P.R. Laws tit. 7, § 232n
(a) The license issued under § 232e of this title shall be subject to revocation or suspension by the Commissioner, upon previous notice and hearing pursuant to the regulations provided in § 232s of this title if:
(1) An international banking entity or the person of which said international banking entity is a unit, contravenes or fails to comply with any of the provisions of §§ 232 et seq. of this title, any regulations of the Commissioner, or any of the terms and conditions of the license to operate an international banking entity.
(2) An international banking entity fails to pay the annual license fee of five thousand dollars ($5,000).
(3) The Commissioner finds that the business or affairs of an international banking entity are conducted in a manner that is not consistent with the public interest.
(b) An international banking entity or the person of which said international banking entity is a unit, may at any time, and in the manner provided by the regulations of the Commissioner, surrender its license to operate an international banking entity.
History —Aug. 11, 1989, No. 52, p. 178, § 16; Aug. 11, 1996, No. 121, § 8.