(a) Any licensee may surrender a license by providing a written notice to the Commissioner, but shall notify his /her decision to the Commissioner within at least thirty (30) days before the surrender takes effect. The Commissioner may direct and conduct an examination of the licensee’s business before accepting said surrender of license. If after the examination the licensee were found to have committed a violation of law, the Commissioner may impose the corresponding penalty as provided in § 1087 of this title, and revoke or suspend such license.\n(b) The Commissioner may summon the person who has surrendered the license to a meeting in which he/she shall be required to hand in the license and pay any outstanding debts to the Office of the Commissioner of Financial Institutions.\n(c) The Commissioner may revoke or suspend the license of any licensee if he/she determines that:\n(1) A fact exists which, if it had existed or had been discovered at the time the license was issued, would have been sufficient cause to deny the same, or if the Commissioner discovers that the licensee has made a false, incorrect, or misleading statement.\n(2) The licensee has violated any provision of d have been sufficient cause to deny the same, or if the Commissioner discovers that the licensee has made a false, incorrect, or misleading statement.\n(2) The licensee has violated any provision of this chapter.\n(d) No surrender, revocation, cancellation, or suspension of any license shall impair or affect the obligations arising from any existing and valid contract between the licensee and other parties.\nHistory —Oct. 14, 1995, No. 214, § 13; renumbered as § 12 and amended on Dec. 20, 2010, No. 248, § 11.
Puerto Rico Legal Code