P.R. Laws tit. 10, § 766g
(a) Any issuer of credit cards under this chapter shall inform the Commissioner, within the term provided by the Commissioner through regulations, if any affiliated or related entity issues the same or similar credit cards to residents of the other jurisdictions of the United States. Should the issuer report having such an affiliation or relationship, the issuer must also certify to the Commissioner that the credit cards issued under this chapter to residents of Puerto Rico have the same acceptability in the other jurisdictions of the United States as the credit cards issued to the residents of the other jurisdictions of the United States by entities affiliated or related to the issuer. The term “acceptability” refers to the capacity to obtain credit verification and approval or non-approval of transactions at the time the bearer intends to use his/her credit card to acquire goods or services and to the extension to residents of Puerto Rico of those offers unrelated to charges and prices generally advertised and accepted nationally.
(b) In case the issuer is unable to execute the certification required by this section, the Commissioner shall not authorize the [issuance] of credit cards under this chapter unless the issuer submits a plan to the Commissioner to achieve the same acceptability of the credit cards issued under this chapter within a period of time which the Commissioner determines to be reasonable. Nothing in this section shall be interpreted as creating a private cause for action in behalf of credit card holders, credit applicants and any other person, in case an issuer fails to provide said equal acceptability provided in this section.
History —June 19, 1964, No. 68, p. 192, added as § 408 on Aug. 15, 1999, No. 258, § 7, eff. 30 days after Aug. 15, 1999.