(a) The DACO shall evaluate the license application and carry out all the investigations it deems pertinent before approving the same. However, if a license application under the terms of this chapter, duly filled out and accompanied by all the documents and information necessary for its consideration, were not denied within thirty (30) business days after being filed, it shall be deemed approved and the applicant may demand that the license applied for be issued within the following ten (10) business days.(b) As a condition for the issuance of a license pursuant to this chapter, the Secretary may, when he/she deems it necessary to protect the buyers’ interest, demand the posting of a fidelity bond on the amounts of money to be deposited in reserve or escrow accounts related to the project or projects of the applicant.(c) The Secretary shall deny the issuance or renewal application of a vacation home developer license when he/she determines that:(1) The application does not comply with the requirements of this chapter or its regulations for the issuance of such license,(2) the examination of its content shows that there is a substantial risk that the applicant will not comply with the requirements of this chapter or its regulations for the issuance of such license,(2) the examination of its content shows that there is a substantial risk that the applicant will not comply with the provisions of this chapter or with the obligations assumed with the buyers, or(3) during the last five (5) years, the applicant has incurred one of the actions or omissions that would entail the revocation of an effective vacation home developer license.(d) The DACO and the Tourism Company may jointly draft additional rules, through regulations, with regards to the content and evaluation of the applications. History —Dec. 16, 2009, No. 181, § 9.
Puerto Rico Legal Code