P.R. Laws tit. 23, § 263f
Within ninety (90) days after approval of this act, the Fund, through the President and Executive Director of the Company, and the President of the Bank, shall adopt regulations that shall govern the securing of the principal and interest of loans granted under the terms of this chapter, including, but without being limited to the following criteria:
(1) Eligibility requirements, processing, conditions to obtain security for financing and all the provisions deemed pertinent to the implementation of the powers and purposes granted to the Fund by this chapter.
(2) Pertinent provisions which would ensure that the secured loan will be used by the eligible business, solely for the purposes established by this chapter.
(3) Provisions which establish that only property, or assets on first and second mortgages on personal property, shall be accepted as security; and that property or assets on which there are other liens, other than said mortgages which could encumber the collection of the secured debt, will not be accepted; if those other liens referred to exist, they shall be subject to subordination.
History —July 9, 1985, No. 97, p. 313, § 7.