P.R. Laws tit. 10, § 2509
All concessionaires under the provisions of this chapter shall comply with the following duties and obligations:
(1) Their relationship with their clients shall be deemed to be of a fiduciary nature, and they will be required to carry out their functions with the highest degree of diligence, care, loyalty, and pecuniary benefit for their clients.
(2) Keep an office or establishment that is adequate to attend to their clients, where they can be reached during business hours.
(3) Keep and maintain in the main office all reports, books, records, registries, documents, papers and other evidence related to their check-cashing business, in separate accounts from those of other businesses they may conduct.
(4) Prepare and submit to the Office of the Commissioner any report on their business and operations that he/she may require.
(5) Endorse the checks cashed at their establishment with the name and license number as it appears on the license issued by the Commissioner.
(6) Furnish a copy of the license that authorizes them to engage in the check-cashing business to any financial institution with which they do business.
(7) Advertise in such a manner that the nature of the services they offer and/or the activity in which they are engaged with regard to the check-cashing business are clearly identifiable.
(8) Conspicuously post and display in each office in view of the public, a list of the rates they currently charge for their check-cashing services.
(9) Observe the applicable laws and regulations that impose record keeping requirements and render report of current transaction reports to the Federal Treasury Department (31 USC §§ 5311 et seq. and 31 CFR § 103 et seq.) and to the Secretary of the Treasury of Puerto Rico (Puerto Rico Internal Revenue Code of 1994, § 1153), and provide a true and exact copy of said reports (CTRs) to the Commissioner when he/she requires it.
(10) Comply with any order or resolution of the Commissioner.
(11) Provide all persons for whom a check is cashed or with whom a transaction is conducted with a receipt evincing such a transaction.
History —Aug. 11, 1996, No. 119, § 10, renumbered as § 9 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.