P.R. Laws tit. 10, § 981f
(a) No license shall be issued to operate a collecting agency unless the applicant has given, in behalf of the Commonwealth of Puerto Rico, a bond in cash, mortgage, bonds, promissory notes or other debt evidences from the Commonwealth of Puerto Rico, its municipalities and public corporations, deposit certificates issued by commercial banks authorized to carry out business in Puerto Rico or of a surety company authorized to carry out business in Puerto Rico for the amount of five thousand dollars ($5,000) to guarantee the faithful fulfillment of the obligations contracted with respect to the receipt, handling and transfer of money obtained in the collection of accounts. Said bond shall also answer for the cost of publication of the notice of revocation or relinquishment of the license required under § 981k of this title and for any loss or damage caused to any person by reason of the noncompliance of the provisions of this chapter, or of the rules and regulations adopted thereunder.
(b) The bond shall be kept in force together with the license. The license shall automatically be revoked upon the discontinuance of the bond. However, the revocation of the license shall not affect the effectiveness of the bond as to the claims originated by acts occurring prior to the date of said revocation.
(c) A bond shall be required for each license granted.
(d) The bond shall be kept in force until 60 days after the expiration of the license as provided in subsection (c) of § 981c of this title, and after the voluntary cessation of operations of the collecting agency or after the temporary suspension or revocation by the Secretary.
(e) The Secretary may, at any time, through notice served by mail with acknowledgment of receipt, require the licensee to render a new bond, or a supplementary bond for the amount and in the manner that it be necessary to comply with the provisions of this section, when the Secretary deems that the guaranty offered by such bond is no longer satisfactory or that the amount of same is not sufficient to satisfy all contingent or accumulated claims against the licensee. If the licensee fails to comply with this requirement of the Secretary within ten (10) days after having been notified, such noncompliance shall operate as an automatic revocation of the license, unless the Secretary grants an extension to comply with such requirement, which shall be applied for within ten (10) days after the notice.
History —June 27, 1968, No. 143, p. 409, § 7; June 21, 1971, No. 45, p. 132, § 1.