Complain Process, Trust Accounts Topics in 2010-11 BICAR Course

Commission procedures for handling letters of inquiry/complaints, common mistakes in trust account management, and miscellaneous situations that can lead to sanctions will be covered in the 2010-2011 Broker-in-Charge Annual Review(BICAR) course.

Examples of actual cases will be presented involving licensee failure to respond to Commission inquiries, Commission audit procedures including a broker’s duty to make records available will be outlined, and criminal conviction and disciplinary action reporting requirements also will be discussed.

An overview of basic trust account requirements will include a review of the rules pertaining to trust account maintenance and recordkeeping, as well as such common mistakes as failure to supervise the person keeping records and to perform monthly reconciliations. BICs who are confused about the record keeping or reconciliation process should consider attending the Basic Trust Account Course.

Miscellaneous fact situations drawn from actual disciplinary cases will be presented, followed by questions to stimulate discussion as to what violations may have occurred and how they may have been avoided.

Finally, there will be a brief review of BIC qualification requirements, broker-in-charge eligibility, and how to regain eligibility once lost.

All BICs and former BICs who wish to retain BIC-eligibility must take the BICAR course as their elective each year, beginning the first full license period following initial designation and each license period thereafter.

This article came from the May 2010-Vol41-1 edition of the bulletin.