P.R. Laws tit. 10, § 651
(a) The OCFI shall have the responsibility to oversee, supervise, and regulate the operations of persons who engage in the pawnbroking business, as well as those transactions conducted pursuant to §§ 2201 et seq. of this title known as the “Purchase and Sale of Precious Metals and Stones Regulation Act”, and those expressly authorized by the Commissioner. Furthermore, it may investigate and issue orders against those who engage in any type of pawnbroking business without having obtaining a license issued by the OCFI.
Any person who engages in a pawnbroking business with or without a license shall be subject to the OCFI's jurisdiction and the corresponding procedures and sanctions, as determined by the Commissioner.
(b) In addition to the powers and authorities conferred by this chapter, as well as §§ 2001 et seq. of Title 7, the Commissioner or his/her representatives shall have the following powers, among others:
(1) Carry out those actions and impose those remedies as necessary to enforce this chapter or any rules or regulations that may be promulgated thereunder.
(2) Require licensees to keep records or other documents as necessary to implement the provisions of this Act or the regulations promulgated thereunder.
(3) Inspect all kinds of records and documents related to all the businesses conducted by the person engaged in the pawnbroking business.
(4) Conduct studies and investigations at the request of an interested party or on his/her own motion regarding authorized matters or alleged violations of this chapter or the regulations promulgated thereunder. To such ends, he/she may require all the necessary pertinent, and essential information to achieve this purpose, as well as any other necessary investigations for the sound administration of this chapter or the regulations promulgated thereunder.
(5) Take sworn statements; obtain testimony, data, or information; issue summons; require the production of documents, such as accounting books, records, correspondence, memoranda, agreements, or other documents that he/she may deem relevant and essential to the investigation and inspect the same in light of the requirements of this chapter.
(6) Resort to the Court of First Instance in aid of jurisdiction, so that it may enforce any summons, order, requirement, or resolution issued by the Commissioner or his/her representatives. The Court of First Instance shall have the power to find noncompliance with its orders punishable for contempt, by demanding the appearance of witnesses or the presentation of any facts or information that the Commissioner or his/her representatives may have previously required.
(7) Approve the necessary regulations to implement this chapter.
(8) The Commissioner may issue any orders he/she may deem convenient against persons who are suspected of having committed violations of this chapter, any regulations promulgated thereunder, or any administrative order or resolution issued by the OCFI, in order to protect the public interest and initiate proceedings in accordance with the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act”.
(9) Impose fines, restitution, and administrative sanctions for violations of law, regulations, and orders he/she may issue.
(10) Carry out all the necessary steps to enforce compliance with this chapter.
(c) The Commissioner or his/her representatives may conduct inspections or audits of the licensee's operations in the latter's place of business. He/she may also conduct special investigations when deemed necessary.
(d) The Commissioner shall require a payment for the inspection in the amount of two hundred dollars ($200) per day or fraction thereof for each examiner or investigator who intervenes in each inspection, up to a maximum of thirty (30) calendar days, in addition to the costs incurred for transportation, per diems, and lodging, in accordance with the norms established for officials and employees of the Government of Puerto Rico. Such payment shall be made with a certified or manager's check, bank draft, or money order payable to the Secretary of the Treasury.
(e) If a specialized inspection or investigation is required, the Commissioner may direct that the same be conducted outside Puerto Rico; in that case, the licensee shall pay the inspection fees, plus all reasonable charges incurred regarding said examination, including transportation costs.
History —Feb. 24, 2011, No. 23, § 19, eff. 60 days after Feb. 24, 2011.