(a) Any natural or juridical person other than an association organized and registered pursuant to the provisions of this chapter, is forbidden to use or be identified under the name of 'Savings and Credit Union'. It is also forbidden for any person, natural or juridical, other than a recognized cooperative entity, to use as a name, trade name, mark or designation of itself or its products, goods or services, the term 'cooperative' or 'COOP'[.] For the purposes of this section, the following shall be deemed as a recognized cooperative entity exempted from this restriction:\n(1) Cooperative League of Puerto Rico;\n(2) every cooperative insurer, duly organized and authorized under §§ 3401—3423 of Title 26, part of the Insurance Code of Puerto Rico;\n(3) the Cooperative Bank of Puerto Rico;\n(4) every entity organized and registered pursuant to the provisions of Act No. 50 of August 4, 1994, known as the 'General Cooperative Unions Act of Puerto Rico', and\n(5) every entity organized and registered pursuant to the provisions of this chapter, including non-profit corporations, one hundred percent (100%) controlled by them, and the affiliates, subsidiaries, and cooperative enterprises registered pursuant to the provisions of this chapter, including non-profit corporations, one hundred percent (100%) controlled by them, and the affiliates, subsidiaries, and cooperative enterprises contemplated in § 1362e of this title.\n(b) Any person who violates the provisions of this Section shall incur a felony, and upon conviction thereof, shall be sanctioned with a penalty of imprisonment for a fixed term of one (1) year or a maximum fine of one thousand dollars ($1,000), or both penalties, at the discretion of the court.\nHistory —Oct. 28, 2002, No. 255, § 9.01.
Puerto Rico Legal Code