2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1402 - Definitions

As used in this chapter, the following terms shall have the meaning stated below:
(1) Money.— Generally accepted medium of exchange that may be declared as legal form of payment, constituted by the currency of the United States of America and the currency of foreign countries, including bills or other negotiable instruments.
(2) Financial institution.— Any person doing business in any one or more of the capacities listed below or in operations related or similar to those performed in such capacities:
(a) A banking institution of any kind.
(b) A trust company.
(c) An agency or branch of a foreign banking institution in Puerto Rico.
(d) A savings and loan association, cooperative, or any savings institution.
(e) A securities dealer or broker.
(f) An investment banker trust or company.
(g) An agency that issues money orders or similar instruments.
(h) An insurance company.
(i) A loan or finance company.
(j) A travel agency.
(k) Any financial institution defined in §§ 2001 et seq. of this title, known as the “Financial Institutions Commissioner’s Office Act”.
This term also includes any person acting in the capacity of a financial institution, depository, agent, or any other similar capacity in relation to the transfer of funds, in representation of any particular person.
(3) Foreign country.— Any country other than the United States of America, its states, territories, and possessions, and the District of Columbia.
(4) Person.— Includes any natural or juridical person, and any partnership, association, trust, or community of assets, or heirs.
(5) Secretary.— The Secretary of the Treasury of the Commonwealth of Puerto Rico.
(6) Transfer of funds.— According to § 1024 of Title 19, known as the “Negotiable Instruments and Banking Transactions Act”, means the series of transactions, beginning with the originator’s payment order made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order; Provided, That, the transfer of funds governed by the Electronic Funds Transfer Act of 1978 Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Sec. 1693 et seq., as amended from time to time, and those that are carried out by means of an automated clearing house, automated teller machine, or point-of-sale terminal, shall be excluded from this chapter.
(7) Bearer securities.— Represent cash such as bonds, notes, money orders, traveler’s checks, bearer negotiable instruments, bearer investment securities, bearer securities and shares whose ownership is transferred upon delivery, or the equivalent of any of the aforementioned instruments or securities, as prescribed by the Secretary.
History —July 23, 1974, No. 131, Part 1, p. 590, § 2, eff. 60 days after July 23, 1974; Dec. 26, 2013, No. 164, § 1.