1301:8-7-20 Compensation.

(A) Compensation and reimbursements of any kind paid to an employee of a mortgage broker must be paid by check drawn either on an account of the registrant, but not the special account established and maintained pursuant to section 1322.08 of the Revised Code and rule 1301:8-7-05 of the Administrative Code, or on an account of a third party payroll administrator acting as the registrant's agent, and cannot instead be given, transferred or paid to any other person for the benefit of the employee. The check must be written to the employee in the employee's legal name.

(B) A registrant may compensate an individual in accordance with division (A) of this rule after the expiration or cancellation of the individual's loan officer license for work performed while the individual held an active license if the work is verifiable by documentary evidence.

Effective: 06/01/2007
R.C. 119.032 review dates: 11/15/2009
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.01, 1322.02
Prior Effective Dates: 9-1-06