P.R. Laws tit. 10, § 2596
(a) All licensees may surrender a license by providing a written notice to the Commissioner, who may direct and conduct an examination of the licensee's business before accepting such surrender. If, after the examination, the licensee were found to have committed any violation of law, the Commissioner may revoke such license and impose the corresponding penalty pursuant to the provisions of this chapter.
(b) The Commissioner may revoke, cancel, or suspend the license of any licensee for any violation of this chapter or the regulations promulgated thereunder, and/or if he/she determines that a fact exists which, if it had existed or had been discovered at the time when the license was issued would have been sufficient cause to deny the same.
The revocation, cancellation, or suspension process shall be carried out according to the powers or authorities conferred by §§ 2001 et seq. of Title 7, known as the “Financial Institutions Commissioner's Office Act”, and pursuant to §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
(c) No surrender, revocation, cancellation, or suspension of any license shall impair or affect the obligations arising from any existing valid contract between the licensee and other persons.
History —Sept. 21, 2010, No. 136, § 2.6, eff. 60 days after Sept. 21, 2010.