P.R. Laws tit. 7, § 3052c
(a) After analyzing the filed application, the Commissioner may deny the same for any of the following reasons:
(1) The application was not filed in accordance with the provisions and requirements of this chapter or the regulations that may be promulgated thereunder;
(2) the application lacks the information or documents required for its evaluation;
(3) authorization is requested to engage in a business not authorized in Puerto Rico.
(b) In the event that the Commissioner returns the application, the amount paid on account of investigation and license fees shall be refunded to the applicant.
(c) After analyzing the application to engage in the business of mortgage lending, mortgage loan brokerage, or mortgage loan origination, and conducting the corresponding investigation, the Commissioner may deny a license application if he/she deems that the applicant failed to meet any of the requirements established in this chapter to obtain a license: if he/she discovers that the applicant submitted false, incorrect, or deceitful information in the license application; or if the applicant has been convicted of any crime that involves moral turpitude, including, but not limited to fraud, deceit, forgery, or money laundering, among others.
(d) An applicant who has been denied a license to engage in the business of mortgage lending, mortgage loan brokerage, or mortgage loan origination may request reconsideration to the Commissioner within twenty (20) days following the notice of the denial.
(e) In the event that the Commissioner denies the license, the amount paid on account of investigation fees shall be retained by the Commissioner and the amount paid on account of license fees shall be refunded to the applicant.
History —Dec. 30, 2010, No. 247, § 2.4, eff. 120 days after Dec. 30, 2010.