U.S. Code » Title 48 » Chapter CHAPTER 20— PUERTO RICO OVERSIGHT, MANAGEMENT, AND ECONOMIC STABILITY

48 U.S.C. § 2101

Effective date

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(a) In general

Except as provided in subsection (b), this chapter shall take effect on June 30, 2016.

(b) Subchapter III and Subchapter VI(1) Subchapter III shall apply with respect to cases commenced under subchapter III on or after June 30, 2016.(2) Subchapters III and VI shall apply with respect to debts, claims, and liens (as such terms are defined in section 101 of title 11) created before, on, or after such date.(Pub. L. 114–187, § 2, June 30, 2016, 130 Stat. 550.)Editorial NotesReferences in Text

This chapter, referred to in subsec. (a), was in the original “this Act”, meaning Pub. L. 114–187, June 30, 2016, 130 Stat. 549, known as the Puerto Rico Oversight, Management, and Economic Stability Act and also as PROMESA, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out below and Tables.

Statutory Notes and Related SubsidiariesShort Title of 2022 Amendment

Pub. L. 117–82, § 1, Jan. 20, 2022, 136 Stat. 3, provided that: “This Act [enacting section 2178 of this title] may be cited as the ‘Puerto Rico Recovery Accuracy in Disclosures Act of 2021’ or ‘PRRADA’.”

Short Title

Pub. L. 114–187, § 1(a), June 30, 2016, 130 Stat. 549, provided that: “This Act [enacting this chapter, amending sections 1469e and 1492a of this title, sections 632 and 644 of Title 15, Commerce and Trade, and section 206 of Title 29, Labor, and enacting provisions set out as a note under section 632 of Title 15] may be cited as the ‘Puerto Rico Oversight, Management, and Economic Stability Act’ or ‘PROMESA’.”

Notes of Decisions
Cited in 48 cases (22 in the last 5 years), 2017–2026 · leading case: Fin. Oversight & Mgmt. Bd. for P. R. v. Centro De Periodismo Investigativo, Inc., 598 U.S. 339 (2023).
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Fin. Oversight & Mgmt. Bd. for P. R. v. Centro De Periodismo Investigativo, Inc., 598 U.S. 339 (2023). · cites it 3× “Argued January 11, 2023—Decided May 11, 2023 In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), 48 U. S. C. § 2101 et seq., to deal with a fscal crisis in Puerto Rico brought about by soaring public debt.”
Fin. Oversight & Mgmt. Bd. for Puerto Rico v. Aurelius Inv., LLC, 140 S. Ct. 1649 (2020). · cites it 3× “That Act created a Financial Oversight and Management Board, and it provided, as relevant here, that the President could appoint its seven members without "the advice and consent of the Senate," i.e. , without Senate confirmation.”
Peaje Invs. LLC v. Fin. Oversight & Mgmt. Bd. for P.R. (In re Fin. Oversight & Mgmt. Bd. for P.R.), 899 F.3d 1 (1st Cir. 2018). “Because both the Authority and the Commonwealth have commenced bankruptcy cases under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"), 48 U.S.C. §§ 2101 - 2241, Peaje instituted the adversary proceedings now on consolidated appeal to…”
Aurelius Inv., LLC v. Puerto Rico, 915 F.3d 838 (1st Cir. 2019). “Congress Enacts PROMESA On June 30, 2016, Congress's next incursion into Puerto Rico's economic fortunes took place in the form of Public Law 114-187, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), 2 48 U.S.C. § 2101 et seq. , which Congress found…”
Fin. Oversight & Mgmt. Bd. for P.R. v. Ad Hoc Grp. of PREPA Bondholders (In Re Fin. Oversight & Mgmt. Bd. for P.R.), 899 F.3d 13 (1st Cir. 2018). “For the reasons stated above, we vacate the order denying the bondholders' request for relief from the automatic stay and we remand for further proceedings consistent with this opinion.”
United States v. Cotto-Flores, 970 F.3d 17 (1st Cir. 2020). “38 See Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), 48 U.S.C. § 2101 et seq.; see also, Fin. Oversight & Mgt.”
Centro de Periodismo Investigativo, Inc. v. FOMB, 35 F.4th 1 (1st Cir. 2022). “After CPI turned to the district court for assistance, the Board asked the district court to dismiss the litigation, arguing that it is immune from suit pursuant to both the Eleventh Amendment of the United States Constitution and the Puerto Rico Oversight, Management, and…”
Fin. Oversight & Mgmt. Bd. for P. R. v. Centro De Periodismo Investigativo, Inc., 598 U.S. 339 (2023). · cites it 3× “Argued January 11, 2023—Decided May 11, 2023 In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), 48 U. S. C. §2101 et seq., to deal with a fiscal crisis in Puerto Rico brought about by soaring public debt.”
In re Fin. Oversight & Mgmt. Bd. for P.R., 318 F. Supp. 3d 537 (2018). · cites it 2× “Aurelius argues principally that the debt adjustment case filed for the Commonwealth of Puerto Rico (the "Commonwealth" or "Puerto Rico") under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act, 48 U.S.C. § 2101 etseq. ("PROMESA"), must be dismissed…”
Migrant Health Ctr., Inc. v. Commonwealth of Puerto Rico, 919 F.3d 565 (1st Cir. 2019). “This appeal concerns the automatic stay provision of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"), see 48 U.S.C. §§ 2101 - 2241, a statute that Congress enacted in June 2016 to address the Commonwealth of Puerto Rico's financial crisis.”
Altair Global Credit Opportunities Fund (A), LLC v. Fin. Oversight & Mgmt. Bd. for P.R. (In re Fin. Oversight & Mgmt. Bd. for P.R.), 914 F.3d 694 (1st Cir. 2019). “Months after the Financing Statement Amendments were filed in late 2015 and early 2016, Congress enacted PROMESA, 48 U.S.C. § 2101 et seq. , on June 30, 2016.”
Camara de Mercadeo v. Emanuelli Hernandez, 72 F.4th 361 (1st Cir. 2023). “Below, Appellant alleged that the challenged regulations are unlawful under and preempted by the Puerto Rico Oversight Management Stability Act ("PROMESA"), 48 U.S.C. §§ 2101 et seq.,1 for two reasons.”
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