P.R. Laws tit. 7, § 262
The Puerto Rico Housing Secretary, who hereafter shall be known as the Secretary, shall adopt a Mortgage Security Insurance Regulation providing for the establishment and maintenance of those actuarial reserves deemed by him necessary and adequate to insure the solvency of the Insured Mortgages Reserve Fund created hereunder. The Regulation on the Mortgage Security Insurance shall be exempt from the provisions of former §§ 1041—1059 of Title 3 but the Agency shall give it the proper diffusion and publicity for public knowledge. This regulation shall also provide the rules and conditions for insurance against any losses that through mortgage-secured obligations, either by reason of loans, credit advances, or the purchase of obligations evidenced by promissory notes, may be sustained by the Agency or other financial entities such as banks, trust companies, insurance companies, retirement systems, personal loan companies, mortgage investment companies, housing construction and loan associations, installment-loan companies, housing cooperatives, or any other institutions which the Secretary may determine that qualify through their experience, resources and facilities as eligible for such insurance. The Secretary may, from time to time, establish the maximum amount on any loan to be insured under this chapter.
History —June 25, 1965, No. 87, p. 216, § 2; July 23, 1974, No. 215, Part 2, p. 123, § 1.