P.R. Laws tit. 7, § 3052d
(a) Upon filing the application and paying the fees, the Commissioner shall conduct the investigations deemed necessary and, if he/she determines that the applicant meets all the requirements and that the application should be approved, the Commissioner shall issue a license to the applicant, which shall represent the authorization to operate in accordance with the provisions of this chapter.
(b) No other license shall be issued unless it is certified that the original license has been lost or destroyed, or if there has been a change of address, in which case the licensee shall return the original license.
(c) Every holder of a license to engage in the business of mortgage lending, mortgage loan brokerage, or mortgage loan origination shall begin its operations within a term not greater than ninety (90) days as of the date in which the Commissioner issued the license. If the licensee is unable to begin operations within the term herein established, he/she shall request an extension to the Commissioner and explain the reasons therefor. The Commissioner shall determine if there is valid justification for granting the extension and shall notify the same to the licensee within fifteen (15) days after the request for the extension. In the event that the Commissioner fails to comply with such term for notification, it shall be understood that an extension has been granted for thirty (30) additional days. In no case shall more than two additional thirty (30)-day extensions be requested.
The license shall become null if operations do not begin within the term established in this subsection or within the term of any extension granted by the Commissioner.
History —Dec. 30, 2010, No. 247, § 2.5, eff. 120 days after Dec. 30, 2010.