4514. Authorization Records for Negotiable Instruments Drawn From a Customer's Account
No member or person associated with a member shall obtain from a customer or submit for payment a check, draft or other form of negotiable paper drawn on a customer's checking, savings, share or similar account, without that person's express written authorization, which may include the customer's signature on the negotiable instrument. Where the written authorization is separate from the negotiable instrument, the member shall preserve the authorization for a period of three years following the date the authorization expires. This provision shall not, however, require members to preserve copies of negotiable instruments signed by customers.
Adopted by SR-FINRA-2010-052 eff. Dec. 5, 2011.
Selected Notice: 11-19.
- Regulatory Notice 11-19April 27, 2011