P.R. Laws tit. 7, § 3053e

2019-02-20 00:00:00+00
§ 3053e. License renewal

(a) In addition to the provisions of § 3052d of this title, every application to renew a license to engage in the mortgage lending business shall enclose the annual license fees in the amount of two thousand five hundred dollars ($2,500) per office and the application processing fees established by the nationwide mortgage licensing system and registry to be paid through said entity on the date of the filing.

(b) The license renewal application shall include:

(1) An audited financial statement showing that capital and assets minimum requirements set forth in subsections (a) and (b) of § 3053a of this title were met;

(2) an updated list of all mortgage loan brokers and originators contracted by the applicant, including any information as established by the Commissioner.

History —Dec. 30, 2010, No. 247, § 3.6, eff. 120 days after Dec. 30, 2010.