P.R. Laws tit. 7, § 3069
The Office of the Commissioner of Financial Institutions (OCFI) and the Corporation for the Supervision and Insurance of Cooperatives in Puerto Rico (COSSEC, Spanish acronym) are hereby empowered to establish the regulations as are necessary for the implementation thereof, for the purpose of assuring that its implementation is of utmost priority. Such regulations shall include:
(a) Rules on holding liable for noncompliance as provided in subsections (b) and (c) of § 3070 of this title.
(b) Procedures to be followed to settle complaints for noncompliance with this chapter, for which any remedies shall be granted pursuant to the provisions of subsections (b) and (c) of § 3070 of this title.
Furthermore, the OCIF and the COSSEC shall be in charge of conducting a public education campaign addressed to the senior population about the aspects pertaining to reverse mortgages. The campaign shall have a duration of at least one (1) year, after which such campaign shall be launched as these agencies may deem pertinent.
History —July 29, 2011, No. 164, § 10, eff. 60 days after July 29, 2011; July 20, 2012, No. 143, § 5.