P.R. Laws tit. 7, § 1362a
Every cooperative shall have the power to grant loans and offer their members the financial services listed below:
(a) Accept, receive and manage all types of deposits by persons and private and public entities, and offer all such depositary services that are allowed to the depositary financial institutions, including:
(1) Savings accounts, checks, deposit certificates and other instruments, all of which, with or without interest;
(2) facilities or services for electronic transfer of funds, and other electronic banking services, including debit cards and any other electronic payment means, and
(3) receipt and management of deposits and individual retirement accounts (IRA) and other trust funds, in special accounts or for the payment of services.
(b) Grant financing of all types subject to the policies in § 1366b of this title, including:
(1) Personal loans and lines of credit with or without collateral;
(2) loans for the acquisition of new or used motor vehicles;
(3) loans for the acquisition of chattels with or without chattel mortgages;
(4) mortgage loans of all types;
(5) student loans that may be secured by any agency of the Government of the Commonwealth of Puerto Rico or of the Government of the United States;
(6) loans in the form of credit card services for the purchase of goods, payment of services, and for the granting of limited cash credit;
(7) loans for the financing of insurance premiums and policies;
(8) collateralized commercial loans, subject to the adoption and effectiveness of credit evaluation policies and procedures specifically adopted for commercial financing, implemented through commercial credit officials duly trained for said function, and
(9) financing of chattel leasing contracts subject to applicable legal provisions.
(c) As authorized by the Corporation through regulations or administrative determination, cooperatives of adequate condition may render all other services not covered in subsections (a) and (b) of this section, that are permitted to other financial institutions and their subsidiaries. When evaluating any petition for authorization, as well as upon adopting regulations under this subsection, the Corporation shall guarantee equitable and competitive participation of the cooperatives in the markets of the respective services in question and may require, through regulations, the designation or contracting of specialized resources, duly trained in rendering the services in question. The Corporation may require that the authorized services be rendered in a segregated manner through subsidiaries if it is required of other depositary institutions by applicable laws or regulations.
History —Oct. 28, 2002, No. 255, § 2.02.