P.R. Laws tit. 7, § 253
2019-02-20 00:00:00+00
The Secretary shall require payment of interest on all deposits of public funds. The annual payment of interest on deposits of public funds in current or savings accounts or accounts of any other nature, shall be made at the interest rate agreed upon by the Secretary and the depositary institution thereof.
The Secretary is hereby empowered to review the interest agreed upon by contract with each financial institution, from time to time and to conduct the negotiations on this matter that most benefit the public interest. The interest review shall also apply to contracts executed prior to the effectiveness of this act.
History —Aug. 14, 1991, No. 69, § 3.1.