P.R. Laws tit. 7, § 3052e
(a) Every license shall remain in effect until its expiration, which shall be at the end of every calendar year, or until the same has been surrendered, revoked, cancelled, or suspended.
(b) Every licensee shall renew the license in strict compliance with the applicable laws and regulations, the payment of the corresponding annual fee, and the filing of any other information that the Commissioner may require.
(c) Every licensee shall submit the license renewal application pursuant to the rules and procedures established by the nationwide mortgage licensing system and registry as of the date of the filing and in accordance with the provisions of this chapter.
(d) Every license renewal application shall be filed on or before December 1st of each year through the nationwide mortgage licensing system and registry. The renewal application shall include:
(1) Evidence that the licensee’s guarantee or surety bond is in effect and was posted in accordance with the provisions of § 3052b of this title. If the Commissioner determines that the guarantee or surety bond posted is inadequate, insufficient, or has been partially used or exhausted, he/she may direct the posting of a new surety bond or supplementary surety bond, or the deposit of new or additional guarantees for the purpose of ensuring compliance with this chapter or the rules and regulations that may be adopted thereunder, through an order to such effect to be issued within thirty (30) days after the licensee has been served notice;
(2) those documents required in §§ 3053e, 3054e or 3055g of this title, as applicable; and
(3) any other information, documents, or reports that the Commissioner may require to keep up to date the information and the documents enclosed with the license renewal application.
(e) Any license renewal application filed after December 1st shall entail a penalty not greater than five hundred dollars ($500). License renewal applications filed after January 1st of each year shall not be considered.
(f) The Commissioner may deny a license renewal application if he/she deems that the licensee:
(1) Has failed to meet with any of the requirements established in this chapter to obtain a license;
(2) has furnished false, incorrect, or misleading information in the renewal application;
(3) has failed to pay any fine or penalty imposed by the Office of the Commissioner of Financial Institutions by means of final resolution or order;
(4) has failed to pay any invoice on account of any investigations conducted by the Office of the Commissioner of Financial Institutions regarding the operations thereof;
(5) has failed to comply with the provisions of any resolution or order of the Office of the Commissioner of Financial Institutions;
(6) has failed to remit any payment or provide any document or information required by the Office of the Commissioner of Financial Institutions that is not subject to any adjudication procedure.
History —Dec. 30, 2010, No. 247, § 2.6, eff. 120 days after Dec. 30, 2010.