P.R. Laws tit. 23, § 6835
Any alienation or lien transaction of a medallion made without the prior authorization of the Company shall be null and void.
(a) The determination of nullity shall entail the cancellation of the franchise or authorization that the medallion represents, and the latter shall be returned immediately to the Company.
(b) The holder of the medallion who alienates or encumbers it without the previous authorization of the Company shall be ineligible to obtain a new franchise or authorization for a term of five (5) years reckoned from the date of the determination of nullity.
(c) The natural person who has made a lien or alienation transaction on a medallion without the previous approval of the Company shall be withdrawn from the Registry of Eligibles. If his name is not recorded in such Registry, he/she shall be ineligible to be included therein, in either of these two (2) cases, for a term of five (5) years calculated from the date of the determination of nullity.
(d) If the creditor is a private person or a bank, financial institution or a natural or juridical person engaged in the operation of a loan business, the determination of nullity shall entail the imposition of an administrative fine of ten thousand dollars ($10,000).
History —Dec. 19, 2002, No. 282, § 50, eff. 180 days after Dec. 19, 2002.