P.R. Laws tit. 10, § 946
(a) License.— Each license shall contain the address of the office where the business will be operated and the name of the concessionaire. The license shall be posted conspicuously in the authorized place of business and shall be untransferable.
(b) Continuity of license.— Each license shall remain in effect insofar as all the corresponding annual fees are paid to the Commissioner, or until relinquished or revoked. Every concessionaire shall renew its license through strict compliance with the applicable laws and regulations, the payment of the annual fee provided in this chapter, and submittal of any other information required by the Commissioner not later than December 1 of each year. If the payment and the information required are not received on or before December 31, it shall be understood that the license has been relinquished. No other license shall be issued unless it is certified that the original license was lost or destroyed, or due to a change of address. In the latter case, the original license shall be reinstated. Every concessionaire that pays the fees or submits the information required for renovation after December 1 of each year shall be imposed an administrative fine by the Commissioner, as provided by this chapter.
Every concessionaire shall renew the license for its main business office and for each branch through the payment of an annual fee of two thousand dollars ($2,000) for each one.
(c) Minimum assets.— Every concessionaire shall keep at least $200,000 in liquid assets available for use in the administration of the business in each authorized office.
History —June 28, 1965, No. 106, p. 278, § 6; June 18, 1971, No. 39, p. 118; July 22, 1988, No. 132, p. 543, § 5; Dec. 4, 1998, No. 290, § 3; May 1, 2010, No. 48, § 3.