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Broker Agent registration requirements (state of NY). I am…

Broker Agent registration requirements (state...
Broker Agent registration requirements (state of NY). I am presently taking the series 63, on Tuesday.... (have my 7). I need to register with my company's broker dealer, but I am really worried what information they may look up. BD agent is held to suitability standards as opposed to fiduciarystandards as far as I know. I hold life, accident, & health licenses in numerous states, so I assume whatever is in the Producer Database was OK. I can fill out my U4 and sign it with integrity (it asks about bankruptcy, creditor compromises, tax liens, judgement etc. which my answer to is no). Have they used this already for the insurance licenses? It says I am a broker on BrokerCheck. I am concerned in the current environment (new regulations?) "they" will attempt further credit checks. My Company? FINRA? In the study texts, it states an agent can't be "insolvent." I see this defined as, "unable to pay bills as they come due" (I can faithfully sign off on this). In other other places I see net worth, I assume it's being mixed up with investment adviser reps, but I don't have a positive one. I have significant debt and my credit score has dropped as a result, from 803 in May to roughly ~675 presently (Yikes!). I have never missed a payment on any card/loan, ever. I started a business up with this company and enjoy the personal freedom, but the ramp up is slow and I have only made roughly $40,000 so far this year, versus $200,000+ in the past. This is why I have $95,000 of credit lines to abuse (i'm at 60% utilization of $75,000K that is on credit reports presently). Paying for the prior life style is what is killing me... It would basically destroy my life if they deny my registration. Would I be better off eating the $1,000 fine and getting my score up over the next 6 months. Your thoughts? Will my U4 be sufficient? Or is there a chance they will look at my credit report and deny my registration to protect the public from my negative net worth? The irony is I could have doubled my commissions if I wasn't acting in the best interest of my clients.... Back on point, is there a chance they can deny my registration? If that is so, I will eat the $1,000 FINRA fine and apply in 6 months when my situation has improved. Your legal opinion?
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Answered in 1 hour by:
11/19/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,919
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

FINRA will conduct a complete background check on those they license. They are looking not only at what is self reported, but they cross check the reports with other credit reporting and public records as they are also looking for intentional failure to disclose (which can be used to claim dishonesty and grounds for denial).

Plenty of brokers have bills they struggle to pay, but insolvency is a different issue as you noted, as you need to be unable to pay your bills.

If you are paying your bills, even slowly, that is not something that would cause a denial of your licensing. That is what they are really looking for, the inability of you to pay bills or you failing to pay bills, not the fact you have high debt/asset ratio or high loan amounts due.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,919
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
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