CISP Practice Questions - ABA Certified IRA Services Professional Exam

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A new IRA owner wants the bank to act as trustee with full investment discretion using a customized non-model document. What disclosure timing rule applies?

The bank must give the disclosure statement at least 7 days before account opening or refund all contributions on request within the 7-day revocation period The bank may deliver the disclosure statement up to 30 days after the first contribution The bank does not have to deliver a disclosure statement when using a customized document The disclosure statement is required only for Roth IRAs

Correct Answer:

The bank must give the disclosure statement at least 7 days before account opening or refund all contributions on request within the 7-day revocation period

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