P.R. Laws tit. 10, § 943
(a) Scope. — No person shall engage in the business of small personal loans of four thousand dollars ($4,000) or less as of January 1, 1999 and five thousand dollars ($5,000) or less as of January 1, 2001, nor shall contract, nor charge, or receive directly or indirectly, on or in connection with any such kind of loan, any charge, whether for interest, compensation, consideration, or expenses which in the aggregate are higher than what is allowed pursuant to any other Commonwealth statute, without having first obtained a license issued by the Commissioner as provided hereinafter.
(b) Discrimination for amount required. — No person engaged in the business of small personal loans shall deny a loan exclusively on the grounds of the amount of the loan, provided the amount requested does not exceed the limit established by law, except when the denial in question is based on capacity to pay or habit. Any person engaged in the business of small personal loans shall have a notice visibly displayed to the public in each office where it is stated that loan applications shall be accepted from the amount of one hundred fifty dollars ($150) on. It shall be the responsibility of the Commissioner’s Office to ensure the faithful compliance of this provision through regulations to such effects.
(c) Exceptions. — No person doing business under the authority of any law in force in this jurisdiction, applicable to banks, mutualist savings banks, trust companies, savings and loan associations, insurance companies, credit unions, or pawnshops, may receive a license under that act; nor shall §§ 941—959 of this title apply to any business transacted by any of those persons or to bona fide credit sales.
History —June 28, 1965, No. 106, p. 278, § 3; May 28, 1982, No. 21, p. 43, § 2; July 22, 1988, No. 132, p. 543, § 2; Dec. 17, 1991, No. 96, § 2; Aug. 9, 1995, No. 117, § 2; Dec. 4, 1998, No. 290, § 2, eff. 30 days after Dec. 4, 1998.