P.R. Laws tit. 20, § 3044
(a) The real estate broker or company shall maintain an account (designated as a “special account”) in a bank established in the Commonwealth of Puerto Rico, which shall be kept separate from the business operating account or his/her personal account, and in which he/she shall deposit all down payments, deposits in good faith, and other fiduciary deposits received by him/her, his/her partners, salespersons, or employees, from any buyer or entity shall be kept, until the transaction for they were deposited is performed or completed, and shall account for them when the real estate transaction is carried out or completed.
(b) The real estate broker or company shall be bound to report to the Department of Consumer Affairs, within thirty (30) days after obtaining the license issued by the Board, a certification of the bank in which the escrow account has been opened, which shall include the following: the name, address and telephone number of the bank, and the special account number. In addition, he/she shall be bound to keep a record of all funds deposited therein. These records shall state the date, from whom the funds were received, the date of deposit, the date of withdrawal, and any other information related to the real estate transaction. He/she shall also clearly indicate the purpose for which the funds are deposited and to whom the money belongs.
(c) The real estate salesperson shall be bound to inform in writing to the Department of Consumer Affairs, within thirty (30) days after obtaining the license issued by the Board, a real estate broker authorization to use his/her escrow account consigning the name, address, telephone number of the banking institution, and account number. The deposit, option, advance or down payment received by a salesperson shall be deposited in the escrow account or special [account] of an authorized real estate broker. Said broker shall be responsible for that account, as pertinent.
These reports shall be subject to the inspection of the Board and the Department of Consumer Affairs. The real estate broker, salesperson or company shall be bound to present within a term of thirty (30) days after obtaining the license issued by the Board, a written authorization which shall empower the Department of Consumer Affairs to review the escrow account.
History —Apr. 26, 1994, No. 10, § 21; Sept. 26, 2005, No. 118, § 3.