Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal
This answer was rated:

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

presently taking the series 63...
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?
Show More
Show Less
Ask Your Own Legal Question
Answered in 1 hour by:
11/19/2017
Law Educator, Esq.
Category: Legal
Satisfied Customers: 120,190
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

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: 120,190
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
Law Educator, Esq. and 87 other Legal Specialists are ready to help you
Ask your own question now
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 120,190
120,190 Satisfied Customers
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,325 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,642 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

120,190 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

290 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
For an insolvent small estate in Maryland, I haven't yet
Hi. For an insolvent small estate in Maryland, I haven't yet sent out any notices from newspaper to get final bills. The apartment building just sent me an invoice that seems final and threatens to se… read more
RobertJDFL
RobertJDFL
Attorney
Juris Doctorate
13,608 satisfied customers
My insurance company and insurance defense attorney settled
My insurance company and insurance defense attorney settled a lawsuit against me. My understanding was that insurance company pays defense attorney and controls litigation, and defense attorney protec… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,061 satisfied customers
On my credit report shows Midwest Recovery Systems VIP LOAN
on my credit report shows Midwest Recovery Systems VIP LOAN SHOP … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
43 satisfied customers
Child support placed a negative on my credit report. My
Child support placed a negative mark on my credit report. My child support modification order was granted Feb 2017, deleting all arrears and changing the monthly child support in accordance to the Mic… read more
Michael Bradley
Michael Bradley
JD
1,138 satisfied customers
I'm from Guam, Insurance Underwriter of Century Insurance.
I'm from Guam, Insurance Underwriter of Century Insurance. Our Question is, Does Hawaii Insurance Statute mandates the carrier or the agent insuring the risk in Hawaii be licensed by the State of Hawa… read more
N Cal Atty
N Cal Atty
JD
83 satisfied customers
This is an Insurance law Question. An insurer appointed a
This is an Insurance law Question. An insurer appointed a law firm to represent the insured. The Attorney claims he is representing both the Insurer and the Insured. … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
6,417 satisfied customers
I freeze and unfreeze my credit report online is it
I freeze and unfreeze my credit report online is it immediate or does it actually take time after ?… read more
Ray
Ray
Lawyer
Doctoral Degree
30,513 satisfied customers
A former employee of a small commercial loan brokerage
A former employee of a small commercial loan brokerage terminated his relationship with company over 7-years ago before an earned commission was paid to the brokerage. The commission was not paid at l… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
6,417 satisfied customers
Maryland bankruptcy on credit report. Maryland, yes
Maryland bankruptcy on credit report JA: What state are you in? And has anything been officially filed? Customer: Maryland, yes JA: Has anything been filed in civil court? If so, what? Customer: No JA… read more
Michael Bradley
Michael Bradley
JD
1,138 satisfied customers
What information is on a credit report? If somebody always
What information is on a credit report? If somebody always pay their phone bill and health insurance bill on time each month, is that likely to be listed on their credit report? Or are only bills they… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
6,417 satisfied customers
I recently discovered on a credit report that a previous
I recently discovered on a credit report that a previous judgement (default for credit card debt) was not handled properly by my attorney a few years ago. Now I am trying to buy a house and need to kn… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
20,642 satisfied customers
I am executer trustee of an insolvent estate, the only asset
Hello, I am executer trustee of an insolvent estate, the only asset willed to unrelated relative needs to be sold in order to pay debts, currently unrelated relative is living in house and I am paying… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
81 satisfied customers
I had a annual visit with my banker. He pulls credit report
I had a annual visit with my banker. He pulls credit report etc.He asked me why I applied for a loan at Cxx bank. I said what. He shows me the AR. Account reviewMy oldest sister works at that bank I h… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
6,417 satisfied customers
Is it illegal to pull a credit report on an individual
Is it illegal to pull a credit report on an individual without their consent/permission/knowledge? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,980 satisfied customers
I check my credit report on annual credit report .com. I
I check my credit report on annual credit report .com . I have several identiy breaches upon the report! I have some serious concerns. A address I donot recognize someaccounts that donot belong to me … read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,980 satisfied customers
Is it legal to pull a customer's credit reports to have
Is it legal to pull a customer's credit reports to have their credit repaired by a credit restoration business ?… read more
Ely
Ely
Counselor at Law
Juris Doctor
24,325 satisfied customers
An insurance agent is making personal loans to his customers
An insurance agent is making personal loans to his customers using a third party's money (a wealthy family member). This is being done with state or federal knowledge. Is this illegal. The state is In… read more
Ray
Ray
Lawyer
Doctoral Degree
30,513 satisfied customers
I HAVE AN EXCELLENT CREDIT REPORT/S MY USAGE IS 24% WHICH IS
I HAVE AN EXCELLENT CREDIT REPORT/S MY USAGE IS 24% WHICH IS 30% I HAVE A PERFECT PAYMENT HISTORY ANOTHER 30% ALL NEGATIVE ITEMS HAVE BEEN REMOVED EXCEPT ONE THROUGH CREDIT REPAIR.COM FOR AT LEAST TEN… read more
Michael Bradley
Michael Bradley
JD
1,138 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x