P.R. Laws tit. 7, § 763
Any employee may authorize, with the consent of his employer, that a fixed amount be periodically discounted from his wages or salary to be forwarded to the Bank for the following purposes:
(a) To deposit in a savings account in the Bank to the name of the employee.
(b) For the purchase of the Bank’s stock.
(c) To apply to the payment of loans or obligations incurred by the employee with the Bank.
By mutual agreement with the employer, the Bank shall establish the rules for remitting to the Bank the sums so deducted by the employers.
The agencies, departments and instrumentalities of the Commonwealth and political subdivisions thereof shall be under obligation to make these discounts on petition of their employees.
Any employer excepting the Commonwealth Government, retaining in his possession for more than fifteen (15) days, without just cause, the money deriving from the discounts made from the payroll of employees pursuant to these provisions of law shall be guilty of a misdemeanor and upon conviction punished by a minimum fine of fifty dollars ($50) for each violation.
History —June 21, 1966, No. 88, p. 257, § 13.