P.R. Laws tit. 7, § 3052f
(a) Any licensee may surrender his/her license through the nationwide mortgage licensing system and registry, but shall notify his/her decision to the Commissioner at least thirty (30) days before it becomes effective.
(b) The Commissioner may order and conduct an inspection of the business prior to accepting the surrender of the license. If it is determined after the inspection that the licensee committed a violation of law, the Commissioner may revoke the license and impose the corresponding penalty pursuant to the provisions of this chapter.
(c) The Commissioner may call the person who has surrendered the license to a meeting where the latter shall be required to deliver the license and pay any outstanding debts with the Office of the Commissioner of Financial Institutions.
(d) The Commissioner may revoke, cancel, or suspend a license for any violation of this chapter or the rules and regulations that may be promulgated thereunder if it is determined that any fact exists which if it had existed or had been known to exist at the time the license was issued, would have warranted the denial thereof, or if it is discovered that the licensee has submitted false, incorrect, or misleading information.
The Office of the Commissioner of Financial Institutions shall carry out the actions related to the revocation, cancellation, or suspension of licenses through the nationwide mortgage licensing system and registry, pursuant to the powers and faculties conferred thereto by §§ 2001 et seq. of this title, known as the “Financial Institutions Commissioner’s Office Act”, and §§ 2101 et seq. of Title 3, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”.
(e) No surrender, revocation, cancellation, or suspension of any license shall impair or affect the obligations derived from any valid contract existing between the licensee and other persons.
History —Dec. 30, 2010, No. 247, § 2.7, eff. 120 days after Dec. 30, 2010.