Regulatory Alerts2010-04-28
RML 01-03 Policy Defining Employee for Residential Mortgage Lenders
The Louisiana Office of Financial Institutions issued Policy RML-01-03 to clarify the statutory definition of an employee for residential mortgage lenders and brokers. The policy establishes that a qualifying employee is a natural person working under the exclusive direction of a single mortgage entity, receiving salary or commission without assuming business profit or loss. To meet the criteria, the individual’s compensation must be subject to federal and state tax withholding, unemployment insurance, and social security contributions.
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