P.R. Laws tit. 7, § 3055
(a) This subchapter shall apply to every mortgage loan originator as defined in § 3051 of this title.
(b) The following individuals shall not be subject to the provisions of this subchapter:
(1) Those registered mortgage loan originators as defined in subsection (bb) of § 3051 of this title;
(2) any individual who offers or negotiates the terms of a residential mortgage loan with or in favor of an immediate family member;
(3) any individual who offers or negotiates the terms of a residential mortgage loan secured by the dwelling that serves as the residence of said individual;
(4) a attorney at law who negotiates the terms of a residential mortgage loan in favor of a client as an matter incidental to the legal representation of such client, unless the attorney receives compensation from a lender, a mortgage loan broker, or other mortgage loan originator, or by any agent of said lender, mortgage loan broker, or mortgage loan originator.
(c) Residential mortgage loan underwriter that are independent contractors may not carry out the activities proper of a mortgage loan processor or underwriter without previously obtaining and maintaining a mortgage loan originator license pursuant to the provisions of this subchapter. Every independent contractor who is engaged in the processing of mortgage loans or is an underwriter shall obtain a unique identifier issued by the nationwide mortgage licensing system and registry.
History —Dec. 30, 2010, No. 247, § 5.1, eff. 120 days after Dec. 30, 2010.