P.R. Laws tit. 7, § 630q
(a) Generally. — Pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedure Act”, no license shall be revoked without a prior hearing.
The Office of the Commissioner of Financial Institutions, at its own initiative or at the request of a party, may initiate the procedures for the revocation of the licenses pursuant to the provisions set forth in this chapter.
(b) Causes. — After prior notice and hearing, the Commissioner may revoke the license granted pursuant to the provisions set forth in this chapter if he/she determines that:
(1) There is a fact that, if it had existed or if it had been known at the time when the application was filed or the license issued, would have been sufficient cause for the Commissioner to deny the license.
(2) The credit repair agency or its representative has infringed any of the provisions set forth in this chapter or any of the applicable regulations.
(3) The credit repair agency has infringed any of the provisions in the enabling laws and the regulations under the jurisdiction of the Office of the Commissioner after having been ordered to comply with them.
(4) The license holder has been accused of a misdemeanor or a felony that entails moral depravity.
(5) Any other cause that affects the public interest according to the Commissioner.
Any revocation of a license and its date of effectiveness shall be established by means of a written order accompanied by findings of fact and conclusions of law. A copy of the same shall be sent to the license holder. The evidence considered by the Commissioner shall be filed in the public records of the Office of the Commissioner.
If the license holder fails to appear at the proceedings or if having appeared does not prevail, the Commissioner of Financial Institutions shall issue a resolution ordering the revocation of the license, which shall be notified by mail and shall include an advisement as to the right to a reconsideration and appeal of review before the Circuit Court of Appeals, as the case may be, and the applicable terms.
History —Aug. 31, 2004, No. 236, §§ 20, 21, eff. 60 days after Aug. 31, 2004.