What is the process for collecting a securities arbitration award?

Securities arbitration awards are a form of legal relief that can be awarded after a securities arbitration dispute is decided. To collect an arbitration award, the parties involved in the arbitration must follow certain procedures to ensure the award is valid and enforceable. In Texas, the process for collecting a securities arbitration award begins with filing a Request for Award and Notice of Award with the Texas State Securities Board. This document must be signed by both parties in order to be accepted. After the Request and Notice is accepted, the securities arbitration award is first subject to a 90-day review period where the award is checked for any errors or issues. The award is then sent to the respondent (the person or entity who has lost the arbitration dispute) for payment. The respondent has 30 days to pay the amount listed in the award, either in full or in part. If the respondent does not pay the award within 30 days, the award award will be sent to the Texas State Comptroller for collection. The Texas Comptroller may collect the award through garnishment of wages, tax collection or other means. If the Comptroller is unable to collect the award, the award award may be sent to a collections agency. The collections agency works to collect the award by contacting the respondent or their creditors. Once all efforts to collect the award have been exhausted, the award may be referred to the court for enforcement. In extreme cases, criminal charges may be filed. These are the main steps in collecting a securities arbitration award in Texas. It is important to note, however, that the exact process may vary depending on the specifics of the case.

What is the process for collecting a securities arbitration award?

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