Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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An IAR of a state-registered investment adviser asks a client for a $20,000 personal loan to cover a temporary cash shortfall. The client is a physician and is not in the lending business, although she has occasionally made loans to friends. The client agrees to make the loan; the IAR signs a promissory note at a market rate of interest, and the client tells the IAR that the loan is being made because she trusts the adviser.
Under the NASAA Unethical Business Practices of Investment Advisers Model Rule, is the borrowing permitted?
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