reglab/statecodes huggingface dataset:
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) › § 2011 - Commissioner—Suspension and removal of directors and officials

(a) When the Commissioner has sufficient grounds to believe that any member of the board of directors or officials of a financial institution supervised by the Office of the Commissioner has committed a violation or is violating any law related to said entity, or has managed the affairs of said business inadequately, the Commissioner shall bring charges against said member of the board of directors or official, to appear before him or his authorized representative within a stated term, in a procedure established by the Commissioner by regulations, to show cause as to why he should not be removed.
(b) A copy of the charges proffered shall be sent by certified mail with return receipt requested to each member of the board of directors of the financial institution involved.
(c) If the Commissioner should determine, after granting the member of the board of directors or official a reasonable opportunity to be heard, that this member has violated any law related to said financial institution, or has managed the affairs of said institution inadequately, he may direct that said member of the board of directors or official be removed from office.
(d) The Commissioner shall send copy of the order for removal to the person involved, and another copy to the entity of which he is a member of the board or an official, to be submitted immediately to said entity’s Executive Committee or Board of Directors. In that case, said member of the board of directors or official shall cease to be a member of the board of directors, or an official of said financial institution immediately after notice of the Commissioner’s order is received.
(e) The order and the findings of fact and conclusions of law on which it is grounded shall not be made public nor shall they be revealed to anyone, except the member of the board of directors or official involved and the directors of the banking institution concerned, except in regard to proceedings motivated by a violation of this section or a judicial review brought as provided in § 2015 of this title.
(f) No member of the board of directors or official who has been removed from office as provided in this section may subsequently participate in any way in the administration of any financial institution, unless he has the Commissioner’s prior authorization.
History —Oct. 11, 1985, No. 4, p. 857, § 11.
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) › § 2012 - Commissioner—Additional powers

In addition to the other powers conferred by this chapter, the Commissioner is empowered to require the entities that he supervises pursuant to this chapter to:
(a) Keep their accounts, records and registers according to those regulations he may prescribe from time to time.
(b) Comply with standards and methods he prescribes by regulations to determine the value of assets and liabilities.
(c) Eliminate from the books all part of any asset that at the moment of the Commissioner’s action could not be legally acquired.
(d) Fix the market value of an asset.
(e) Obtain and deliver a financial statement of the direct or indirect debtors of the supervised institutions, within the limits that the entity may do so.
(f) Obtain insurance against damages and other contingencies on property or other assets taken as collateral.
(g) Maintain adequate insurance against all damages that the Commissioner deems necessary and convenient for the protection of the depositors and the public.
(h) Charge against undistributed profits, reserve funds or capital accounts, any loan or part thereof, any asset or part thereof, which in his judgment constitutes a possible loss for the entity being examined.
(i) Segregate any part of the future profits he deems convenient until said capital accounts and reserve funds are totally restored.
(j) Create such reserves of appraisals of assets deemed convenient.
History —Oct. 11, 1985, No. 4, p. 857, § 12.
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) › § 2013 - Complaints

Any citizen may file a complaint in the Commissioner’s Office to vindicate the rights granted to the citizens by the laws administered thereby.
History —Oct. 11, 1985, No. 4, p. 857, § 13.
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) › § 2014 - Reconsideration of the Commissioner’s decisions

When not otherwise provided by any special law administered by the Commissioner, any party affected by the Commissioner’s decision may request a reconsideration thereof within a term of fifteen (15) days after the date the decision is served.
History —Oct. 11, 1985, No. 4, p. 857, § 14.
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) › § 2015 - Judicial review of resolutions and orders issued by the Commissioner

(a) When not otherwise provided by any special law administered by the Commissioner, any party affected adversely by a resolution or order of the Commissioner may appeal for a judicial review of said resolution or order by the Court of First Instance of the Commonwealth of Puerto Rico, San Juan Part, after service of the Commissioner’s reconsideration and final decision. The appeal shall be filed before the Court of First Instance within fifteen (15) days after the date the reconsideration of the Commissioner’s resolution or order is served.
(b) The Commissioner’s order, resolution or regulation shall remain in full force and vigor until there has been a final and binding decision of the Court of First Instance of Puerto Rico revoking the Commissioner’s decision.
(c) The appeal for review shall be executed by presenting a petition before the clerk of the court in which the grounds for the appeal for review are stated. After the appeal has been filed, the petitioner shall advise the Commissioner thereof within a term of five (5) days from the date of filing.
(d) It shall be the Commissioner’s duty to present a certified copy to the court within fifteen (15) days from the date he was served notice of the issuing of the appeal for review.
(e) The court shall review the Commissioner’s resolutions or orders, using the administrative file submitted as a basis only with regard to the conclusions of law. The Commissioner’s findings of fact shall be conclusive for the court, if they are supported by substantial evidence.
History —Oct. 11, 1985, No. 4, p. 857, § 15.
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) › § 2016 - Limitation of personnel liability

No member, official, functionary or employee of the Board or the Commissioner, or official, functionary or employee in the Office of the Commissioner, shall be liable in a civil suit for damages, for any act or omission in good faith, in the performance of the duties of his office.
History —Oct. 11, 1985, No. 4, p. 857, § 16.
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) › § 2017 - Faculty of the Governor

The Governor may delegate on the functionary or functionaries he wishes to, and may adopt the measures needed so that the transfer of the functions, duties, responsibilities, obligations, offices, programs, funds, property, files or any others that are needed pursuant to the provisions of this chapter to be carried out in an orderly way, without affecting or interrupting the tasks, investigations, proceedings, transactions or agreements initiated prior to the effectiveness of this act, or in the process of being adjudicated, resolved or determined.
History —Oct. 11, 1985, No. 4, p. 857, § 17.
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) › § 2018 - Appropriation of funds

(a) The funds of the “Fund for the Investigation and Examination of Financial Institutions and Gambling Casinos”, created by §§ 7 and 8 of Title 13, are hereby appropriated to the Office of the Commissioner to carry out the purposes of this chapter. The appropriations budgeted for the 1985-86 Fiscal Year are also transferred to the Bureaus of Banks, and Financial Institutions and Securities.
(b) In subsequent years, the funds needed for the administration of this chapter shall be consigned in the General Expense Budget for the Government of the Commonwealth of Puerto Rico Joint Resolution.
History —Oct. 11, 1985, No. 4, p. 857, § 18.
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) › § 2019 - Continuity of transferred acts

The provisions of the acts referred to in § 2007 of this title, which grant powers, functions and duties to the Secretary of the Treasury, and the rules, regulations and orders adopted or issued by said Secretary pursuant to said laws, shall remain in force and shall be administered by the Commissioner, who shall be the legal successor of the Secretary of the Treasury to such respect. This shall also be with respect to §§ 731 et seq. of Title 10, known as “Retail Sales and Finance Companies Act”, administered by the Secretary of Commonwealth Affairs.
History —Oct. 11, 1985, No. 4, p. 857, § 19.
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) › § 2021 - Special Fund

(a) A special fund is hereby created, to be known as the “Fund for Consumer Education in Financial Matters and Training of the Personnel of the Office of the Commissioner of Financial Institutions”, in order to provide financial assistance geared toward the education of the general public in financial matters and to train the personnel of the Office of the Commissioner of Financial Institutions for the purposes provided herein.
(b) The Commissioner may, in his discretion, engage in any effort he believes shall contribute to a better orientation and education of consumers in their dealings with the financial industry and use such funds for purposes, among others, such as providing resources to such entities, divisions and/or programs that aim to accomplish the purposes established under this Fund, as well as covering the operating expenses entailed by the administration thereof. Provided, That for Fiscal Year 2016-2017, the sum of one million dollars ($1,000,000) shall be transferred from account 0750000-238-781-1998 or any other account created for the same purposes in the Department of the Treasury’s accounting system to the “Elections Support Fund”.
(c) All moneys received by the Commissioner on account of the imposition of administrative fines for violations of the provisions of this chapter, as well as of the laws and regulations administered by the Commissioner, may be deposited into this Fund. Likewise, any fines imposed by the Commissioner on account of voluntary agreements or administrative orders, may also be covered into this Fund.
History —Oct. 11, 1985, No. 4, p. 857, added as § 21 on June 2, 2009, No. 23, § 1; July 22, 2016, No. 81, § 9.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2031 - Definitions

For purposes of this chapter, the terms of the “Fair Credit Reporting Act” as defined in § 1681a are hereby adopted.
The following terms shall mean:
(a) Commissioner. — The Commissioner of Financial Institutions as defined by §§ 2001 et seq., known as the “Financial Institutions Commissioner’s Office Act”.
(b) Consumer. — Individual.
(c) Fair Credit Reporting Act. — Refers to the Fair Credit Reporting Act of 1970, 15 U.S.C. §§ 1681—1681u (1996), as amended from time to time.
(d) Credit report. — Any communication, oral, written, or otherwise, provided by a credit reporting agency, which contains information about the capacity, reputation and/or credit worthiness and personal information of a consumer that is used completely, or in part, to establish the consumer’s eligibility for, among other things, obtaining credit.
(e) Adverse information. — Refers to information about consumers’ transactions submitted to credit reporting agencies, that reflects any type of delinquency in consumer payments, or which negatively affects their credit report.
(f) Information about the consumer. — The information contained in the Fair Credit Reporting Act, Section 603 (15 U.S.C. §§ 1681d).
(g) Act No. 4. — Refers to §§ 2001 et seq. of this title, known as the “Financial Institutions Commissioner’s Office Act”.
(h) Act No. 5. — Refers to §§ 341 et seq. of Title 3, known as the “Organic Act of the Department of Consumer Affairs”.
(i) Act No. 170. — Refers to §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(j) Consecutive delinquency. — Refers to a delinquency that is not interrupted by any payment to cover the delinquent balance.
(k) Information provider. — The person who in the normal course of his/her operations submits information about transactions and payment activities of consumers to credit reporting agencies.
(l) Secretary. — Means the Secretary of the Department of Consumer Affairs.
History —Sept. 2, 2000, No. 364, § 3; Feb. 8, 2003, No. 74, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2032 - Authority and duties of the Secretary and the Commissioner

(a) The Secretary shall have jurisdiction for the general implementation of this chapter, including the provisions adopted by the Fair Credit Reporting Act. For the performance his/her functions he/she shall have all the powers conferred by §§ 341 et seq. and by 2101 et seq. of Title 3.
(b) The Commissioner shall have jurisdiction to implement the provisions of this chapter, including the provisions established in the Fair Credit Reporting Act when a person or entity supervised, controlled and regulated by the Office of the Financial Institutions Commissioner, as set forth in §§ 2001 et seq. of this title which creates said Office is a party or is involved in some controversy.“ To perform his/her functions he/she shall have all the powers conferred by §§ 2001 et seq. of this title and 2101 et seq. of Title 3.
History —Sept. 2, 2000, No. 364, § 4, eff. 180 days after Sept. 2, 2000.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2033 - Federal legislation applicability

All the provisions of federal legislation contained in the Fair Credit Reporting Act are hereby adopted and incorporated into this chapter, as these are amended from time to time.
The requirements and penalties provided in this chapter shall be in addition to those of the Fair Credit Reporting Act.
History —Sept. 2, 2000, No. 364, § 5, eff. 180 days after Sept. 2, 2000.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2034 - Duty to inform

Any information provider shall be bound to notify in writing to all its clients of every instance in which it has submitted information that is adverse to their credit, within not more than thirty (30) days after such information is submitted to the credit reporting agency.
Clients shall be notified every time that adverse information is submitted to the credit reporting agency; Provided, That such written notice shall be made through a letter and shall be included in the next collection notice. Notices shall include the number of days overdue, as well as a warning to the consumer that such delinquency shall be recorded in his/her credit history of the institution, and that such delinquency shall also be notified to credit reporting agencies. The notice shall be repeated every ninety (90) days following the first notice and it may be made through a letter or on the next collection notice.
History —Sept. 2, 2000, No. 364, § 6; Feb. 8, 2003, No. 74, § 3; June 8, 2010, No. 57, § 1.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2035 - Responsibility of credit reporting agencies

Responsibility of credit reporting agencies to eliminate incomplete, incorrect, inaccurate or non-verifiable information.
(a) Credit reporting agencies shall investigate disputes raised by consumers where it is challenged that any information contained in the credit report is incorrect, incomplete or inaccurate. The plaintiff shall send written notice and show that the defendant party received a copy of the information request. The investigation shall be performed within thirty (30) days after the agency receives the consumer’s notice of complaint. The thirty (30) day period may be extended for not more than fifteen (15) additional days if the credit reporting agency receives additional information that is relevant to the investigation.
(b) Credit reporting agencies shall have five (5) days after the date when they reach the determination (whichever it may be), or from receiving the notice of determination made by an information provider, to notify the consumer of the determination, and in case it is favorable to the consumer, to eliminate the information determined as incomplete, incorrect, inaccurate or non-verifiable from the record.
(c) In such cases in which the determination is favorable to the consumer, and the incomplete, incorrect, inaccurate or non-verifiable information has not been eliminated or corrected within the term of fifteen (15) days, a fine shall be imposed on the credit reporting agency for noncompliance, for each month that the consumer is affected by the failure of the credit reporting agency to eliminate or correct the incorrect information.
History —Sept. 2, 2000, No. 364, § 7; June 8, 2010, No. 57, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2035a - Responsibility of the credit reporting agency to provide notice that certain credit information is being disputed and that an investigation has been initiated

(a) If any information furnished to a credit reporting agency by a furnisher of information is challenged or disputed by a consumer because it is incomplete or inaccurate, said furnisher of information may not relay the information to any credit reporting agency without including a notice explaining that such information is being challenged or disputed by the consumer.
(b) If, in accordance with the provisions of § 2034 of this title, a credit reporting agency is notified by an information furnisher that certain information has been challenged or disputed by a consumer, the credit reporting agency shall include in any subsequent report containing the challenged or disputed information a note about said dispute or challenge.
History —Sept. 2, 2000, No. 364, added as § 7-A on Sept. 5, 2014, No. 148, § 1, eff. 30 days after Sept. 5, 2014.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2036 - Responsibility to correct erroneous information

(a) General provision. — If any information submitted by an information provider to a credit reporting agency is disputed, the information provider shall:
(1) Conduct a diligent investigation with regard to the disputed information.
(2) Review all the relevant information provided by the consumer or by the credit reporting agency.
(3) Inform the credit reporting agency of the result of the investigation.
(4) If the investigation determines that the information is erroneous, incomplete or inaccurate, he/she shall advise all those credit reporting agencies to whom he/she submitted the information of such results.
(b) The information provider shall complete all the investigation and submit the reports required in subsection (a) of this section before the expiration of the term referred to in subsection (a) of § 2035 of this title to the credit reporting agencies to end the investigation of a dispute.
(c) If the truth or correctness of information submitted by an information provider to a credit reporting agency is controverte[d] with the information provider, by a consumer, the information provider shall not submit the information to any credit reporting agency without including a notation stating that the information has been challenged.
(d) If the information provider determines that he/she submitted incomplete, incorrect or inaccurate information, he/she shall provide the credit reporting agency with the correction or with any necessary additional information and shall not submit any of the information that is still inaccurate, incomplete or erroneous.
History —Sept. 2, 2000, No. 364, § 8; Feb. 8, 2003, No. 74, § 4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2037 - Information that credit reporting agency must provide at consumer’s request

(a) All the information in the file at the time it is requested, with the exception of information on the credit rating or any rating of risk, or predictions related to the consumer.
(b) The source of the information.
(c) The identity of each person who procures a report about the consumer. The name of the person or the name under which he/she does business and, at the consumer’s request, the address and phone number must be included.
(d) Dates, payments and quantities of any check on which any information adverse to the consumer is based.
(e) A record of all the applications sent during one preceding year about the consumer’s identity related to a credit transaction or insurance transaction that has not been initiated by the consumer.
History —Sept. 2, 2000, No. 364, § 9, eff. 180 days after Sept. 2, 2000.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2038a - Obtaining a credit report free of charge once in a calendar year

(a) The consumer may claim a free of charge credit report per calendar year from each credit agency doing business in Puerto Rico.
(b) The credit reporting agencies shall post a sign citing this section in a reasonably visible location where the credit reports are dispatched. Furthermore, they shall cite this section on the first page heading of every credit report they dispatch.
History —Sept. 2, 2000, No. 364, added as § 10 on Jan. 30, 2006, No. 47, § 1, eff. 60 days after Jan. 30, 2006.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 132 - Credit Reporting Agencies (§§ 2031 — 2039) › § 2039 - Penalties

The Secretary or the Commissioner may impose fines from five hundred dollars ($500) up to a maximum of five thousand dollars ($5,000) for each violation of the provisions of this chapter or its regulation, including the provisions of § 2035 of this title on the imposition of a fine established in its subsection (c).
Regardless of the fines imposed in this chapter, the concurrent jurisdiction of the courts and of the Commissioner or the Secretary is hereby granted over matters related to any claim or complaint, thus enabling consumers to initiate a judicial action before a competent court.
History —Sept. 2, 2000, No. 364, § 11, renumbered as § 10 and amended on Feb. 8, 2003, No. 74, § 6; renumbered as § 11 on Jan. 30, 2006, No. 47, § 2; June 8, 2010, No. 57, § 3.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2101 - Definitions

For the purposes of this chapter, the following terms shall have the meaning stated hereinbelow, unless another meaning clearly arises from the context:
(a) Commissioner. — Means the Commissioner of Financial Institutions.
(b) Owner. — Means the person entitled to claim money and other liquid assets abandoned or unclaimed whether because he is the original owner, beneficiary, or heir to such assets.
(c) Financial Institutions. — Means any federal savings bank, federal savings and loan association, savings and credit cooperative union, mortgage institution, investment company, financing company, small personal loan company, chattel leasing companies, money order sales company, international banking entity, securities broker-dealer, assignment of accounts receivable business, national bank authorized under the laws of the United States but not covered by §§ 1 et seq. of this title and trust company not covered by §§ 301 et seq. of this title.
(d) Other liquid assets. — Means those assets that can be changed into money easily or within a term less than one (1) year with no loss or with a loss that does not exceed fifty percent (50%) of its value, and includes checks, certified checks, certified money orders, bank, postal, or other money orders, travelers checks, pass books, certificates of deposit, stocks, shares, promissory notes, bonds, dividends, escrow funds, sureties, credits and other similar assets.
(e) Person. — Means any natural or juridical person.
(f) Holder. — Means any person that in the course of his business has in his custody money or other liquid assets belonging to another person, with the obligation of returning or paying them to said other person, his beneficiaries, heirs or successors in law, on a specific date or one to be determined, or when a certain or contingent event occurs, whether foreseeable or not.
History —July 28, 1989, No. 36, p. 116, § 2.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2102 - Applicability

This chapter shall apply to all financial institutions or holders, as such terms are defined in this chapter. Nevertheless, those sums of money or liquid assets under the jurisdiction of the courts or agencies of the Commonwealth of Puerto Rico, are hereby excluded.
History —July 28, 1989, No. 36, p. 116, § 3.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2104 - Obligation to render reports

(a) Every financial institution or holder, as defined in this chapter, is under the obligation to render an annual report to the Commissioner no later than the 10th day of August, as of the previous 30th of June, stating the sums of money and other liquid assets in its custody, having an aggregate value greater than one dollar ($1.00) that are presumed abandoned or unclaimed by this chapter.
(b) Said report shall state the name, if known, and the last known address of the owner of said money and other liquid assets and the value thereof, as well as a brief description of the abandoned assets including any number that identifies them and any other information that is required by the Commissioner through regulations.
(c) All the names that appear in said report shall be in alphabetical order and those owners whose names are unknown shall appear at the end of the report identified with the word “Unknown”.
(d) Every financial institution or holder, as defined in this chapter that, as of June 30 of any year, does not have in its custody any presumedly abandoned and unclaimed moneys or liquid assets, shall render a report to the Commissioner, stating this fact, no later than the 10th day of August of that same year.
History —July 28, 1989, No. 36, p. 116, § 5.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2106 - Term to claim

Any person who believes he/she is entitled to any abandoned and unclaimed money or other liquid assets turned over to the Commissioner, as provided in § 2105 of this title, may claim them to the Commissioner. The Commissioner is hereby authorized to pay such unclaimed money or other liquid assets to the owner, plus compensation interests at a rate equal to that applicable to Commonwealth sentencing fees, which shall never exceed four percent (4%), the interest of which shall be payable without computing any increment derived therefrom. Interests shall be computed from the time the money or liquid assets are turned over to the Commissioner to the date on which the claim filed with the Office of the Commissioner of Financial Institutions is completed, and at the rate prevailing at the time of payment, upon verification of the right of the claimant.
The Department of the Treasury together with the Commissioner may contract the services of independent consultants, as they deem necessary or appropriate, for the location of sources and the recovery of the abandoned or unclaimed money or other liquid assets.
History —July 28, 1989, No. 36, p. 116, § 7; Sept. 2, 2000, No. 346, § 3; Sept. 29, 2012, No. 294, § 3.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2107 - Regulations

The Commissioner is hereby empowered to approve, promulgate, amend, stay or repeal any regulation he deems convenient for the faithful compliance of this chapter.
History —July 28, 1989, No. 36, p. 116, § 8.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2108 - Penalties

Any financial institution or holder who incurs a violation to the provisions of this chapter, may be penalized with an administrative fine which shall not exceed five thousand dollars ($5,000). The Commissioner may also impose an administrative fine which shall not exceed five thousand dollars ($5,000) for every five (5) days that it fails to comply with any order for compliance issued by the Commissioner, and shall also be subject to the corresponding provisions of the Penal Code of the Commonwealth of Puerto Rico regarding misappropriation.
If the financial institution on which an administrative fine is imposed by virtue of this section does not pay it within the term of fifteen (15) days counting from the date that notice of the imposition of the administrative fine is served, the Commissioner may file a civil action for the collection of said administrative fine at the Court of First Instance of Puerto Rico, San Juan Part, which shall have jurisdiction in this procedure.
History —July 28, 1989, No. 36, p. 116, § 9.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VI - Control And Supervision (§§ 2001 — 2109) › Chapter 133 - Money and Other Liquid Assets Abandoned or Unclaimed (§§ 2101 — 2109) › § 2109 - Applicability of Uniform Administrative Procedures Act

All the provisions of this chapter shall be ruled, in that which is pertinent, by §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”.
History —July 28, 1989, No. 36, p. 116, § 10.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3023 - Organization and trade name

(a) Corporation or trust. — A capital investment fund which is a corporation or a trust shall be organized according to the laws of Puerto Rico.
(b) Partnership. — A capital investment fund may be constituted as a partnership according to the laws of Puerto Rico or any of the states of the United States of America, provided, in the case of a foreign partnership, that it is treated as a “partnership” and not as a corporation or association that is taxable as a corporation, for the purposes of the United States Internal Revenue Code of 1986, as amended.
(c) Trade name. — Each fund shall be constituted with a name or trade name which name or trade name shall not be identical, nor even so similar to that of another pre-existing fund, that it could cause confusion.
History —Jan. 28, 2000, No. 46, § 4.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3025 - Responsibilities of investors

Investors in a fund shall be liable for the debts or obligations of the fund only up to the total amount invested.
History —Jan. 28, 2000, No. 46, § 6.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3027 - Obligation to submit reports

Every fund and the business in which it invests, shall file the reports required by the Commissioner through orders, administrative decisions or his/her powers under §§ 2001 et seq. of this title, known as the “Office of the Commissioner of Financial Institutions Act”. Likewise, on the same date as that required by the Commissioner, the fund and the business in which it invests shall remit a true and exact copy of said reports to the Secretary and the Bank. The fund shall immediately notify the Commissioner of any concessions, exemptions or authorizations it receives from any entity of the Government of Puerto Rico pursuant to the provisions of this chapter.
History —Jan. 28, 2000, No. 46, § 8.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3028 - Non-compliance of requirements, obligations and duties; authorization to liquidate

(a) Non-compliance of requirements, obligations and duties. — The Commissioner may impose and collect an administrative fine of five hundred [dollars] ($500) up to five thousand dollars ($5,000) from the Administrator of the fund or any person for each violation, when he/she determines that the Administrator of the fund or any other person has failed to comply with any of the requirements, obligations and duties established by this chapter or its regulations. The Commissioner may also revoke the fund’s license for non-compliance or for violating the provisions of this chapter or its regulations.
The procedure to impose administrative fines, revoke licenses, dismiss officials or directors shall be done according to the regulations adopted by the Commissioner pursuant to this chapter or §§ 2001 et seq. of this title, known as the “Office of the Commissioner of Financial Institutions Act”.
(b) Any person who intentionally or voluntarily violates any provision of this chapter or any regulation promulgated thereunder, shall be punished, upon conviction, by a fine of not less than one thousand dollars ($1,000), nor more than twenty thousand dollars ($20,000), or a penalty of restitution, or both penalties.
(c) Authorization to liquidate a fund. — The Commissioner shall determine, through such procedure and those grounds established by regulations, when a fund can be liquidated. Once the Commissioner decides to liquidate a fund, he/she shall inform the Secretary of the reasons for its liquidation and any other information he/she may require.
History —Jan. 28, 2000, No. 46, § 9.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3031 - Special tax on net long-term capital gains

In the case of the sale, exchange, disposition or transfer of private proprietary interests in a fund (including that related to the total liquidation of the fund), any capital gain attributable to the investment in private proprietary interests in the fund shall be subject to a tax of ten percent (10%) on the amount in excess of any net long-term capital gain on any net short-term loss of capital. Any individual, succession, trust, partnership or corporation that is an investor of the fund, can opt to include said gain as part of his/her gross income on the income tax return for the year in which said gain is recognized and pay a tax pursuant to the normal tax rates, whichever is of more benefit for the taxpayer.
The tax imposed in this section shall be paid as provided in §§ 8401 et seq. of Title 13.
History —Jan. 28, 2000, No. 46, § 12.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3032 - Licenses and involuntary conversions

Involuntary conversions of the proprietary interests of a fund shall be governed by the following norms:
(a) Revocation, suspension or denial of license. — The Commissioner may revoke, suspend, or deny the license of a fund for violations of this chapter or its regulations. In any of said cases, if the Commissioner should determine that the total liquidation of the fund is not in the best interests of the investors or other interested parties, he/she shall immediately notify the Bank, which shall create a trust, or the Commissioner shall authorize the creation of another fund which shall receive the assets and moneys of the first, and shall continue the operation thereof. The Commissioner, at his/her discretion, may appoint a trustee to manage or liquidate the fund, in lieu of the procedures mentioned above.
(b) Investors and conversion. —
(1) Investors in the fund who cease to operate because their license is not renewed or is revoked, but whose operations continue under subsection (a) of this section, shall receive in exchange for the proprietary interests they may have in said fund, shares in the trust created by the Bank, or in the new fund authorized by the Commissioner, equivalent to their respective shares in the fund which ceased operations.
(2) For the purposes of §§ 8401 et seq. of Title 13, the terms “involuntary conversion” and “conversion in similar property” include the permutation of an investment in proprietary interests of a fund for shares in a trust created by the Bank, or in a new fund authorized by the Commissioner pursuant the provisions of subsection (a) of this section.
(c) Recognition of profit or loss. — For the purposes of §§ 8401 et seq. of Title 13, the investor in a fund shall not recognize profits or losses in a exchange carried out according to subsection (b)(1) of this section, of an investment in proprietary interests of a fund for shares in a trust created by the Bank, or in a fund authorized by the Commissioner pursuant to the provisions of subsection (a) of this section.
(d) Tax base. — The tax base of the investor in shares in the trust created by the Bank or in the new fund authorized by the Commissioner pursuant to the provisions of subsection (a) of this section, shall be equal to the base that the investor had in proprietary interests in the original fund immediately before the exchange.
(e) Internal base. — For the purposes of § 3030(e) of this title, the internal base with regard to each proprietary interest in the trust created by the Bank or in the new fund authorized by the Commissioner pursuant to the provisions of subsection (a) of this section, shall be equal to the internal base regarding the equivalent proprietary interest in the original fund immediately before the exchange.
History —Jan. 28, 2000, No. 46, § 13.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3034 - Profits from the sale, exchange or other disposition of investments in proprietary interests in a capital investment fund

The sale, exchange, or any other disposition of proprietary interests in a fund shall be governed by the following norms:
(a) All profits from the sale, exchange or other disposition that is not a transfer by donation or inheritance, of an investment in private proprietary interests in [a] capital investment fund, including the transfer of an investment in private proprietary interests in a fund, due to the total liquidation of the fund, shall be deemed as a capital gain and shall be taxed according to the provisions of § 3031 of this title.
(b) Notwithstanding the provisions of subsection (a) of this section, in the event of reinvesting the total amount of the proceeds of the sale, exchange, or other disposition that is not a transfer by donation or inheritance, in private proprietary interests of another fund within the term of ninety (90) days from the date of said sale, exchange or other disposition, the profits made shall not be recognized as income in said taxable year.
(c) When the sale or exchange of an investment in proprietary interests of a fund results in the non-taxation of the profits made in the sale or exchange of the investment in private proprietary interests in the fund, pursuant to subsection (b) of this section, upon determining the adjusted base of the shares of the new private proprietary interests in a fund acquired by the investor on any date following the sale of the private proprietary interests in the capital investment fund, the adjustments to the base shall include a reduction by an amount equal to that of the non-recognized profits from the sale of the investment of private proprietary interests in the fund.
History —Jan. 28, 2000, No. 46, § 15.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3035 - Losses from the sale, exchange or other disposition of investments in proprietary interests in a capital investment fund

Any loss sustained by the holders of private proprietary interests in the exchange or other disposition of an investment in private proprietary interests in a fund, shall be deemed as a capital loss.
History —Jan. 28, 2000, No. 46, § 16.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3036 - Profits and losses attributable to proprietary interests of the Bank

(a) Profits of the fund. — The Bank shall have preferred participation in the profits and income obtained by the fund.
(1) The profit rate of the proprietary interests of the Bank shall be equal to two percent (2%) over the prime rate, which shall be determined by the Bank through regulations. The percent[age] of the profits of the Bank shall by payable annually commencing from the issuance of the proprietary interests of the Bank and it shall be payable from the profits of the fund, if any.
(2) If for any reason (including the fact that there were no profits) the Administrator does not make the annual distribution to which the Bank is entitled for its holding of proprietary interests of the Bank, as provided in clause (1) of this subsection, the balance due shall be accrued and shall be deemed as a distribution in arrears.
(3) The Administrator shall not distribute the profits of the fund to holders of private proprietary interests of a fund until the amount owed to the Bank for its proprietary interests, including the distributions in arrears, is paid in full. After the amount of proprietary interests of the Bank is repaid, the Administrator may distribute the profits of the fund to the other investors.
(b) Losses and liquidation of a fund. — The distribution of the losses and the distribution in the liquidation of a fund shall be made in proportion to the private proprietary interests and the proprietary interests of the Bank in the fund, subject to the following adjustments:
(1) Private proprietary interests shall be reduced as provided in § 3033(k) of this title, by the amount of:
(A) The tax credits received free of charge, and
(B) the discounts the investor has received in the purchase of tax credits of the fund.
(2) The proprietary interests of the Bank shall be increased by the amount of tax credits sold or assigned by the Administrator of the fund, pursuant to the provisions of § 3033 of this title.
(3) In the event the Bank has not invested in the fund, the Administrator of the fund shall distribute the corresponding portion to the Bank, according to the amount of tax credits sold or assigned by the Administrator of the fund, as provided in § 3033 of this title.
(4) The losses sustained by the fund from its operations can not be claimed by the investors, partners, stockholders, or any other person on their income tax returns.
History —Jan. 28, 2000, No. 46, § 17.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3037 - Prohibition to impair capital

(a) Paid-up capital of the fund. — A fund must maintain a sum of paid-up capital which, in the judgment of the Commissioner, will provide adequate security for its:
(1) Long-term operations in a safe and lucrative manner, and
(2) active operations in accordance with the license issued by the Commissioner.
(b) Solvency of the fund. — In the judgment of the Commissioner, a fund must be financially viable taking into account its present income as well as the projected income and losses in its investments, the qualifications of its administrators must be optimal.
(c) Distributions of a fund by the Administrator. — No administrator shall distribute the paid-in capital, profits and revenues of a fund if the remaining assets of the fund after said distribution are not sufficient to meet any of the debts or commitments assumed by the fund.
History —Jan. 28, 2000, No. 46, § 18.
2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 142 - Capital Investment Funds Act of 1999 (§§ 3021 — 3047) › § 3038 - Transfer of title

The transfer of proprietary interests in a capital investment fund shall be subject to the requirements established by the Commissioner through regulations. The regulations to be promulgated by the Commissioner shall provide for the administrator of the fund to notify the Secretary of any transfer of proprietary interests in the fund of which said Administrator is aware of [sic].
History —Jan. 28, 2000, No. 46, § 19.