P.R. Laws tit. 29, § 726
Employers that opt to pay off their debt under the incentive plan provided herein shall be relieved from the payment of interests, surcharges, penalties, and administrative expenses, as applicable, on debts covered under the incentive plan, incurred and owed for the periods, including months, ending on or before June 30, 2013.
As part of the incentive plan, employers may opt to avail themselves of the aforementioned relief on the payment of interests, surcharges, penalties, and administrative expenses, as applicable. Employers may choose to pay in full the principal of the debt outright or on installments under a payment plan. However, if an employer chooses to avail himself of a payment plan, such employer must sign and make the minimum payment as described in this section. The term of the aforementioned plan shall be established for a period that shall not exceed four (4) years, and shall be subject to a minimum initial payment of the principal which shall be paid at the time of availing themselves of the incentive plan. The term of the payment plan shall be established below:
(a) No interest shall be assessed on debts paid in full outright.
(b) Debt to be paid within a period of one (1) year, employers shall make an initial payment of ten percent (10%) of the principal. The outstanding balance shall be subject to a payment plan that shall not exceed twelve (12) months after the granting of the incentive plan, without being subject to any interest whatsoever.
(c) Debt to be paid within a period of two (2) years, employers shall make an initial payment of ten percent (10%) of the principal. The outstanding balance shall be subject to a payment plan that shall not exceed twenty-four (24) months after the granting of the incentive plan, subject to a five percent (5%) annual interest rate.
(d) Debt to be paid within a period of three (3) years, employers shall make an initial payment of ten percent (10%) of the principal. The outstanding balance shall be subject to a payment plan that shall not exceed thirty-six (36) months after the granting of the incentive plan, subject to a seven percent (7%) annual interest rate.
(e) Debt to be paid within a period of four (4) years, employers shall make an initial payment of ten percent (10%) of the principal. The outstanding balance shall be subject to a payment plan that shall not exceed forty-eight (48) months after the granting of the incentive plan, subject to a ten percent (10%) annual interest rate.
History —Jan. 3, 2014, No. 15, § 3.