P.R. Laws tit. 10, § 981k
(a) Revocation of license .—The Secretary may revoke a license on any grounds which may empower him to deny an application therefor, pursuant to this chapter. An additional cause for revocation of the license shall be the violation of any of the provisions of this chapter.
Any order revoking a license shall set forth the reasons on which such action is based and said order shall become effective after the lapse of thirty days from the date in which copy of the order has been sent by certified mail with acknowledgment of receipt to the licensee.
(b) Relinquishment of license.—Any licensee may relinquish the license or licenses by serving a written notice to the Secretary.
(c) Existing contracts.—No revocation or relinquishment of any license shall diminish or affect the obligations derived from any valid existing contract between the licensee and other persons.
(d) The Secretary shall publish in a newspaper of general daily circulation a notice relative to all revocation or relinquishment of license. The cost of the notice shall be on account of the license holder and shall be collected from the bond that the latter may have given.
History —June 27, 1968, No. 143, p. 409, § 12; June 21, 1971, No. 45, p. 132, § 1.