3054

(a) This subchapter shall apply to any person who offers or renders services as a mortgage loan broker, as defined in § 3051 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) any person who, as the owner, partner, director, official, agent, or employee, is engaged in any business to which obtaining loans or financing for the clients of said business is inherent, incidental, or necessary for the same, such as businesses involving the sale or lease of goods and services.\nHistory —Dec. 30, 2010, No. 247, § 4.1, eff. 120 days after Dec. 30, 2010.