P.R. Laws tit. 20, § 3036
The Board shall issue to a real estate broker, salesperson, or company a license after the applicant has passed the proper examination and has posted bond in favor of the Commonwealth of Puerto Rico, and deposited it with the Board, in the amount of ten thousand dollars ($10,000) in cases of real estate broker or salesperson licenses and in the amount of twenty thousand dollars ($20,000) in cases of real estate companies. Said bond shall be issued by an insurance company duly authorized to do business in the Commonwealth of Puerto Rico, within a term of thirty (30) days after the Board has issued or renewed the corresponding license. The real estate broker, salesperson, or company shall be bound to inform in writing to the Department of Consumer Affairs the name, physical and mailing address, and telephone number of the insurance company that has issued the bond. The bond shall include the condition that the applicant or person who obtains the license shall comply with all the provisions of this chapter and the rules and regulations adopted thereunder. The bond shall be surety for any loss or damage caused to any person for any failure to comply with the provisions of this chapter or the rules and regulations issued thereunder. Said bond shall also stipulate that the revocation of a license shall not affect the effectiveness of the bond with regard to original claims for acts incurred prior to the date of said revocation.
Any person who suffers losses or damages due to any act or omission by a real estate broker, salesperson, or company may file a suit pleading redress for the loss or damages suffered against the insuring company directly or the broker, salesperson, or company, or against both.
History —Apr. 26, 1994, No. 10, § 13; Sept. 26, 2005, No. 118, § 2.