reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608h - Applicability; orientation

(a) The provisions of this act shall also be extensive to those employees who by the effective date of the same are enjoying some type of leave pursuant to the Regulations of the GDB and its affiliate, the IFA and its subsidiary, the HFA, or collective bargaining agreements or applicable statutes.
(b) The GDB and its affiliate, the IFA and its subsidiary, the HFA, in coordination with the Retirement Systems Administration of the Employees of the Government and the Judiciary, shall provide all their employees who qualify for the Voluntary Early Retirement Program, with an orientation concerning the benefits and criteria of the latter.
(c) All provisions of §§ 761 et seq. of Title 3 not in conflict with this chapter shall be applicable to the advance Retirement Plan herein established.
History —Dec. 12, 2007, No. 188, §§ 8—10.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611 - Short title

This chapter shall be known as the “Economic Development Bank for Puerto Rico Act”.
History —July 24, 1985, No. 22, p. 735, § 1; May 3, 1986, No. 17, p. 37, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611a - Creation

(a) A corporate and political body is hereby created which shall constitute an instrumentality of the Commonwealth of Puerto Rico, which shall be known as the “Puerto Rico Development Bank”, hereinafter denominated as “the Bank”, which has as its purpose the promotion of the development of the private sector of the economy of Puerto Rico, making available to any person, firm, corporation, partnership, financial institution, cooperative or other private profit or non-profit organizations devoted to manufacture, commerce, agriculture, tourism and other service enterprises, such as, but without it being construed as a limitation, those institutions devoted to education or health care, whose economic activity has the effect (directly or indirectly) of replacing imports, without this being construed as a limitation, direct loans, loan collateral and funds to invest in said enterprises, giving preference to small- and medium-sized Puerto Rican entrepreneurs, as defined by the regulations of the Board of Directors of the Bank.
(b) The Bank shall have its own legal personality and existence apart from the Commonwealth of Puerto Rico and any of its agencies, instrumentalities or public corporations.
(c) The debts, obligations, contracts, notes, receipts, expenses, accounts, funds, enterprises and properties of the Bank shall be its sole responsibility and not the responsibility of the Commonwealth of Puerto Rico, its agencies, instrumentalities and public corporations.
(d) The Bank shall have perpetual existence.
(e) The Bank’s main office shall be in San Juan, Puerto Rico.
History —July 24, 1985, No. 22, p. 735, § 2; May 3, 1986, No. 17, p. 37, § 3; June 29, 1996, No. 61, § 1; Dec. 28, 2001, No. 189, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611c - Personnel

The Bank may appoint, employ and contract the services of all its officials, agents and employees and confer upon them the powers, faculties, responsibilities and authority that it deems pertinent, establish their duties, fix, change and pay the remuneration that it may determine subject to the policy, regulations and procedures approved by the Bank’s Board of Directors. The disposition of all personnel matters shall be made without being subject to Act No. 5 of October 14, 1975, known as the “Puerto Rico Public Service Personnel Act”.
History —July 24, 1985, No. 22, p. 735, § 4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611e - Regulations for loans, securities and investments

Within the ninety (90) days following the approval of this act, the Board of Directors shall adopt one or more regulations which shall rule the granting of loans, the securities and investments to be granted or made under the terms of this chapter including, but not limited to, the following criteria:
(1) Eligibility requirements, procedures, conditions to obtain loans and on the guarantees for financing, as well as other provisions that the Board of Directors deems pertinent to implement the purposes and powers hereby conferred to the Bank.
(2) Adequate provisions to assure that the loans and the revenue of the secured loans will be used by the person or firm solely for the purposes established in this chapter.
History —July 24, 1985, No. 22, p. 735, § 6.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611f - Exemptions

It is hereby determined and declared that the purpose for which the Bank is created is to help the Commonwealth of Puerto Rico in the execution of its government responsibilities of promoting the development of the economy of Puerto Rico, which is the public purpose in all respects for the benefit of all the residents of the Commonwealth of Puerto Rico; and, therefore, that the Bank will not be required to pay any contributions or taxes on any assets acquired or to be acquired by the Bank, on its operations or activities, or on the revenues received from any of its operations or activities. In order to expedite the obtaining of funds by the Bank and so that it may comply with its stated purposes, all bonds, notes, mortgage obligations and other obligations of the Bank, and the revenues derived therefrom shall be exempted from the payment of income, property or estate taxes. Furthermore, the Bank shall be exempted from the payment of fees and duties required by the property registry and the “Notary Act”, as well as those required in the courts of Puerto Rico.
History —July 24, 1985, No. 22, p. 735, § 7.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611h - Trust agreement

At the discretion of the Bank, any bond issued under the provisions of this chapter shall be secured by a trust agreement executed by and between the Bank and a corporate trust, which can be any trust company or bank with the faculties of a trust company in or outside the Commonwealth of Puerto Rico. It shall be legal for any bank or trust company incorporated under the laws of the Commonwealth of Puerto Rico or any state of the Union which can act as depositary of the proceeds of the bonds, income, and other money under this chapter, to furnish the sureties or pledge the collateral which might be required by the Bank. In addition to the above, any trust agreement may contain those provisions that the Bank deems reasonable and pertinent for the security of the bondholders. The term “trust agreement” shall mean the trust agreement or resolution that provides for the bond issue under the provisions of this chapter.
History —July 24, 1985, No. 22, p. 735, § 9.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611i - Examination and supervision by the Secretary of the Treasury and independent auditors

(a) The Bank shall be subject to examination and supervision by the Secretary of the Treasury of Puerto Rico pursuant to the terms of the “Banking Law”, §§ 1 et seq. of this title, applicable to banks organized under it or subject to its provisions; Provided, however, That the Bank shall not be compelled to pay any fee with regard to any examination of this nature.
The Secretary of the Treasury of Puerto Rico shall issue a certificate to the Bank stating the result of said examination. Said certificate shall be submitted to the Board of Directors during its next regular or special meeting.
(b) The Bank shall also be subject to an annual examination by authorized public accountants of national repute selected by the Board of Directors of the Bank.
History —July 24, 1985, No. 22, p. 735, § 10.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611j-1 - Priority of expenses and unsecured claims in a receivership

(a) Unsecured claims against the Bank, or the receiver for the Bank under this chapter, that are proven to the satisfaction of the receiver, shall have priority in the following order:
(1) Administrative expenses of the receiver.
(2) Wages, salaries, or commissions, including vacation, severance, and sick leave pay, or other similar employee benefits, earned by an individual prior to the appointment of the receiver in accordance with the Bank’s employment policies or by applicable law.
(3) Contributions owed to employee benefit plans arising from services rendered before the date of appointment of the receiver.
(4) Any unpaid balance of money held by the Bank in its depository accounts for the credit of a depositor and any other general or senior liability of the Bank (which is not a liability described in clause (5)).
(5) Any obligation that is statutorily or contractually subordinated to general unsecured creditors.
(b) This section shall not affect secured claims or security entitlements in respect of assets or property held by the Bank, and all such secured claims or security entitlements shall be paid from the security or from the realized value of the security. To the extent that the security is insufficient to satisfy the claim, then the difference between the claim and the realized value of the security shall be paid in accordance with this section.
(c) Notwithstanding any other provision of this chapter or the Puerto Rico Emergency Moratorium and Financial Rehabilitation Act, a depositor or receiver may offset the amount of its deposit against any outstanding balance of a loan from the Bank as full and final payment up to the amount of the deposit.
(d) The priority for administrative expenses, as that term is used in subsection (a), shall include (1) those obligations incurred by the Bank before the appointment of the receiver relating to goods and services provided to the Bank before such appointment, other than individual claims in excess of a threshold to be determined by the receiver in its reasonable discretion; (2) those obligations incurred by the Bank after the appointment of the receiver relating to goods and services provided to the Bank after such appointment; and (3) any other obligations that the receiver determines are appropriate to facilitate the orderly resolution of the Bank.
(e) The Secretary of the Treasury, after consultation with the receiver and the Governor, shall have the power to waive, reduce, subordinate, or assign any claim of a governmental unit except if such governmental unit is a municipality, provided, however, that any portion of a claim that has been assigned pursuant to this subsection may not be setoff by the assignee as provided for in subsection (c) of this section.
History —July 24, 1985, No. 22, p. 735, added as § 12 on Apr. 6, 2016, No. 21, § 502.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611k - Violations to laws and regulations

If any Bank Director violates or knowingly or negligently allows any official, agent or employee of the Bank to violate this chapter or any of the provisions of the Bank’s regulations, the Bank’s Board of Directors and/or the President of the Bank shall immediately inform the matter to the Governor of Puerto Rico. The Governor shall grant the Director thus charged the opportunity to be heard and may then dismiss said Director and take any other additional action he may deem necessary.
History —July 24, 1985, No. 22, p. 735, § 12.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611l - Nullity of transfers

Every transfer of notes, bonds, bills of exchange or credit balances of the Bank or deposits to the credit thereof, as well as every assignment of mortgage, collateral on real property or of a judgment or decree in favor of the Bank, and every deposit or other thing of value; and every cash payment made to its creditors while the Bank is bankrupt or pending bankruptcy, with the purpose of preventing the application of the assets of the Bank in the manner prescribed in this chapter, or with the idea of giving preference to one creditor over another.
History —July 24, 1985, No. 22, p. 735, § 13; June 10, 1998, No. 88, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611m - Penalties

(a) Any official, employee or agent of the Bank who receives any deposit knowing that the Bank is bankrupt shall be guilty of a misdemeanor if the amount or value of said deposit is less than two hundred dollars ($200), but if the amount or value of said deposit is two hundred dollars ($200) or more, said person shall be guilty of a felony and upon conviction shall be punished by imprisonment for a term of not less than one (1) year nor more than five (5) years, or with a fine of not less than five hundred dollars ($500) nor more than three thousand dollars ($3,000), or by both penalties at the discretion of the court.
(b) Every director, official, employee or agent of the Bank who commits breach of trust, withdraws or voluntarily misappropriates any monies, funds, credit or securities of the Bank, or who, without being duly authorized for it, issues or releases any deposit certificate, draws any order or bill of exchange, performs any acceptance, transfers any note, bond, draft, bill of exchange, mortgage, sentence or decree or who makes a false entry in any book, report or bank statement with the intention, in any of those cases, of harming or defrauding the Bank or any other company, body politic or corporate or person, or of deceiving any Bank official or any agent appointed to examine the Bank’s business; and any person who, with similar intention, aids or instigates any director, official, agent or employee to any violation of this section shall be guilty of a felony and upon conviction shall be punished with imprisonment for a term of not less than ten (10) years. Provided, That in case of said conviction the Bank shall collect and shall cover into its funds the amount of any life insurance policy or bond taken or required by the Bank for said director, official, employee or agent, and the premiums which the Bank should have paid up to the amount defaulted or disposed of by the director, official, employee or agent, and the director, official, employee, or agent and the beneficiaries, assignees or successors thereof shall lose every right to the benefits of said policy.
(c) Any person or publication which knowingly and maliciously makes, circulates or transmits to others any statement, rumor or indication, whether in writing, print, or verbally, which directly or by inference discredits the financial condition of the Bank, or any person or publication that advises, helps, procures or induces another person to originate, transmit or circulate any statement or rumor of this nature shall be guilty of a felony and, upon conviction, shall be punished with a fine of not less than five hundred dollars ($500) or imprisonment for a term of not more than five (5) years or both penalties at the discretion of the court.
History —July 24, 1985, No. 22, p. 735, § 14.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611n - “Banking Law” not applicable

Considering that this chapter includes all the necessary and pertinent provisions which are analogous to those of § 1 et seq. of this title, none of the provisions thereof shall apply to the Bank, its Directors, officials, employees or agents.
History —July 24, 1985, No. 22, p. 735, § 16.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611o - Reports

The President of the Bank shall render an annual report of the Bank’s operations to the Board of Directors; in turn, the Board of Directors shall render an annual report to the Governor and to the Legislature of Puerto Rico of said operations at the beginning of each regular session. This report shall include:
(1) A financial statement audited by professionally-recognized independent auditors selected by the Board of Directors of the Bank.
(2) A report of the transactions made from the creation of the Bank or from the date of its last report.
History —July 24, 1985, No. 22, p. 735, § 17.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611p - Capitalization

The Economic Development Bank for Puerto Rico Fund, a subsidiary of the Government Development Bank for Puerto Rico, is hereby directed and authorized to transfer to the Bank the sum of fifteen million dollars ($ 15,000,000), which shall represent the Bank’s original capital.
History —July 24, 1985, No. 22, p. 735, § 19; May 3, 1986, No. 17, p. 37, § 5.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 62 - Economic Development Bank for Puerto Rico (§§ 611 — 611q) › § 611q - Special Fund for Emergencies—Establishment

(a) To direct the Economic Development Bank for Puerto Rico to establish a Special Fund for emergency loans to small businesses of the tourism sector of Puerto Rico including inns, small hostelries, travel agencies and tour companies with gross sales of less than two million dollars ($2,000,000) annually. Said loans shall be used for the payment of payrolls up to a maximum of twenty-five thousand dollars ($25,000) and which loans shall be made at a maximum interest of two point twenty-five percent (2.25%) over the prime rate for a maximum term of [seven] (7) years and with a moratorium during the first year, to help said companies overcome the present crisis. Said loans may be secured up to an eighty-five percent (85%) by the Federal Small Business Administration.
(b) The Economic Development Bank for Puerto Rico and the Government Development Bank are hereby authorized to create the mechanisms needed to grant the Fund the sum of five hundred thousand dollars ($500,000) as initial capitalization. These funds shall be matched with a Special Appropriation of the Legislature from unencumbered funds so that the fund reaches the sum of one million dollars ($1,000,000).
(c) The Development Bank shall determine the reasonable time during which this Fund shall remain active, since it is one of emergency nature.
(d) The Development Bank shall submit an annual report on loans granted and the financial situation of the Fund to the Legislature.
History —Jan. 5, 2002, No. 16, §§ 1—4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630 - Definitions

For the ends and purposes of this chapter, these terms shall have the following meaning:
(a) Credit repair agency. — Any person, business, establishment, corporation, association, partnership or entity dedicated to providing assistance or advice for the planning and management of the debts of a consumer, by means of personal or telephone contact, in writing or through newspaper advertisements, publications, handouts, signs, banners, the telephone book, radio or television, or otherwise by any other similar media, that initiates affirmative action on behalf of any person to correct erroneous information, lessen the harmful effects of adverse information, updates or otherwise varies, alters or modifies the information in the files, registers or reports of companies dedicated to disclosing credit information and require the payment of service charges, commissions or otherwise any other consideration of value for rendering such services.
(b) Commissioner. — The Office of the Commissioner of Financial Institutions, created by virtue of §§ 2001 et seq. of this title.
(c) Consumer. — Any person whose debts or obligations are mainly for personal, family or household purposes who requests and utilizes the services of a credit repair agency.
(d) Credit repair agreement. — The agreement between an organization dedicated to credit repair and the consumer whereby the services to be rendered and the fees to be paid are established, among others.
(e) Credit. — The eligibility and capability of a consumer for obtaining loans or financing based on the debt and repayment history of the same.
(f) Credit report. — Report issued by a credit bureau or similar entities that contains the history of consumer debts and repayment, as defined by the Fair Credit Reporting Act, 15 USC §§ 1681 et seq.
(g) License. — Shall mean the authorization issued by the Commissioner for those who shall be dedicated to the credit repair business.
(h) Administrative fines. — Economic sanctions imposed pursuant to the provisions set forth in §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”, special laws within the jurisdiction of the Office and/or regulations.
(i) Office or business location. — Place at which the services are rendered, which requires a use permit granted by the Permit Management Office of the Commonwealth of Puerto Rico.
(j) To operate or do business. — Means to carry out a series of similar actions for profit or to achieve an objective, including carrying out a series of actions, if performed for purposes of initiating said series of actions.
(k) Person. — Refers to any natural or juridical person.
(l) Consumer credit transactions. — Means any transaction whereby credit is offered or extended to a natural person for personal, family or household purposes.
History —Aug. 31, 2004, No. 236, § 2, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630a - Oversight

The Office of the Commissioner of Financial Institutions, created by virtue of §§ 2001 et seq. of this title, shall be the office in charge of supervising and overseeing credit repair agencies.
History —Aug. 31, 2004, No. 236, § 3, eff 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630b - Powers of the Commissioner

In addition to the powers and authorities conferred to the Commissioner by the Organic Act, he/she shall be empowered to:
(1) Conduct investigations at the request of an interested party or at his/her own initiative pertaining to alleged infringements of this chapter, as well as any other investigations necessary for the proper administration thereof.
(2) Issue summonses and compel witnesses to appear and to present information he/she deems necessary for the administration of this chapter.
(3) Take oaths and receive testimony, data or information. If a summons issued by the Commissioner were not duly complied with, he/she may appear before the Court of First Instance and request that the court issue order compliance with the summons. The Court of First Instance shall have the power to punish for contempt any disregard toward its orders, making compulsory the appearance of witnesses or the presentation of any data or information previously requested by the Commissioner. No natural person may refuse to comply with a summons issued by the Commissioner or with a court order thus issued by alleging that the testimony, data or information required may incriminate him/her or cause the imposition of a penalty, although such a person may not be criminally prosecuted with respect to any transaction, issue or matter about which he/she gives testimony or produces data or information.
(4) Investigate, address and settle claims submitted to the Commissioner.
(5) Impose administrative fines for infringements of this chapter or any applicable regulations.
(6) Issue orders to cease and desist when it has been determined that a credit repair agency has incurred any infringement of this chapter, of regulations approved thereunder, or of an administrative order or resolution. Moreover, he/she may also prescribe corrective terms and conditions that according to the available evidence he/she determines to be beneficial to the public interest and necessary for compliance with the provisions of this chapter.
(7) Issue any regulations he/she deems necessary for compliance with the provisions set forth in this chapter.
(8) Take any and all actions necessary to efficiently achieve the purposes of this chapter.
History —Aug. 31, 2004, No. 236, § 5, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630c - License—Obtaining; exceptions

No person, except for those excluded from the applicability of this chapter, banks authorized to operate in Puerto Rico, trust companies, federal agencies or dependencies of the Commonwealth of Puerto Rico, savings and credit unions, government retirement systems and federal savings and loans associations, may establish a credit repair business without first obtaining a license issued by the Commissioner pursuant to the provisions in this chapter.
History —Aug. 31, 2004, No. 236, § 6, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630d - License—Applications and fees

License applications shall be sworn and filed with the Commissioner, which shall state the following:
(1) Name and address where the main offices of the business shall be located in Puerto Rico, as well as the information required by the Commissioner, including the identification of each applicant. Upon filing the application, the applicant shall pay five hundred dollars ($500) as a fee for investigations and one thousand dollars ($1,000) for the annual license fee, with a certified check payable to the Secretary of the Treasury. If the license is issued after June 30 of any year, the fee for the annual license shall be five hundred dollars ($500) per year.
(2) If the applicant is a juridical person, the following shall be submitted together with the application:
(a) In the case of corporations, a Certificate of Corporate Existence issued by the Department of State of the Commonwealth of Puerto Rico or by the government entity authorized to certify the existence of such juridical persons.
(b) Articles of incorporation, charter of constitution or any other document required by law to organize said entity.
(c) Name and physical and mailing address of the board of directors and officers.
(d) Name, physical and mailing address of the resident agent or the agent authorized to receive summonses.
(e) Name, address and copy of driver’s license or other identification with photograph admissible by law of all persons who directly or indirectly control ten percent (10%) or more of the capital shares of the business established pursuant to the provisions of this chapter.
History —Aug. 31, 2004, No. 236, § 7, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630e - Requirements for operating

Any person to be dedicated to act as a credit repair agency shall have a bachelor’s degree and two (2) years of experience in the area of credit granting and analysis with a financial institution or five (5) years of experience in said market if he/she lacks the bachelor’s degree. In the case of juridical entities, said requirement shall apply to the principal officer in charge or the person responsible for the daily operations of said entity. The Commissioner may establish other requirements by regulations.
History —Aug. 31, 2004, No. 236, § 8, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630h - Capital and bond requirements

Any business established under the provisions of this chapter shall:
(a) Maintain not less than ten thousand dollars ($10,000) in liquid capital for use in the administration of the business of each authorized office.
(b) Post and maintain a bond for a minimum of ten thousand dollars ($10,000) and a maximum of one hundred thousand dollars ($100,000), depending on the volume of business.
Said bond shall be issued by an insurance company authorized by the Insurance Commissioner to do business in the Commonwealth of Puerto Rico. The bond shall be issued payable to the Commonwealth of Puerto Rico to benefit any person who suffers damages as a consequence of any violation of this chapter and shall be posted at the Office of the Commissioner of Financial Institutions.
History —Aug. 31, 2004, No. 236, § 10[bis], eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630i - Inspections

All businesses established under the provisions of this chapter shall be bound to put at the disposal of the Commissioner the accounting books, records, documents and any other information that the Commissioner deems necessary for his/her inspection. Moreover, the Commissioner or his/her representatives shall be given free access to their properties, facilities and sites of operations.
All businesses established under the provisions of this chapter shall pay to the Commissioner one hundred dollars ($100) per day or a fraction thereof for inspection fees. Such fees shall be charged per each inspector that intervenes in each inspection. Unless serious irregularities are found during the first inspection, the Commissioner shall not conduct more than one (1) inspection per year. Such fees shall be paid by check payable to the Secretary of the Treasury.
History —Aug. 31, 2004, No. 236, § 11, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630j - Destruction of books and records

Any business established pursuant to the provisions of this chapter may destroy its books and records after five (5) years have elapsed from the date of the last entry in such books or records or from the date in which any obligation ceases to be enforceable according to the documents in its possession.
The business shall submit a written request to the Commissioner to receive authorization to destroy said records. A list of the documents to be destroyed indicating the date that justifies such destruction shall be attached to said request.
The request shall also certify that any obligation appearing in the documents to be destroyed has ceased to be enforceable.
If the Commissioner fails to deny the request within fifteen (15) days from the date it was filed, it shall be understood that the same has been authorized and the destruction of the documents may proceed.
The destruction of the documents shall be carried out and an authorized officer or representative of the business shall prepare a document on said destruction of records. Said document shall be remitted to the Office of the Commissioner within fifteen (15) days from the date the same was executed.
The aforementioned document shall become part of the permanent records of the business.
History —Aug. 31, 2004, No. 236, § 12, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630l - Contract

(a) Any service contract of the business shall be in writing and bear the date and the signature of both the consumer and the authorized representative, and shall include the following information:
(1) A clear statement in bold type of not less than 10 points shall be printed next to the space reserved for the signature of the consumer, to read as follows:
“You, the consumer, may terminate this contract at any time before midnight of the seventh (7th) working day after the start date of this contract. See the enclosed TERMINATION NOTICE form for more information regarding this right.”
(2) The payment terms and conditions, including the total amount of payments to be made to the credit repair agency or to any other person.
(3) A detailed and complete description of the services that the credit repair agency shall render to the consumer, including the estimated length of time for rendering said services, which may not exceed six (6) months.
(4) The name and physical and mailing address of the main office of the credit repair agency.
(b) The contract shall be accompanied by a pre-printed form in duplicate entitled “Termination Notice,” which shall include the following statement in not less than 10-point type:
“ Termination Notice
“You may terminate this contract without penalties or further obligations within seven working days from the signing of said contract. If you terminate the same, any payment you made under this contract shall be returned within 15 days from the receipt of the Termination Notice by the Credit Repair Agency.
“To terminate this contract, please send by mail or submit a signed copy of this Termination Notice or any other written notice to (name of the Credit Repair Agency) not later than midnight of the third day from the signing of the contract.
“I hereby terminate this transaction.
“__________
“Date
“____________________
“(Signature of the Consumer).”
(c) A copy of the signed contract and all documents required by the credit repair agency signed by the consumer shall be delivered to the latter upon the signing of the contract.
History —Aug. 31, 2004, No. 236, § 14, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630m - Additional duties and obligations

All credit repair agencies established pursuant to the provisions of this chapter shall comply with the following duties and obligations:
(1) Relations with the customer shall be considered to be in the nature of a trust and the agencies shall be required to exercise their functions with utmost diligence, care, loyalty and monetary benefit for the customer.
(2) Have an office or location where they may be reached during office hours and keep the same in conditions appropriate for receiving customers.
(3) Keep and maintain at the office or place of business all reports, books, records, registers, documents, papers or other evidence pertaining to the business.
(4) Prepare and submit to the Office of the Commissioner any report required by him/her on the business and their operations.
(5) Comply with any order or decision issued by the Commissioner.
History —Aug. 31, 2004, No. 236, § 15, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630n - Transfer of capital or control

No credit repair agency established under the provisions of this chapter may initiate the sale, assignment, merger, exchange, permutation or any other form of transfer of the shares with the right to vote, interest or participation in the capital of another credit repair agency without previous authorization in writing from the Commissioner if by means of such a transaction any person may be able to acquire, directly or indirectly, control over ten percent (10%) or more of any class of shares, interest or participation in the capital with the right to vote.
Any sale, assignment, merger, exchange, permutation or any other form of transfer of capital shares with the right to vote, interest or participation in the capital of a credit repair agency, as stated in the first paragraph of this section, shall be null and void without prior authorization in writing from the Commissioner.
The credit repair agency shall notify the Commissioner thirty (30) days in advance of any transaction proposal mentioned in this section, the identity of the transferor and the transferee and the nature of the transaction, accompanied by payment of the investigation fees mentioned in § 630b of this title.
The Commissioner may require additional information as deemed necessary to decide whether the transaction would be prejudicial to the financial security or solidity of the credit repair agency or if it would infringe any law, rule or regulation which governs the same, in which case the Commissioner may deny the authorization. Any person to whom the authorization is denied is entitled to request a hearing pursuant to the provisions set forth in the Uniform Administrative Procedure Act, §§ 2101 et seq. of Title 3, and the regulations promulgated thereunder by the Office of the Commissioner.
History —Aug. 31, 2004, No. 236, § 16, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630p - Relinquishment

(a) Generally. — Any credit repair agency may relinquish its license through written notice sent to the Commissioner, who shall order and carry out an investigation of the business prior to accepting the relinquishment of the license. If after the investigation it is found that any violation has been incurred, the Commissioner may impose the corresponding penalty pursuant to the provisions in this chapter, as well as suspend or revoke the license.
(b) Due to lack of interest. — After the term for requesting the license renewal set forth in this chapter has elapsed without a renewal application being submitted, it shall be understood as relinquished due to lack of interest and the credit repair agency may not operate or conduct any further business.
History —Aug. 31, 2004, No. 236, §§ 18, 19, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630q - Revocation of license

(a) Generally. — Pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”, no license shall be revoked without a prior hearing.
The Office of the Commissioner of Financial Institutions, at its own initiative or at the request of a party, may initiate the procedures for the revocation of the licenses pursuant to the provisions set forth in this chapter.
(b) Causes. — After prior notice and hearing, the Commissioner may revoke the license granted pursuant to the provisions set forth in this chapter if he/she determines that:
(1) There is a fact that, if it had existed or if it had been known at the time when the application was filed or the license issued, would have been sufficient cause for the Commissioner to deny the license.
(2) The credit repair agency or its representative has infringed any of the provisions set forth in this chapter or any of the applicable regulations.
(3) The credit repair agency has infringed any of the provisions in the enabling laws and the regulations under the jurisdiction of the Office of the Commissioner after having been ordered to comply with them.
(4) The license holder has been accused of a misdemeanor or a felony that entails moral depravity.
(5) Any other cause that affects the public interest according to the Commissioner.
Any revocation of a license and its date of effectiveness shall be established by means of a written order accompanied by findings of fact and conclusions of law. A copy of the same shall be sent to the license holder. The evidence considered by the Commissioner shall be filed in the public records of the Office of the Commissioner.
If the license holder fails to appear at the proceedings or if having appeared does not prevail, the Commissioner of Financial Institutions shall issue a resolution ordering the revocation of the license, which shall be notified by mail and shall include an advisement as to the right to a reconsideration and appeal of review before the Circuit Court of Appeals, as the case may be, and the applicable terms.
History —Aug. 31, 2004, No. 236, §§ 20, 21, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630r - Penalties

The Commissioner, with prior notification and administrative hearing, may impose and collect administrative fines from any credit repair agency for any violation of this chapter or any applicable regulations, orders or resolutions approved and issued by the Commissioner. The administrative fines shall not be of less than five hundred dollars ($500) nor of more than ten thousand dollars ($10,000) per violation of this chapter or the regulations promulgated thereunder.
When the nature of the violation of this chapter or any rules, regulations, orders or resolutions issued by the Commissioner so justify, in addition to the administrative fines authorized in the preceding paragraph, the Commissioner shall file criminal charges against the offender.
History —Aug. 31, 2004, No. 236, § 22, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630s - Consumer claims

The Office of the Commissioner of Financial Institutions and the Department of Consumer Affairs shall have jurisdiction over the claims made by consumers regarding credit repair agencies.
The Department of Consumer Affairs, created pursuant to §§ 341 et seq. of Title 3, shall have jurisdiction over claims filed by consumers regarding credit repair agency advertising campaigns promoting unreal and deceitful offers that are prejudicial to consumers.
Any consumer may file a claim at the Office of the Commissioner of Financial Institutions to defend the rights granted in this chapter or against any breach of contract by a credit repair agency.
Moreover, any consumer may file a judicial action in any competent court to demand compensation for damages or for a specific breach of contract, or both remedies. When the consumer prevails in the action filed, he/she shall be entitled to demand payment for costs and attorney’s fees.
History —Aug. 31, 2004, No. 236, § 23, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630t - Reconsideration

Issues pertaining to administrative hearing procedures, adjudication procedures, reconsiderations and reviews of orders and resolutions, or any other decision made by the Commissioner based on this chapter or any regulations issued by the Commissioner, may be reconsidered and reviewed pursuant to the provisions set forth in §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act of the Commonwealth of Puerto Rico”, and the regulations promulgated thereunder.
Any person who is adversely affected by any resolution or order, whether partial or final, or by a decision issued by the Commissioner pursuant to the provisions set forth in this chapter or applicable regulations, may file a motion for reconsideration of the resolution, order or administrative decision twenty (20) days from the date of entry into the files of the notice of the resolution, order or decision.
History —Aug. 31, 2004, No. 236, § 24, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630u - Review before the Circuit Court of Appeals

Any party that is adversely affected by a final order or resolution or decision issued by the Commissioner pursuant to the provisions set forth in this chapter or an applicable regulation, may file a request for review before the Circuit Court of Appeals within thirty (30) days from the date of entry in the files of a copy of the notification of the final resolution or order, or administrative decision.
Any party that is adversely affected by a final resolution of the Circuit Court of Appeals may request a review of said resolution by resorting to a recourse of certiorari before the Supreme Court of Puerto Rico within thirty (30) days from the date of filing in the records of the judgment of the Circuit Court of Appeals or of its resolution resolving a duly filed motion for reconsideration.
History —Aug. 31, 2004, No. 236, § 25, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630v - Compliance

The provisions of this chapter do not exempt the contracting parties from compliance with any other applicable law or regulation, including federal laws.
History —Aug. 31, 2004, No. 236, § 26, eff. 60 days after Aug. 31, 2004.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630w - Waiver of liability

Any contract clause regarding the waiver of liability concerning the provisions in this chapter granted by a consumer to a credit repair agency for the purpose of exempting the latter from compliance with this chapter shall be in contravention to the public policy and therefore null and void. Likewise, any contract that does not comply with the provisions herein set forth shall have no effect.
Any attempt to obtain a waiver of liability for the purpose of failing to comply with the provisions herein set forth is an infringement of the same and may entail the revocation of the license to operate the business granted by the Office of the Commissioner of Financial Institutions.
History —Aug. 31, 2004, No. 236, § 27, eff. 60 days after Aug. 31, 2004.