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U.S. Department of Labor Rules Mortgage Loan Officers Not Exempt from Overtime
The Department of Labor issued a ruling on March 24, 2010 stating that mortgage loan officers are not exempt from overtime. Specifically, the Department of Labor ruled that they do not qualify for the administrative exemption under the Fair Labor Standards Act.
This ruling means that if mortgage loan officers work more than 40 hours in a week they must be paid overtime at time and a half of their regular rate of pay. If employers violate this they are liable for two times back pay plus attorney’s fees. Triple damages are awarded in the case of willful violations. All of the recordkeeping and legal burdens rest with the employer. Because of this and the attorney’s fee provisions, wage hour cases are a very popular area for law suits against employers.
If you have questions about this decision of wage-hour compliance issues generally, please contact Philip Keating.
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