The Commonwealth of Puerto Rico requires a financial intermediary surety bond from all persons and business entities engaged in regulated financial activities. P.R. 7, §1071 states that those parties offering financial planning, consulting or advisory activities, granting of loans, loan and financing brokerage activities other than mortgage loans on residential real estate, through personal, telephone, written contact, through advertisements in newspapers, publications, handouts, posters, banners, telephone directories, radio, television or through any other similar medium, or rendering said services to a person other than a relative must be licensed and surety bonded.
The Office of the Commissioner of Financial Institutions (Oficina del Comisionado de Instituciones Financieras) must receive a financial intermediary surety bond that guarantees a licensee's faithful compliance with the provisions of the laws, rules and regulations that may be adopted by the Commissioner. The surety bond may be claimed upon by any person, including the Office of the Commissioner of Financial Institutions for a breach of the licensee's duties and promises. The Puerto Rico financial intermediary bond must be issued in an amount not less than ten thousand dollars ($10,000). The Commissioner may require a surety bond in excess of ten thousand dollars ($10,000) up to a maximum of two hundred thousand dollars ($200,000) based on the business volume of the licensee and his/her/its solvency. A corporate surety bond must be issued by an insurance company authorized to do business in Puerto Rico by the Office of the Insurance Commissioner and is cancelable upon written notification to the Commissioner of Financial Institutions within not less than thirty (30) days from delivery. Regulator contacts are as follows:
Oficina del Comisionado de Instituciones Financieras (OCIF)
1492 Ave. Ponce De León Suite 600, Edif. Centro Europa, Santurce, PR
PO Box 11855, San Juan, PR 00910-3855
There are stiff criminal and civil penalties associated with noncompliance. Per §1087, "Any violation of the laws, rules and regulations shall constitute a misdemeanor, punishable by a fine of not more than five hundred dollars ($500) or with imprisonment for a term not to exceed six (6) months, or both penalties, at the discretion of the court. The violations to subsections (3), (6), (8), (9) and (13) of § 1080 of constitute a felony, punishable by a fine of not more than five thousand dollars ($5,000) or with an established penalty of imprisonment for a term six (6) years, or both penalties, at the discretion of the court. The penalty of imprisonment for a felony may be increased up to a maximum of ten (10) years if aggravating circumstances are involved; if mitigating circumstances are involved, it may be reduced to a minimum of four (4) years. In any of the cases, the court may impose the penalty of restitution when applicable, in addition to the penalty established."
Puerto Rico surety bond leader, Surety One, Inc. offers this fianza on credit review for underwriting and rating decisions however we offer non standard programs for applicants that may have damaged credit or may not have had the opportunity to develop credit. We decline no application, but rather offer terms that fit each applicant.
La mayoría de la fianzas exigidas por las varias agencias y comisionados estatales son sencillas. Para cotizar una simple fianza comercial quen contempla una penalidad de $25,000 or menos, necesitamos una solicitud más nada. Para montos más altos nos hace falta revisar los estados financieros personales y empresariales del/la solicitante. El estado crediticio personal del individuo y/o propietario(a) de una empresa importa PERO ofertamos programas especiales para solicitantes con el crédito dañado o falta de historial crediticio. ¡No rechazamos a NADIE!
Surety bond application review and quoting are free of charge. There is no obligation to purchase.