P.R. Laws tit. 18, § 367
The Teachers’ Pension Board is hereby authorized to make loans to teachers teaching in the public schools of the country, under contract as regular teachers, up to a sum which shall not exceed five thousand dollars ($5,000), payable in a maximum period of ten (10) calendar years at the proportional rate of five hundred dollars ($500) each year, plus interest, policies, and interest on payments made by the Board for these policies; Provided, That in the case of two (2) teachers who act jointly, the Board may grant loans up to a sum which shall not exceed eight thousand dollars ($8,000), payable in a maximum period of ten (10) calendar years, at the proportional rate of eight hundred dollars ($800) each year [between] both teachers, plus interest, policies and interest on payments made by the Board against policies, prorating the obligations equally between both teachers; such loans being subject to the aforesaid provisions; and Provided, further, That such loans shall be used exclusively for the construction, acquisition, or repair of homes, or for the cancellation of mortgages due, or of mortgages on which the teacher may be paying a rate of interest which is much higher than the rate he would have to pay to this Board.
History —May 12, 1942, No. 239, p. 1380, § 2; Apr. 20, 1946, No. 382, p. 1034, § 1; May 13, 1950, No. 418, p. 996, § 1.