P.R. Laws tit. 7, § 3053d
(a) The Office of the Commissioner of Financial Institutions shall issue one (1) license for each office. Each license shall include the name of the licensee, the street address of the office where business shall be conducted, the date of issue, and the effective date of the license. The license to engage in the mortgage lending business shall not be transferrable and shall be displayed in a conspicuous place in the office to be viewed by the public.
(b) A licensee may only engage in the mortgage lending business under this chapter in or from the authorized office. Nothing provided herein shall be construed as to limit the loans that any licensee may grant to those who are residents of the community where the office is located. Said license shall not be used in an office with an address other than the one indicated thereon, in a place shared with any other business, or where other commercial transactions are conducted.
(c) If a licensee wishes to move an authorized office, he/she shall notify the Commissioner through the nationwide mortgage licensing system and registry not less than forty-five (45) days prior to the date on which the operations in the new office shall begin. If no objection is received from the Commissioner within fifteen (15) days after filing the notice of transfer, said transfer shall be deemed to be authorized. The Commissioner may modify this term by means of an administrative determination whenever necessary in his/her judgment.
(d) A licensee may engage in the mortgage lending business in any office or place of business in which other commercial transactions are conducted only when there is a previous written and justified authorization from the Commissioner. The Commissioner may revoke the authorization if he/she determines that carrying out those other transactions enables or conceals noncompliance with the provisions of this chapter, pursuant to §§ 2001 et seq. of this title, known as the “Financial Institutions Commissioner’s Act”, and §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act”.
History —Dec. 30, 2010, No. 247, § 3.5, eff. 120 days after Dec. 30, 2010.