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PS 1220

Para enmendar los artículos 4 y 6, suprimir el Artículo 7, reenumerar los artículos 8, 9, 10 y 11, como los artículos 7, 8, 9 y 10, respectivamente, reenumerar los artículos 12 y 13, como los artículos 11 y 12, respectivamente, y a su vez enmendarlos, y reenumerar los artículos 14, 15, 16, 17 y 18, como los artículos 13, 14, 15, 16 y 17, respectivamente, en la Ley 198-2002, según enmendada, conocida como “Ley Habilitadora del Fondo de Inversión y Desarrollo Cooperativo de Puerto Rico”, a los fines de modificar la composición de su Junta de Directores, en aras de garantizar la adecuada representatividad y pluralidad en la formulación de las políticas públicas del Fondo de Inversión y Desarrollo Cooperativo de Puerto Rico; actualizar las disposiciones de la Ley, conforme al cierre operacional del Banco Gubernamental de Fomento; hacer correcciones técnicas; y para otros fines relacionados.

2025-2028 Session

The bill reorganizes and renumbers the enabling law to reflect the BGF’s closure, while reforming the Fund’s Board of Directors to improve representation and governance.

Remitido a la Comisión de Reglas y Calendario del Senado
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WeVote Research Nonpartisan
Bill Summary · PS 1220

Comprehensive Summary: Bill PS 1220 (Session 2025-2028, Puerto Rico)

Purpose and Intent

  • PS 1220 seeks to amend and reorganize portions of Law 198-2002, as amended, known as the “Ley Habilitadora del Fondo de Inversión y Desarrollo Cooperativo de Puerto Rico” (the enabling law for the Puerto Rico Cooperative Investment and Development Fund).
  • Primary goals stated in the title:
    • Reorder and renumber sections of the enabling law to reflect updated organizational structure.
    • Amend the composition of the Fund’s Board of Directors to ensure better representativeness and plurality in public policy formulation.
    • Update law provisions to align with the operational closure of the Government Development Bank (Banco Gubernamental de Fomento, BGF).
    • Implement technical corrections and address related purposes.

Key Provisions (Proposed Changes)

1) Renumbering and Amendments

  • The bill proposes the following renumbering and amendments:
    • Amend Articles 4 and 6, and delete Article 7.
    • Reorganize Articles 8–11 so that they become the new Articles 7–10, respectively.
    • Reorganize Articles 12 and 13 so that they become Articles 11 and 12, respectively, and amend them.
    • Reorganize Articles 14–18 so that they become Articles 13–17, respectively.
  • These changes effectively shift the article numbering to create a revised statutory framework and align with current institutional structure post-closure of the BGF.

2) Board of Directors Composition

  • A central aim is to modify the composition of the Fund’s Board of Directors to enhance representativeness and pluralism.
  • Implication: potential changes to who can be appointed, the selection process, and the balance of stakeholder representation (e.g., public sector, cooperatives, private sector, community groups).

3) Alignment with BGF Closure

  • The amendments include updating provisions to reflect the operational closure of the Government Development Bank.
  • Implication: adjustments to the Fund’s governance, funding mechanisms, and administrative procedures to operate independently of the BGF framework.

4) Technical Corrections

  • The bill includes technical corrections to fix drafting, cross-references, or alignment with current law and administrative practice.

Who Would Be Affected

  • The Fund of Investment and Cooperative Development of Puerto Rico (Fondo de Inversión y Desarrollo Cooperativo de Puerto Rico) and its Board of Directors.
  • Stakeholders involving cooperative sectors, investment entities, development programs, and government agencies interacting with the Fund.
  • Administrative and legal staff responsible for implementing the law, as well as entities affected by the closure of the BGF.

Procedural and Timeline Considerations

  • Status: Radicado as of May 5, 2026.
  • Next steps (typical legislative process unless otherwise specified):
    • Committee review and public hearings to assess the impact of renumbering and board composition changes.
    • Potential amendments or refinements based on stakeholder input.
    • Floor consideration by the legislative chamber, then passage to the other chamber (if applicable) and eventual signature or veto by the executive.
  • Effective date: The summary does not specify an effective date; typically, if enacted, the law would include a separate provision stating the effective date or specify when the renumbered articles take effect and when board composition changes apply.

Notable Considerations for Readers

  • The renumbering may impact references in older documentation or external agreements; confirming current article numbers will be important for compliance.
  • Changes to Board composition could influence policy directions for cooperative finance, investment, and development initiatives in Puerto Rico.
  • Updates tied to the BGF’s closure suggest a broader realignment of the territory’s development finance architecture.

If you’d like, I can tailor this summary to focus on a particular stakeholder group (e.g., cooperatives, financial institutions, public policymakers) or provide a comparison with the current law’s provisions to highlight the substantive deltas.

Compiled from official sources — confirm details with the bill’s official record.

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