P.R. Laws tit. 10, § 640
(a) After analyzing an application for a license to engage in the pawnbroking business, and after conducting the corresponding investigation, the Commissioner may deny the license for any cause in order to protect the public interest, such as:
(1) The applicant has failed to meet any of the requirements established in this chapter or the regulations prescribed thereunder;
(2) the officers or persons responsible for daily operations lack experience, financial or commercial abilities, or their moral reputation disqualifies them to conduct the business in a way that benefits the public interest;
(3) the Commissioner adjudicated a claim against the applicant whose motives are sufficient cause to believe that the applicant is unable to adequately operate the business;
(4) The applicant has been convicted of a felony or misdemeanor against the property or involving bribery or perjury, as defined in §§ 5001 et seq. of Title 33, known as the “Puerto Rico Penal Code”; or the applicant has been the subject of an Order issued by the Commissioner for conducting or having conducted a pawnbroking business without the required license; or the applicant has been convicted of violations of § 5262 of Title 33, “Receiving, Disposal, and Transfer of Stolen Goods”; and
(5) the applicant has collected amounts greater than the authorized interest and charges for money lent on the security of pledge.
(b) Applicants to whom a license to engage in the pawnbroking business has been denied may request reconsideration to the Commissioner within twenty (20) days following the notice of denial.
(c) If the Commissioner denies a license, the amount paid on account of investigation costs shall be withheld by the Commissioner, but the amount paid on account of license fees shall be refunded to the applicant.
History —Feb. 24, 2011, No. 23, § 8, eff. 60 days after Feb. 24, 2011; Dec. 16, 2014, No. 209, § 2, eff. 60 days after Dec. 16, 2014.