P.R. Laws tit. 10, § 643
(a) Any licensee may surrender his/her license by filing a written notification with the Commissioner.
(b) The Commissioner may revoke, cancel, or suspend any license due to any violation of this chapter or the rules and regulations that may be promulgated thereunder, or upon finding that a condition exists that, had it existed or had it been known when the license was issued, would have justified the refusal to issue a license.
The revocation, cancellation, or suspension process shall be carried out in accordance with the power and authority conferred by §§ 2001 et seq. of Title 7, known as the “Financial Institutions Commissioner's Office Act”, and §§ 2101 et seq. of Title 3, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”.
(c) The surrender, revocation, cancellation, or suspension of a license shall not impair or affect the obligation of any existing lawful contract between the licensee and other persons, nor shall the state be held responsible with respect to third parties as a result of its power to revoke, cancel, or suspend a license.
Notwithstanding § 642 of this title, a licensee shall have his/her license revoked immediately in the following instances:
(1) If he/she has been convicted of a felony or misdemeanor against the property, or involving bribery or perjury, as defined in §§ 4629 et seq. of Title 33.
(2) If pledged good, as provided in § 642 of this title, is sold.
(3) If the licensee or any employee of the pawnshop prevents or limits the Commissioner, his/her representative, or a law enforcement officer empowered by this chapter from performing inspections or examinations. In the absence of the owner or the person in charge, said licensee shall have a qualified and authorized employee to assist in inspections and examinations, and who shall allow access to all documents, files, and computers.
(d) Under the circumstances specified in subsection (b) of this section, the licensee shall have the opportunity to request a hearing before the Commissioner within twenty (20) calendar days from the revocation of the license.
(e) In all those cases in which the revocation arose from the intervention of any law enforcement officer and the licensee requests a hearing to appeal the same, the Commissioner shall summon the public officer whose investigation resulted in the revocation of the license as an interested party.
(f) Regarding the provisions established in this section, if the Commissioner upholds the revocation of the License after the hearing has been held, the licensee shall follow the reconsideration process set forth by law.
History —Feb. 24, 2011, No. 23, § 11, eff. 60 days after Feb. 24, 2011.