2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 131 - Office of the Financial Institutions Commissioner (§§ 2001 — 2021) › § 2009a - Hearings; summons; oaths; information and personnel

In order for the Board to adequately comply with the duties imposed by this chapter, it may hold hearings and request any information that it deems pertinent from the persons or entities that could be affected by any of its determinations.
The Financing Board is hereby empowered to conduct all types of studies and investigations on the matters authorized by this chapter and for such purposes, the Chairperson of the Board or the person designated by him/her may request the information that is necessary, pertinent and essential to achieve such purposes.
The Chairperson of the Board or the person designated by him/her, may issue summons ordering the appearance of witnesses and the presentation of data or information to carry out the purposes of this chapter. He/she may also, per se, or through duly authorized delegation, administer oaths, and take sworn statements, and receive data or information.
If a summons issued by the Chairperson of the Board or the person designated by him/her is not duly complied with, the Chairperson may appear before the Court of First Instance of Puerto Rico and request that compliance with said summon be ordered. The Court of First Instance shall give preference to the course and dispatch of said petition and may issue orders making compulsory the appearance of witnesses or the presentation of the data or information previously required by the Chairperson of the Board or the person designated by the former. The Court of First Instance shall be empowered to sanction for contempt of court the disobedience of said orders.
No person shall refuse to obey a summons of the Chairperson of the Board or the person designated by him/her, or to produce the evidence required, or to answer any question regarding any study or investigation, or refuse to obey a judicial order thus issued, alleging that the testimony or the evidence required, could incriminate him/her or expose him/her to a criminal procedure, or to destitution or suspension from his employment, profession or occupation; but the testimony or evidence produced by said person as required by the Chairperson of the Board or the person he she designates, or by virtue of a judicial order shall not be used or presented as evidence against said person in a criminal procedure, or in civil or administrative procedures that could result in the dismissal or suspension from his/her employment, profession or occupation.
The evidence and testimony obtained through these means shall not be referred, furnished or handed over to any state or federal agency that is not willing to grant immunity to the person giving testimony or producing the evidence that has the same scope that is conferred to it by virtue of this chapter.
The federal or state agency shall sign an agreement of immunity with the person giving testimony or producing the evidence before the testimony or evidence concerned can be referred, furnished or given.
The Financing Board shall establish the mechanisms needed for its effective operation, including being informed of the changes in the money market conditions and other matters related to the implementation of this chapter. To do this, the Board members shall contribute with the information and personnel resources that may be necessary.
History —Oct. 11, 1985, No. 4, p. 857, added as § 9A on Oct. 23, 1999, No. 319, § 3.