P.R. Laws tit. 10, § 764
(1) The Commissioner may suspend or revoke a license issued under this chapter if it is found that:
(a) The licensee has violated the provisions of this chapter or of any regulation adopted thereunder; or
(b) a fact exists which, if existing or known at the time the application was filed, would have justified denial of the license by the Commissioner; or
(c) in the case of a licensee other than an individual:
(i) Any official, director, trustee or partner of the licensee has incurred an act or omission that would be cause for revoking or suspending the license to said person as an individual, or
(ii) any agent or employee of the licensee has incurred such act or omission and the licensee has approved or been aware of such acts or omissions or others of a similar nature, and after such approval or knowledge has retained the benefits, proceeds, profits, or advantages of such acts or omissions or otherwise ratified the same.
(2) Any license holder may surrender a license upon written notice to the Commissioner.
(3) No revocation, suspension or surrender of any license shall reduce or affect the obligations derived from any existing contract between the licensee and other persons. The revocation, suspension or surrender of any license shall not release the licensee of his/her obligations under this chapter and the regulations adopted by the Commissioner regarding the business conducted prior to the revocation, suspension or surrender of the license.
History —June 19, 1964, No. 68, p. 192, § 304; Aug. 17, 1989, No. 69, p. 301, § 7; Dec. 23, 1998, No. 310, § 15, eff. 60 days after Dec. 23, 1998.