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Loan Officer Minimum Wage Oregon

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  • Loan Officer Minimum Wage Oregon

    Hey all,

    Just a quick question - does the state of Oregon now require minimum wage to be paid even for 100% commissioned loan officers? Never had to in the past - just heard of this, this morning.

    Thanks,

  • #2
    If you are 100% commission, then why do you think you should get something more than that?
    “Be not niggardly of what costs thee nothing, as courtesy, counsel, & countenance.”

    --Benjamin Franklin

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    • #3
      In Oregon, a commission, like a wage or salary, is just a method of compensating employees for services. Employees must still receive no less than the applicable minimum wage and overtime at 1.5 times their average hourly rate for work over 40 hours in a seven-day week. Federal law requires employers to include commissions when they calculate the employee´s average hourly rate. Oregon law does not require commissions to be included. However, if the average hourly rate is less than the minimum wage, the employer must boost the hourly rate up to the minimum wage and pay overtime at 1.5 times that rate.

      However, Commissioned employees exempt from BOTH the minimum wage and overtime rules include: Outside Salespeople.

      Commissioned employees exempt from overtime rules but NOT exempt from the minimum wage rules include: Sales, Partspeople and Mechanics and Commissioned Employees in Retail or Service Establishments.
      Somedays you're the windshield and somedays you're the bug.

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