P.R. Laws tit. 20, § 3053
Every financial institution engaged in collecting the accounts of companies that sell real estate located outside of Puerto Rico, shall:
(a) Hold a license issued by the Commissioner of Financial Institutions or that of a collection agency issued by the Secretary of Consumer Affairs.
(b) Indicate this fact in a prominent place in the payment books, and in print of at least twelve (12) points.
(c) Indicate to the buyer the extent of the financial institution’s participation in the transaction, and deliver a written listing of the fees, emoluments or commissions paid to the broker, salesperson or company for referring a buyer to their institution.
(d) Require the presentation of a copy of the current license from any broker, salesperson or company that does business through their institution.
History —Apr. 26, 1994, No. 10, § 30, eff. 90 days after Apr. 26, 1994.