P.R. Laws tit. 10, § 766
The issuer of a credit card may grant credit and collect financing charges under a revolving account plan for credit card use in which:
(a) The issuer of the credit card allows the card holder to perform transactions from time to time;
(b) a financing charge or an interest rate is computed from time to time on the balance due by the card holder;
(c) the issuer shall render to the card holder monthly statements of account if there is any balance or if there have been any transactions during that billing cycle;
(d) the balance due according to such statements shall be payable on a specific date as established between the parties or in installments, at the option of the card holder, subject to the terms and conditions of the agreement, and
(e) the balance due is increased by the total amount of the transactions made by the card holder, plus the financing charges computed pursuant to the agreement, and shall be reduced by the payments made by the card holder.
The revolving account plan agreement for credit card use executed in Puerto Rico between an issuer authorized by the laws of Puerto Rico to issue such credit cards and the holder thereof, shall be governed by the laws and regulations of Puerto Rico and by applicable federal laws and regulations, including, but not limited to the “Truth in Lending Act” (15 U.S.C.A. § 1601 et seq.) and Regulation Z adopted thereunder, regardless of the place of residence of the holder thereof.
History —June 19, 1964, No. 68, p. 192, added as § 401 on Dec. 23, 1998, No. 310, § 30; Aug. 15, 1999, No. 258, § 5, eff. 30 days after Aug. 15, 1999.