P.R. Laws tit. 10, § 642
(a) Each license shall be valid until its expiration, which shall be at the end of each calendar year.
(b) Every applicant shall file an application to renew the license, as provided by the OCFI, on or before December 1 of every year. Such application shall contain all the information required by the Commissioner by law or regulations.
(c) The renewal application shall contain a manager’s or certified check, bank draft, or money order payable to the Secretary of the Treasury in the amount of one thousand dollars ($1,000) for each office on account of license fees.
(d) The applicant shall not have any pending debts with the OCFI at the time of filing the renewal application. Should there be any debts, full payment by a certified or manager’s check, bank draft, or money order payable to the Secretary of the Treasury shall be included therewith.
(e) The Commissioner may extend the term for renewal of a license at the applicant’s request prior to the expiration of the renewal term by filing a sworn statement including the reasons that impair the applicant to meet with such renewal term.
(f) If the licensee fails to file his/her renewal application or pay the applicable fees within the established term, it shall be understood that he/she has surrendered the license to operate a pawnbroking business and may not continue operating such business.
(g) The Commissioner shall summon the person who has surrendered a license to a meeting wherein the latter shall be required to turn in the license and pay for any outstanding debt at the OCFI.
History —Feb. 24, 2011, No. 23, § 10, eff. 60 days after Feb. 24, 2011.