Questions tagged [finance]

Questions involving fungible assets -- especially securities and loans (mortgages, debts, etc.).

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1answer
177 views

Is it illegal to purchase stocks with money that came from a Brinks truck?

There have been many times over the years when a Brinks truck has overturned, or the security guards forgot to lock the rear doors, and money came out of it while in route to its destination. Say a ...
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1answer
25 views

Is there a site that lists all EU members' Statutory Instruments for specific laws (like MLD4, UCITS etc.)

I'm new here and don't have a law background but my field (finance) often overlaps with legal aspects quite a bit. I was hoping someone might be able to steer me in the direction of a good (free!) ...
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0answers
11 views

Familial exemption for investment advisor [duplicate]

My parents have asked me to trade for them and they offered me a fraction of any profit. My plan is to set up a limited trade agreement and then manage the account's trades. Before doing so, I want ...
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0answers
40 views

Familial exemption for investment advisor representative

My parents have asked me to trade for them and they offered me a fraction of any profit. My plan is to set up a limited trade agreement and then manage the account's trades. Before doing so, I want ...
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2answers
41 views

Financial Debt Transaction question, Compliance/accounting laws

I am an IT Database person at our company. Our company does not have a financial transaction interactive program for business users, to log customer debt payments or debt increases. So they are ...
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1answer
198 views

Can I use a PCI-DSS compliant image because our payment gateway provider is complaint?

Our company is not compliant with the Payment Card Industry Data Security Standard (PCI-DSS). But all our payments are only handled by one payment gateway provider who is PCI-DSS compliant. Am I ...
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1answer
743 views

What legal entity(s) would be best for startup funded by kickstarter or other investment?

Assuming someone is going to start a business that is to design, build and manufacture a small electronic handheld device. They post campaigns on Kickstarter, Indiegogo, and other crowd-funding ...
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1answer
70 views

Were laws broken, can I use in civil or small claims?

Long story short my girlfriend of 5 years how to debit card to my savings account and every payday I would deposit $500 into the savings account for her to use and this went on for approximately the ...
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1answer
553 views

Are there countries that prohibit charging interest?

Is it true that Saudi Arabia prohibits charging interest? What about UAE? Are there any states actually prohibit interest rates?
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1answer
40 views

Can student loans be used in retirement, brokerage, savings, checking, and 529 accounts?

I am aware of the purpose of Student Loans. However if not immediately used, I park some of the money in a savings account. But would it be legal to use the same funds in a retirement account (...
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3answers
446 views

What consequences can a legal non-citizen 14 year old face if he applies for a credit card using someone else's SSN without permission?

I did this when I was 12, and I didn't know what this all was. My 12-year old mind was still working like a 6 year old. One day a letter came to my house saying you are not eligible or something, I ...
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1answer
103 views

In what order do collateral and guarantees pay off a defaulted loan or bond?

Company A is issued a loan that is guaranteed by Company B and is secured by liens on Company C's assets. Company A defaults on its loan. In what order are the collateral and guarantees used to pay ...
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1answer
100 views

Does one need to be FCA authorised to charge interest on a loan to a friend?

The FCA guidance largely focuses around businesses intending to provide credit; there is little in the way of information on what the stance is when a friend-to-friend loan is made that involves ...
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1answer
16k views

Employer Won't Release 401k

A client of mine came today with a scenario that I had never seen. She had worked for a company for three years, held about $60K in a 401K, but four months after being laid off she hasn't been able ...
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0answers
176 views

How liable is a seller that was unknowingly paid using stolen funds?

I sold some of my Bitcoins on LocalBitcoins UK to an account that appears now to have paid using stolen funds from a hacked bank account. I checked that the buyer was ID-verified with LocalBitcoins ...
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1answer
119 views

What happens if someone bounces a cheque in US?

From my knowledge, if A gives cheque to B and cheque bounces, then a warrant is issued against A. Is the warrant issued anytime cheque bounces by default ? Or B has to press charges against A for ...
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1answer
60 views

In US, what happens if you owe money to doctor and forget about it?

If I owe money to some family physician or a dentist, but because my phone number has changed I was not able to be contacted by them. What does a doctor/dentist do if I owe them about $500 or so ? Is ...
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1answer
58 views

Company wants to hold funds for customers

Are there any licensing or special bank account requirements for our company to hold funds for a customer and later deliver those funds back to the same customer? Similar to a savings account but for ...
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3answers
602 views

How are MMOs with real money economies allowed to operate?

A lot of Massively Multiplayer Online games include a form of "premium" in-game economy that may be purchased with real money (cash) by the player, usually for the purposes of faster progression in ...
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0answers
13 views

Is it legal (in Europe, Belgium) to publish prices from unaffiliated establishments?

Say I want to publish the pricelist from the store down the road, without their consent, on my own website. Is this legal? If not, what should I do to enable the publishing of other businesses prices?
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2answers
222 views

Would it be illegal for Donald Trump to short twitter, then leave the platform?

Presumably if Trump were to stop tweeting and move to a different social media platform (e.g., Instagram), Twitter's value would decrease significantly (source estimating Trump's value to Twitter). ...
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1answer
2k views

Collateral and Property Rights

I'm not a legal professional or student, curiosity brought me here. I'm trying to figure out how ownership applies items that are financed, and to items that are used as collateral to obtain that ...
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1answer
81 views

Business obligations under the OECD AEI/CRS

101 governments have meanwhile signed the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEI, AEoI) and have thus agreed to send information on foreign account ...
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3answers
285 views

Liability for spouse's actions in the US

This is hypothetical. Person A and Person B are married. Person A cannot control the actions of Person B, because that would be domineering. If Person B makes a mistake that results in financial ...
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3answers
171 views

Can a business impose a minimum amout for credit card payment without notice?

Recently, I visited a bar I regularly attend and purchased what I normally get, which has a pre-tip total of less than $10. When I went to pay the check with my credit card, I was told that there was ...
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2answers
101 views

Is it legal to promise to pay out money to uninformed third parties?

I'd like to set up a system that will allow me to accept a payment from a customer, say $10, and distribute a portion of that $10 evenly to a variable number of third parties. The problem is I'd like ...
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2answers
57 views

What kind of lawyer should I seek to understand compliance requirements for processing credit cards?

I'm starting up a company that currently uses Stripe as a payment processor. However, their fees cut a huge chunk our of our margin and they don't offer the full functionality we need, specifically ...
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2answers
1k views

Can US student loans be inherited by children or parents?

Just curious if there are conditions where student loans can be inherited by family members that did not co-sign on the loan?
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2answers
96 views

How is getting foreign investors to support your bank fraud? (Barclays)

I don't have any knowledge of UK financial laws but I don't really understand how getting foreign investors to buy stock in your bank constitutes fraud. Now, of course, being a little cynical here, a ...
4
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1answer
611 views

Does my company need an escrow license if we are a marketplace website?

We have a marketplace website that allows buyers to purchase content from sellers. We then pay out the seller's balance after 30 days. Our payment processor is requiring us to have an escrow license ...
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1answer
181 views

Can a state regulate international money transfers?

A state representative from Texas next week will introdce HB 1760. The bill as presented will require persons here illegally who wire money outside the country to pay a 3% fee plus $5 per transaction. ...
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1answer
91 views

Can ecommerce merchants contractually disallow credit card chargebacks?

If an eCommerce merchant disallows charge-backs for non-fraud related cases in their terms of service, can they sue (and win against) a customer for initiating a chargeback in violation of such terms?
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1answer
109 views

Can someone short a stock if they have information that is likely to cause the stock to drop?

Suppose company X has a product P. An independent InfoSec expert M found a vulnerability in product P that can turn it into a significant safety hazard. Under the responsible disclosure guideline, M ...
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1answer
81 views

Can a retail marijuana shop bank from a locally owned bank outside of their state?

Retail marijuana stores have to deal in cash, as most major banks refuse to deal with them. This causes a very dangerous situation for the store owner, and stories are already circulating about the ...
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1answer
743 views

UK Holding money as a middleman SAAS

We have spoken to many accountants and none of their answers seem to be consistent. We are launching a website which basically allows users to support a seller (think patreon) through donations/...
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1answer
64 views

Are US banks required to notify users of debts before passing them to collections?

Say a customer of a large American bank, let's call him Paul, overdrafts on a debit card from said bank, let's call it ABC Bank. There is no notice of an overdraft at the time the money is withdrawn, ...
4
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1answer
259 views

Can a bank keep cleared funds against your explicit instructions?

Does any legislation exist which permits or requires a bank to hold on to cleared funds against the explicit wishes of the account holder? Background I recently transferred my home loan to a new ...
3
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1answer
308 views

Could Trump bet on winning the presidential election?

This question came up during a discussion with some friends after I placed a bet on a certain candidate (let's call him T) winning an upcoming presidential election in a Western country, call it USA. ...
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1answer
32 views

What contract options do I have for investing in a friend?

My friend is a bitcoin trader and makes a living doing it. I've seen his setup and trust him and I want to ensure if anything goes wrong that he'll make efforts to pay me back. I know this is an ...
3
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1answer
312 views

Is it illegal for Donald Trump to lie on his Financial Disclosures?

It is a very simple question, prompted by an assertion from a debate where one has claimed that he has lied on his financial disclosures, and that he is legally able to do this because: It is not ...
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1answer
37 views

Options for beneficiary of insurance policy when parents divorced?

A divorced parent in excellent health wants to buy a life insurance policy on himself but he is concerned that the ex-wife cannot be trusted with money. The goal is to help support the 6 year old ...
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0answers
57 views

How to stop pyramid MLM in India

Pyramid MLM in illegal in India. Where source of income is from recruiting downline and the joining fees. I had seen a lot of such companies workings. Some of them are registered with MCA and have a ...
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1answer
57 views

Not depositing cash from business transactions

Is it legal, in the U.S., to not deposit cash proceeding from business transactions, such as real estate rentals or restaurants, so long as those monies are ultimately declared as income to the IRS, ...
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1answer
116 views

Is selling profits (a la Enron) legal?

Reading through a summary of the Enron Scandal, one of the mentioned "ventures" that Enron took, was a joint venture with Blockbuster to provide online movie rentals. In secret however, Enron had set ...
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2answers
6k views

Why is PayPal blocking my account according to U.S. tax law, if I've a UK account only?

I've opened PayPal account for my business and in My Profile I've clearly selected the UK address. My phone is UK, my bank accounts are UK and the balance is shown in GBP. So this is very clear to ...
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3answers
406 views

Is it legal for a bank to discriminate against someone by the services they offer based upon their marital status?

A bank is charging me this kind of fee: The fee is $0 if you have over a certain amount, or if you have $500 going in through a direct deposit each month. I don't meet these requirements, so I don't ...
3
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1answer
45 views

Options buying and selling on collectibles

Could I legally create a website that allows for the purchase of options on collectibles – baseball cards, for example? Let's assume it's on a collectible that fluctuates in value rather than ...
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1answer
57 views

What is the legal basis for determining the value of a securitized collection of debt?

Publicly-traded companies have obligations as regards accurate accounting of their balance sheets, so how do they determine the value of novel types of securities which are often too complex to ...
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2answers
673 views

Credit card dispute: burden, rights, and options

I have a dispute with a credit card company. I would like to know my rights and my options. Here is the situation. An Israel based group offered to sell me a language course. It was a year long ...
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0answers
75 views

How to get fake debts legally quashed?

Consider the situation where a company claims someone owes them money. The person disavows this debt and believes it is falsely assigned to them. Further, assume the company sells the debt to a debt ...