P.R. Laws tit. 7, § 630n
No credit repair agency established under the provisions of this chapter may initiate the sale, assignment, merger, exchange, permutation or any other form of transfer of the shares with the right to vote, interest or participation in the capital of another credit repair agency without previous authorization in writing from the Commissioner if by means of such a transaction any person may be able to acquire, directly or indirectly, control over ten percent (10%) or more of any class of shares, interest or participation in the capital with the right to vote.
Any sale, assignment, merger, exchange, permutation or any other form of transfer of capital shares with the right to vote, interest or participation in the capital of a credit repair agency, as stated in the first paragraph of this section, shall be null and void without prior authorization in writing from the Commissioner.
The credit repair agency shall notify the Commissioner thirty (30) days in advance of any transaction proposal mentioned in this section, the identity of the transferor and the transferee and the nature of the transaction, accompanied by payment of the investigation fees mentioned in § 630b of this title.
The Commissioner may require additional information as deemed necessary to decide whether the transaction would be prejudicial to the financial security or solidity of the credit repair agency or if it would infringe any law, rule or regulation which governs the same, in which case the Commissioner may deny the authorization. Any person to whom the authorization is denied is entitled to request a hearing pursuant to the provisions set forth in the Uniform Administrative Procedure Act, §§ 2101 et seq. of Title 3, and the regulations promulgated thereunder by the Office of the Commissioner.
History —Aug. 31, 2004, No. 236, § 16, eff. 60 days after Aug. 31, 2004.