P.R. Laws tit. 10, § 636
In order to obtain a license to engage in the pawnbroking business under this chapter, petitioners or their partners, directors, and executive officers shall:
(a) Have a net worth of at least ten thousand dollars ($10,000) calculated according to generally accepted accounting principles;
(b) have liquid assets valued at no less than five thousand dollars ($5,000) available for the business at the specific location;
(c) maintain an appropriate space available and equipped for conducting the business;
(d) file a license application with the OCFI, together with the corresponding bond, pursuant to §§ 637 and 638 of this title;
(e) include a negative criminal record certificate issued by the Puerto Rico Police not more than sixty (60) days in advance, as well as two (2) 2 x 2 photographs when filing the aforesaid application;
(f) include with the aforesaid application, three (3) sworn statements from three (3) persons who have no relation within the third degree of consanguinity or the second degree of affinity and are not employed by the petitioner, testifying, under penalty of perjury, that the petitioner enjoys a good reputation in his/her community, that he/she is not considered prone to commit criminal acts, including but not limited to fraud, and that to the best of their knowledge, he/she is emotionally capable of operating a pawnbroking business;
(g) include certified copies of the income tax returns for the last five (5) years, and
(h) meet any other requirement provided by the OCFI through regulations, circular letter, or other general determination or administrative communication.
History —Feb. 24, 2011, No. 23, § 4, eff. 60 days after Feb. 24, 2011.