P.R. Laws tit. 10, § 2616
(a) Every licensee engaged in a check cashing business shall:
(1) Maintain a separate record of all check cashing transactions carried out, including date, time, and description of each transaction, as well as the number of the identification used by the person requesting the check cashing service. Such identification shall be issued by the Commonwealth of Puerto Rico, the Government of the United States or any of its states, or any foreign country.
(2) Endorse for deposit only the checks cashed at their business with his/her name and license number as it appears on the license issued by OCFI.
(b) No check cashing business licensee shall:
(1) Cash or make advances for post-dated checks. Notwithstanding this prohibition, any licensee may cash checks payable on the following business day if such checks are drawn by the Commonwealth of Puerto Rico, the Government of the United States, or any NAFTA member country, or any political subdivision, agency, entity, department, or authority thereof, or if the same is a paycheck drawn by an employer to the order of the person seeking to cash the same.
(2) Enter into contracts with authorized delegates to conduct the check cashing business.
History —Sept. 21, 2010, No. 136, § 4.6, eff. 60 days after Sept. 21, 2010.