2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 158 - Unclaimed accounts, annual reports

Every bank or foreign bank shall be bound to electronically file an annual report as of June 30 with the Commissioner not later than August 10th, stating the amounts of over one dollar ($1) held by said institutions, and which have not been claimed by the depositor or the person entitled thereto during the five (5) years preceding the report, except:
(a) Amounts owed to a depositor which have been reduced by withdrawals or increased by deposits, except for credits for interest, within said five (5) year period; or
(b) amounts represented by passbooks in possession of the depositors, presented for credit entries for interest within said five (5) year period, or
(c) amounts with regard to which the bank or foreign bank has written evidence, received within the previous five (5) years, that the person entitled to such amounts has knowledge thereof. Said report shall state the name and the amount owed to each depositor or rightful owner, as they appear in the records of the bank or foreign bank, the last known address of said depositor or rightful owner and the date of the last transaction in connection with the respective amounts. All names appearing in said report shall appear in alphabetical order.
In the event that a bank or foreign bank, as of the date mentioned in the first paragraph of this section, does not have any unclaimed amounts in its custody as established above, said bank or foreign bank shall, within the prescribed term, render a report to the Commissioner setting forth this fact.
(d) Any bank or foreign bank bound to submit the report required by the first paragraph of this section, shall publish an annual notice, once during each of the months of August and September, in a newspaper of general circulation, which is published at least six days a week, under the title “Notice Concerning Unclaimed Amounts in Custody of ____ ” The notice shall be published as a general list in alphabetical order. In addition, beginning on January 1st, 2004, every bank shall publish the information so required in its webpage, and as of January 1st, 2005, the Office of the Commissioner of Financial Institutions shall require every institution to submit said information electronically so that the webpage of said office may contain a global list through which any citizen may verify alphabetically the existence of any unclaimed amount in any financial institution in Puerto Rico. In the event that the names are of natural persons, they shall be in alphabetical order, starting with the last names.
Such notice shall contain a general list, in alphabetical order, of the names of the persons who, according to the last report filed, are entitled to claim amounts totaling one hundred dollars ($100) or more; the town or city of the last known address of each of said persons, and a website (World Wide Web) in which a copy of said notice may be accessed. During the following October, and not later than the tenth (10th) day of said month, the bank or foreign bank shall file with the Commissioner a certification of the publication of such notice in a newspaper of general circulation and on the website of the financial institution or holder. A copy of the notice or the report on unclaimed amounts shall be displayed for review by any interested person in a conspicuous and accessible place at each branch of the bank in question from the date of publication of the notice until November 30th of each year. Likewise, a copy of said notice or the report on unclaimed amounts shall be posted by the bank or foreign bank on the corresponding websit
Expenses incurred in the publication required by this section shall be defrayed by the bank or foreign bank and charged to the accounts contained in said notice, deducting the amount of said expenses from the total thereof. This shall be the only item that may be charged to the unclaimed amounts. It shall be illegal for a bank or foreign bank to impose fees for services on inactive savings accounts or to otherwise eliminate them from the books.
The Office of the Commissioner of Financial Institutions shall not provide personal information about the owners of the abandoned property to any person who fails to present attesting evidence of being the rightful owner thereof, or the heirs or attorney-in-fact of the owners thereof, in accordance with the law.
(e) During the month of December of each year, and not later than the 10th day of said month, every bank or foreign bank that after publication of the announcement required above and attending to any claims made pursuant to law holds unclaimed amounts in its custody, regardless of their amount, shall deliver them to the Commissioner, who shall in turn transfer them to the Secretary of the Treasury to be covered into the General Fund of the Commonwealth of Puerto Rico.
No action whatsoever shall be brought against the bank or foreign bank for the recovery of amounts delivered to the Commissioner, pursuant to the provisions of this chapter, or for alleged damages for such delivery.
(f) Within a term of not more than two (2) years from the date of the delivery, the Commissioner shall sell, negotiate, liquidate, redeem, exchange, endorse, or otherwise dispose of any asset, certificate or instrument that has been delivered to same, and the product shall be transferred to the Secretary of the Treasury to be covered into the General Fund of the Commonwealth of Puerto Rico.
(g) Within a term of three (3) years from the date any unclaimed amount is turned over to the Commissioner, any person who believes he/she is entitled to said amount, or part thereof, may claim it to the Commissioner. The Commissioner is hereby authorized to pay such amount to the rightful owner, plus compensation interests at a rate equal to that applicable to Commonwealth sentencing fees, which shall never exceed four percent (4%). Such interest shall be payable without computing any increment derived therefrom. Interests shall be computed from the time such amount was turned over to the Commissioner, upon verification of the right of the claimant. Within thirty (30) days after the date of the notice of the Commissioner’s rejecting resolution, the claimant may file a civil suit against the Commissioner with the Court of First Instance, San Juan Part, to which exclusive jurisdiction is hereby conferred to hear said cases.
(h) Any bank or foreign bank which violates any of the provisions of this Section shall incur the penalties prescribed by subsection (j) of § 151 of this title.
History —May 12, 1933, No. 55, p. 322, added as § 37(a) on May 15, 1950, No. 430, p. 1056, § 16; Mar. 7, 1951, No. 11, p. 24, § 2; May 31, 1972, No. 71, p. 150; July 23, 1974, No. 165, Part 1, p. 767, § 9; July 21, 1987, No. 4, p. 602; Aug. 28, 1997, No. 108, § 43; Dec. 12, 2002, No. 277, § 1; Sept. 2, 2003, No. 234, § 1; Aug. 6, 2008, No. 170, § 1; Sept. 25, 2012, No. 272, § 1.