P.R. Laws tit. 7, § 1079
Every licensee, as provided in this chapter, shall fulfill the following duties and obligations:
(1) The relationship with his/her clients shall be deemed to be of a fiduciary nature and he/she shall be required to exercise his/her functions with the utmost degree of diligence, care, loyalty and monetary benefit for his/her client.
(2) Maintain adequate premises or a proper office to serve his/her clients where he/she may be reached during office hours.
(3) Keep and maintain at the office or place of business all the documents or other evidence pertinent to his/her business.
(4) Prepare and submit to the office of the Commissioner any report required by the aforesaid, regarding his/her business and operations.
(5) When acting as representative of any person located outside of Puerto Rico, he/she shall make a complete disclosure of the conditions of the services offered, including applicable rates of interest for the loans and financing offered, negotiated and obtained, and regarding compliance with the fiscal laws applicable in Puerto Rico.
(6) When entering into any transaction with money lenders who have no business office in Puerto Rico, his/her relationship with said money lender shall be deemed as a point of contact to do business in Puerto Rico, and any transaction carried out as a result of his/her negotiations shall be governed by the laws applicable in Puerto Rico, including §§ 8006 et seq. of Title 13, known as the “Puerto Rico Internal Revenue Code of 1994”.
(7) Provide a copy of the license authorizing him/her to engage in the financial intermediation business to every money lender or financial institution with which it conducts business.
(8) Advertise in a way that the nature of the services offered or the activities performed related to the business of financial intermediation are clearly identified.
(9) Comply with any other order or resolution of the Commissioner.
History —Oct. 14, 1995, No. 214, § 10; renumbered as § 9 and amended on Dec. 30, 2010, No. 248, § 8.