P.R. Laws tit. 23, § 681

2019-02-20 00:00:00+00
§ 681. Exemption from usury provisions

Any natural or artificial person who as a moneylender demands or receives in or for any contract, agreement or obligation, either directly or indirectly, money at a rate of interest exceeding that prescribed in this chapter, when the object of said contract, agreement or obligation and the money so obtained as a loan is invested in the financing of an apartment or room in a building constructed or used as a “Condohotel” as hereinafter defined shall hereby be exempt from the provisions of Act No. 92 of May 6, 1938.

History —June 8, 1972, No. 6, p. 350, § 1.