(a) Application.— This chapter shall apply to every person who offers or renders services as loan and financing broker, and to any money lender, agent, financial planner, financial consultant or advisor, as these terms are defined in § 1071 of this title.\n(b) The Puerto Rico Education and Rehabilitation Society (SER de Puerto Rico) and the Housing and Human Development Trust of Puerto Rico, as it has been created and is operated pursuant to Public Deed No. 135 of May 7, 2004, executed before Notary José Orlando Mercado-Gely, are hereby exempt from the application of this Chapter.\n(c) Prohibitions.— Persons excluded from the applicability of this chapter, described in the above subsection (b) of this section, may engage in the financial intermediation business without any license therefor, exclusively in benefit of their business, but upon doing so, shall not personally charge any commission or fee for said services.\nHistory —Oct. 14, 1995, No. 214, § 3; Sept. 21, 2004, No. 391, § 2; Dec. 30, 2010, No. 248, § 2; renumbered as § 3 on Mar. 26, 2012, No. 60, § 1; Aug. 16, 2012, No. 179, § 8.
Puerto Rico Legal Code