P.R. Laws tit. 10, § 2621
(a) Every person engaged in the money service business under the provisions of this chapter, including authorized delegates, shall be required to:
(1) Operate his/her business in a commercial facility approved by the Regulations and Permits Administration (ARPE, Spanish acronym) for such activity, where he/she may be located during business hours, and which is appropriate for receiving clients. In the event that a check cashing business is carried out from a mobile unit, the same shall meet the applicable requirements set forth by law.
(2) Maintain a visible sign outside the business stating its name or trademark.
(3) Advertise in such a manner that the nature of the services provided and/or the activity carried out with regard to the check cashing business are clearly identifiable, and include the license number.
(4) Conspicuously post and display at each office visible to the public, a list of the rates they currently charge for their check cashing services.
(5) Provide clients with clear and accurate details in writing regarding money service charges and terms, as well as any other disclosure required by applicable federal and/or Commonwealth laws or regulations.
(6) Provide a receipt to any person who received money services or with whom a transaction was conducted as evidence thereof.
(7) Keep a record of all money services requested, including money orders sold, pursuant to applicable federal or Commonwealth laws or regulations.
(8) Keep in his/her office and make available to the Commissioner, within the term the latter specifies, any accounts, books, files, and any other documents necessary to perform his/her supervisory function; allow the Commissioner free access to his/her properties, facilities, and operating sites; cooperate with any examinations and/or investigations carried out by the Commissioner; and consent to the examination by the Commissioner of his/her books, files, and documents.
(9) Make available to the Commissioner a copy of the annual financial statements audited by a certified public accountant corresponding to the last five (5) years, together with a report by the certified public accountant who certified the same, stating the value and nature of the liquid assets and the average annual outstanding or pending money services. If the licensee has more than one authorized office in Puerto Rico, he/she may file a consolidated report.
(10) Fully comply with all applicable federal and Commonwealth laws and regulations related to money service businesses, including this chapter and the applicable provisions of the “Bank Secrecy Act” and the “U.S.A. Patriot Act”.
(11) Adopt business policies and procedures as necessary to comply with the provisions of OFAC.
(12) Verify with OCFI that the persons with whom he/she conducts money service businesses hold the required license, and furnish a copy of the license that authorizes him/her to engage in the money service business to any financial institution with which he/she does business.
(13) Comply with any order or resolution of the Commissioner.
(14) Carry out their functions with the highest degree of diligence, care, loyalty, and pecuniary benefit for their clients.
(15) Manage the money service business in a safe manner.
(b) Every licensee may destroy his/her books or records, files, or documents after five (5) years from the date of the last entry on said books or records, files, or documents, or from the date on which any obligation ceased to be payable, whichever is later.
(c) Every licensee shall designate a statutory agent with the necessary training and expertise to carry out such function and duties, and who shall be responsible for enforcing the applicable federal or Commonwealth laws related to money service businesses.
(d) Every licensee shall file a sworn report with OCFI, not later than April 30 of each year, including the information and details that the Commissioner may require with regards to the business and operations of the preceding calendar year.
(e) Every licensee shall comply with the provisions of §§ 2101 et seq. of Title 7, known as the “Abandoned or Unclaimed Money and Other Liquid Assets Act”.
History —Sept. 21, 2010, No. 136, § 5.1, eff. 60 days after Sept. 21, 2010.