P.R. Laws tit. 23, § 6832
The medallion thus granted may be transferred or encumbered upon with prior authorization of the Company, and only by the holder thereof or an acquirer by purchase or transfer previously declared eligible by the Company. In no case shall the Company authorize more than three (3) lien transaction bids annually, which in any case shall not have a monetary limit when the purpose for requesting them is to repair a motor vehicle. When the purpose behind the lien transaction is to finance the acquisition of the medallion by a person previously declared eligible by the Company or to replace the motor vehicle used to provide the service, the Company may authorize lien transactions which shall not exceed the amounts stated below:
(a) Twenty thousand dollars ($20,000) for financing the acquisition of the medallion.
(b) Twenty-five thousand dollars ($20,000) for vehicles engaged in rendering tourist ground transportation services for pay.
(c) Sixty thousand dollars ($60,000) for taximeters.
(d) Sixty thousand dollars ($60,000) for motor vehicles engaged in rendering tours or as taxicabs.
The vehicles thus acquired must be within the five (5) leading models in the country’s market.
In no case shall the Company authorize more than one (1) lien transaction for the acquisition of a vehicle in a period of two (2) calendar years.
The applicant shall be bound to remit to the Company convincing evidence, such as purchase or repair bills that show that the money obtained through the lien has been used for the purposes for which it was requested.
History —Dec. 19, 2002, No. 282, § 47, eff. 180 days after Dec. 19, 2002.