P.R. Laws tit. 23, § 6951d
(a) No person may engage in the business of developing and/or constructing vacation homes in Puerto Rico without first having obtained a vacation home developer license, as regulated by this chapter.
(b) The DACO may issue two types of licenses-the regular license and the provisional license. The regular license shall be effective for a term of five (5) years counted from the date it was issued, and may be renewed for the same term. The provisional license shall be issued in those cases in which the applicant, or the persons that control the same, do not have previous experience in the development or construction of vacation home projects or Traditional Tourism Projects, and shall be effective for a term of two (2) years counted from the date it was issued, and may be renewed for the same term. For purposes of this chapter, the term “control” shall mean having the power to directly or indirectly direct [sic] or influence the decisions regarding the administration or norms of the juridical person in question.
(d)[sic] All licenses issued under this chapter shall be non-transferrable. If there were a change in the control over the vacation home developer, the DACO shall be notified of such fact within thirty (30) days counted from the date of effectiveness of said change in control. The DACO may require the issuance of a new license, unless the new person in control has previous experience in the development or construction of vacation home projects or traditional tourism projects, or if control of the vacation home developer is acquired by a financial entity in the exercise of its right as creditor of the vacation home developer or the affiliates thereof.
(e) All vacation home developers shall post the license in the main office and simple copies thereof in a visible place in each office that receives public arriving with the intention to purchase a unit. In the event that the vacation home developer has a website, it shall provide a link through which the public may see a true and exact copy of such license.
(f) Any vacation home developer who wishes to renew its license as such must file with the DACO a license renewal application at least sixty (60) days before the expiration date of such license.
(g) The DACO may revoke the license of any vacation home developer who has incurred any of the following actions or omissions:
(1) Providing incorrect or incomplete information with regards to any substantial issue in any application to or filing with the DACO or the Tourism Company under this chapter or its regulations;
(2) failing to keep the records required under this chapter or its regulations;
(3) failing to follow the provisions of a final and binding order of the Secretary or to pay a fine imposed by the same or by the Director of the Tourism Company pursuant to this chapter or its regulations;
(4) Incurring any of the undesirable practices numbered in § 6951 l of this title or any other violation of this chapter or its regulations;
(5) failing to return deposits when this chapter or its regulations so require;
(6) violating laws or regulations of other jurisdictions where the developer offers units; or
(7) failing to notify or send a copy to the DACO of any summons or complaint against such vacation home developer in another jurisdiction regarding the authorization to offer units in such place.
(g) The Secretary shall notify the vacation home developer of the intention to revoke the license thereof and shall likewise notify that such vacation home developer shall appear for an administrative hearing. The revocation of a license shall not affect any obligation imposed to its holder under the terms of this chapter to protect consumers.
History —Dec. 16, 2009, No. 181, § 7.