reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691r - Prohibited actions

The following actions shall be unlawful for representing a risk to public interest:
(a) For any person to solicit or to permit the use of his/her name to solicit any proxy or consent or authorization in respect of any security of which a registered investment company is the issuer in contravention of the regulations that the Commission may prescribe as appropriate in the public interest.
(b) For any registered investment company or affiliated person thereof, any issuer of a voting-trust certificate related to any security of a registered investment company, or any underwriter of such a certificate, to offer for sale, sell, or deliver after sale, in connection with a public offering, any such voting-trust certificate.
(c) For any registered investment company to purchase any voting security if, to the knowledge of such registered company, cross-ownership or circular ownership exists, or after such acquisition will exist, between such registered company and the issuer of such security. If such cross-ownership or circular ownership comes into existence upon the purchase by a registered investment company of the securities of another company, it shall be the duty of the registered investment company to eliminate the same within one year after it first knows of such existence of such cross-ownership or circular ownership. Cross-ownership shall be deemed to exist between two companies when each of such companies beneficially owns more than three percent (3%) of the issued voting securities of the other company. Circular ownership shall be deemed to exist between two companies if such companies are included within a group of three or more companies, each of which:
(1) Beneficially owns more than three percent (3%) of the issued voting securities of one or more other companies of the group, and
(2) has more than three percent (3%) of its own issued voting securities beneficially owned by another company, or by each of two or more other companies, of the same group.
The provisions of subsection (c) shall not be construed to prohibit a registered investment company from investing in non-voting securities that have been issued by other investment companies, or in voting securities issued by investment companies where cross-ownership does not exist, as defined in this subsection (c).
History —July 30, 2013, No. 93, § 21, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691s - Loans

It shall be unlawful for any registered investment company to lend money or property to any person, directly or indirectly, if:
(a) The investment policies of such registered company, as recited in its notification of registration and reports filed under this chapter, do not permit such a loan.
(b) Such a loan is prohibited by any provision of law or regulations.
(c) Such person controls or is under common control with such registered company; except that the provisions of this subsection shall not apply to any loan from a registered company to a company which owns all of the outstanding securities of such registered company, except directors” qualifying securities; Provided, however, That this subsection shall not be construed as to limit the ability of investment companies to enter into award contracts with any person or company.
History —July 30, 2013, No. 93, § 22, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691t - Limitations on distributions

No investment company classified as a mutual fund may issue securities for services, or property other than stocks or securities (including securities issued by such registered company), except as a dividend, distribution to its security holders, or in connection with a reorganization.
History —July 30, 2013, No. 93, § 23, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691u - Closed-end investment companies

No registered closed-end company shall sell any securities of which it is the issuer at a price below the current net asset value of such stock computed on the basis of the current net asset value, except:
(a) In connection with an offering to the holders of its voting securities.
(b) With the consent of a majority of its [sic] voting securities.
(c) Upon conversion of a convertible preferred stock in accordance with its terms.
(d) Under such other circumstances as the Commissioner may permit by regulations or orders for the protection of investors.
History —July 30, 2013, No. 93, § 24, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691v - Closed-end investment

No registered closed-end company shall purchase any securities of which it is the issuer except:
(a) On a securities exchange or such other open market as the Commissioner may designate by regulations or orders, according to the notification period and other rules that the Commissioner may determine.
(b) Pursuant to tenders, after reasonable and equal opportunity to submit tenders given to all holders of securities of the class to be purchased.
(c) Under such other circumstances as the Commissioner may permit by regulations for the protection of investors in order to insure that such purchases are made in a manner or on a basis which does not unfairly discriminate against any holders of the class or classes of securities to be purchased.
History —July 30, 2013, No. 93, § 25, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691w - Reorganization plans

Any person who solicits or permits the use of his/her name to solicit any proxy, consent, authorization, power of attorney, ratification, deposit, or dissent in respect of any plan of reorganization of any registered investment company shall submit to the Commissioner, within twenty- four (24) hours, a copy of such plan, any agreement, or any proxy, consent, authorization, power of attorney, ratification, deposit, or instrument of dissent in respect thereto, if such documents have not been previously filed with the Commissioner. The Commissioner is hereby authorized, if so requested by the holders of twenty-five percent (25%) of voting securities of the registered investment company, to render an advisory report in respect of the fairness of any such plan and its effect upon any class or classes of security holders.
History —July 30, 2013, No. 93, § 26, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691x - Annual reports to the Commissioner

Every registered investment company shall file with the Commissioner an annual report including a financial statement audited by a certified public accountant, authorized to practice in Puerto Rico, in accordance with the generally accepted accounting principles in the United States of America (known as GAAP) and with such additional information that the Commissioner may require by regulations or orders and such periodic reports (but at least annually) that the Commissioner may require by regulations.
History —July 30, 2013, No. 93, § 27, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691y - Annual reports to stockholders

Every registered investment company shall transmit to its security holders, taking into account the penalties established in §§ 692h and 692m of this title, at least annually, as the Commissioner may prescribe by regulations, a report containing the following information and financial statements or their equivalent, as of a reasonably current date, and the following information:
(a) A balance sheet accompanied by a statement of the aggregate value of investments on the date of such balance sheet.
(b) A list showing the amounts and values of securities owned by the investment company.
(c) A statement of income and expenses for the period covered by the report, which shall be itemized at least with respect to each category of income and expense representing more than five percent (5%) of total income or expense.
(d) A statement of surplus, which shall be itemized at least with respect to each charge or credit to the surplus account which represents more than five percent (5%) of the total charges or credits during the period covered by the report.
(e) A statement of the aggregate remuneration paid by the company during the period covered by the report:
(1) To all directors and to all members of the advisory board for regular compensation.
(2) To all directors and to all members of the advisory board for special compensation.
(3) To all officers.
(4) To each person of whom any officer or director of the company is an affiliated person.
(f) A statement of the aggregate dollar amounts of purchases and sales of securities made during the period covered by the report.
(g) Any other information that the Commissioner by regulations may deem necessary.
(h) Every investment company shall file with the Commissioner all those reports required by the regulations of the Commissioner, including an annual financial statement certified by a certified public accountant authorized to practice in Puerto Rico, as well as interim financial reports and forms designed from time to time by the Commissioner.
(i) In the event that any director, official, member of the advisory board, investment adviser, or affiliate person of the investment adviser of the company, is directly or indirectly the beneficial owner of more than ten percent (10%) of a specific class of securities, a statement of the amount of the securities of which he/she owns and the gains or losses in connection with transactions related to such securities.
History —July 30, 2013, No. 93, § 28; Nov. 27, 2013, No. 137, § 10.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 691z - Books and records

Each registered investment company, and each underwriter, broker, or investment adviser shall maintain such records as the Commissioner, by regulations, may prescribe as necessary in the public interest and for the protection of investors. All these records shall be available at all times for reasonable and periodic inspection by the Commissioner.
The registered investment company shall publish all the reports filed with the Commissioner on the designated webpage, as well as its prospectus, offering circular of securities, annual and quarterly reports, securities in the fund’s portfolio at the time of filing of the quarterly reports stating their market value and the net asset value, the credit rating of such securities if available, leverage ratio of each fund and its financing source, and any other required information, except for privileged information under Commonwealth or federal laws.
History —July 30, 2013, No. 93, § 29; Nov. 27, 2013, No. 137, § 11.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692 - Financial statements

It shall be unlawful for any registered investment company to file with the Commissioner any financial statement audited by a certified public accountant, unless:
(a) Such accountant has been selected at a meeting of the board of directors held within ninety (90) days after the beginning of the fiscal year by the vote of a majority of the members of the Board, including a majority of those who are not interested persons of such registered investment company or such accountant.
(b) Such selection is ratified at the next annual meeting of holders of voting securities, if such meeting be held.
(c) The contract of such accountant has been conditioned upon the right of the company by vote of a majority of the voting securities at any meeting called for the purpose to terminate such contract forthwith without any penalty. The vacancy so occurring may be filled temporarily by a vote of a majority of the members of the Board, including a majority of those who are not interested persons of such registered company or such accountant, subject to ratification by a majority vote of the security holders of the registered investment company at the next annual meeting of security holders of such registered investment company.
(d) Such certificate or report of such accountant shall be addressed both to the board of directors of such registered company and to the security holders thereof.
History —July 30, 2013, No. 93, § 30; Nov. 27, 2013, No. 137, § 12.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692a - Work of auditors

The Commissioner shall, by regulations or order, in the public interest or for the protection of investors, require accountants and auditors to keep reports, work sheets, and other documents and papers related to registered investment companies for such period or periods as the Commissioner may prescribe, and to make the same available for inspection by the Commissioner or any representative thereof.
History —July 30, 2013, No. 93, § 31, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692b - Legal claims

Every registered investment company which is a party and every affiliated person of a registered investment company who is a party defendant to any action or claim by a registered investment company or a security holder thereof in a derivative or representative capacity against an officer, director, investment adviser, trustee, or depositor of such company, shall file with the Commissioner a copy of:
(a) All pleadings, verdicts, or judgments in connection with such action.
(b) Any proposed settlement or discontinuance of such action.
(c) Such motions, transcripts, or other documents in connection with such action.
History —July 30, 2013, No. 93, § 32, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692c - Falsification

It shall be unlawful for any person, except as permitted by this chapter, or a regulation or order of the Commissioner, to willfully falsify or omit a material fact in any report or to destroy, mutilate, or alter any account, book, or other document the keeping and preparation of which has been required pursuant to this chapter or any regulation promulgated thereunder. For the purposes of this section, any part of any such document which is signed or certified by an accountant or auditor in his/her capacity as such shall be deemed to be made, filed, transmitted, or kept by such accountant or auditor, as well as by the person filing, transmitting, or keeping the complete document. Any violation of this section shall be a fourth-degree felony.
History —July 30, 2013, No. 93, § 33, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692d - Unlawful representation

It shall be unlawful for any person, issuing or selling any security of which a registered investment company is the issuer, to represent or imply in any manner whatsoever that such security or company:
(a) Has been guaranteed, sponsored, recommended, or approved by the Commonwealth of Puerto Rico, or any agency, public corporation or officer thereof. If an investment company is advised by a bank, or its securities are sold through a bank, such bank shall prominently disclose that an investment in the company is not insured by any government agency. Provided, That if any agency or public corporation of the Commonwealth of Puerto Rico acquires securities of any kind in the investment company, it shall not be banned from representing so to third parties.
(b) Has been guaranteed by any bank, agency, or insured depository institution.
History —July 30, 2013, No. 93, § 34, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692e - Names and titles

It shall be unlawful for any registered investment company to adopt as a part of the name or title of such company, or of any securities of which it is the issuer, any word or words that the Commissioner finds are materially deceptive or misleading. The Commissioner is authorized, by regulation or order, to define such names or titles as are materially misleading.
History —July 30, 2013, No. 93, § 35, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692f - Authority to bring actions

The Commissioner is hereby authorized to bring an action in any Superior Part of a Court of First Instance of the Commonwealth of Puerto Rico, alleging that a past or present officer, director, member of any advisory board, investment adviser, depositor, or underwriter of a registered investment company within five years of the commencement of the action has engaged or is about to engage in any act or practice constituting a breach of fiduciary duty. If such allegations are established, the court may enjoin such persons from acting in any or all such capacities either permanently or temporarily and award such injunctive, monetary, and other relief against such person as may be reasonable and appropriate in the circumstances, in light of the public policy set forth in § 691 of this title.
History —July 30, 2013, No. 93, § 36, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692g - Regulations and determinations

The Commissioner shall have authority to make administrative determinations, issue, amend, and repeal regulations and orders as necessary to exercise the powers conferred on the Commissioner in this chapter. Such authority shall include regulations defining accounting, technical, and trade terms used in this chapter, and prescribing the form in which information required in the applications and reports that investment companies are required to file.
History —July 30, 2013, No. 93, § 37; Nov. 27, 2013, No. 137, § 13.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692h - Fines

Whenever it shall appear to the Commissioner that any person has violated any provision of this chapter, the regulations thereunder, or an order entered by the Commissioner, the Commissioner may bring an action in a Superior Part of the Court of First Instance with jurisdiction to seek the imposition of a fine. This power is in addition to the power of the Commissioner to investigate and impose administrative penalties. The court shall have jurisdiction to impose:
(a) In the case of a violation defined in this section, a fine that shall not exceed the greater of:
(1) Five thousand dollars ($5,000) for a natural person, or up to fifty thousand dollars ($50,000) for any other person, or
(2) the gross amount of pecuniary gain to such defendant as a result of the violation.
(b) In the case of a violation defined in this section involving fraud, deceit, manipulation, deliberate or reckless disregard of a regulatory requirement, a fine that shall not exceed the greater of:
(1) Fifty thousand dollars ($50,000) for a natural person, or up to two hundred and fifty thousand dollars ($250,000) for any other person, or
(2) the gross amount of pecuniary gain to such defendant as a result of the violation.
(c) In the case of a violation defined in this section, involving fraud, deceit, manipulation, deliberate or reckless disregard of a regulatory requirement, and that has also caused, either directly or indirectly, substantial losses to third parties or the risk of substantial losses to third parties, a fine that shall not exceed the greater of:
(1) One hundred thousand dollars ($100,000) for a natural person, or up to five hundred thousand dollars ($500,000) for any other person, or
(2) the gross amount of pecuniary gain to such defendant as a result of the violation.
History —July 30, 2013, No. 93, § 38, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692i - Access to information

The information contained in the documents filed with the Commissioner shall be made available to the public, unless the Commissioner, by regulations or order, determines that public disclosure is neither necessary nor appropriate. It shall be unlawful for any member, officer, or employee of the Commissioner to use for personal benefit, or to disclose to any person other than an official or employee of the United States, a state, or the Commonwealth of Puerto Rico for official use, any such information that has not been publicly disclosed. Likewise, orders, circular letters, and all other administrative determinations of the Commissioner shall be disclosed to the public within thirty (30)[sic] after the issuance thereof and shall be posted on the web page of the Commissioner. Provided, however, That in the event that any order or other kind of administrative determinations is requested, including opinions or no-action letters in connection with an investment company that has not publicly traded its securities, the Commissioner, at the petitioner’s request, may not disclose his/her determination for a term that shall not exceed six (6) months following the issue of the determination or thirty (30) days after the date of issue of such securities, whichever comes first. If the requirements of this section with regard to publication are violated, the administrative determinations issued by the Commissioner shall not be fully effective until the provisions of this section are complied with.
Furthermore, the Commissioner shall post on his/her web page a weekly report of the transactions made in the securities issued by registered investment companies subject to this chapter and the net asset value corresponding to common stocks, updated every week. Registered investment companies and dealers of securities shall report such transactions and information to the Commissioner on a weekly basis, in a manner that preserves the privacy of stockholders. The Commissioner shall not be held accountable for any error or inaccuracy in any information offered by the registered investment company. The Commissioner shall publish every quarter a disclosure of the market value of the twelve-month (12) debt to equity ratio of each registered investment company. It shall also include the financial statements and other reports required under subsection (h) of § 691y of this title of the registered investment companies corresponding to the immediately preceding five (5) fiscal years.
History —July 30, 2013, No. 93, § 39; Nov. 27, 2013, No. 137, § 14.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692j - Reports to the Legislative Assembly

The Commissioner shall file an annual report with the Legislative Assembly summarizing the work of the Commissioner during the preceding year and including any information and recommendations that he/she may deem necessary for further legislation in connection with the matters addressed under this chapter, including the provisions of § 691h of this title.
History —July 30, 2013, No. 93, § 40; Nov. 27, 2013, No. 137, § 15.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692k - Voidance

Any contract condition, stipulation or provision binding any person to evade or waive compliance with any provision of this chapter or any regulation or order thereunder shall be void ab initio. This section shall not be construed to void the lawful portion of a contract that may be severed from the unlawful portion thereof. Moreover, it shall not have the effect of precluding a cause for action for unjust enrichment.
History —July 30, 2013, No. 93, § 41; Nov. 27, 2013, No. 137, § 16.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692l - Undue influence

It shall be unlawful for any person, directly or indirectly, to cause to be done any act or thing through any other person which it would be unlawful for such person to do under the provisions of this chapter or any regulation, or order thereunder. For purposes of § 692h of this title, any person who knowingly or recklessly provides substantial assistance to another person in violation of a provision of this chapter, or of regulation issued thereunder, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided.
History —July 30, 2013, No. 93, § 42, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692m - Offenses

Any person who willfully violates any provision of this chapter (including the reports requirements under § 691y of this title) shall be guilty of a felony and punished by imprisonment for a fixed term of five (5) years. Such penalty may be reduced where there are mitigating circumstances up to one (1) year and increased when there are aggravating circumstances up to eight (8) years. No person shall be convicted of violations of any regulation or order if he/she proves that he/she had no actual knowledge of such regulation or order.
History —July 30, 2013, No. 93, § 43, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692n - Municipal license tax exemption

Every registered investment company is hereby exempt from the municipal license tax imposed under §§ 651-652y of Title 21, known as the “Municipal License Tax Act”, or any Commonwealth or municipal law of like import or applicability. Provided, That this exemption shall not be construed to limit the right to impose municipal license taxes on the activities of brokerage or similar business which generate the purchase and sale of securities issued by registered investment companies under this chapter, if the applicable municipal license tax act so provides.
History —July 30, 2013, No. 93, § 44, eff. 120 days after July 30, 2013.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 33A - Puerto Rico Investment Companies Act of 2013 (§§ 691 — 692o) › § 692o - Waiver

The Commissioner shall, through regulations or administrative determination, conditionally or unconditionally, exempt any class of person, security or transaction, from any provision or provisions of this chapter or any regulation issued thereunder, to such extent and in such manner as he/she deems appropriate, if he/she believes that such exemption is necessary or appropriate in the public interest, and consistent with the protection of investors, the purposes of this title, and the declaration of public policy set forth in Section 2 of this Act. Every determination or action taken under the authority granted to the Commissioner under this section shall be public, in accordance with § 692i of this title.
History —July 30, 2013, No. 93, § 45; Nov. 27, 2013, No. 137, § 17.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 712 - Liability for valuables

All innkeepers shall provide a safe in the office of the hotel they operate or any other convenient place, for the safekeeping of valuable property (as defined in § 711 of this title) belonging to the guests and must place, in a conspicuous position in the rooms and in the office of the hotel, a notice addressed to the guests stating that there is a place available to safekeep valuables, and if they have valuables which are worth more than one thousand dollars ($1,000) they must complete a form at the time they deposit said valuables provided by the hotel when they receive the key to their safety deposit box. A copy of the notice informing the guest of the procedure to be followed if his valuables exceed the amount of one thousand dollars ($1,000) must be inside the safety deposit box assigned to the guest. The innkeeper shall not be liable for the loss of such property, whether by theft or otherwise, unless such guest shall have deposited the same in the place and in the manner indicated in said notice. If the guest delivers such valuables to the innkeeper in the manner indicated in said notice, the innkeeper shall be obliged to exercise reasonable care in the safekeeping of such valuables, and shall be liable for whatever loss or damage that occurs through his negligence by failing to exercise reasonable care in the safekeeping of such valuables; Provided, however, That in such case, the innkeeper’s liability shall not exceed the sum of one thousand dollars ($1,000), unless the guest who entrusted such valuables to him declared a higher valuation to the innkeeper in writing on the form provided.
History —June 23, 1956, No. 85, p. 540, § 2; July 18, 1986, No. 151, p. 471, § 1.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 713 - Liability for loss of other property

An innkeeper shall be liable to a guest for the loss of wearing apparel and other property, or damage to same (but not including valuables as defined in § 711 of this title), which were kept in the bedroom or bedrooms assigned to such guests, and shall be liable to a guest for the loss or destruction of property (other than valuables and damage thereto), which may have been especially entrusted to the care and custody of the innkeeper, only if it shall appear that such loss or destruction occurred through the fault or negligence of the innkeeper. In neither case shall the liability of the innkeeper for the loss of property (other than valuables) or damages suffered by said property exceed the sum of one thousand dollars ($1,000), in the bedroom, nor of two hundred dollars ($200), in any other place under the control of the innkeeper, unless prior to the occurrence of such loss or destruction of the property, the guest shall have declared a higher value to the innkeeper in writing. For the purposes of this section, property (other than valuables) shall be deemed to have been specially entrusted to the care and custody of the innkeeper when the same shall have been delivered to the innkeeper for storage or safekeeping in a storage room, baggage room, parcel or check room, or a place other than the room assigned to the guest who delivered such property to the innkeeper.
In regard to wearing apparel delivered to an innkeeper for cleaning, washing or ironing in a laundry or other establishment operated by the innkeeper, said innkeeper shall be liable for the loss of said apparel or damages suffered by the same, provided such loss or damage has occurred through the negligence of the innkeeper. Provided, however, That the innkeeper shall not be compelled to clean, wash, or iron any wearing apparel when, in his judgment, there is a risk that said wearing apparel may suffer damage in the process of cleaning, washing or ironing it.
History —June 23, 1956, No. 85, p. 540, § 3; July 18, 1986, No. 151, p. 471, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 714 - Other losses

Except as provided in §§ 712 and 713 of this title, no innkeeper shall be liable to any guest for the loss or destruction of, or damage to any property which may be brought or left by him upon the premises of the hotel operated by such innkeeper; and shall in no case be liable to any guest for any loss or damages occurring as a result of fire, windstorm, or other casualty, or as a result of any act, omission, or event not attributable to the fault or negligence of the innkeeper.
History —June 23, 1956, No. 85, p. 540, § 4, eff. 90 days after June 23, 1956.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 715 - Liability for motor vehicles and property therein

No innkeeper shall be liable to any guest, or other person, for any loss sustained by reason of theft of, or damage done to, any motor vehicle or other conveyance while parked in any free parking lot maintained by such innkeeper, or for any loss sustained by reason of the theft of, or damage done to, any personal property left in such vehicle or other conveyance while so parked; Provided, however, That nothing contained in this section shall be so construed as to relieve any person of liability for his own willful act.
History —June 23, 1956, No. 85, p. 540, § 5, eff. 90 days after June 23, 1956.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 716 - Fraud

(a) Any person who, with intent to defraud, obtains money, credit or accommodations from an innkeeper, in an aggregate amount of less than five hundred dollars ($500), shall be guilty of a misdemeanor, and any person who, with intent to defraud, obtains money, credit or accommodations from an innkeeper in an amount aggregating five hundred dollars ($500) or more, shall be guilty of a felony. Evidence that money, lodging, credit, food, or other accommodations were obtained at any hotel by false or fictitious showing, or by pretense of baggage, or by misrepresentation; evidence that any person refused or neglected to pay for such food, lodging, or other accommodations on demand; evidence that any check given, or purported to be given, in payment for such money, food, lodging, credit, or other accommodations was duly presented at the drawee bank and dishonored for insufficient funds, or for lack of account, or for any like reason; and evidence that any person removed or caused to be removed his baggage from such hotel without first making payment or obtaining credit for such food, lodging or other accommodations as he may have received therefrom, shall be deemed to constitute presumptive evidence of fraudulent intent. Neither evidence of a special agreement for delay in payment, nor evidence of the issuance by the innkeeper of a credit card, shall be sufficient to rebut the presumption of fraudulent intent, unless payment be made on or before the expiration of the credit period allowed either by the special agreement, or by the credit card.
(b) Any person who for purpose of gain, and by means of any false statement or representation regarding any hotel, shall divert or attempt to divert any traveler or other person to another hotel, shall be guilty of a misdemeanor. Evidence of the making of a false statement regarding any hotel, coupled with a suggestion or recommendation to patronize another hotel, shall constitute presumptive evidence that the act of the defendant was committed for purpose of gain.
(c) Any person who shall pay, or offer to pay, any money or other reward to another for diverting patrons from one hotel to another, knowing or intending that such diversion will be effected in a manner prohibited by subsection (b) of this section, shall be guilty of a misdemeanor. In any prosecution for violation of the provisions of this subsection, evidence of prior notice to the defendant that the person to whom payment was made, or offered to be made, has at any time diverted patronage from one hotel to another by means of false representation, shall constitute presumptive evidence that such defendant knew and intended that the diversion, or attempted diversion, object of the complaint, would be effected by false statement or by representations prohibited in subsection (b) of this section.
History —June 23, 1956, No. 85, p. 540, § 6, eff. 90 days after June 23, 1956.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 718 - Registration required

(a) The owner, lessor, proprietor, or operator of any hotel must keep a register, for a term of not less than one (1) year, which shall contain the name, street address, date of arrival, and date of departure of its guests. For the purposes of this section, said register may be reproduced and kept in photographs, photo copies, microfiches, microcards, microphotographs, or any other process that reproduces the original register, including hard copies.
(b) Any person who violates the provisions of this section shall be guilty of a misdemeanor and, upon conviction, be punished by a fine not greater than five hundred dollars ($500) for each violation.
History —June 23, 1956, No. 85, p. 540, § 8; July 18, 1986, No. 151, p. 471, § 3; Aug. 11, 2010, No. 126, § 1.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 718a - Reservation cancellation for noncompliance

In case the innkeeper shall have offered any services or facilities and does not furnish them, the guest who made the reservation induced by such offers may cancel his reservation and shall be entitled to a refund of the total amount of money left as a deposit. Provided, That if the guest cancels his reservation for any other reason [than] the one indicated above, the innkeeper may withhold from the guest’s deposit an amount equivalent to one (1) night’s stay as a penalty.
History —June 23, 1956, No. 85, p. 540, added as § 9 on July 18, 1986, No. 151, p. 471, § 4.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 719 - Right of access and rules

An innkeeper, at reasonable times and for proper purposes, shall have the right of access to, and the right to control all parts of his hotel, including such parts thereof as may be occupied by guests, tenants and others. An innkeeper shall use due care in the exercise of his rights of entry into a portion of the hotel occupied by guests, tenants or others, and shall be liable for damages suffered in the exercise of said right, only if proved that the damages suffered occurred through the fault and negligence of the innkeeper. The innkeeper shall also have the right to make and enforce such rules and regulations regarding the conduct and other matters of guests, tenants and other persons as may be reasonably designed to discourage conduct and other activities offensive to other guests of the hotel, or generally considered inconsistent with recognized standards of conduct or that might be inimical to the principles and recognized standards adopted by the innkeeper for the operation of his hotel, with respect to guests and other persons in the same. Such rules and regulations may also include provisions for the payment of bills owed to the innkeeper and regulations with respect to the reservation of rooms or lodging, the length of stay in the hotel and other matters reasonably necessary or convenient for the operation of the hotel.
The innkeepers must submit to the Puerto Rico Tourist Company a copy of all the rules and regulations approved by them including their amendments. Any regulation affecting the guests, as well as a copy of this chapter, shall be available to them at the hotel’s information center or registration desk.
History —June 23, 1956, No. 85, p. 540, § 9, renumbered as § 10 and amended on July 18, 1986, No. 151, p. 471, § 5.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 720 - Removal of guests and others

Any innkeeper may, in a reasonable and adequate manner, cause any person to be removed from the premises of the hotel operated by him/her whenever such person shall, after warning, persist in violating any rule or regulation adopted pursuant to the provisions of § 719 of this title, or who has committed any act whatsoever that might be offensive to hotel guests and/or visitors, and/or that is or might be detrimental to the reputation or credit of the hotel, or that is or threatens to be detrimental to the business of the hotel, whether or not specifically mentioned in any rule or regulation. As used herein, the term “person” shall include, but is not limited to a guest or tenant of the hotel, as well as any visitors within the premises of the hotel.
An innkeeper who reasonably believes that he/she has the right to dismiss any person from the premises of his/her hotel shall first notify such person verbally or in writing that his/her presence is not desired in the premises of the hotel; and, in turn, such person shall be asked to leave immediately or at a specific time and date. If the person to whom such notice is given is a guest or a tenant who has paid in advance, the innkeeper shall, at the time oral or written request to depart is made, tender to such guest or tenant the unearned portion of his/her advanced payment.
The innkeeper shall deliver to such person a written notice that he/she shall leave the hotel within the term specified and warning him/her that if he/she refuses to do so he/she shall be ousted.
The innkeeper shall fill the blank space in said notice specifying if the departure is required immediately or at a later time and date, which shall be set in said notice.
Any person who remains or attempts to remain in a hotel for any period of time after being requested by the innkeeper either in writing or orally to depart therefrom at a specified time and date shall be deemed to be unlawfully on the premises of such hotel, and shall be guilty of a misdemeanor. In case of recidivism, the person shall be guilty of a fourth-degree felony.
If any person is unlawfully within the premises of the hotel, the innkeeper may call for the assistance of any Municipal or State police officer, and it shall be the duty of each member of the Municipal police department or the Puerto Rico Police, upon request of the innkeeper, to remove such person from the premises immediately by using only such force as the circumstances may warrant.
History —June 23, 1956, No. 85, p. 540, § 10, renumbered as § 11 on July 18, 1986, No. 151, p. 471, § 6; Jan. 5, 2012, No. 11, § 1.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 720a - Overbooking

It shall be the innkeeper’s responsibility to honor every reservation confirmed by means of a deposit. If the innkeeper overbooks, it shall be his responsibility to find a room or rooms for the guest in accordance with his reservation, of the same or a better category than that reserved by means of a deposit, and shall also provide for the guest’s transfer to said room.
History —June 23, 1956, No. 85, p. 540, added as § 12 on July 18, 1986, No. 151, p. 471, § 7.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 721 - Innkeeper’s liability

An innkeeper’s civil liability as regards the removal of guests shall be governed by the provisions of the Civil Code of Puerto Rico, Title 31.
History —June 23, 1956, No. 85, p. 540, § 11, renumbered as § 13 on July 18, 1986, No. 151, p. 471, § 8.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 722 - Transmittable diseases

No innkeeper shall be obliged to receive as a guest, or once received, to retain as a guest, any person suffering from any [transmittable] disease, as heretofore or hereafter defined by the Department of Health of the Commonwealth of Puerto Rico.
The provisions of this section shall not be construed to amend or repeal any sanitary regulation heretofore or hereafter promulgated by the Department of Health of the Commonwealth of Puerto Rico, and in case of conflict between the provisions of this section and the provisions of any such sanitary regulation, the provisions of the sanitary regulation shall prevail.
History —June 23, 1956, No. 85, p. 540, § 12, renumbered as § 14 on July 18, 1986, No. 151, p. 471, § 8.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 1 - Regulation of Business Generally (§§ 1 — 998q) › Chapter 35 - Innkeepers (§§ 711 — 724) › § 723 - Gaming rooms

Nothing in this chapter shall be so construed as to consider a gaming room or casino operated in conjunction with a hotel, either by an innkeeper, or by any other person, as a place of public accomodation, or to deny to such innkeeper or other person operating such casino or gaming room the discretionary right to refuse admission thereto to any person, or the discretionary right to remove or cause the removal of any person from such gaming room; Provided, however, That no person shall be denied admission to any gaming room, or be removed therefrom for political, religious, race, or color reasons or for any other reason not applicable to the public in general.
History —June 23, 1956, No. 85, p. 540, § 15, renumbered as § 17 on July 18, 1986, No. 151, p. 471, § 10.