P.R. Laws tit. 7, § 3053b
(a) Every application for a license to engage in the mortgage lending business shall include the annual license fees in the amount of two thousand five hundred dollars ($2,500) per office; in the case of a new license, it shall include an investigation fee in the amount of one thousand two hundred fifty dollars ($1,250), and the application processing fees established by the nationwide mortgage licensing system and registry to be paid to said entity on the date of filing. If the license is issued after June 30 of any year, the annual license fee shall be in the amount of one thousand two hundred fifty dollars ($1,250) for that year.
(b) In the event that the investigation fees exceed the aforementioned amount, the Commissioner shall notify the applicant who shall remit fifty percent (50%) of the estimated value of the remaining investigation to the Office of the Commissioner of Financial Institutions and pay the remainder upon the conclusion of the investigation. It shall be the Commissioner’s responsibility to ensure that the investigations are conducted promptly, taking into consideration the cost that this represents to the Financial Institution.
(c) The license application shall include:
(1) A financial statement showing that capital and liquid asset requirements set forth in subsections (a) and (b) of § 3053a of this title were met;
(2) a list of all mortgage loan originators contracted by the applicant, including any information required by the Commissioner;
(3) a copy of the surety bond required in § 3053c of this title.
History —Dec. 30, 2010, No. 247, § 3.3, eff. 120 days after Dec. 30, 2010.