P.R. Laws tit. 7, § 3054a
To obtain a license to engage in the mortgage loan brokerage business under this subchapter, the applicant shall:
(a) Have liquid assets with a value of at least ten thousand dollars ($10,000) for the administration of the main office of the business, and liquid assets with a value of at least five thousand dollars ($5,000) for each additional office;
(b) furnish evidence of good standing; moral probity and financial solvency; experience, character, and general fitness of the applicant and the partners, directors, and executive officers 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;
(c) meet the minimum surety bond requirement described in § 3054c of this title.
History —Dec. 30, 2010, No. 247, § 4.2, eff. 120 days after Dec. 30, 2010.