P.R. Laws tit. 23, § 5206
2019-02-20 00:00:00+00
(a) The Government Development Bank for Puerto Rico, as well as the Development Bank, may grant at their discretion, for a period of ten (10) years from the effective date of this act, collateral security to viable projects of new construction substantial rehabilitation and improvements, to eligible properties, or for the establishment of commercial, industrial service or agricultural enterprises, to be developed in Castañer.
(b) Said Banks may insure the collateral they grant, through insurance. The funds to pay the insurance may come from charging the applicant of the loan, a sum that shall not exceed two percent (2%) of the amount of the loan.
History —Mar. 15, 1996, No. 14, § 8.