P.R. Laws tit. 3, § 8163
(a) The Bank is hereby directed to establish through regulations the standards and requirement with which all covered contracts executed by a government entity must comply and all assignments, sales, or transfers of such covered contracts to one or more third parties. Such regulations must also establish the covered contracts that will be exempted from the provisions of this chapter. The regulations must be adopted on or before ninety (90) days as of the effective date of this act.
(b) The regulations may include, without it being construed as a limitation, the following standards and requirement:
(1) The information and support documents that must be included in the application for approval of the covered contract or of the approval of the assignment, sale, or transfer of such covered contract;
(2) the procedure for presenting evaluating and approving or denying the application;
(3) the covered contract model or models that must be used by the government entities or the minimum criteria with which the covered contract must comply, which may include:
(A) The maximum interest rate;
(B) the term of the covered contract;
(C) the useful life of the personal property;
(D) the penalties or liabilities for the premature cancellation of the covered contract;
(E) the guarantees, if any;
(F) the ownership of the personal property, among others;
(G) the circumstances under which it must include a release from liability for the contracting government entity in the event that sufficient budgetary funds are not assigned to it to meet all the payment commitments under the covered contract, and
(H) any other requirement provided in this chapter;
(4) the criteria to approve an assignment, sale, or transfer, and,
(5) the term the Bank will have to approve or deny any application, which shall not exceed sixty (60) days from the date on which the Bank receives the complete application as required by the regulations and this chapter.
(c) Any application for approval that is not denied by the Bank within the term provided by the regulations or sixty (60) days after having been received complete by the Bank, whichever is less, shall be deemed to be approved for the purposes of this chapter.
(d) The approval of the regulations and of any subsequent amendment shall be exempt from the requirements of §§ 2101 et seq. of this title, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”. Once the regulations are adopted or amended by the Bank, they shall be filed with the Department of State and they shall be published on or before thirty (30) days after the filing of the approval of such regulations or amendment through an advertisement published in two newspapers of general circulation in the Commonwealth of Puerto Rico.
(e) The Bank is directed to maintain a register where all covered contracts, assignments, sales, or transfer of a covered contract approved by the Bank shall be recorded. All covered contracts must be registered with the Bank not later than thirty (30) days after their execution.
(f) All private entities that upon the prior written approval of the Bank execute an assignment, sale, or transfer of a covered contract must notify the Bank within thirty (30) days of the effective date of such assignment, sale, or transfer.
History —Sept. 3, 2003, No. 265, § 4.