P.R. Laws tit. 7, § 3054d
(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 loan brokerage business shall not be transferable and shall be displayed in a conspicuous place in the office visible to the public.
(b) A licensee may only engage in the mortgage loan brokerage business under this subchapter in or from the authorized office. Said license shall not be used in an office with an address other than the one indicated thereon and the maximum penalties provided in this chapter shall apply in such case, since it shall be considered as an illegally operating business—as if an authorized license had never been issued—in flagrant violation of laws and regulations.
(c) When the financial institution wishes to move an authorized office, it 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
History —Dec. 30, 2010, No. 247, § 4.5, eff. 120 days after Dec. 30, 2010.