P.R. Laws tit. 10, § 2603
In addition to the requirements established in § 2592 of this title, every application for a license to engage in a money transmitting business shall be filed together with:
(a) An annual license fee in the amount of two thousand five hundred dollars ($2,500) per office, to be paid by manager's check, certified check, money order, or bank draft to the order of the Secretary of the Treasury. An additional annual fee of one hundred dollars ($100) shall be required per authorized delegate. If the license is applied for or issued after June 30 of any year, the annual fee for that specific year only shall be one thousand two hundred fifty dollars ($1,250) and an additional fifty dollars ($50) per each authorized delegate.
(b) A manager's check, certified check, money order, or bank draft in the amount of two thousand five hundred dollars ($2,500) to the order of the Secretary of the Treasury, to defray the cost of the investigation required under this chapter. In the event that the cost of the investigation exceeds the aforesaid amount, the Commissioner shall notify the applicant that, in order to continue with the licensing process, such applicant shall deposit the necessary amount with OCFI to cover such cost.
(c) A list identifying the applicant's proposed authorized delegates and the location where the applicant and such authorized delegates intend to conduct such money transmitting business in Puerto Rico.
(d) A copy of the contract that shall govern the relationship between the applicant and his/her authorized delegates.
(e) A certification whereby both the applicant and his/her authorized delegates state that they:
(1) Are familiar and willing to fully comply with all applicable federal and Commonwealth laws, as well as with the regulations related to the money transmitting business proposed by the applicant, including this chapter, the applicable provisions of the “Bank Secrecy Act”, and the “U.S.A. Patriot Act”.
(2) Have adopted such business policies and procedures as necessary to comply with the provisions of OFAC; and [sic].
History —Sept. 21, 2010, No. 136, § 3.3, eff. 60 days after Sept. 21, 2010.