P.R. Laws tit. 7, § 3053c
2019-02-20 00:00:00+00
Every applicant for a license to engage in the mortgage lending business in Puerto Rico shall file a surety bond in the amount of five hundred thousand dollars ($500,000) if the applicant plans to do business in a single office. Every additional office shall entail a ten thousand dollar ($10,000)-increase in the surety bond. However, the Commissioner may require a higher surety bond based on the volume of business of the applicant and his/her financial situation.
History Dec. 30, 2010, No. 247, —Dec. 30, 2010, No. 247, § 3.4, eff. 120 days after Dec. 30, 2010.