Stockbrokers to lose licenses over unpaid child support
Indiana stockbrokers who are behind on child support got notice that they'll have their licenses suspended unless they start paying up.
Secretary of State Connie Lawson sent letters to the delinquent stockbrokers this week. Her office says it worked with the Department of Child Services to identify financial professionals registered with the Securities Division of the Secretary of State's office who are behind in child support and not making payments.
Four stockbrokers registered with the Securities Division have been identified as behind in child support in amounts of $4,000 or more.
They owe a total of over $160,000 with the largest amounts owed being $62,820 and $70,400.
Those who haven't made payment arrangements with county prosecutors will get a warning that payment is required or that a suspension is possible. If the individual does not respond, then the Securities Division may suspend their license until payment arrangements are made.
Earlier this year, the General Assembly gave the Secretary of State the authority to suspend an individual's registration under the Indiana Uniform Securities Act for failure to pay child support. House Enrolled Act 1294, which authorized the change, was authored by Representatives Heaton and Burton and sponsored by Senators Smith and Mrvan.