2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 17 - Internal Revenue Code of 2011 (§§ 30001 — 33423) › PART II - Income Taxes (§§ 30041 — 30622) › Chapter 1008 - Tax Returns and Payment (§§ 30241 — 30303) › Subchapter C - Information Returns (§§ 30291 — 30303) › § 30297 - Information returns on credit extension transactions—Positive statement on transaction amounts

(a) Any financial business, as such term is defined in subsection (d), and any stock broker shall file with the Secretary, pursuant to such regulations and in such form or manner prescribed through regulations by the latter or other general written communication, an information return to be known as Approved Amount Transaction Statement (Statement) of each approved credit application or approved extension of credit in the amount of two hundred fifty thousand dollars ($250,000) or more (five hundred thousand dollars ($500,000) or more in the case of mortgages); Provided, That in case there is more than one credit application approved in connection with a person within a term of thirty (30) days, the total amount of approved credit applications shall be treated as only one application for the purpose of the applicability of this section.
(b) Such approved amount transaction statement shall contain the following information:
(1) The name of the main applicant and the co-applicants, if any;
(2) street address (residential or commercial) and mailing address of the applicant and the co-applicants;
(3) the social security number or employer identification number of the applicant and the co-applicants, if apply;
(4) the account number of the applicant and the amount of the transaction or the total sum of the transactions if more than one transaction was made by the same applicant within a term of thirty (30) days, and
(5) an itemization of the financial information provided by the applicant and the co-applicants to evidence the source of repayment of the requested credit:
(A) In the case of applications in which the financial business uses financial information of corporations or partnerships affiliated to the entity applying for credit, the Statement shall include an itemization of the financial information of said affiliate corporations or partnerships.
(B) In the case of applications made by corporations or partnerships in which the financial business uses financial information of shareholders or partners to grant credit, the statement shall also include the itemization of the financial information of said shareholders or partners.
(c) For purposes of this section, the term “approved credit application or approved extension of credit” shall mean any loan application (personal or commercial), line of credit, margin account, credit card, mortgage loan, or any other kind of application to borrow money which has been duly approved by a financial business and is within the amounts limits provided herein.
(d) For purposes of this section, the term “financial business” shall mean and include any agency, branch, office, or establishment of any person doing business in one or more of the following capacities:
(1) A commercial bank or trust company;
(2) a private bank;
(3) a savings and loan association or a building and loan association;
(4) an insured institution as defined in Section 401 of the National Housing Act;
(5) a savings bank, industrial bank, or other savings or financial institution;
(6) a credit union;
(7) a savings and credit union;
(8) a securities firm or brokerage house;
(9) institutions engaged in servicing mortgage loans, commonly known as mortgage banks or mortgage brokers, or
(10) insurance companies;
(11) any other entity organized or authorized under the banking or financial laws of Puerto Rico, the United States of America, of any state of the Union, or a foreign country.
(12) Any government, state, or municipal agencies, or entities granting loans supported by such agencies.
(e) For purposes of this section, the term “financial information” shall mean an itemization of the assets, liabilities, income, and expenditures that an applicant or co-applicant, affiliate entity, shareholder, or partner submits to the finance business to support the income level and the source of repayment of the credit requested. Financial information shall include, in addition to any other detail of the income reported by the applicant to the financial institution when opening an investment account, information provided by the applicant when updating the account from time to time. The Secretary of the Department of the Treasury shall adopt regulations for the purpose of defining the information fields to the reported to the Secretary.
(f) The Statement required under this section shall be filed by the financial business not later than the last day of the calendar month following the date in which the credit application or extension of credit was approved. This Statement shall be required for credit application and extension of credit transactions approved after November 30, 2010.
(g) Penalty for failure to file the Statement.— A penalty of one thousand dollars ($1,000) for each statement not filed shall be imposed on and collected from any financial business that fails to file the Statement as established in this section, being also subject to the provisions of §§ 33081 and 33113 of this title.
(h) No contractual or extra-contractual civil or criminal liability shall be imposed to a finance business or any official, employee, or agent of a finance business for filing with the Secretary or any other governmental agency the information return of positive statement on transaction amounts with the information required by them, in accordance with the provisions of this section and the regulations thereunder. Any intermediary financial institution that furnishes financial information to another finance business to issue a positive statement on transaction amounts shall be subject to the provisions of this subsection (h).
History —Jan. 31, 2011, No. 1, § 1063.07, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 78.