The provisions of this chapter shall in no way affect, modify or alter the civil liability that any natural or juridical person may incur under the articles of the Civil Code of Puerto Rico that deal with the fixing of legal interest and the manner of recovering the excess amounts paid thereon, it being understood, however, that the interest rates or charges the Board may fix, or the determination of the Board of not fixing maximum interest rate and leaving the market open to free competition in such case, shall prevail over the provisions of said Code.When a borrower prepays a debt, he/she shall not be charged interest on that part of the principal paid in advance. In such case, however, the creditor may charge the debtor an adequate compensation. The Financing Board is hereby authorized to prescribe, through regulations, the terms, rates and/or conditions needed for the computing of said compensation. To such effect, the Board shall take into consideration the prevailing market conditions and harmonize them with the debtor’s right to protection against the assessment of excessive charges. History —Oct. 15, 1973, No. 1, p. 849, § 8; June 2, 1976, No. 120, p. 349; Oct. market conditions and harmonize them with the debtor’s right to protection against the assessment of excessive charges. History —Oct. 15, 1973, No. 1, p. 849, § 8; June 2, 1976, No. 120, p. 349; Oct. 23, 1999, No. 319, § 12.
Puerto Rico Legal Code