances under which it is made, false or deceptive in any material respect.
History —June 18, 1963, No. 60, p. 128, § 404; Aug. 11, 1996, No. 114, § 17.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 885 - Unlawful representations concerning registration or exemption

(a)
(1) Neither the fact that an application for registration under Subchapter II or a registration statement under Subchapter III has been filed nor,
(2) the fact that a person is effectively registered, shall constitute a finding by the Commissioner that any document filed pursuant to this chapter is true, complete, and not deceptive. Neither any such facts nor the fact that an exception is available means that the Commissioner has in any way decided on the merits or qualifications, or has recommended or given his/her approval to any persons, securities or transactions.
(b) It is unlawful to make, or cause to be made, any representation inconsistent with subsection (a) of this section to any prospective purchaser or client.
History —June 18, 1963, No. 60, p. 128, § 405; Aug. 11, 1996, No. 114, § 18.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 886 - Administration of chapter

(a) This chapter shall be administered by the Commissioner of Financial Institutions.
(b) It is unlawful for the Commissioner or any of its officers or employees to use for personal benefit any information which is filed with or obtained by the Commissioner and which is not made public. No provision of this chapter authorizes the Commissioner or any of its officers or employees to disclose any such information except among themselves or when necessary or appropriate in a proceeding or investigation under this chapter. No provision of this chapter either creates or derogates from any privilege which exists at law when documentary or other evidence is sought under a subpoena directed to the Commissioner or any of his officers or employees.
(c) The Commissioner may, by rule or order, fix the fees to be charged for examinations and filings under § 883 of this title, as well as for other miscellaneous filings for which no fees are specified elsewhere in this chapter.
History —June 18, 1963, No. 60, p. 128, § 406; Aug. 28, 1991, No. 77, § 6.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 887 - Investigations and subpoenas

(a) The Commissioner at his/her discretion:
(1) May make such public or private investigations within or without Puerto Rico as he/she deems necessary to determine if any person has violated or is about to violate any provision of this chapter, or any or regulation or order hereunder, or to aid in the enforcement of this chapter, or in the promulgation of regulations and forms hereunder,
(2) may require or allow any person to present a statement in writing, under oath or otherwise, as determined by the Commissioner, as to all the facts and circumstances concerning the matter to be investigated.
(b) For the purposes of any investigation or proceeding pursuant to the provisions of this chapter, the Commissioner or any official designated by him/her may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the Commissioner may deem relevant or substantial to the investigation.
(c) In case of contumacy or refusal to obey a subpoena issued to any person, the Court of First Instance, upon petition of the Commissioner, may issue an order compelling the person to appear before the Commissioner or his/her designated official, to produce documentary efficiency, if so ordered, or to contribute evidence in connection to the matter under investigation or dispute. Failure to comply with the court order may be punished by the court as contempt of court.
(d) No person is excused from attending and testifying or from producing any document or record before the Commissioner, or from obeying a subpoena issued by the Commissioner or his/her designated official or any proceeding instituted by the Commissioner, on the grounds that said testimony or evidence (whether documentary or of any other nature) required by the Commissioner may tend to incriminate him/her or subject him/her to a penalty or forfeiture; but no individual may be prosecuted or submitted to penalty or forfeiture for or by reason of any transaction, matter or anything else concerning the issue for which he/she has been compelled to testify or produce evidence (documentary or of any other nature), after having claimed his/her privilege against self-incrimination. However, the individual under testimony is not exempt from prosecution and punishment for perjury or contempt committed during testimony.
(e) The Commissioner may issue subpoenas and request that orders be issued for their due compliance in Puerto Rico, at the petition of an agency or administrator regulating the securities industry in another state if the activity which constitutes the alleged violation for which a subpoena is petitioned would constitute a violation of this chapter, had it occurred in Puerto Rico.
History —June 18, 1963, No. 60, p. 128, § 407; Aug. 11, 1996, No. 114, § 19.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 889 - Criminal penalties

(a) Any person who willfully violates any provision of this chapter except § 884 of this title, or who willfully violates any regulation or order promulgated under the provisions of this chapter, or who willfully violates § 884 of this title knowing that the statement made is false or misleading in any material respect, shall, upon conviction, be fined not less than five hundred dollars ($500) nor more than ten thousand dollars ($10,000), or imprisonment for a term of not less than six (6) months nor more than five (5) years, or both penalties. No proceeding may be initiated more than five (5) years after the alleged violation. Original jurisdiction to hear these cases is hereby conferred to the Court of First Instance.
(b) The Commissioner may refer such evidence as is available in connection with violations of this chapter, or of any regulation or order promulgated hereunder, to the Secretary of Justice, who may, with or without such a reference, initiate the appropriate criminal procedure pursuant to the provisions of this chapter.
(c) Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime under the Penal Code.
(d) The Commissioner may, in addition to the other remedies established in this chapter, or in substitution thereof, impose upon any person who violates any of the provisions of this chapter, regulations or orders promulgated hereunder, an administrative fine of not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000) for each violation. The Commissioner may impose an additional fine equal to the total amount of the price paid for any securities offered or sold in violation of the provisions of this chapter, and/or order the return of such a price to the purchasers who so accept, plus interest at the interest rate applicable to judicial decisions as provided by the regulations approved to such effects by the Financial Board created by §§ 2001 et seq. of Title 7. If the person upon whom the administrative fine is imposed is not in agreement with it, he/she shall request a hearing, in writing, within ten (10) days following the date of notice. If the person agrees, he/she shall pay the fine no later than the expiration of said ten (10) days, at the Office of the Commissioner, by certified check or money order payable to the Secretary of the Treasury. The injured party shall have the remedy provided in § 891 of this title against the determination of the Commissioner imposing an administrative fine.
History —June 18, 1963, No. 60, p. 128, § 409; May 31, 1967, No. 83, p. 289, §§ 1, 2; July 1, 1986, No. 60, p. 209, § 4; Aug. 28, 1991, No. 77, § 7; Aug. 11, 1996, No. 114, § 21.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 891 - Judicial review of orders

Any person prejudiced by a final order of the Commissioner may obtain revision thereof before the Circuit Court of Appeals pursuant to the provisions of Act No. 248 of December 25, 1995.
History —June 18, 1963, No. 60, p. 128, § 411; Aug. 28, 1991, No. 77, § 9; Aug. 11, 1996, No. 114, § 22.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 892 - Rules, forms, orders, and hearings

(a) The Commissioner may issue, amend and rescind, from time to time, such regulations, forms, and orders as may be necessary to enforce the provisions of this chapter, including regulations and forms governing, applications and reports, and defining any terms, whether or not used in this chapter, insofar as said definitions are not inconsistent with the provisions of this chapter. Concerning the regulations and forms, the Commissioner may classify persons and matters within his/her jurisdiction, and prescribe different requirements for different classes.
(b) No regulation, form or order may be issued, amended or rescinded, unless the Commissioner determines that such an action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes reasonably intended by the norms and provisions of this chapter. In prescribing regulations and forms, the Commissioner may cooperate with Securities Administrators from other states and with the Securities Commission, so that the policy of this statute may achieve maximum uniformity in the form and content of the applications and reports whenever possible.
(c) The Commissioner may prescribe, through regulation or order:
(1) The form and content of financial statements required under this chapter;
(2) the circumstances under which consolidated financial statements shall be filed, and
(3) whether any required financial statements shall be certified by independent or certified public accountants. All financial statement shall be prepared in accordance with generally accepted accounting practices.
(d) All regulations and forms of the Commissioner shall be published.
(e) No provision of this chapter imposing any liability shall apply to an act done or omitted in good faith in conformity with any regulation, form, or order of the Commissioner, even if said regulation, form or order may later be amended, rescinded, or declared null and void by a judicial or any other authority, for any reason.
(f) Any administrative hearing shall be public, unless the Commissioner, at his/her discretion, grants a petition subscribed by all respondents to the effect that the hearing be held privately.
History —June 18, 1963, No. 60, p. 128, § 412; Aug. 11, 1996, No. 114, § 23.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 893 - Administrative files and opinions

(a) A document is considered as filed when it has been received by the Commissioner.
(b) The Commissioner shall keep a record of all registration applications which are or have ever been effective at any time pursuant to this chapter, and of all denial, stop or revocation orders which have been issued under this chapter. The record shall be open for public inspection.
(c) The information contained in or filed with any application or report shall be made available to the public pursuant to the regulations promulgated by the Commissioner.
(d) Upon request, the Commissioner shall furnish photocopies or any other kind of copy (certified with the agency seal, if so required) of any entry in the record, or of any document under public record, at a reasonable price determined by him/her. In any proceeding initiated or action brought under this chapter, any copy duly certified shall constitute prima facie evidence of the contents of the entry or document certified.
(e) The Commissioner may, at his/her discretion, issue interpretative opinions at the request of interested persons.
History —June 18, 1963, No. 60, p. 128, § 413; Aug. 11, 1996, No. 114, § 24.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 895 - Statutory policy

This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it and to coordinate the interpretation and administration of this chapter with the related federal regulation.
History —June 18, 1963, No. 60, p. 128, § 415, renumbered as § 418 [bis] on Aug. 11, 1996, No. 114, § 26.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 896 - Cooperation with other agencies

In order to foster uniform construction and administration of this chapter and attain the effective regulation and supervision of the securities industry, the Commissioner may cooperate with other State or Federal securities agencies of the United States, Canada, Mexico, or of any other country, with any self-regulated securities organization, the Securities Investors Protection Corporation, any national or international securities organization, and with any government agency, whether state, federal, local or from a foreign country, engaged in the protection of public safety and law enforcement.
History —June 18, 1963, No. 60, p. 128, added as § 416 on Aug. 11, 1996, No. 114, § 27.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 37 - Uniform Securities Act (§§ 851 — 898) › Subchapter IV - General Provisions (§§ 881 — 898) › § 898 - North American Securities Administrators Association, Inc.—Adoption of Standards

The Commissioner may, through regulation or order to such effects, adopt those policies or initiatives deemed pertinent as adopted by the North American Securities Administrators Association, Inc. (NASAA).
History —June 18, 1963, No. 60, p. 128, added as § 418 on Aug. 11, 1996, No. 114, § 29.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 941 - Title

The short title of this chapter shall be: “Small Personal Loan Act”.
History —June 28, 1965, No. 106, p. 278, § 1, eff. 30 days after June 28, 1965.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 942 - Definitions

For the purposes of this chapter, the following terms shall have the meanings expressed below:
(1) Person. — Shall include individuals, partnerships, associations, trusts, corporations, and any other [juridical] entities.
(2) Secretary. — Shall mean the Secretary of the Treasury of the Commonwealth of Puerto Rico.
(3) Department. — Shall mean the Department of the Treasury of the Commonwealth of Puerto Rico.
(4) License. — Shall mean the authorization issued by the Commissioner to engage in the small personal loan business pursuant to the provisions of this chapter.
(5) Concessionaire. — Shall mean a person to whom a license has been issued under this chapter.
(6) Advance in cash. — Shall mean the sum in cash received by the borrower or by another person in the name of the borrower.
(7) Small personal loan. — Shall mean an advance in cash of four thousand dollars ($4,000) or less, as of January 1, 1999, and five thousand dollars ($5,000) or less as of January 1, 2001, payable in monthly installments, in amounts substantially equal, including amortization of principal and the total amount of the annual interest charge.
(8) Financial Board. — Shall mean the Board created by §§ 2001 et seq of Title 7, known as the “Financial Institutions Commissioner’s Office Act”.
(9) Commissioner. — Shall mean the Financial Institutions Commissioner.
(10) Commissioner’s Office. — Shall mean the Financial Institutions Commissioner’s Office.
History —June 28, 1965, No. 106, p. 278, § 2; May 28, 1982, No. 21, p. 43, § 1; July 22, 1988, No. 132, p. 543, § 1; Dec. 17, 1991, No. 96, § 1; Aug. 9, 1995, No. 117, § 1; Dec. 4, 1998, No. 290, § 1, eff. 30 days after Dec. 4, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 943 - License—Obligatory requirement

(a) Scope. — No person shall engage in the business of small personal loans of four thousand dollars ($4,000) or less as of January 1, 1999 and five thousand dollars ($5,000) or less as of January 1, 2001, nor shall contract, nor charge, or receive directly or indirectly, on or in connection with any such kind of loan, any charge, whether for interest, compensation, consideration, or expenses which in the aggregate are higher than what is allowed pursuant to any other Commonwealth statute, without having first obtained a license issued by the Commissioner as provided hereinafter.
(b) Discrimination for amount required. — No person engaged in the business of small personal loans shall deny a loan exclusively on the grounds of the amount of the loan, provided the amount requested does not exceed the limit established by law, except when the denial in question is based on capacity to pay or habit. Any person engaged in the business of small personal loans shall have a notice visibly displayed to the public in each office where it is stated that loan applications shall be accepted from the amount of one hundred fifty dollars ($150) on. It shall be the responsibility of the Commissioner’s Office to ensure the faithful compliance of this provision through regulations to such effects.
(c) Exceptions. — No person doing business under the authority of any law in force in this jurisdiction, applicable to banks, mutualist savings banks, trust companies, savings and loan associations, insurance companies, credit unions, or pawnshops, may receive a license under that act; nor shall §§ 941—959 of this title apply to any business transacted by any of those persons or to bona fide credit sales.
History —June 28, 1965, No. 106, p. 278, § 3; May 28, 1982, No. 21, p. 43, § 2; July 22, 1988, No. 132, p. 543, § 2; Dec. 17, 1991, No. 96, § 2; Aug. 9, 1995, No. 117, § 2; Dec. 4, 1998, No. 290, § 2, eff. 30 days after Dec. 4, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 944 - License—Application

(a) Application and license fee.— Applications for a license shall be filed, under oath, with the Commissioner of Financial Institutions of Puerto Rico. Such application shall state the street address where the main office of the business will be located, as well as any such information as the Commissioner may require, including a personal identification of each applicant, so as to provide the grounds for the investigations provided in § 945 of this title.
When submitting the application, the applicant shall pay $1,500.00 to the Commissioner on account of investigation charges and $1,500.00 for the annual license, provided in § 946 of this title, for the current calendar year. Such payment shall be made by certified check drawn to the order of the Secretary of the Treasury. If the license is issued after June 30 of any year, the annual fee shall be $750.00 for that year.
(b) Resident agent.— Every concessionaire shall keep filed with the Commissioner an appointment in writing of a resident in Puerto Rico as his agent, for the service on him of any judicial or other process or legal notice, unless the concessionaire has appointed another agent for these purposes under another law of Puerto Rico.
History —June 28, 1965, No. 106, p. 278, § 4; June 18, 1971, No. 39, p. 118; July 22, 1988, No. 132, p. 543, § 3; May 1, 2010, No. 48, § 1.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 945 - License—Procedure

(a) Issuance of license.— Upon filing the application and paying the fees, the Commissioner shall conduct such investigations as he/she may deem necessary, and if he/she finds that the financial liability, experience, character, and general fitness of the applicant are such that they shall inure to the public benefit and justify the belief that the business shall be legally and fairly administered within the purposes of this chapter; that the issuance of the license shall be convenient and beneficial to the community within which the business shall operate and that the applicant has liquid assets available for the business amounting to not less than $200,000; subsequently, the Commissioner shall approve such application and issue a license to the applicant, which shall be the authorization to make loans under the provisions of this chapter. Provided, That any person who, as of the date of effectiveness of this act, was engaged in the business of small personal loans by virtue of this chapter, with less than $200,000 in liquid assets, may continue to operate such business. Any person to whom a license is issued shall begin operating within a three (3)-month period as of the date on which his/her license was issued. In the event that the operations fail to begin within this period, the Commissioner shall cancel said license and withhold the money hereby claimed and received.
(b) Refusal of license.— If the Commissioner rejects the application, the investigation charges shall be retained by the Commissioner and the annual fee shall be returned to the applicant.
(c) Existing businesses.— Any person who on the date of the effectiveness of this act is engaged in the business of small personal loans may continue such business but shall apply for a license within the 30 days next following the effective date of this act. Within the term of sixty days on and after the effective date of this act such persons shall meet all the requirements specified in this chapter for obtaining a license.
The provisions of § 954 of this title shall, however, apply to said persons from the date this act takes effect.
History —June 28, 1965, No. 106, p. 278, § 5; June 21, 1971, No. 47, p. 134, § 1; July 22, 1988, No. 132, p. 543, § 4; May 1, 2010, No. 48, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 946 - License—Circumstances and other requirements

(a) License.— Each license shall contain the address of the office where the business will be operated and the name of the concessionaire. The license shall be posted conspicuously in the authorized place of business and shall be untransferable.
(b) Continuity of license.— Each license shall remain in effect insofar as all the corresponding annual fees are paid to the Commissioner, or until relinquished or revoked. Every concessionaire shall renew its license through strict compliance with the applicable laws and regulations, the payment of the annual fee provided in this chapter, and submittal of any other information required by the Commissioner not later than December 1 of each year. If the payment and the information required are not received on or before December 31, it shall be understood that the license has been relinquished. No other license shall be issued unless it is certified that the original license was lost or destroyed, or due to a change of address. In the latter case, the original license shall be reinstated. Every concessionaire that pays the fees or submits the information required for renovation after December 1 of each year shall be imposed an administrative fine by the Commissioner, as provided by this chapter.
Every concessionaire shall renew the license for its main business office and for each branch through the payment of an annual fee of two thousand dollars ($2,000) for each one.
(c) Minimum assets.— Every concessionaire shall keep at least $200,000 in liquid assets available for use in the administration of the business in each authorized office.
History —June 28, 1965, No. 106, p. 278, § 6; June 18, 1971, No. 39, p. 118; July 22, 1988, No. 132, p. 543, § 5; Dec. 4, 1998, No. 290, § 3; May 1, 2010, No. 48, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 947 - License—Number of licenses

(a) Offices. — A license shall be required for each office to be established. The Commissioner may issue more than one license to any person.
(b) Transfer. — No grantee shall transfer the location of its main business office or of one or more branches without previous notification in writing, personally or by certified mail of said transfer to the Commissioner at least forty-five (45) days before the date to start operations in such new location. Should the Commissioner pose no objection to said transfer within fifteen (15) days after the filing of the transfer notice, the same shall be understood as authorized.
In the event that the books, records or files of an office were in imminent danger of being lost or of suffering irreparable damage due to any unexpected cause or act of God, the concessionaire may transfer his office without the prior written authorization of the Commissioner. In such case, the concessionaire shall send notice of such transfer to the Commissioner within twenty-four (24) hours following said transfer. If not proved to the satisfaction of the Commissioner that a justified reason existed for such transfer, the Commissioner shall cancel the license to operate in the transferred office. No change shall be permitted of the place of business of the concessionaire under the same license to a site outside the municipality where he has been authorized to do business.
History —June 28, 1965, No. 106, p. 278, § 7; June 21, 1971, No. 47, p. 134, § 2; July 22, 1988, No. 132, p. 543, § 6; Dec. 4, 1998, No. 290, § 4, eff. 30 days after Dec. 4, 1998.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 39 - Small Personal Loans (§§ 941 — 959) › § 948 - License—Revocation, suspension or waiver

(a) Revocation of license .—Upon notice and hearing of the concessionaire the Commissioner may revoke any license if he finds that:
(1) A fact exists which, had it existed or had it been known at the time of the filing of the petition, would have justified the refusal of the Commissioner to issue the license, or
(2) the concessionaire has violated any of the provisions of this chapter after having been required to comply with same through order issued under the provisions of § 949 of this title.
The hearing shall be held not less than 10 days after the written notice. Said notice shall contain the date, hour and place of same and a brief recital of the grounds for the revocation.
(b) Order of revocation.—Every revocation of a license and its effective date shall be established through a written order, together with the issues of law, and a copy of the latter shall be sent to the concessionaire. Said order, findings of fact and issues of law and the evidence considered by the Commissioner, shall be filed in the public records of the Office of the Commissioner.
(c) Temporary suspension of license.—If the Commissioner finds that there is probable cause for the revocation of any license he may suspend the license temporarily for a period of time not exceeding 20 days after due notice and hearing while the proper investigation is conducted.
(d) Waiver of license.—Any concessionaire may relinquish a license through a written notice to the Commissioner.
(e) Existing contracts. — No revocation, suspension or waiver of any license shall diminish or affect the obligations arising from a valid contract in force between the concessionaire and other persons.
History —June 28, 1965, No. 106, p. 278, § 8; July 22, 1988, No. 132, p. 543, § 7.