P.R. Laws tit. 23, § 6027
(a) Non-compliance of requirements, obligations and duties. — The Commissioner may levy and charge an administrative fine of five hundred dollars ($500) when he/she determines that the Fund did not comply with any of the requirements, obligations and duties established by this chapter or by regulations, in any particular taxable year.
When the non-compliance entails three (3) or more violations of the provisions of this chapter or of the regulations promulgated to such effects, or when three (3) or more events of non-compliance occur, the Commissioner may revoke the Fund’s license.
The procedure to levy administrative fines and to revoke licenses shall be established by regulations, and the same shall meet the minimum requirements of due process of law.
(b) Authorization to liquidate a fund. — The Commissioner shall determine when a fund can be liquidated through the procedure and those grounds which are established by regulations. Once the liquidation of a fund is authorized, the Commissioner shall inform the Director and the Secretary of it and shall furnish the information these officials may require.
History —Sept. 10, 1993, No. 78, § 17.