P.R. Laws tit. 7, § 1249
(a) Noncompliance with requirements, duties and obligations. — The Commissioner may impose and collect an administrative fine of five hundred dollars ($500), when he/she determines that during a specific taxable year the fund or the designated entity failed to comply with any of the requirements, duties and obligations established by this chapter or by regulations. After the corresponding administrative procedures are completed, the Commissioner may also revoke the fund’s license or the designated entity’s joint resolution for noncompliance or violations of the provisions of this chapter or the regulations promulgated thereunder.
The procedure to impose administrative fines and to revoke licenses or joint resolutions shall be established by regulations and it shall meet the minimum requirements of due process of law.
(b) Authorization to liquidate a fund. — The Commissioner shall determine when a fund may be liquidated through the procedures and on the grounds established by regulations. Once the liquidation of the fund is authorized, the Commissioner shall inform the Secretary and shall provide him/her with the information this official may require.
History —Oct. 6, 1987, No. 3, p. 840, § 9; July 11, 1996, No. 70, § 9.