For Loan officers min. wage is.

Whatever the minimum wage is in KY for nonexempt employees, and $455/wk for exempt employees (unless KY has a higher requirement). Is this correct?

And if over 40 hours a week are worked overtime pay is earned unless it's an exempt employee?

The situation is Loan officers working straight commision. Sometimes working a full month with no pay at all. Is this Legal?

Thank you for helping me.

I've been searching all over the US. DOL and all I can find is either you have a hourly wage job or a salary job. I don't see anywhere that it covers straight commissions? hmmm... could you tell me where to look.

If it is determined that a loan officer is exempt in Kentucky, would that mean we would need to be salaried at $455 a week min.

How do they figure pay if one week you have $1200 in commissions but then you go 3 weeks without any?

http://www.dol.gov/esa/regs/compliance/whd/fairpay/fairpayprintpage.asp?REF=fs17m_financial.htm

Check this out for Financial Services Industry Employees..... So I am exempt as a loan officer.

He doesn't pay us $455 a week just commissions. How would I figure any back pay?

Thank you.

Contact the federal Dept. of Labor at 1-800-4USADOL.

Just wanted to share what I found out after talking to several people at the Dept of Labor Federal and to the Kentucky Level.

Loan officers are a gray area. Depending on how the shop is ran will determine whether you are considered an outside sales person or inside sales person.

IF you spend most of your time outside the shop originating sales/customers then you are almost certainly an outside sales person. In this case you are exempt from both a minimum wage and overtime compensation. What ever you earn in commissions is what you earn.

However, and this is where it starts getting gray....

As in my case, my boss buys our leads we don't look for the customer. He provides us office space and computers on which to work. This starts clouding the issue and most likely makes me an inside sales person.

Now from what I was told from the DOL, because it is sales, I am exempt from overtime. However AT the very least the fellow I spoke with said that it would probably be determined that we should be guarenteed at least minimum wage. $5.15 hour according to Kentucky law.. BUT there is another twist to that. Federal law could kick in if our shop is making more than $500,000 a year. Then our guarentee should be at least $455 a week.

The only way to find out for sure is to have the company investigated.
So Clear as MUD....

Just thought you would want to know. :rolleyes: