Esta ley enmienda la Ley Núm. 212 de 2000 para aumentar el monto máximo de los préstamos a $300,000 para el establecimiento y mejora de centros de cuidado diurno para niños y ancianos, centros de actividades múltiples y facilidades de cuidado a largo plazo. También establece un fondo rotatorio para autogestión en Comunidades Especiales y para mujeres jefas de familia con desventajas económicas, autorizando al Banco de Desarrollo Económico a usar este fondo como garantía para préstamos.
(Approved September 9, 2004)
To amend Sections 1, 2, 3, and 4 of Act No. 212 of August 29, 2000, as amended, known as the "The Child and Elderly Persons Day Care Center Establishment Loans Act"," for the title to read "Loans and Security for the Establishment of Child and Elderly Day Care Centers, Multiple Activity Centers for the Elderly, and Long-Term Care Institutions, as well as the Establishment of the Revolving Fund for Self-Management in Special Communities and for Financially Disadvantaged Women Heads of Household Act," to increase to three hundred thousand $(300,000)$ dollars, the maximum amount of money to grant loans for the establishment of child and elderly day care centers and for the Funds provided to serve as security for such loans and for those loans granted to financially disadvantaged women who are heads of household and to members of Special Communities.
The Economic Development Bank for Puerto Rico is a public corporation created by virtue of Act No. 22 of July 24, 1985, as amended, whose primary mission is the development of local industry by promoting small and middle businesses in our Island by making available to any person, firm, corporation, cooperative or other private organization dedicated to manufacture, commerce, agriculture, tourism and other service businesses whose financial activity directly or indirectly substitutes imports and without
⁰ ⁰: - Translator's note: the Title of the Act should read "The Loan for the Establishment of Child Day Care Center and Multiple Activity Centers and Long-Term Care Facilities for the Elderly Act."
it being understood as a limitation, direct loans, loan security and funds to invest in said businesses, giving preference to small and middle Puerto Rican business owners, as defined through the regulations issued by the Board of Directors of the Bank.
Among the functions of the Economic Development Bank to promote local industry by granting financing is the promotion of financing products that serve to stimulate disadvantaged sectors financially and entrepreneurially. The purpose of this Act is to encourage the establishment of child and elderly day care centers, multiple activity centers for the elderly and long-term care facilities, for the benefit of Puerto Rican families. By means of this amendment, the maximum amount of money for loans for the establishment of child and elderly day care centers pursuant to the provisions of this Act, is increased to three hundred thousand $(300,000)$ dollars, and the Economic Development Bank is hereby authorized to use said amount as security for these loans.
Likewise, the scope thereof must be extended to further assist those families with special needs and those families whose heads of household are women who are abused, divorced or separated, who suffer from other socially recognized situations, who are subject to emotional isolation and poverty, and who become the sole providers for sustaining their children and dependents.
This Government believes that the money in the Fund established by this Act may have versatile uses for creating financing products and sustaining those that already exist, directed toward financially disadvantaged women and families of the Special Communities as described in Act No. 1 of March 1, 2001, as amended, known as the "Puerto Rico Special Communities Integral Development Act."
It is both necessary and intended by this amendment that the Economic Development Bank be authorized to use the Fund created by this Act as security for the loans granted which proceed from referrals under its diverse alliances with the Office of the Women's Advocate and others of a similar nature, and those products designed by the Economic Development Bank for the persons who are members of the Special Communities, as defined in Act No. 1, supra.
Section 1.- Section 1 of Act No. 212 of August 29, 2000, as amended, is hereby amended to read as follows: "Section 1.- The Loans and Security for the Establishment of Child and Elderly Day Care Centers, Multiple Activity Centers for the Elderly, and Long-Term Care Institutions, as well as the Establishment of the Revolving Fund for Self-Management in Special Communities and for Financially Disadvantaged Women Act, is hereby created."
Section 2.- Section 2 of Act No. 212 of August 29, 2000, as amended, is hereby amended to read as follows: "Section 2.- A loans and security fund for the development of child and elderly day care centers, multiple activities centers for the elderly and longterm care facilities is hereby established in the Economic Development Bank for Puerto Rico (the Bank). This fund shall also serve as security for loans granted by the Bank that are referred to the latter through its diverse alliances with the Office of the Women's Advocate and others of a similar nature, and those products designed by the Bank for persons who reside at Special Communities such as they are described in Act No. 1 of March 1, 2001, as amended, known as the Puerto Rico Special Communities Integral Development Act. This fund shall be administered by the Bank. The sum of
four (4) million dollars shall hereby be appropriated for this Fund, which sum shall proceed from the General Fund of the Commonwealth Treasury. The loans fund shall be used as a revolving fund."
Section 3.- Section 3 of Act No. 212 of August 29, 2000, as amended, is hereby amended to read as follows: "Section 3.- A loans program for the creation of Child and Elderly Day Care Centers, Multiple Activity Centers for the Elderly and Long-Term Care Facilities is hereby established. Such loans shall be divided into two (2) categories:
a) For the establishment of new Child and Elderly Day Care Centers, Multiple Activity Centers and Long-Term Care Facilities for the Elderly, loans shall be granted of up to three hundred thousand $(300,000)$ dollars for the acquisition of property and the construction and equipment for the child and elderly day care centers. b) For improvements to existing child and elderly day care centers, multiple activities and long-term care facilities for the elderly, up to three hundred thousand $(300,000)$ dollars."
Section 4.- Section 4 of Act No. 212 of August 29, 2000, as amended, is hereby amended to read as follows: "Section 4.- The Economic Development Bank for Puerto Rico shall establish guidelines and procedures for granting the loans created in this Act and for the administration of the Revolving Fund."
Section 5.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 265 (S.B. 2641) of the $7^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Sections 1, 2, 3, and 4 of Act No. 212 of August 29, 2000, as amended, known as the "The Child and Elderly Persons Day Care Center Establishment Loans Act"," for the title to read "Loans and Security for the Establishment of Child and Elderly Day Care Centers, Multiple Activity Centers for the Elderly, and Long-Term Care Institutions, as well as the Establishment of the Revolving Fund for Self-Management in Special Communities and for Financially Disadvantaged Women Heads of Household Act," to increase to three hundred thousand $(300,000)$ dollars, etc., has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $13^{ ext {th }}$ of March of 2007.
Francisco J. Domenech Director