P.R. Laws tit. 7, § 3053a
To obtain a license to engage in the mortgage lending business in Puerto Rico under this subchapter, the applicant shall:
(a) Have a capital of at least two hundred fifty thousand dollars ($250,000) when applying for a license, to be determined pursuant to generally accepted accounting principles; provided, however, that as of January 1st, 2012, and subsequently for 2013, 2014, and 2015, the applicant shall have a capital of at least two hundred seventy-five thousand dollars ($275,000); three hundred thousand dollars ($300,000); three hundred twenty-five thousand dollars ($325,000); and three hundred fifty thousand dollars ($350,000), respectively;
(b) hold at least one hundred fifty thousand dollars ($150,000) in liquid assets for the administration of the main office, and at least one hundred thousand dollars ($100,000) in liquid assets for every additional authorized office; as of 2012, it shall be required to have at least two hundred thousand dollars ($200,000) in liquid assets for the administration of the main office, and one hundred twenty- five thousand dollars ($125,000) in liquid assets for every required additional office;
(c) furnish evidence of good standing; moral probity and financial solvency; experience; minimum education requirement, namely, a bachelor’s degree from an accredited university in Puerto Rico, the United States, or a foreign university duly accredited by an institution in Puerto Rico or the United States or, in lieu thereof, ten (10) years of experience in the industry; character and general fitness of the applicant, partners, directors, and executive officers; and no felony convictions involving fraud or a related crime in Puerto Rico or the United States such as to command the confidence and to warrant a determination that the applicant’s business shall operate honestly and efficiently and that it shall be in the best public interest;
(d) meet the minimum surety bond requirement described in § 3053c of this title.
History —Dec. 30, 2010, No. 247, § 3.2, eff. 120 days after Dec. 30, 2010.