P.R. Laws tit. 27, § 2055
Any alienation or lien transaction of a medallion made without the prior authorization of the Commission shall be null and void.
(a) The determination of nullity shall entail the cancellation of the franchise or authorization that the medallion represents, and the latter shall be returned immediately to the Commission.
(b) The holder of a medallion who alienates or encumbers it without the previous authorization of the Commission shall be ineligible to obtain a new franchise or authorization for a term of five (5) years reckoned from the date of the determination of nullity.
(c) The natural person who has made a lien or alienation transaction on a medallion without the previous approval of the Commission shall be in like manner withdrawn from the registry of eligibles. If his name is not recorded in such registry, he shall be ineligible to be included therein, in either of these two (2) cases, for a term of five (5) years reckoned from the date of the determination of nullity.
(d) In case the creditor is a private person or a bank, financial institution or a natural or juridical person engaged in the operation of a loan business, the determination of nullity shall entail the imposition of an administrative fine of ten thousand dollars ($10,000).
History —June 8, 1972, No. 7, p. 353, § 5; Dec. 8, 1990, No. 31, p. 1533, § 4, eff. 60 days after Dec. 8, 1990.