Importance of Disclosure Expungement Services
FINRA U4, FINRA disclosure expungement, expungement attorney, RIA compliance consultant, FINRA u4 attorney refers to the legal process of removing old and outdated records, which is also referred to as disclosure. In order for a person to be entitled to disclosure they must be informed of their criminal act or felony. These records are then retained by the State or County in which the crime was committed. This can make it very difficult for people to find employment, to obtain a bank loan, and to rent an apartment. It is important that all brokers and lenders that deal with these types of people take into consideration the fact that an expunged record may affect their ability to get future jobs or loans and it may also increase the cost of any housing or loan transaction they are involved in.
When considering disclosure expungement, it is important for financial advisors to consider whether they are able to assist their clients in getting the expungement done. Some states have reporting requirements that must be met before a record can be filed. Other states only require the filing of a sworn statement from the person who is disclosing information, which is a different process than the actual filing of a false report. As most financial advisors, brokers and lenders know that their primary business is helping people manage their finances, some people are more comfortable dealing with the paperwork and would prefer not to do it on their own, therefore, having a third party help with the process.
If FINRA U4, FINRA disclosure expungement, expungement attorney, RIA compliance consultant, FINRA u4 attorney are considering disclosure expungement, it is recommended that you use an advisor with experience in this area. There are a variety of companies that specialize in this process and they can be found through a basic internet search. Most will require that you fill out a short online form and provide certain information about your investor profile. Some of the information that will be required are your name, state of residence, address, phone number, Social Security number and date of birth.
You will also need to disclose any current or past period of bankruptcy or federal income tax liens. Disclosure expungements can even apply to civil suits such as discrimination suits, employment lawsuits and even one time criminal charges. Once you complete the form you will have 60 days to turn in a signed Affidavit of Disclosure, along with a verified statement of all relevant financial information. If a financial advisor or lender does not accept your Affidavit of Disclosure, your records may be considered incomplete and this will prevent your disclosure from expunging. A disclosure expungement can be renewed after another sixty days, but the time cannot be renewed until the original application is approved.
Financial disclosure is not the only reason that can result in an expungement. In addition to disclosure, some types of financial transactions are exempt from disclosure. Transactions that relate to marital settlements, lottery winnings, inheritance, and charitable contributions are not required to be disclosed. Even though they are exempt from disclosure, these types of situations can provide a great deal of insight into your past and present financial situation. Your disclosure provides insight into your credit worthiness and can help you work out any areas that need improvement. As well, the records can be used for future customer disputes, legal proceedings or asset liens.
If disclosure conflicts are preventing you from following the law, or if you have been the victim of illegal discrimination, there are many firms that can help you overcome these challenges. Hiring a professional Compliance and Disclosure Consultant can expedite your compliance process and provide timely and effective assistance. By working with a Compliance and Disclosure Consultant, you can gain access to the resources, legal advice and timely advice to help resolve your disclosure and compliance needs.