P.R. Laws tit. 10, § 2502
(a) Applicability. — This chapter shall apply to every person engaged in check-cashing business activities, as said term is defined in this chapter.
(b) Persons excluded. — The following persons or entities may engage in check-cashing business activities without being subject to the provisions of this chapter:
(1) Banking institutions, savings banks, trust companies and savings and loan associations organized under the laws of the Commonwealth of Puerto Rico, the laws of the United States, the laws of any country that is member of NAFTA, or the laws of any state or territory of the United States of America, authorized to do business in Puerto Rico.
(2) Savings and credit unions organized under the laws of the Commonwealth of Puerto Rico, the United States, or any NAFTA signatory country, authorized to do business in Puerto Rico.
(3) The Postal Service of the Government of the United States of America, federal or state agencies or dependencies of the Government of Puerto Rico or of any NAFTA signatory country.
(4) Persons who cash checks free of charge.
(5) Persons for whom the cashing of checks is an activity which is inherent or related to a legitimate main business or commercial activity.
(6) Persons authorized to engage in the money transfer business by the Office of the Commissioner of Financial Institutions.
History —Aug. 11, 1996, No. 119, § 3; Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.