P.R. Laws tit. 7, § 1362b
(a) Every cooperative may offer the following products and services to persons who are not members:
(1) Personal loans up to the maximum amount and under the terms and conditions allowed pursuant to §§ 941 et seq. of Title 10, known as the “Small Personal Loans Companies Act”, and
(2) all financial services available to members as provided in § 1362a of this title, provided that the loans that are offered do not exceed the sum of those liquid assets that the debtor maintains in the cooperative or that secure one hundred percent (100%) of the loan. For the purposes of this section, the following are deemed to be liquid assets, provided they are subject to a duly constituted lien and validated in favor of the cooperative:
(A) Assets of members that are not committed with loans granted by the cooperative;
(B) deposit[s] or negotiable securities accounts that are kept in financial institutions authorized to operate in Puerto Rico, and
(C) insurance policies or unearned premiums of insurance policies issued by insurance companies authorized to do business in Puerto Rico, whose premiums secure the unpaid balance of the loan.
(b) The cooperative may adopt different interest structures, charges and prices for members and non-members.
History —Oct. 28, 2002, No. 255, § 2.03.