P.R. Laws tit. 10, § 2595
(a) Each license shall remain in effect until its expiration, which shall be at the end of each calendar year.
(b) Every license renewal application, as provided by OCFI, shall be filed on or before December 1 of each year. The same shall include:
(1) A description of any material change to the information submitted to OCFI in the original license application.
(2) Evidence that the licensee maintains the surety bond or security posted in accordance with § 2604 or § 2614, both of this title, as applicable. If the Commissioner determines that such surety bond or security is inadequate, insufficient, or totally or partially exhausted, he/she may request, by written order and within thirty (30) days after filing the notice, that the licensee posts a new or supplemental surety bond, or the deposit of new or additional securities, in order to ensure compliance with this chapter or the rules or regulations promulgated thereunder.
(3) Evidence of the licensee's registration with FINCEN as a Monetary Service Business, or “MSB”.
(4) Any other information, documentation, or report that the Commissioner may require to keep current the information and documentation included in the application.
(c) The Commissioner may extend the renewal term.
(d) If the licensee fails to file a renewal application or pay the applicable fees within the term granted or during the additional time extension authorized by the Commissioner, if any, it shall be understood that such licensee has surrendered the license to operate a money service business, and may not continue operating the same.
(e) The Commissioner may call a meeting with the person who surrendered the license to require him/her to hand over the license and pay any outstanding debts with OCFI.
History —Sept. 21, 2010, No. 136, § 2.5, eff. 60 days after Sept. 21, 2010.