P.R. Laws tit. 27, § 2052
The medallion thus granted may be transferred or encumbered upon prior authorization of the Public Service Commission and only by the holder thereof or an acquirer by purchase or transfer previously declared eligible by the Commission. In no case shall the Commission authorize more than three (3) lien transactions annually, which in any case shall not have a monetary limit when the purpose to request them is to repair a motor vehicle.
When the purpose behind the lien transaction is to finance the acquisition of the medallion by a person previously declared eligible by the Commission or to replace the motor vehicle used to provide the service, the Commission may authorize lien transactions which shall not exceed the amounts stated below:
(a) Twenty thousand dollars ($25,000) [sic] for financing the acquisition of the medallion.
(b) Sixty thousand dollars ($60,000) in the case of public vehicles devoted to the transportation of passengers for pay, shopping cars, and motor vehicles devoted to the transportation of students.
(c) Sixty thousand dollars ($60,000) in the case of taxicabs and tow trucks.
(d) Sixty thousand dollars ($60,000) in the case of motor vehicles devoted to the transportation of aggregates; general freight in vans, and gas oil distributors.
The vehicles thus acquired must be within the five (5) leading models in the Island’s market.
In no case shall the Commission authorize more than one (1) lien transaction for the acquisition of a vehicle in a period of two (2) calendar years.
The applicant shall be bound to furnish the Commission attesting evidence, such as purchase or repair bills, which proves that the money obtained through the lien has been used for the purposes for which it was requested.
History —June 8, 1972, No. 7, p. 353, § 2; June 11, 1976, No. 3, p. 652, § 3; Dec. 8, 1990, No. 31, p. 1533, § 2; Jan. 2, 1996, No. 1, § 1; July 28, 1998, No. 181, § 2; Dec. 19, 2002, No. 282, § 72; Feb. 1, 2007, No. 2, § 1.