P.R. Laws tit. 10, § 2605
In addition to the provisions of § 2595 of this title, every renewal application to engage in a money transmitting business shall include the following:
(a) A list of locations at which authorized delegates carry out such money transmissions.
(b) Evidence that the licensee maintains a net worth of not less than five hundred thousand dollars ($500,000) calculated in accordance with generally accepted accounting principles.
(c) Evidence that the licensee maintains liquid assets worth one hundred thousand dollars ($100,000) or more.
(d) A certification attesting that the licensee and all his/her authorized delegates have not accepted money to carry out transmissions knowing that any portion of such money was derived from unlawful activities or transactions, and have not failed to file or evaded their reporting requirement, including money transactions or suspicious activity reports, as required by the “Bank Secrecy Act” and the “U.S.A. Patriot Act”, in the three (3) years prior to filing the application.
(e) 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.
History —Sept. 21, 2010, No. 136, § 3.5, eff. 60 days after Sept. 21, 2010.