Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Registered agent Ina Scent has had her license suspended by the state Administrator prior to an administrative hearing on the order. Which of the following statements is true regarding Ina’s situation?
  1. Ina can sue the Administrator because she was not afforded a hearing before the suspension took place.
  2. Ina can make a written request that a hearing on the issue be scheduled within ten business days of her request and may continue working with clients while waiting for her day in court.
  3. Ina can make a written request that a hearing on the issue be scheduled within fifteen business days of her request and may not continue working with clients unless the Administrator vacates the order until final determination.
  4. Ina can immediately file an appeal of the suspension in a court of law.
Explanation
Answer: C - When Ina receives notice of her license suspension, she can make a written request that a hearing on the issue be scheduled within fifteen business days of her request. She cannot continue working with clients unless the Administrator vacates the order until final determination because her license is still suspended pending final determination. If, after the hearing, the order still stands, Ina can file an appeal of the suspension with a court of law if she does so within 60 days.
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