P.R. Laws tit. 7, § 630
For the ends and purposes of this chapter, these terms shall have the following meaning:
(a) Credit repair agency. — Any person, business, establishment, corporation, association, partnership or entity dedicated to providing assistance or advice for the planning and management of the debts of a consumer, by means of personal or telephone contact, in writing or through newspaper advertisements, publications, handouts, signs, banners, the telephone book, radio or television, or otherwise by any other similar media, that initiates affirmative action on behalf of any person to correct erroneous information, lessen the harmful effects of adverse information, updates or otherwise varies, alters or modifies the information in the files, registers or reports of companies dedicated to disclosing credit information and require the payment of service charges, commissions or otherwise any other consideration of value for rendering such services.
(b) Commissioner. — The Office of the Commissioner of Financial Institutions, created by virtue of §§ 2001 et seq. of this title.
(c) Consumer. — Any person whose debts or obligations are mainly for personal, family or household purposes who requests and utilizes the services of a credit repair agency.
(d) Credit repair agreement. — The agreement between an organization dedicated to credit repair and the consumer whereby the services to be rendered and the fees to be paid are established, among others.
(e) Credit. — The eligibility and capability of a consumer for obtaining loans or financing based on the debt and repayment history of the same.
(f) Credit report. — Report issued by a credit bureau or similar entities that contains the history of consumer debts and repayment, as defined by the Fair Credit Reporting Act, 15 USC §§ 1681 et seq.
(g) License. — Shall mean the authorization issued by the Commissioner for those who shall be dedicated to the credit repair business.
(h) Administrative fines. — Economic sanctions imposed pursuant to the provisions set forth in §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”, special laws within the jurisdiction of the Office and/or regulations.
(i) Office or business location. — Place at which the services are rendered, which requires a use permit granted by the Permit Management Office of the Commonwealth of Puerto Rico.
(j) To operate or do business. — Means to carry out a series of similar actions for profit or to achieve an objective, including carrying out a series of actions, if performed for purposes of initiating said series of actions.
(k) Person. — Refers to any natural or juridical person.
(l) Consumer credit transactions. — Means any transaction whereby credit is offered or extended to a natural person for personal, family or household purposes.
History —Aug. 31, 2004, No. 236, § 2, eff. 60 days after Aug. 31, 2004.