P.R. Laws tit. 10, § 2631
OCFI shall be responsible for overseeing, supervising, and regulating the operations of persons engaged in the money service business and for investigating and issuing orders against those who operate such business without a license issued therefor by OCFI.
Any person engaged in any type of money service business without a license shall be subject to the jurisdiction of OCFI and to the procedures and sanctions established by the Commissioner.
In addition to the powers and authorities conferred to the Commissioner under §§ 2001 et seq. of Title 7, he/she shall, without it being construed as a limitation, have the power:
(a) To take any action and impose such remedies as necessary to effectively achieve the purposes of this chapter or its regulations.
(b) To require that licensees and authorized delegates keep and maintain records or other documents as needed to enforce the provisions of this chapter or the regulations thereunder.
(c) To inspect all types of records, files, and documents of any person engaged in the money service business.
(d) To undertake all kinds of studies and investigations, at the request of the interested party or motu proprio, regarding any authorized matters or alleged violations of this chapter or the regulations thereunder. For such purposes, he/she may request the necessary, pertinent, and essential information to achieve such objectives, as well as carry out any other investigations necessary for the sound administration of this chapter or the regulations thereunder.
(e) To administer oaths; take testimonies, gather data or information; summon witnesses; require the presentation of documents such as books, records, files, correspondence, memoranda, agreements, or other documents he/she may deem relevant or substantial to the investigation; and examine the same with regard to the requirements of this chapter.
(f) To investigate any transaction of any person engaged in the money service business and his/her accounts, books or records, files, and documents whenever he/she has reasonable grounds to believe that said person is violating or appears to be violating the provisions of this chapter or the regulations thereunder. For purposes of this subsection, any person who advertises, solicits, or appears to be willing to carry out any money services business shall be deemed to be engaged in the money service business.
(g) To resort to the Court of First Instance of Puerto Rico to petition, in aid of jurisdiction, that any summons, order, requirement, or resolution issued by the Commissioner be enforced. The Court of First Instance shall be empowered to punish as contempt of court the disobedience of its orders and to compel the appearance of witnesses or the presentation of any data or information that the Commissioner has previously required.
(h) To approve the necessary regulations to implement this chapter.
(i) To prescribe by regulations the maximum service charge(s) that a licensee or authorized delegate may collect for providing money services. Provided, That unless the Commissioner provides otherwise, the service charge to be collected by a licensee or authorized delegate for providing money services shall be determined according to open market conditions.
(j) Should the Commissioner determine that a person has committed a violation of this chapter or the regulations promulgated thereunder, as well as any order or administrative resolution issued by OCFI he/she may issue against such person those orders he/she may deem convenient in the public interest, and initiate proceedings pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(k) To impose fines, restitution, or administrative sanctions for violations of law, regulations, and the orders issued by him/her, which shall include, but not be limited to the suspension or revocation of any licenses issued by virtue of this chapter.
History —Sept. 21, 2010, No. 136, § 6.1, eff. 60 days after Sept. 21, 2010.