P.R. Laws tit. 7, § 1369a
Cooperatives shall not grant loans to lucrative juridical entities, corporations, partnerships, associations or private organizations, except in the case of business loans to entities that are small and medium-size businesses controlled by natural persons that are members of the cooperative, or in the case of projects, economic sectors or activities of high public interest, or that have the potential of generating new jobs. The Corporation is empowered to direct, through administrative decision or by regulations, the eligibility of small and medium-size business persons, such loans, projects, economic sectors or activities, pursuant to the provisions of this section. Cooperatives may grant and offer to these entities all those loans and services permitted by this chapter, including those described in §§ 1362a and 1362c of this title, without the limitations provided in § 1362b of this title.
Any cooperative that violates what is established in this section or in the regulations adopted thereby, shall be subject to the imposition by the Corporation, of an administrative fine not greater than five thousand dollars ($5,000), for any violation of this section.
History —Oct. 28, 2002, No. 255, § 9.02.