serious question regarding Frank Dodd act penalties to employer
can someone please give me the link for the specific section of the act that forbids lenders from charging employees for uncollected fees.
Cannot seem to locate this and need it for a potential lawsuit against a former employer.
Your help is greatly appreciated. Thank you
by McC January 24, 2013 7:48 PM
I gave you all the links for CFPB. Did you forget how to google? I'm feeling bad Karma from you. What comes around goes around.
by the voice of reason January 24, 2013 8:24 PM
What you are looking for is contained in Reg Z section 36. You can find the complete Regulation at http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&SID=9cab7962ab7aa3e468e911638c817e0b&rgn=div5&view=text&node=12:188.8.131.52.18&idno=12#12:184.108.40.206.18.1
Once there go to Section 36. Keep in mind the LO Compensation was just revised but will not be effective until January 2014.
by Slowyourroll January 24, 2013 9:44 PM
thank you both. Yes, I know how to google and can't seem to find it.
VOR- if you were out 10,000 in commissions because your previous employer decided not to pay you, you too, would be looking to be compensated.
by McC January 25, 2013 2:37 AM
$2k to retain an Attorney.
How many loans can you originate in 20 hours?
Looks like a wash.
Deciding not to pay you is a labor law violation. I suspect there is some clause in some agreement you signed that says you don't get x if you do y.
But I'm just a turd today.
by the voice of reason January 25, 2013 10:38 AM
Simply email your states attorny's office they will be glad to help you. Also if you agreed to pay these fees, you're out of luck. also the law differs between, wages and commision/bonus.
by Power Pig January 25, 2013 11:06 AM