P.R. Laws tit. 10, § 945
(a) Issuance of license.— Upon filing the application and paying the fees, the Commissioner shall conduct such investigations as he/she may deem necessary, and if he/she finds that the financial liability, experience, character, and general fitness of the applicant are such that they shall inure to the public benefit and justify the belief that the business shall be legally and fairly administered within the purposes of this chapter; that the issuance of the license shall be convenient and beneficial to the community within which the business shall operate and that the applicant has liquid assets available for the business amounting to not less than $200,000; subsequently, the Commissioner shall approve such application and issue a license to the applicant, which shall be the authorization to make loans under the provisions of this chapter. Provided, That any person who, as of the date of effectiveness of this act, was engaged in the business of small personal loans by virtue of this chapter, with less than $200,000 in liquid assets, may continue to operate such business. Any person to whom a license is issued shall begin operating within a three (3)-month period as of the date on which his/her license was issued. In the event that the operations fail to begin within this period, the Commissioner shall cancel said license and withhold the money hereby claimed and received.
(b) Refusal of license.— If the Commissioner rejects the application, the investigation charges shall be retained by the Commissioner and the annual fee shall be returned to the applicant.
(c) Existing businesses.— Any person who on the date of the effectiveness of this act is engaged in the business of small personal loans may continue such business but shall apply for a license within the 30 days next following the effective date of this act. Within the term of sixty days on and after the effective date of this act such persons shall meet all the requirements specified in this chapter for obtaining a license.
The provisions of § 954 of this title shall, however, apply to said persons from the date this act takes effect.
History —June 28, 1965, No. 106, p. 278, § 5; June 21, 1971, No. 47, p. 134, § 1; July 22, 1988, No. 132, p. 543, § 4; May 1, 2010, No. 48, § 2.