P.R. Laws tit. 7, § 2009
The Board shall be the legal successor of the Interest Rates and Financing Fees Regulating Board, created by §§ 998 et seq. of Title 10. As such, it shall be responsible for fixing, regulating, raising or lowering, by regulations and for the necessary term, the interest rates and/or maximum fees applicable to certain financial transactions within the framework of any sector, line or economic activity in the country not covered by special statutes. The Financing Board shall also serve as advisory body to the Office of the Commissioner for the purpose of contributing to the orderly development of the financial institutions, and to propitiate and recommend measures for the creating and maintenance of favorable credit and financing conditions for the economic stability and growth of the country.
The Financing Board shall also advise the Commissioner on the compliance of the public policy established by this chapter.
History —Oct. 11, 1985, No. 4, p. 857, § 9.