P.R. Laws tit. 7, § 3063
Before accepting a completed application for a reverse mortgage or charging any fees, the financial institution shall:
(a) Refer the applicant to several counseling agencies, and provide him/her with a list of the agencies duly certified by the United States Department of Housing and Urban Development.
(b) Hand the applicant a check list with the ten (10) topics that must be covered in the information session, listed below in § 3064 of this title.
(c) Receive a certification from the applicant or his/her authorized representative attesting that he/she has attended an information session provided by a counselor. Such certification must state that all topics appearing in the check list were covered and shall be signed by the applicant and the counselor, and also state the date on which such information session was held, as well as the name, address, and telephone number of the counselor and the applicant. The institution shall keep a true and exact copy accessible and in a format that can be reproduced during the term of the mortgage.
History —July 29, 2011, No. 164, § 4, eff. 60 days after July 29, 2011; July 20, 2012, No. 143, § 2.