2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 74 - Regulation of the Financial Intermediation Business (§§ 1071 — 1087) › § 1078 - Duties of the licensee

(a) Examination.— Every licensee, as provided in this chapter, shall be required to make available to the Commissioner for examination accounting books, records, documents, and any other information that the Commissioner may deem necessary and allow the Commissioner or his/her representatives free access to his/her properties, facilities, and operating sites.
The licensee shall pay the Commissioner an examination fee in the amount of one hundred dollars ($100) for each day or fraction thereof, for each examiner performing each examination, plus expenses incurred on account of per diems and mileage of the aforesaid, according to the norms established for officials and employees of the Government of Puerto Rico, by check issued to the order of the Secretary of the Treasury.
(b) Destruction of books or records.— Every licensee may destroy his/her books or records five (5) years after the date of the last entry in said books or records or from the date on which any obligation has ceased to be exigible, according to the documents in his/her possession. Every licensee shall maintain procedures, systems, and operational processes for the destruction of records so as to ensure:
(1) That the destruction of records is made according to the retention and destruction policy adopted by the licensee and required under this or any other act;
(2) that the destruction of records be halted if the Office of the Commissioner of Financial Institutions provides a written notice to the licensee requiring that certain documents, which shall be identified in said notice, be preserved;
(3) that the destruction of records be halted in the event that the licensee is notified of a complaint or claim, administrative or judicial order, or request that prevents certain records from being destroyed pursuant to applicable local and federal regulations, and
(4) that the destruction of records be made permanently, so as to prevent further use thereof.
The foregoing procedures shall be subject to inspection by the examiners of the Office of the Commissioner of Financial Institutions.
(c) It shall be the duty of the licensee to keep a Registry of Destroyed Documents by calendar year, which shall contain a general description of the documents destroyed. The Registry of Destroyed Documents may be maintained electronically and be available for inspection by the Office of the Commissioner of Financial Institutions. The licensee shall keep the Registry of Destroyed Documents for a period of not less than ten (10) years counted from December 31 of the corresponding year. An officer of the licensee shall certify, not later than January 31 of each year, that the Annual Registry corresponding to the preceding year contains the required information of all records destroyed during said year, which documents complied with the retention period established by policy, as well as by applicable local and federal regulations. Said certification shall be retained by the licensee for a period not less than ten (10) years counted from December 31 of the corresponding year and the same shall be available for inspection by the Office of the Commissioner of Financial Institutions.
History —Oct. 14, 1995, No. 214, § 9; July 29, 1996, No. 92, § 3; renumbered as § 8 and amended on Dec. 30, 2010, No. 248, § 7.