(a) This chapter shall apply to any person partially or totally engaged in mortgage lending, mortgage brokerage, or mortgage loan origination activities, as defined in this chapter, for all purposes, which include financing the acquisition of residential real estate or refinancing residential mortgage loans.(b) Any person who, as of the date of approval of this act, is operating a mortgage lending business to finance the acquisition of real estate that is authorized under §§ 613–613h of Title 5, or offers real estate brokerage services under §§ 1071 et seq. of this title, known as the 'Act to Regulate the Financial Intermediation Business', may continue such business, provided that it meets all the requirements imposed under this act within ninety (90) days after the approval thereof. History —Dec. 30, 2010, No. 247, § 1.3, eff. 120 days after Dec. 30, 2010.
Puerto Rico Legal Code