P.R. Laws tit. 7, § 3086
(a) Any person, other than an individual, may apply to the Commissioner for a permit to organize an international financial institution. The application shall be made in writing, in the form specified in the regulations of the Commissioner and shall be accompanied by:
(1) The proposed articles of incorporation, partnership agreement or other written document establishing the international financial institution or the certification required by § 3084 of this title;
(2) a nonrefundable application fee of five thousand dollars ($5,000) to defray the costs of the initial investigation, and
(3) such other documents as may be specified or required by the regulations of the Commissioner.
(b) Every application shall include:
(1) The identity and business history of the applicants;
(2) the city or town in Puerto Rico and the street and number or any other address where its principal place of business in Puerto Rico shall be maintained;
(3) the identity and business and credit history of any person who, directly or indirectly, possesses or controls or intends to possess or control ten percent (10%) or more in the capital of the proposed international financial institution;
(4) a statement of the assets and liabilities of any applicant and of any person who possesses or controls or intends to possess or control ten percent (10%) or more of the interest in the capital of the international financial institution, or of the person of which the proposed international financial institution shall be a unit, for each of the three (3) years preceding the application;
(5) the identity and background of all proposed directors, and officials or persons who intend to act in a similar capacity in the international financial institution, and
(6) such additional information as may be required by the regulations of the Commissioner.
(c) Upon receipt of the sworn application, all the required documents, and the application fee, the Commissioner shall carry out any and all investigations of the applicants and the application, including a review of:
(1) The financial solvency, credit, banking experience and business integrity of the applicants, their directors and officers, or persons who intend to act in a similar capacity in the proposed international financial institution;
(2) the adequacy of the capital available for the operations of the proposed international financial institution;
(3) the adequacy of the articles of incorporation, partnership agreement or other written document belonging to any applicant and, when appropriate, of the articles of incorporation, partnership agreement or other written document establishing the proposed international financial institution, and
(4) the impact that the proposed international financial institution shall have on the economy of Puerto Rico.
(d) Expenses, in excess of the aforementioned five thousand dollars ($5,000), incurred by the Commissioner for the purpose of conducting the initial investigation, shall be defrayed by the applicants by means of a previous deposit made in accordance with the estimate. The Commissioner shall claim said investigation expenses from the applicants.
(e) Should the Commissioner determine that the results of his/her investigation are favorable, he/she may, at his/her sole and exclusive discretion, issue to the applicants a permit to organize an international financial institution, subject to such conditions as the Commissioner may establish.
(f) When the Commissioner issues a permit pursuant to the provisions of this section, the interested party shall file with the Department of State of Puerto Rico the articles of incorporation, partnership agreement, or other written document establishing the proposed international financial institution, or those of the person of which the international financial institution shall be a unit, as well as the certification provided for in § 3084(c) of this title in the case of a unit, and the permit issued by the Commissioner. The Department of State shall issue under its official seal a certification of the filing of the stipulated documents.
History —Sept. 25, 2012, No. 273, § 7.