P.R. Laws tit. 7, § 3070
Any financial institution found to be in violation of this chapter shall be subject to:
(a) Special and expeditious civil compensation action if in violation of its legal obligation of being honest, acting in good faith, and providing fair treatment to applicants for and borrowers of reverse mortgage loans. Sanctions shall be at the discretion of the judge and may include, among others:
(1) Release from mortgage lien.
(2) Release from interest.
(3) Triple indemnification for damages.
When imposing sanctions the court shall consider and oversee that the rights of third parties that qualify as bona fide holders of the note are not affected.
Although an expedited process has been established for a cause of action, it shall not be construed as an impediment for the judge to carry out any proceedings he/she deems necessary to elucidate the dispute under his/her consideration; provided, it does not result in any unreasonable delays. In those cases where the United States Department of Housing and Urban Development is the holder of the note, the Department shall be granted an opportunity to correct any deficiency before the court imposes a release of mortgage lien or a release of interests.
(b) Administrative fines of up to fifty thousand dollars ($50,000) and of up to the sum total of the reverse mortgage for which a complaint has been filed, in the case of recidivism.
(c) Suspension of the license issued by the Commissioner of Financial Institutions or the Public Corporation for the Supervision and Insurance of Cooperatives in Puerto Rico.
(d) Any financial institution or natural or juridical person that violates the provisions of this chapter shall be subject to the corresponding legal actions.
History —July 29, 2011, No. 164, § 11, eff. 60 days after July 29, 2011; July 20, 2012, No. 143, § 6.