Georgia stockbrokers may possibly have cause to worry if they are behind on child support payments. A secretary of state in another state has revoked the license of two stockbrokers who live in different counties and owe different amounts of child support to their children’s mothers. The two men are no longer allowed to sell stocks in that state unless they make arrangements for child support.
The state passed a law in 2012 that enforced this action, and these are the first stockbrokers to be affected by the law. Their licenses will be restored when they appeal to the office of their secretary of state and payment arrangements are made with their county prosecutors. The secretary of state hopes this law will encourage these and other stockbrokers owing child support to pay.
The legal defense for one of the men protests that if the man does not have income, there will be no way he will be able to pay child support. Before the suspension, the client was scheduled to appear in court to settle a dispute over the amount he owed. The defense has asked that the suspension be lifted.
The office of the secretary of state in Indiana is working with the Department of Child Services to find any other securities professionals owing child support. Other professional agencies are following the example of the state’s Securities Division office. Although the goal is to ensure these professionals pay child support, they do need an avenue to earn the wages to make child support payments. It is up to the noncustodial parent in Georgia and in other states to help make sure children are taken care of financially within their means. In those instances where there has been a substantial change in circumstances, the courts permit a application for a downward modification of future payments.
Source: indystar.com, “Indiana suspends stockbrokers’ licenses over owed child support,” Chris Sikich, May 16, 2013