P.R. Laws tit. 10, § 2622
No person shall:
(a) Commit fraud, misrepresent, or make false or fraudulent statements.
(b) Grant loans or credit, deduct negotiable instruments or other debt instruments, or engage in any activity allowed solely to banks under §§ 1 et seq. of Title 7.
(c) Engage in a money service business in an establishment where small personal loans are granted.
(d) Charge a double fee for each money service.
(e) Make promises to clients with the intent to do business or knowing that such promises shall not be kept, or make any false claim regarding a material fact in order to induce them to error.
(f) Compensate third parties, either directly or indirectly, for processing or referring cases.
(g) Engage in illegal or unfair business practices.
(h) Use misrepresentations to induce or persuade a person to carry out a transaction.
(i) Unduly retain any sum of money or document concerning a transaction, or failing to advise a client on his/her rights or any amount of money and/or document that is part of a transaction.
(j) Embezzle or misappropriate funds in his/her custody.
(k) Falsify documents that are part of a transaction.
(l) Render, publish or prepare false reports or make false entries in order to deceive or defraud any person or the Commissioner.
(m) Carry out a money service business without a license to do so through personal contact, by telephone, or in writing or through advertisements on newspapers, the Internet, publications, handouts, signs, banners, phone books, radio, television, or any other similar medium.
(n) Advertise, show, distribute, broadcast, or allow someone else to advertise, show, distribute, or broadcast information regarding a money service business in a false or deceiving manner.
(o) No natural or juridical person may refuse to obey a summons, order, or requirement of the Commissioner or a court order thus issued claiming that the testimony, data, or information required could incriminate him/her or lead to the imposition of a penalty.
Likewise, any person who takes part, instigates, or cooperates with another in the commission of these acts shall commit a violation, regardless of whether such person obtained financial gain.
History —Sept. 21, 2010, No. 136, § 5.2, eff. 60 days after Sept. 21, 2010.