2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Subchapter III - Mortgage Lending Buisness (§§ 3053 — 3053i) › § 3053g - Duties of the licensee

(a) Any person engaged in the mortgage lending business to finance or refinance the acquisition of real property shall be required to:
(1) Provide services that are satisfactory to their clients in all their offices and in any other place that facilitates the transaction for the client and according to the best and soundest practices prevailing in Puerto Rico. There shall be no discrimination whatsoever based on race, color, sex, birth, origin, or social status, or political or religious beliefs;
(2) provide an amortization schedule at the client’s request and free of charge when granting a mortgage loan;
(3) verify that every person who renders services in connection with the mortgage loan has the license or authorization enabling him/her to offer said services as required by the applicable laws and regulations;
(4) file accurate and timely operational reports, as may be requested by the Office of the Commissioner of Financial Institutions;
(5) keep any documents that the Commissioner determines through regulations available. All licensees may destroy their books, records, files, or documents five (5) years after the last entry was made in said books, records, files, or documents, or as of the date on which any obligation ceases to be enforceable in accordance with the documents in his/her power. All licensees shall establish operating procedures, systems, and processes for the destruction of documents that ensure the following:
(A) That the destruction of documents is carried out in accordance with the document retention and destruction policy adopted by the licensees;
(B) that the destruction of documents ceases if the Office of the Commissioner of Financial Institutions serves written notice to the licensee requesting that certain documents, which shall be identified in said notice, be preserved; provided, however, that if notice is served after the five (5)-year period, and the financial institution has already destroyed said documents after such period, the financial institution shall not be penalized;
(C) that the destruction of documents ceases if the licensee is notified of a complaint or claim, or administrative or judicial order or requirement that prevents the destruction of specific documents according to the applicable local and federal regulations;
(D) that the destruction of the documents is permanent so as to prevent subsequent use thereof.
Said procedures shall be subject to inspection by the examiners of the Office of the Commissioner of Financial Institutions.
(b) It shall be the duty of the licensee to maintain a Registry of Destroyed Documents per calendar year in which a general description of the documents destroyed shall be kept. The Registry of Destroyed Documents may be kept in electronic format, which shall have back-up in the event of a technical glitch, and the same shall be available for inspection by the Office of the Commissioner of Financial Institutions. The Registry of Destroyed Documents shall be preserved by the licensee for a period of at least fifteen (15) years as of December 31st of the corresponding year. Not later than January 31st of each year, an official of the licensee shall certify that the Annual Registry corresponding to the preceding year contains the required information of all the documents that were destroyed in said year, which complied with the retention period established in the policy, as well as with the applicable local and federal regulations. Said certification shall be kept by the licensee for a period of at least fifteen (15) years as of December 31st of the year to which it corresponds, and the same shall be available for inspection by the Office of the Commissioner of Financial Institutions.
(c) All licensees operating in Puerto Rico shall submit the reports required by the Office of the Commissioner of Financial Institutions in the form and including the contents established by the Commissioner through order or regulations.
History —Dec. 30, 2010, No. 247, § 3.8, eff. 120 days after Dec. 30, 2010.