P.R. Laws tit. 10, § 638
(a) Every applicant for a license to operate a pawnbroking business shall include with the application, and maintain, a bond to guarantee faithful compliance with the provisions of this chapter and the rules or regulations that may be adopted thereunder. The Commissioner shall prescribe through regulations the terms and conditions that he/she deems should be contained in the bond in order to protect the public interest. Said bond shall respond to any person, including the OCFI, and shall be in an amount of at least ten thousand dollars ($10,000) to guarantee that he/she shall fully meet his/her obligations during the business' operation. However, the Commissioner may require a bond in excess of ten thousand dollars ($10,000) and up to a maximum of one hundred thousand dollars ($100,000) based on the licensee's volume of business and financial situation. The bond shall be renewed on a yearly basis and either personally submitted or sent by certified mail to the OCFI.
History —Feb. 24, 2011, No. 23, § 6, eff. 60 days after Feb. 24, 2011.