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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Debt Management License A debt management services license is required to any individual, corporation, partnership, association, or any other juridical or natural entity, who advertises, solicits, states or represents that he or she can offer, obtain or procure debt consolidation plans, or services related to debt negotiation, management, settlement, or credit counseling. Please see Act to Regulate the Business of Financial Intermediation, Puerto Rico Act No. 214 of October 14, 1995, as amended, and Regulation No. 8348 promulgated pursuant to Act No. 214 on May 2, 2013 (L.A.P.R. §1071 et seq.)
Exempt Non-Profit Company Registration Exempt Non-Profit Company Registration (More Details)
Money Transmitter License This license is required of any natural or juridical person, including, but not limited to individuals, partnerships, corporations, trusts, to offer services or engage in activities in which any order of payment is received, including, but not limited to bank drafts, checks, personal money orders, or any other means of money transmission or payment, including those carried out by electronic transfer, wire, telephone, or any other medium to be transferred to a beneficiary, and which services require the person for whom the money transmission is processed, transacted, or conducted to pay a service charge.
Mortgage Broker This license is required of any individual, corporation, partnership, firm or an unincorporated entity be it for profit or nonprofit, that offers and contracts its services to negotiate, transact or obtain residential mortgage loans for third persons, for a service charge that may be direct, indirect, ostensible, concealed, or disguised. (More Details)
Mortgage Lender/Servicer This license is required of institutions or individuals whose principal business is to originate, finance, close, sell, and service residential realty mortgage loans, besides acting as intermediaries by offering their services to insurance companies, commercial banks, mutual banks, Savings and Loan Associations, Pension Funds and to other private investment individuals or entities that, partially or totally invest their assets in the granting of residential mortgage loans to finance or refinance the acquisition of real property located in the Commonwealth of Puerto Rico. (More Details)
Sales Finance License A Sales Finance License is required to any individual, corporation, partnership, association, or any other juridical or natural entity, who is engaged, wholly or partially, directly or indirectly, in the business of providing financing, purchasing or otherwise acquiring retail installment sale contracts or interest thereon, executed by other persons. This term includes persons engaged in the business of financing insurance policy premiums. It also includes persons who engage in self-financing with a retail installment sale portfolio of one million dollars ($1,000,000) or more, and credit card issuers who are not covered under any special law that authorizes them to do such business. Please see Puerto Rico Act No. 68 of June 5, 1973, as amended, known as “Retail Installment Sales and Financing Companies Act”, and Regulation 6070 (L.A.P.R. §731 et seq.).
Branch Licenses Description Requirements Checklist
Debt Management Branch License A license is required for every office established to offer Debt Management services. This license should only be applied for by a company that also holds or is applying for the Debt Management Services License. Please see Act to Regulate the Business of Financial Intermediation, Puerto Rico Act No. 214 of October 14, 1995, as amended, and Regulation No. 8348 promulgated pursuant to Act No. 214 on May 2, 2013 (L.A.P.R. §1071 et seq.)
Mortgage Broker (Branch) A license is required for every Mortgage Broker office established. (More Details)
Mortgage Lender/Service (Branch) A license is required for every Mortgage Lender/Servicer office established. (More Details)
Sales Finance Branch License A license is required for every office established to offer Sales Finance Services. This license should only be applied for by a company that also holds or is applying for Retail Installment Sales and Finance Company License. Please see Puerto Rico Act No. 68 of June 5, 1973, as amended, known as “Retail Installment Sales and Financing Companies Act”, and Regulation 6070 (10 L.A.P.R. §731 et seq.)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License An individual who engages in the origination of loans through the receipt of a residential mortgage loan application, or who offers or negotiates the terms of a residential mortgage loan for compensation or gain, or with the expectation of receiving compensation or gain
 

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