P.R. Laws tit. 7, § 251e
2019-02-20 00:00:00+00
In order to be designated as depositary of public funds pursuant to the provisions of this chapter, every financial institution shall:
(1) Be organized under the laws of the Commonwealth of Puerto Rico; or
(2) be organized under the laws of the United States of America or any of its states, or those of a foreign country, and must be registered or licensed to do business in Puerto Rico;
(3) actually do business in Puerto Rico;
(4) execute a deposit and rendering of collateral contract with the Secretary, and
(5) comply with the requirements related to the economic condition that are established by regulations.
History —Aug. 14, 1991, No. 69, § 1.7.