P.R. Laws tit. 7, § 3052a
(a) Any person interested in obtaining a license to engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination shall file an application containing all the required information with the Office of the Commissioner of Financial Institutions using the forms and system provided by the nationwide mortgage licensing system and registry.
(b) The Commissioner may waive any application requirement and allow the furnishing of alternate information in lieu of the information generally required in the application if he/she determines that such action is consistent with the purposes of this chapter.
(c) The license application shall be filed together with the payment of any license, investigation, and application processing fee or fees fixed by the nationwide mortgage licensing system and registry, which shall be payable through such entity, at the time of filing such application.
(d) Any application for a license to engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination filed with the Office of the Commissioner of Financial Institutions shall be subject to any investigation that the Commissioner deems appropriate and necessary to determine whether the applicant, or the partners, stockholders, directors, and executive officers, in the case of a juridical person, meet the requirements established in this chapter.
(e) The Commissioner may extend the period provided by law or regulations to consider a license application.
(f) Any incomplete application shall be treated as not filed.
History —Dec. 30, 2010, No. 247, § 2.2, eff. 120 days after Dec. 30, 2010.