100% commision employment question

[huk]

What is the name of your state?What is the name of your state?What is the name of your state? Ohio
I am a 100% commision employee (Mtg broker)......There is NO DRAW! We live off commision, period, end of story!
It has come to my attention that this is perhaps in violation of the law (not to have a draw)..........
Anyone got any feedback???.....Any definitive web sites I can hit???
thanks

 

[Beth3]

No laws require your employer to provide you with a draw. Why did you accept the job if you aren't happy with the compensation arrangement???

 

[pattytx]

Beth is right, assuming, of course, that you are an exempt employee, which I am guessing you are.

 

[huk]

Thank you. Don't get me wrong, I'm not UNhappy w/ my job. I do very well. But alot of garbage floats around the rumor mill, and I was asked to do a little research.

Beth is right, assuming, of course, that you are an exempt employee, which I am guessing you are.

Can you elucidate the "exempt employee" concept for me please!

thanks again

 

[Beth3]

Under federal (and State) wage and hour laws, jobs all fall in one of two categories:

1. Non-exempt: positions in which the incumbents are entitled to overtime pay whenever they work in excess of 40 hours in any 7-day payroll period (there are a few exceptions for special occupations and a few States have additional OT pay requirements.)

2. Exempt: positions in which the incumbents typically receive a fixed weekly salary and are not entitled to overtime pay regardless of how many hours they work.

The Fair Labor Standards Act (FLSA) defines which categories of jobs may be considered exempt (from overtime.) Any jobs which don't those criteria must be paid on a non-exempt basis. If you want to explain what your responsibilities as a "Mtg broker" are (whatever that is), someone can offer an opinion as to whether your job would likely meet the criteria for exempt status.

 

[huk]

Thanks Beth!

 

[madmike]

MTG. BROKER stands for MORTGAGE BROKER. Since you said you are on 100% comm. you are a loan officer and are employed by the broker.THIS IS AN EASY ONE : Just contact The Ohio State Banking Department. They are responsible for Licensing, regulating and enforcing the laws and policies that Mortgage Brokers must abide by. The STATE STRICTLY ADHERES TO THEM. You just might find out you are entitled to a minimum hourly wage even if you are a commisioned employee (In this Line of work) possibly even entitled to back wages. One more place to check is the National Association of Mortgage Brokers and their publications the had an article about this a month or two ago. Good Luck!!!!!