P.R. Laws tit. 10, § 762
(1) After the application for a license for a financing company is filed and the license and investigation fees are paid, the Commissioner may refuse to issue the license if he finds that the applicant, or any other person who, at the time of filing the application was a shareholder, director, official, member, partner, agent or spouse of the applicant, has had a license granted under this part revoked previously, or has been found guilty of violating any of the provisions of this subchapter, or has been responsible for any act or omission, as a result of which the license of another person was revoked, or if in the judgment of the Commissioner, the competence and character of the applicant or the persons related thereto, as stated above, indicate that it is not in the best public interests to issue a license to said applicant.
(2) The Commissioner shall approve or deny the application for a license within ninety (90) days after it has been filed and the pertinent fees have been paid.
(3) If the Commissioner refuses to issue a license:
(a) He shall notify the applicant of his denial and refund his license fee, but he shall keep the investigation fees to cover the cost of investigating the application, and
(b) within the next twenty (20) days, he shall render a written decision wherein he shall set forth the grounds for his denial, a copy of which he shall send immediately to the applicant. The person affected by the Commissioner’s decision shall have the right to challenge said decision by means of an adjudicative procedure pursuant to the provisions of this chapter and the provisions of §§ 2151 et seq. of Title 3, part of the law known as “Uniform Administrative Procedures Act”.
(4) Financing companies in operation on the effective date of this act may continue doing business but must obtain a license within the ninety (90) days next following said date.
History —June 19, 1964, No. 68, p. 192, § 302; Aug. 17, 1989, No. 69, p. 301, § 5; Dec. 23, 1998, No. 310, § 14, eff. 60 days after Dec. 23, 1998.