(a) This chapter shall apply to any person who offers or provides money services.\nAny person who, upon the approval of this act, is operating a money transmitting business authorized under Act No. 106 of August 6, 1996, and/or a check cashing business authorized under Act No. 119 of August 11, 1996, as amended, may continue operating such business under the provisions of said laws. However, any person who holds a license to operate any of these businesses, whose license expires during the effective term of this act, shall file a renewal application in accordance with the provisions and requirements set forth herein.\n(b) The following persons or entities shall not be subject to the provisions of this chapter:\n(1) Banks, as defined herein, whose permitted activities include money transmissions and check cashing;\n(2) The United States Postal Service, federal or state agencies, or entities of the Government of Puerto Rico or any foreign country.\n(c) Persons acting on their capacity as owners, partners, directors, officials, agents, or employees of any of the entities excluded from the applicability of this chapter may engage in any money service business without a license issued s owners, partners, directors, officials, agents, or employees of any of the entities excluded from the applicability of this chapter may engage in any money service business without a license issued therefor exclusively for the benefit of their institutions; however, if they do, they may not collect service charges as individuals.\nHistory —Sept. 21, 2010, No. 136, § 1.3, eff. 60 days after Sept. 21, 2010.
Puerto Rico Legal Code