P.R. Laws tit. 23, § 11192
The Economic Development Bank for Puerto Rico shall devise a plan that allows for the refinancing of student loans, at competitive rates, which shall not exceed six percent (6%) of annual compound interest, subject to the commitment of the applicant to remain and work in the jurisdiction of the Commonwealth of Puerto Rico for at least six (6) years or the repayment term offered, whichever is greater. Students enrolled in graduate school in an accredited institution outside of Puerto Rico shall be exempt from this residency requirement. However, once they complete their studies, said students shall meet the minimum Puerto Rico residency requirement established. The Economic Development Bank may bring a legal action in accordance with the terms established in the applicable laws, in the event of noncompliance with the terms established herein. In any case, said refinancing shall only be granted when it is part of an application for financing for the development of a business by a Young Entrepreneur and evidence is furnished by the applicant of having received business training courses offered by the Department of Economic Development and/or the Foreign Trade Entrepreneurship Institute of the Trade and Export Company. The applicant shall present attesting evidence of having completed said courses.
The Bank shall establish through regulations or administrative determination, the terms and special conditions to devise the plan.
History —Aug. 7, 2014, No. 135, § 4.