P.R. Laws tit. 10, § 2602
To obtain a license to engage in a money transmitting business under this chapter, the applicant shall:
(a) Have a net worth of not less than five hundred thousand dollars ($500,000) calculated in accordance with generally accepted accounting principles;
(b) have liquid assets worth of at least one hundred thousand dollars ($100,000);
(c) file a license application and post the corresponding bond with OCFI, and
(d) have a reputation, moral probity, financial responsibility, experience, character, and general fitness that reasonably warrant the belief and the probability that such applicant, as well as his/her partners, directors, and executive officers, shall operate its business honestly, efficiently, and in the public interest.
History —Sept. 21, 2010, No. 136, § 3.2, eff. 60 days after Sept. 21, 2010.