P.R. Laws tit. 13, § 354e
(a) Tax receivables and the rights to receive payments on account of tax receivables or any interest thereon may only be the subject of a sale or transfer authorized by § 354a of this title after the Department of the Treasury has notified the intent to sell or transfer the same through a publication in a newspaper of general circulation in Puerto Rico, at least sixty (60) days in advance of the date scheduled for closing said sale or transfer, or if the Department of the Treasury chooses to receive bids or private negotiation offers, at least fifteen (15) days in advance of the date scheduled by the Department of the Treasury to submit bids or private negotiation offers, as the case may be. Said notice shall provide a general identification of taxpayers whose tax receivables are subject to a sale or transfer authorized by § 354a of this title.
(1) In the event that the transaction is to be conducted by means of bidding, the notice shall specify the terms and conditions of sale or transfer, and the criteria to be met by any person interested in bidding. The Department of the Treasury may turn down one, several or all bidders in a bidding.
(2) If the sale or transfer is to be conducted by means of a private negotiation, the notice shall list the documents and the information that possible buyers or acquirers shall submit together with their offer. In the event the Department of the Treasury has identified a possible buyer or acquirer, the notice shall so indicate.
(b) In addition to the provisions of subsection (a) of this section, the Department of the Treasury may not conduct a sale or transfer authorized by § 354a of this title without notifying its intent of conducting the same to the delinquent taxpayer through a letter sent by certified mail, addressed to his/her last known address. Said notice shall be remitted not less than thirty (30) days in advance of the date set for the sale, and said notice shall include:
(1) The amount of tax receivables, including a breakdown of the amount of the taxes, interest, surcharges and penalties and the economic years to which these correspond.
(2) A warning stating that, if tax receivables are not paid within a term of thirty (30) days as of the date of remittance of such a notice, the sale or transfer shall be conducted.
If on the date of the transaction, the tax receivables have not been paid, the Department of the Treasury may sell such debts or the right to receive payments on account of such tax receivables pursuant to the provisions of § 354a of this title.
History —July 20, 2008, No. 125, § 8.