reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 817 - Uncollectible accounts reserve

The Board of Directors of the Labor Bank shall set aside annually a sum equivalent to one half of one percent (0.5%) of the total of the loans outstanding and not duly secured or guaranteed by any government agency, to form what shall hereinafter be known as the uncollectible accounts reserve. The uncollectible accounts reserve shall at no time exceed twelve percent (12%) of the total of the loans outstanding in the Bank’s portfolio.
History —June 14, 1960, No. 86, p. 162, § 17.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 817a - Legal reserve

The Labor Bank shall always keep a reserve that shall be called “legal reserve” and which shall not be less than twenty percent (20%) of its obligations payable at sight, except the deposits of the Government of the Commonwealth of Puerto Rico, of municipal governments, public corporations and instrumentalities of the Commonwealth or of the Government of the United States, secured by collateral in cash. This reserve shall be composed by any of the following values or combination thereof:
(1) Lawful money of the United States.
(2) Checks through banks or trust companies located on any part of the Island of Puerto Rico to be presented for collection during the day following the day on which received.
(3) Money deposited in other banks, provided said deposits are authorized by the Secretary of the Treasury and are subject to immediate collection.
The Secretary of the Treasury may, in his discretion, increase the minimum of the legal reserve established in this section up to not more than thirty percent (30%) of the aggregate obligations of the Labor Bank, payable at sight, except the deposits of the Government of the Commonwealth of Puerto Rico, of its municipalities, public corporations and instrumentalities of the Commonwealth, or of the Government of the United States, secured by collateral in cash, when in his judgment circumstances may so require; but the order increasing the minimum of the legal reserve shall not be effective until thirty (30) days after issued.
The requirements of the legal reserve herein established shall be computed on the basis of the average of reserve kept during one week, this computation to be made on Monday of each week. Every bank subject to the provisions of this section shall be bound to render to the Secretary of the Treasury a weekly report certified by an officer of the bank duly authorized therefor, setting forth the daily computation of the legal reserve kept by said bank and the average of the legal reserve kept during a week.
The Secretary of the Treasury shall notify the Labor Bank, if its legal reserve be less than the one required or that may be required under this section, of the Bank’s duty to immediately complete its amount and to notify the Secretary as soon as this is done. If the Labor Bank fails to complete the amount within a term of thirty (30) days, it may be declared as in liquidation by the Secretary of the Treasury and shall be considered by the Secretary as a corporation in liquidation.
History —June 14, 1960, No. 86, p. 162, added as § 17a on June 26, 1961, No. 115, p. 248, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 818 - Examinations by Secretary of the Treasury

The Secretary of the Treasury shall make at least one examination each year of the operations and activities of the Labor Bank. The expenses incurred by the Secretary of the Treasury in this examination shall be reimbursed by the Labor Bank. Said examination shall cover the conditions and resources of the Bank, the manner of conducting and handling its affairs, the action of its directors, the investment of funds, the safety and soundness of its management, the securities given to insure performance of the obligations contracted, the compliance with the provisions of law affecting the operations of the Bank, as well as any other matter which the Secretary of the Treasury may deem pertinent to investigate. The Secretary of the Treasury shall have power to direct the Labor Bank to charge against its undistributed profits, its reserve fund or its capital account, any loan or part of a loan, assets or parts of assets which in his judgment constitutes a possible loss to the Bank, and may further direct the setting aside of any portion of its future profits which he may deem convenient, until said capital accounts and reserve funds are fully restored.
History —June 14, 1960, No. 86, p. 162, § 18.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 820 - Reports to Secretary of the Treasury

The Labor Bank shall render to the Secretary of the Treasury all such reports as the latter may require in connection with the function of supervision.
History —June 14, 1960, No. 86, p. 162, § 20.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 821 - Liquidation and dissolution

If the Labor Bank shall refuse to submit its books, papers and matters to the inspection of any examiner duly appointed by the Secretary of the Treasury, or if it should appear that the Bank has violated its charter or any law concerning it, the Secretary of the Treasury shall proceed to declare the liquidation and dissolution of the Labor Bank and shall appoint a receiver to carry out such liquidation or dissolution.
History —June 14, 1960, No. 86, p. 162, § 21.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 822 - Banking law not applicable

The provisions of the Banking Law in force, §§ 1 et seq. of this title, shall not be applicable to the corporation created hereunder.
History —June 14, 1960, No. 86, p. 162, § 22.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 824 - Destruction of records

Upon previous authorization and under the supervision of the Secretary of the Treasury the Bank may destroy the books, records or original documents after having photographed their contents, after the lapse of ten (10) years from the date of the last entry in such books or records or from the date any obligation has ceased to be demandable under the documents in its possession.
History —June 14, 1960, No. 86, p. 162, added as § 26 on July 1, 1975, No. 134, p. 404, § 9.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 67 - Savings and Loans Labor Bank of Puerto Rico (§§ 801 — 825) › § 825 - Unlawful preference for creditors

(a) Every transfer of notes, bonds, bills of exchange, debt to the Bank or deposits to its credit, every mortgage assignment, surety on real property, or judgment or decree in its favor; every deposit of money, or other thing of value for its use or for the use of stockholders and creditors made after the Bank is insolvent, as defined in this chapter, or expecting insolvency, with the intent of avoiding application of an asset in the manner herein prescribed, or of giving preference to a creditor over another, shall be null and ineffective; and no attachment, foreclosure or injunction shall issue against said bank or its holdings before the final finding in any lawsuit, action or proceeding in the Courts of Justice.
(b) If the directors of the Bank knowingly violate or allow any of the bank officers, agents or employees to violate this section, the penalties set forth in § 823(c) of this title shall be applied.
History —June 14, 1960, No. 86, p. 162, added as § 27 on July 1, 1975, No. 134, p. 404, § 9; June 30, 1978, No. 89, p. 274, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 851 - Title

This chapter shall be known as the “Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank of Puerto Rico Act”.
History —Mar. 16, 1979, No. 24, p. 50, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 852 - Creation

A public corporation and a government instrumentality denominated “Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank of Puerto Rico”, which shall hereinafter be referred to as “the Corporation”, is hereby created. The powers and the duties of the Corporation shall be carried out by a Board of Directors, which shall be composed of the following three (3) members: the Secretary of State, the Secretary of the Treasury and the President of the Government Development Bank. The Secretary of State shall be the chairman thereof.
The members of the Board of Directors of the Corporation shall not receive any compensation for their services. Two (2) members of the Board of Directors shall constitute a quorum and the affirmative vote of any two members shall be needed for any action or determination taken by the Board.
The Board of Directors shall appoint those officials and employees they deem are necessary to carry out their powers and duties, shall prescribe the duties and shall determine their compensation.
History —Mar. 16, 1979, No. 24, p. 50, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 853 - Powers

The Corporation is created with the purpose of acting as receiver in the liquidation of the Savings and Loans Labor Bank of Puerto Rico, and to such effect shall exercise all the powers needed to carry out the purposes of this chapter, including but not being limited to the following:
(a) Adopt the regulations needed for the management of its affairs and transactions and prescribe rules, regulations and standards with regard to the exercise of its functions and duties.
(b) Promulgate and adopt an official seal and alter it at its convenience.
(c) Maintain an office in the municipality of San Juan and in any other place it considers it is needed.
(d) Sue and be sued under its own name.
(e) Act as receiver, and, as such, carry out all the powers, duties and prerogatives granted to it to such effect by any applicable laws.
(f) Borrow money.
(g) Act as an agent of the Secretary of the Treasury in the liquidation of other assets given to him by the Secretary of the Treasury for such purpose.
(h) Exercise the powers that have been conferred to it by law and perform any other action deemed necessary, convenient or desirable to carry out said powers.
History —Mar. 16, 1979, No. 24, p. 50 § 3.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 854 - Tax exemption

(a) The purposes for which the Corporation is created and for which it shall exercise its powers are public purposes for the benefit of the People of Puerto Rico, and the exercise thereof constitutes the fulfillment of the essential government functions. For such reasons, the Corporation is hereby exempted from the payment of any taxes, duties or imposts on any real property which it acquires or is under its jurisdiction, authority, control, domain, possession or supervision.
(b) The Corporation’s appearance before the courts of Puerto Rico shall be exempted from the payment of the duties established by §§ 1476—1482 of Title 32, and from the payment of the Property Registry fees established by §§ 1767a—1767c of Title 30.
History —Mar. 16, 1979, No. 24, p. 50, § 4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 855 - Reports

(a) The Corporation shall submit to the Secretary of the Treasury within the term of ninety (90) days counting from the closing of each calendar year the following:
(1) A financial statement certified by a certified public accountant and a complete report on the Corporation’s activities for the previous year, and
(2) a complete report on the state and progress of all its activities from the creation of the Corporation, or from the date of its last report.
(b) The Corporation shall prepare and submit to the Secretary of the Treasury all those reports he requests including a final statement of its accounts. The Corporation shall give an account to the Secretary of the Treasury of all the funds and interest thereon that have been borrowed by the Secretary of the Treasury and which have been advanced by him to the Corporation.
History —Mar. 16, 1979, No. 24, p. 50, § 5.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 68 - Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank (§§ 851 — 856) › § 856 - Termination of existence

The Board of Directors of the Corporation, by means of a resolution to this effect, may terminate the existence of the Corporation after having concluded its function as receiver of the Savings and Loans Labor Bank of Puerto Rico.
History —Mar. 16, 1979, No. 24, p. 50, § 6.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 69A - Puerto Rico Housing Financing Authority Act (§§ 924 — 928) › § 924 - Definitions

(a) Authority. — Means the Puerto Rico Housing Financing Authority, the name by which the Puerto Rico Housing Financing Corporation, as defined hereinbelow, shall be known as of the effective date of this act.
(b) Housing Bank. — Means the Puerto Rico Housing Bank and Financing Agency, a public corporation subsidiary of the Puerto Rico Department of Housing, created under Act No. 146 of June 30, 1961, as amended, which is dissolved pursuant to the provisions of this act.
(c) Government Development Bank. — Means the Government Development Bank for Puerto Rico, created by §§ 551—568 of this title, known as the “Government Development Bank for Puerto Rico Act”.
(d) Corporation. — Means the Puerto Rico Housing Financing Corporation, a public corporation subsidiary of the Government Development Bank for Puerto Rico, created by Resolution No. 4023 of November 16, 1977, as amended, of the Board of Directors of the Government Development Bank for Puerto Rico, redenominated following the merger as the Puerto Rico Housing Financing Authority.
History —Aug. 11, 2001, No. 103, § 2; July 31, 2002, No. 107, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 69A - Puerto Rico Housing Financing Authority Act (§§ 924 — 928) › § 927 - Board of Directors

Seven (7) members who shall be appointed by the Governor of Puerto Rico, shall constitute the Board of Directors of the Puerto Rico Housing Financing Authority. Two (2) of them shall be ex-officio members, who are: the Secretary of the Department of Housing, who shall chair the Board of Directors; the Chairperson of the Board of Directors of the Government Development Bank for Puerto Rico. The Board shall also be constituted by three (3) additional members of the Board of Directors of the Government Development Bank for Puerto Rico, designated from among its members, and two members from the private sector.
History —Aug. 11, 2001, No. 103, § 5, renumbered as § 4 and amended on July 31, 2002, No. 107, § 4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 69A - Puerto Rico Housing Financing Authority Act (§§ 924 — 928) › § 928 - Responsibility to notify [of] affordable housing projects

The Puerto Rico Housing Financing Authority shall have the responsibility to prepare a register of existing and future affordable housing projects, including their location, the developer, and telephone numbers of the contacts and the person in charge of the project in the Puerto Rico Housing Financing Authority. This register shall be prepared within sixty (60) days from the approval of this act. The register shall be prepared annually, no later than January 30, and shall be remitted to the Governor of Puerto Rico, to all the mayors of the municipalities of Puerto Rico and to the Committees on Housing of both Legislative Bodies. The office in charge of affordable housing in the Puerto Rico Housing Financing Authority shall also have a copy of said registry.
History —Aug. 11, 2001, No. 103, added as § 7-A on Dec. 25, 2002, No. 295, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § § 1051—1062 - Repealed. Act Dec. 30, 2010, No. 247, § 6.7, eff. 120 days after Dec. 30, 2010

History —June 5, 1973, No. 97, p. 413, § 1; July 23, 1974, No. 127, Part 1, p. 568, § 1; Aug. 2, 1988, No. 146, p. 607, § 1; Aug. 10, 1995, No. 149, § 1; Dec. 12, 2002, No. 276, § 1; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1052 - License for business of granting mortgage loans; exceptions [Repealed]

History —June 5, 1973, No. 97, p. 413, § 2; July 23, 1974, No. 127, Part 1, p. 568, § 2; Aug. 2, 1988, No. 146, p. 607, § 2; Aug. 10, 1995, No. 149, § 1, eff. 30 days after Aug. 10, 1995; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1053 - License application and fees; resident agent; capital [Repealed]

History —June 5, 1973, No. 97, p. 413, § 3; July 23, 1974, No. 127, Part 1, p. 568, § 3; Aug. 2, 1988, No. 146, p. 607, § 3; June 2, 1994, No. 26, § 1; Aug. 10, 1995, No. 149, § 1, eff. 30 days after Aug 10, 1995; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1054 - Proceeding [Repealed]

History —June 5, 1973, No. 97, p. 413, § 4; July 23, 1974, No. 127, Part 1, p. 568, § 4; Aug. 2, 1988, No. 146, p. 607, § 4; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1055 - Annual licenses—Requirements [Repealed]

History —June 5, 1973, No. 97, p. 413, § 5; July 23, 1974, No. 127, Part 1, p. 568, § 5; Aug. 2, 1988, No. 146, p. 607, § 5; Aug. 10, 1995, No. 149, § 1; July 19, 1998, No. 155, § 1; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1056 - Annual licenses—Revocation; temporary suspension; waiver; existing contracts [Repealed]

History —June 5, 1973, No. 97, p. 413, § 6; July 23, 1974, No. 127, Part 1, p. 568, § 6; Aug. 2, 1988, No. 146, p. 607, § 6; Aug. 20, 1997, No. 96, § 1; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1057 - Powers of Commissioner [Repealed]

History —June 5, 1973, No. 97, p. 413, § 7; July 23, 1974, No. 127, Part 1, p. 568, § 7; Aug. 2, 1988, No. 146, p. 607, § 7; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1057a - Prohibited practices [Repealed]

History —June 5, 1973, No. 97, p. 413, added as § 7A on July 23, 1974, No. 127, Part 1, p. 568, § 8; Aug. 2, 1988, No. 146, p. 607, § 8; Aug. 10, 1995, No. 149, § 1; Aug. 20, 1997, No. 96, § 2; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1058 - Duties of concessionaire [Repealed]

History —June 5, 1973, No. 97, p. 413, § 8; July 23, 1974, No. 127, Part 1, p. 568, § 9; Aug. 2, 1988, No. 146, p. 607, § 9; Aug. 20, 1997, No. 96, § 3; July 19, 1998, No. 155, § 2; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1059 - Orders to cease and desist [Repealed]

History —June 5, 1973, No. 97, p. 413, § 9; Aug. 2, 1988, No. 146, p. 607, § 10; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1060 - Regulations [Repealed]

History —June 5, 1973, No. 97, p. 413, § 10; Aug. 2, 1988, No. 146, p. 607, § 11; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1061 - Penalties [Repealed]

History —June 5, 1973, No. 97, p. 413, § 11; Aug. 2, 1988, No. 146, p. 607, § 12; Aug. 20, 1997, No. 96, § 4; Dec. 12, 2002, No. 276, § 2; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1061a - Fraudulent practices when obtaining mortgage loans [Repealed]

History —June 5, 1973, No. 97, p. 413, added as § 12 on Dec. 12, 2002, No. 276, § 3; Repealed. Act.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 73 - Concessionaires of Mortgage Loans (§§ 1051-1062 — 1063) › § 1062 - Reconsideration and review [Repealed]

History —June 5, 1973, No. 97, p. 413, § 12; July 23, 1974, No. 127, Part 1, p. 568, § 10; Aug. 2, 1988, No. 146, p. 607, § 13; Aug. 10, 1995, No. 149, § 1; renumbered as § 13 on Dec. 12, 2002, No. 276, § 4; Repealed. Act.
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) › § 1072 - Application, exclusions and prohibitions

(a) Application.— This chapter shall apply to every person who offers or renders services as loan and financing broker, and to any money lender, agent, financial planner, financial consultant or advisor, as these terms are defined in § 1071 of this title.
(b) The Puerto Rico Education and Rehabilitation Society (SER de Puerto Rico) and the Housing and Human Development Trust of Puerto Rico, as it has been created and is operated pursuant to Public Deed No. 135 of May 7, 2004, executed before Notary José Orlando Mercado-Gely, are hereby exempt from the application of this Chapter.
(c) Prohibitions.— Persons excluded from the applicability of this chapter, described in the above subsection (b) of this section, may engage in the financial intermediation business without any license therefor, exclusively in benefit of their business, but upon doing so, shall not personally charge any commission or fee for said services.
History —Oct. 14, 1995, No. 214, § 3; Sept. 21, 2004, No. 391, § 2; Dec. 30, 2010, No. 248, § 2; renumbered as § 3 on Mar. 26, 2012, No. 60, § 1; Aug. 16, 2012, No. 179, § 8.
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) › § 1073 - Obtaining a license; exceptions

No person, except those excluded from the applicability of this chapter, banks authorized to do business in Puerto Rico, trust companies, federal agencies or entities of the Government of Puerto Rico, credit and savings cooperative banks, government retirement systems, federal savings and loan associations, insurance companies authorized to do business in Puerto Rico, and natural persons who grant loans or financing with a combined annual volume of business that does not exceed ten thousand dollars ($10,000), may engage in the financial intermediation business without first obtaining a license issued by the Commissioner, as provided in this chapter.
History —Oct. 14, 1995, No. 214, § 4; Dec. 30, 2010, No. 248, § 3; Mar. 26, 2012, No. 60, § 2.
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) › § 1074 - License and application fees

The application for a license to engage in the financial intermediation business shall be made under oath and shall be filed in the Office of the Commissioner. The same shall indicate the name and address where the main office of the business shall be established in Puerto Rico, and shall also contain any information required by the Commissioner, including the identification of each of the applicants, to provide grounds for the investigations provided in § 1075 of this title. Upon submitting the application, the petitioner shall pay $500 for investigation fees and $1,000 for annual license fees by a certified check issued to the order of the Secretary of the Treasury; if the license is issued after June 30 of any year, the annual license fee shall be $500 for that year.
History —Oct. 14, 1995, No. 214, § 5, eff. 30 days after Oct 14, 1995.
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) › § 1076 - License renewal

(a) Each license shall remain in effect until its expiration date which shall be at the end of each calendar year or until it is suspended, revoked, or surrendered.
(b) All renewal applications shall be filed not later than December 1st of each year and shall include:
(1) The annual license fee of one thousand eight hundred seventy- five dollars ($1,875) per office, if the volume of business transacted therein is equal to or greater than five million dollars ($5,000,000), and one thousand dollars ($1,000) if the volume of business transacted is less than five million dollars ($5,000,000).
(2) any other information, documents, or reports that the Commissioner may require in order to keep the information and documents contained in the license renewal application up-to-date, as well as any other evidence that proves that the surety bond or guarantee posted by the licensee pursuant to the provisions of this chapter is in effect.
History —Oct. 14, 1995, No. 214, § 7; Dec. 30, 2010, No. 248, § 5; Mar. 26, 2012, No. 60, § 4.
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) › § 1077 - Repealed. Act Dec. 30, 2010, No. 248, § 6, eff. Dec. 30, 2010

History —Oct. 14, 1995, No. 214, § 8; July 29, 1996, No. 92, § 2; Repealed. Act.
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) › § 1079 - Additional duties and obligations

Every licensee, as provided in this chapter, shall fulfill the following duties and obligations:
(1) The relationship with his/her clients shall be deemed to be of a fiduciary nature and he/she shall be required to exercise his/her functions with the utmost degree of diligence, care, loyalty and monetary benefit for his/her client.
(2) Maintain adequate premises or a proper office to serve his/her clients where he/she may be reached during office hours.
(3) Keep and maintain at the office or place of business all the documents or other evidence pertinent to his/her business.
(4) Prepare and submit to the office of the Commissioner any report required by the aforesaid, regarding his/her business and operations.
(5) When acting as representative of any person located outside of Puerto Rico, he/she shall make a complete disclosure of the conditions of the services offered, including applicable rates of interest for the loans and financing offered, negotiated and obtained, and regarding compliance with the fiscal laws applicable in Puerto Rico.
(6) When entering into any transaction with money lenders who have no business office in Puerto Rico, his/her relationship with said money lender shall be deemed as a point of contact to do business in Puerto Rico, and any transaction carried out as a result of his/her negotiations shall be governed by the laws applicable in Puerto Rico, including §§ 8006 et seq. of Title 13, known as the “Puerto Rico Internal Revenue Code of 1994”.
(7) Provide a copy of the license authorizing him/her to engage in the financial intermediation business to every money lender or financial institution with which it conducts business.
(8) Advertise in a way that the nature of the services offered or the activities performed related to the business of financial intermediation are clearly identified.
(9) Comply with any other order or resolution of the Commissioner.
History —Oct. 14, 1995, No. 214, § 10; renumbered as § 9 and amended on Dec. 30, 2010, No. 248, § 8.
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) › § 1081 - Transfer of capital or control

(a) No licensee under the provisions of this chapter may initiate the sale, assignment, merger, conversion, exchange, or any other transfer of voting stock, interest, or shares in the capital of a licensee without the prior written authorization of the Commissioner if, by means of said transaction, a person could directly or indirectly acquire control of ten percent (10%) or more of any kind of stock, interest or shares in the voting capital.
(b) Any sale, assignment, merger, conversion, exchange, or any other transfer of voting stock, interest, or shares in the capital of a licensee as stated in subsection (a) of this section, shall be void, if the prior written authorization of the Commissioner is not obtained.
(c) The licensee shall notify the Commissioner thirty (30) days in advance of any proposed transaction referred to in subsection (a) of this section, the identity of the transferor and the acquirer, and the nature of the transaction, together with the payment of investigation fees referred to in § 1075 of this title. The Commissioner may require such additional information that he/she deems is needed to determine if the transaction could be harmful to the financial security or stability of the licensee, or would violate any law, rule or regulation which governs him/her, in which case the Commissioner may deny the authorization. Any person who has been denied authorization shall have the right to request a hearing pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act”, and to the regulations promulgated thereunder, referred to in § 1086 of this title.
History —Oct. 14, 1995, No. 214, § 12; renumbered as § 11 on Dec. 30, 2010, No. 248, § 10.
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) › § 1082 - Waiver, revocation, or suspension of license

(a) Any licensee may surrender a license by providing a written notice to the Commissioner, but shall notify his /her decision to the Commissioner within at least thirty (30) days before the surrender takes effect. The Commissioner may direct and conduct an examination of the licensee’s business before accepting said surrender of license. If after the examination the licensee were found to have committed a violation of law, the Commissioner may impose the corresponding penalty as provided in § 1087 of this title, and revoke or suspend such license.
(b) The Commissioner may summon the person who has surrendered the license to a meeting in which he/she shall be required to hand in the license and pay any outstanding debts to the Office of the Commissioner of Financial Institutions.
(c) The Commissioner may revoke or suspend the license of any licensee if he/she determines that:
(1) A fact exists which, if it had existed or had been discovered at the time the license was issued, would have been sufficient cause to deny the same, or if the Commissioner discovers that the licensee has made a false, incorrect, or misleading statement.
(2) The licensee has violated any provision of this chapter.
(d) No surrender, revocation, cancellation, or suspension of any license shall impair or affect the obligations arising from any existing and valid contract between the licensee and other parties.
History —Oct. 14, 1995, No. 214, § 13; renumbered as § 12 and amended on Dec. 20, 2010, No. 248, § 11.
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) › § 1083 - Powers of the Commissioner

In addition to the powers and authorities conferred upon the Commissioner by the Organic Act, he/she shall be empowered to:
(1) Conduct investigations, at the request of interested parties or on his/her own initiative, regarding alleged violations of this chapter, as well as any other investigations needed for the sound administration of this chapter.
(2) Issue summons and orders for the appearance of witnesses and the production of information he/she may deem necessary for the administration of this chapter.
(3) The Commissioner or his/her duly authorized agents may administer oaths or take testimonies, data, or information. If a summons or order issued by the Commissioner is not duly complied with, the Commissioner may resort to the Court of First Instance and request the court to order compliance therewith. The Court of First Instance shall be empowered to punish under contempt of court, any disobedience of its orders by compelling compliance therewith, the appearance of witnesses, or the production of any data or information previously required by the Commissioner. No natural person shall refuse to comply with an order or a summons issued by the Commissioner or a court order thus issued, by arguing that the testimony, data, or information required may incriminate him/her or may give rise to a penalty being imposed upon him/her; but said person shall not be criminally prosecuted with regard to any transaction, issue or matter on which he/she has testified or produced data or information.
(4) Impose remedies, including but not limited to reimbursement or restitution of money collected in violation of the provisions of this chapter, in order to attain the purposes of this chapter.
History —Oct. 14, 1995, No. 214, § 14; renumbered as § 13 and amended on Dec. 30, 2010, No. 248, § 12.
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) › § 1084 - Cease and desist orders

Upon determining that a person has committed a violation of this chapter or an administrative order or resolution, or regulation approved hereunder, the Commissioner shall enter an order to cease and desist against the defendant, and prescribe the remedial terms and conditions that he/she determines, by means of the evidence available to him/her that are in the public interest and necessary to comply with the provisions of this chapter. Orders so entered shall be notified to the corresponding defendant at his/her place of business or by certified mail to his/her last known address.
History —Oct. 14, 1995, No. 214, § 15; renumbered as § 14 and amended on Dec. 30, 2010, No. 248, § 13.
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) › § 1085 - Regulations

The Commissioner shall issue the regulations he/she deems necessary to enforce the provisions of this chapter.
History —Oct. 14, 1995, No. 214, § 16; renumbered as § 15 on Dec. 30, 2010, No. 248, § 14.
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) › § 1086 - Reconsiderations and review

All matters concerning administrative hearing procedures, adjudicative procedures, and reconsiderations and review of orders and resolutions issued by the Commissioner, shall be governed by the provisions of §§ 2101 et seq. of Title 3, known as “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”, and by the regulations promulgated thereunder.
History —Oct. 14, 1995, No. 214, § 17, renumbered as § 16 on Dec. 30, 2010, No. 248, § 14.
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) › § 1087 - Penalties

The Commissioner is hereby authorized to impose and collect administrative fines of not less than one hundred dollars ($100) nor more than five thousand dollars ($5,000), for any violation to the provisions of this chapter or to the provisions contained in the rules and regulations promulgated by virtue thereof.
The Commissioner shall bring a criminal suit against the offender when the nature of the violation of this chapter or the rules or regulations, or the orders and resolutions issued by the Commissioner, justifies it, in addition to the imposition of the administrative fine authorized by the preceding paragraph.
Any violation to the provisions of this chapter or the provisions contained in the rules and regulations promulgated by virtue thereof, or to 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 with imprisonment for a term not to exceed six (6) months, or both penalties, at the discretion of the court.
The violations to subsections (3), (6), (8), (9) and (13) of § 1080 of this title shall be excepted, which shall constitute a felony, punishable by a fine of not more than five thousand dollars ($5,000) or with an established penalty of imprisonment for a term six (6) years, or both penalties, at the discretion of the court. The penalty of imprisonment for a felony may be increased up to a maximum of ten (10) years if aggravating circumstances are involved; if mitigating circumstances are involved, it may be reduced to a minimum of four (4) years. In any of the cases, the court may impose the penalty of restitution when applicable, in addition to the penalty established.
History —Oct. 14, 1995, No. 214, § 18; Aug. 11, 2000, No. 153, § 2; renumbered as § 17 on Dec. 30, 2010, No. 248, § 14.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80 - Commercial and Agricultural Credit and Development Corporation (§§ 1221-1225 — 1226b) › § 1226 - Early retirement

Any employee of the Puerto Rico Commercial and Agricultural Credit and Development Corporation, in its nature as a public corporation as defined in § 763 of Title 3, who is a participant of the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities and, as of the effective date that the public entity is totally or partially dissolved, has completed a minimum of twenty-four and a half (24 1 / 2 ) years of accredited service, may receive, as a minimum, a pension from the Retirement System as provided hereinbelow:
(a) Employees who have completed twenty-four and a half (24 1 / 2) or more years of accredited service and have not yet attained the age of fifty-five (55) shall receive sixty-five percent (65%) of their average salary.
(b) Employees who have completed twenty-four and a half (24 1 / 2) or more years of accredited service and have attained the age of fifty-five (55) shall receive seventy-five percent (75%) of their average salary.
(c) Employees who have completed thirty (30) or more years of accredited service and who have not yet attained the age of fifty-five (55) shall receive seventy-five percent (75%) of their average salary.
History —Aug. 18, 1994, No. 90, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80 - Commercial and Agricultural Credit and Development Corporation (§§ 1221-1225 — 1226b) › § 1226a - Cost of pensions for early retirement

The Puerto Rico Commercial and Agricultural Credit and Development Corporation shall pay the actuarial cost of the pensions provided by §§ 1226—1226b of this title to the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities. Said actuarial cost shall consist of the difference between the current value of the early pension provided in §§ 1226—1226b of this title and the current value of a pension for years of service under the provisions of §§ 761—830i of Title 3.
History —Aug. 18, 1994, No. 90, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80 - Commercial and Agricultural Credit and Development Corporation (§§ 1221-1225 — 1226b) › § 1226b - Application

All of the provisions of §§ 761—830i of Title 3, which are not in conflict with §§ 1226—1226b of this title, shall apply to the early retirement plans contemplated hereunder.
History —Aug. 18, 1994, No. 90, § 3.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80A - Trade and Export Company (§§ 1227 — 1227r) › § 1227 - Definitions

The following words and terms, whenever used or referred to in this chapter, shall have the meaning stated below, unless it is otherwise clearly understood from the context. The present tense shall include the future tense and the masculine gender shall include the feminine, except in those cases where such interpretation is absurd. The singular form shall include the plural and vice versa.
(a) Administration. — Shall mean the Commercial Development Administration created by virtue of Act No. 132 of July 19, 1960, as amended.
(b) Bonds. — Shall mean titles, notes, or other evidence of debt or obligations.
(c) Trade. — Shall mean the exchange of goods and services in the local and international markets in which all productive sectors of the country intervene, including the nonprofit organizations.
(d) Company. — Shall mean the Puerto Rico Trade and Export Company created by this chapter.
(e) CDE. — Shall mean the Puerto Rico Exports Promotion Corporation created by Act No. 1 of August 21, 1990, as amended.
(f) Department. — Shall mean the Department of Economic Development and Commerce of the Commonwealth of Puerto Rico, created by virtue of Reorganization Plan No. 4 of June 22, 1994, App. X of Title 3.
(g) Executive Director. — Shall mean the person who shall manage the Company and shall be its nominating authority.
(h) Board of Directors. — Shall mean the body through which the powers of the Company shall be exercised and vested.
(i) Programs. — Shall mean the initiatives and offerings of the Administration and the CDE.
(j) Secretary. — Shall mean the Secretary of the Department of Economic Development and Commerce.
History —Dec. 28, 2003, No. 323, § 3; Sept. 22, 2004, No. 442, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80A - Trade and Export Company (§§ 1227 — 1227r) › § 1227a - Creation

A public corporation is hereby created attached to the Department of Economic Development and Commerce of the Commonwealth of Puerto Rico, which shall be known as the Puerto Rico Trade and Export Company, with legal capacity and personality separate from the Government of the Commonwealth of Puerto Rico, its agencies, instrumentalities and political subdivisions.
Its main mission shall be to foster the development of trade, with special emphasis on small and medium-size businesses, the export of products and services of Puerto Rico to other countries or regions outside of Puerto Rico’s frontiers. It shall develop and provide programs of information, advice, promotion, and direct services to companies or individuals engaged in the various local and international business activities in Puerto Rico.
History —Dec. 28, 2003, No. 323, § 4, eff. 90 days after Dec. 28, 2003.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80A - Trade and Export Company (§§ 1227 — 1227r) › § 1227c - Transfer of functions and powers

All functions and powers of the Administration, including, but without being limited to, those functions regarding the investigation and promotion of commerce, are hereby transferred to the Company.
All functions and powers of the Puerto Rico Exports Promotion Corporation, including without being limited to, those functions regarding the promotion of products and services of Puerto Rico abroad, and the maintenance of commercial installations and facilities for lease to the public and private sector, including agreements related to the Free Trade Zone or sub-zones, are hereby transferred to the Company.
History —Dec. 28, 2003, No. 323, § 6, eff. 90 days after Dec. 28, 2003.