P.R. Laws tit. 7, § 3052b
(a) Every applicant for a license to engage in the business of mortgage lending, mortgage brokerage, or mortgage loan origination shall post a bond that ensures faithful compliance with the provisions of this chapter and the rules or regulations to be adopted thereunder by the Commissioner. Said surety bond shall serve as a guarantee to any person, including the Office of the Commissioner of Financial Institutions, and shall be in the amount provided in §§ 3053c, 3054c, and 3055c of this title, respectively. The surety bond shall be renewed annually.
(b) The surety bond may consist of:
(1) A surety bond issued by an insurance company authorized by the Office of the Insurance Commissioner to do business in Puerto Rico, which bond may be subject to cancellation only through a written notice to the Commissioner not less than thirty (30) days prior to the cancellation thereof;
(2) bonds, notes, or other evidence of indebtedness of the Government of Puerto Rico, its municipalities and public corporations, provided that they shall be accepted at all times at eighty percent (80%) of its market value;
(3) certificates of deposit issued to the name of the Commissioner by banks authorized to do business in Puerto Rico, or
(4) letters of credit issued in the name of the Commissioner by authorized banks.
(c) The securities deposited as surety bonds may be registered, with respect to its principal, in the name of the petitioner and shall include a separate endorsement in the name of the Commissioner of Financial Institutions, wherein the securities endorsed are described. Said assets may not be withdrawn without the express authorization of the Commissioner.
(d) The Commissioner may require a licensee to submit a new surety bond whenever a claim is filed against the surety bond in effect.
History —Dec. 30, 2010, No. 247, § 2.3, eff. 120 days after Dec. 30, 2010.