Question

It shall be the duty of every licensee, registrant, and certificate holder who is the custodian of client funds to report the institution of bankruptcy proceedings to the commission, in writing and by registered or certified mail or hand delivery within _____. The report to the commission shall include a listing which identifies the owner or owners of the funds, the amount of funds held, the name of the financial institution, and the number of the account in which the funds are deposited.

A)5 days
B)3 days
C)6 days
D)10 days

Answer 1

The subject of this question is Law as it pertains to reporting bankruptcy proceedings for licensees, registrants, and certificate holders who are the custodian of client funds. The correct answer is 3 days.

Step-by-step explanation:

The subject of this question is Law as it pertains to reporting bankruptcy proceedings for licensees, registrants, and certificate holders who are the custodian of client funds.

The correct answer is B) 3 days.

According to the law, every licensee, registrant, and certificate holder who is the custodian of client funds must report the institution of bankruptcy proceedings to the commission within 3 days. The report should be submitted in writing and by registered or certified mail or hand delivery. The report should include a listing of the owner/owners of the funds, the amount of funds held, the name of the financial institution, and the account number where the funds are deposited.