P.R. Laws tit. 10, § 780
Financing companies shall be bound to:
(1)
(a) Provide all such information as the Commissioner may deem necessary from time to time for the enforcement of this chapter or any regulations approved hereunder and to place at the disposal of the Commissioner, at the place of business, the accounting books, records, documents and such other data that he may consider as necessary.
(b) Pay the Commissioner an examination fee of three hundred dollars ($300) for each day or fraction thereof, for each examiner intervening in each examination, plus expenses incurred on account of per diems and mileage pursuant to the rules established for officials and employees of the Commonwealth of Puerto Rico, by a check issued to the order of the Secretary of the Treasury.
(c) Every licensee shall submit those reports required by the Commissioner, on the dates and under the terms provided by the Commissioner.
(i) Financial statement.
(ii) Statement of income and expenses.
(iii) Reconciliation of the capital account as of December 31 of each year.
In addition to the aforesaid reports, the Commissioner may request any other report he deems necessary. If the company has more than one authorized office in Puerto Rico, the Commissioner may authorize him to submit a consolidated annual report.
(2) To allow the Commissioner free access to their properties, facilities and places of operation.
(3) To submit to the Commissioner the retail installment sale contract to be used in their installment sales and any other agreement that will govern a revolving account plan, along with the credit application form under such plan, as the case may be. The licensee shall submit a certification stating that the contract or agreement that shall govern the revolving account plan and the credit application form under such plan, as the case may be, comply with the applicable local and federal laws and regulations and the Commissioner at his discretion may revise or require changes to the same.
History —June 19, 1964, No. 68, p. 192, § 4010, renumbered as § 410 and amended on May 31, 1972, No. 78, p. 171, § 17; Aug. 17, 1989, No. 69, p. 301, § 15; renumbered as § 508 and amended on Dec. 23, 1998, No. 310, § 19, eff. 60 days after Dec. 23, 1998.