P.R. Laws tit. 21, § 5925
(a) The Government Bank shall establish by regulations, the eligibility requirements which must be met by any person who is interested in purchasing transferable delinquent tax debts, including the following conditions:
(1) No person who owes any taxes to the Government of Puerto Rico, the municipalities or its agencies or instrumentalities shall be eligible.
(2) No person who, appears as owner of the properties subject to transferable delinquent tax debts in the files of the Center or the Property Registry, including any relative within the fourth degree of consanguinity or second degree of affinity, shall be eligible. Nor shall any person who has control, as said term is defined through regulations, over a debtor legal entity, be eligible.
(3) Any person who wishes to be declared eligible to purchase transferable tax debts in default shall provide the Center with:
(A) A sworn statement to the effect that he/she meets all eligibility criteria established by law and by the regulations of the Government Bank, and
(B) all documents needed to prove that said person is eligible.
(b) No purchaser of transferable tax debts in default shall transfer or assign these in any way whatsoever to those persons identified in the preceding paragraphs. Said purchaser shall state in the sales contract for the transferable tax debts in default that he/she does not plan to sell the credit for the tax debts in default transferred by said contract, to any ineligible third party.
(c) In the event that any sale is conducted in violation of the provisions of this section, the credit for the transferred tax debt shall revert to the Center, without the purchaser being entitled to reimbursement of the amounts paid. The purchaser shall also return any amount received from the taxpayer as payment for the transferred tax debt credit to the Center. Notwithstanding the above, the provisions of this subsection shall not prevent ineligible persons from owning a security backed by transferred tax debt credits.
History —June 26, 1997, No. 21, § 7; June 30, 1998, No. 105, § 4.