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) › § 1071 - Definitions

For purposes of this chapter, the following terms shall have the meaning stated below:
(a) Liquid assets.— Means assets that can be converted into cash in a short time, bank deposits, and securities with a maturity of less than three (3) months.
(b) Agent.—- Means any person who acts, operates, and executes in the name of and with the power of another.
(c) Service charge.— Means the amount of money that by means of discount or commission, a person engaged in the financial intermediation business charges his/her clients, directly or indirectly, as a compensation for the services rendered in such capacity.
(d) Commissioner.— Means the Commissioner of Financial Institutions of Puerto Rico.
(e) Licensee.— A person to whom the Commissioner of Financial Institutions has issued a license under this chapter.
(f) Financial consultant, advisor, or planner.— Any person who offers financial advice to or evaluates the financial needs of third parties and provides them with advice or a financial plan to meet said needs on commission or any other kind of payment for services.
(g) Financing and loan broker.— Any individual, corporation, partnership, firm, or unincorporated entity, be it for profit or nonprofit, that offers and contracts its services to negotiate, transact, or obtain loans and financing other than mortgage loans on residential real estate for third persons, for a service charge.
(h) Documents.— Records, books, papers, and files that evidence any transaction, entry, or communication related to the promotion and operation of a business or to the services rendered in the course of business.
(i) Financing.— The handing over or delivery of money of legal tender in Puerto Rico by one person to another, to pay the price of goods or services received by a third party, with the express obligation of said third party to return as much to whoever made the handing over or delivery of the money, with or without the payment of interest.
(j) Financial intermediation business.— Offering services or engaging in financial planning, consulting or advisory activities, granting of loans, loan and financing brokerage activities other than mortgage loans on residential real estate, through personal, telephone, or written contact, or through advertisements in newspapers; publications, handouts, posters, banners, telephone directories, radio, television or through any other similar medium, or rendering said services to a person other than a relative within the fourth degree of consanguinity, or second degree of affinity, and that the rendering of said services requires the payment of a service charge by the person for whom the loan or financing is negotiated, transacted, planned, granted, or obtained, or a third party by agreement between the parties.
(k) Office of the Commissioner of Financial Institutions.— Means the Office of the Commissioner of Financial Institutions, created under §§ 2001 et seq. of this title, known as the “Office of the Commissioner of Financial Institutions Act”.
(l) Office.— Means the place where the main office of the licensee is located and any other place where the financial intermediation business is conducted; provided, that no such location may be a residence. Any office requires the applicable use permit issued by the appropriate government agency.
(m) Person.— Means any individual, corporation, partnership, association, or any other juridical or natural entity, or unincorporated entity.
(n) Money lender.— Means any person who is engaged in the business of granting all types of loans not covered by special laws and the regulations promulgated thererunder.
(o) Loans.— Means the handing over or advancing of money of legal tender in Puerto Rico, with the express obligation of the person who receives it to return as much to whoever made the handing over, with or without the payment of interest.
History —Oct. 14, 1995, No. 214, § 2; July 29, 1996, No. 92, § 1; July 21, 2000, No. 125, § 1; Dec. 30, 2010, No. 248, § 1.