P.R. Laws tit. 7, § 3055k
No person bound by the provisions of this subchapter shall:
(a) Employ any scheme or artifice, either directly or indirectly, to defraud or deceit borrowers or lenders, or to defraud any other person;
(b) participate in any unfair or fraudulent practice against any person;
(c) obtain any property through fraud or deceit;
(d) request or enter into a contract with a borrower that sets forth, in essence, that the individual or persons subject to this chapter may obtain fees or commissions for making their “best efforts” to obtain a loan, even though the borrower is not finally granted the loan;
(e) apply for, advertise, or enter into a contract with specific financing interest rates, types, or financial terms and conditions unless the same are available at the time of the application, advertisement, or contract;
(f) conduct any business regulated by this subchapter without holding a valid license pursuant to the provisions set forth herein, or help or assist any person in the course of his/her business under this subchapter without a valid license pursuant to the provisions herein established;
(g) refuse to duly orient a client as required by this chapter and any other federal or Puerto Rico law, including regulations to such effect;
(h) fail to comply with this subchapter or with the rules and regulations promulgated by virtue thereof, or fail to comply with any other federal or Puerto Rico law, including rules and regulations promoted thereunder and applicable to any business conducted or authorized under this subchapter;
(i) make any kind of deceitful manifestation or misrepresentation;
(j) forge or induce others to forge documents that are part of a transaction;
(k) knowingly make any false statement or intentionally omit any material fact regarding any information or report submitted to a government agency or to the nationwide mortgage licensing system and registry, or with respect to any investigation conducted by the Commissioner or any other government entity;
(l) make any payment, threat, or promise, either directly or indirectly, to any person with the intent to influence their personal judgment regarding a residential mortgage loan, or make any payment, threat, or promise, either directly or indirectly, to any appraiser of a property in order to influence the personal judgment of such appraiser with respect to the value of the property;
(m) collect, charge, or attempt to collect, charge, use, or propose any agreement with the intent to collect or impose any charge or fee prohibited by this chapter;
(n) fail to provide clients with a substantially accurate itemization of the costs of the mortgage loan before and after the granting thereof; and
(o) fail to comply with the applicable provisions of the Insurance Code.
History —Dec. 30, 2010, No. 247, § 5.12, eff. 120 days after Dec. 30, 2010.