P.R. Laws tit. 10, § 996d
(a) Issuance of license.—Upon the filing of application and payment of fees, the Commissioner shall make the necessary investigations, and should he find that the financial solvency, experience, character and general ability of the applicant are such as to justify the belief that the business shall be administered legally and fairly within the scope of the law, and that the issuance of the license shall be convenient and profitable for the community within which business shall operate, he shall approve said application and shall issue a license to the applicant which shall be the authorization to operate in accordance with the provisions of this chapter.
(b) Denial of license.—Should the Commissioner deny the application, the investigation fees shall be withheld by the Commissioner and the annual license fee shall be returned to the applicant.
(c) Existing businesses.—Any person who on the date of effectiveness of this act is engaged in the business of personal property lease may continue in such business, but shall apply for a license within 30 days following the date on which this act takes effect. Within the term of sixty (60) days on and from the date of effectiveness of this act, such person shall meet all requirements imposed by law or by regulation to attain the issuance of a license.
History —May 8, 1973, No. 20, p. 71, § 5; July 23, 1974, No. 135, Part 1, p. 634, § 2; July 2, 1987, No. 91, p. 355, § 4.