P.R. Laws tit. 7, § 3054b
(a) Every application for a license to engage in the mortgage loan brokerage business shall enclose the annual license fees in the amount of one thousand dollars ($1,000) per office, as well as the investigation fees in the amount of five hundred dollars ($500) and the application processing fee or 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 30th of any year, the annual license fee shall be in the amount of five hundred dollars ($500) for that year.
(b) In the event that the investigation fees exceed the aforementioned amount, the applicant shall be notified by the Commissioner and the former 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 make sure investigations are conducted promptly, taking into consideration the cost that this represents to the Financial Institution.
(c) The license application shall include:
(1) Financial statements showing compliance with the minimum asset requirement set forth in subsection (a) of § 3054a of this title;
(2) a copy of the surety bond required in § 3054c of this title.
History —Dec. 30, 2010, No. 247, § 4.3, eff. 120 days after Dec. 30, 2010.