(a) This subchapter shall apply to every person engaged in the mortgage lending business, as defined in § 3052 of this title.\n(b) The following persons shall not be subject to the provisions of this subchapter:\n(1) Banks authorized to operate in Puerto Rico that are regulated by a federal banking agency;\n(2) federal agencies;\n(3) agencies, municipalities, and instrumentalities of the Government of Puerto Rico;\n(4) employee retirement systems of the Government of Puerto Rico and its instrumentalities;\n(5) insurance companies authorized by the Commissioner of Insurance of the Commonwealth of Puerto Rico to do business in Puerto Rico; and\n(6) natural persons who grant or originate residential mortgage loans when the total amount of the loans granted or originated in the previous twelve (12) months does not exceed one hundred thousand dollars ($100,000).\nHistory —Dec. 30, 2010, No. 247, § 3.1, eff. 120 days after Dec. 30, 2010.
Puerto Rico Legal Code