Loan Officers & Minimum Wage
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The Fair Labor Standards Act states that employees within the United States are entitled to be paid the minimum federal wage for all the hours worked and the overtime, at least. And additional one half the regular rate for all hours worked exceeding 40 hours in one work week. Section 13 a 1 of the FLSA exempts employees of minimum wage and overtime pay if the employee is employed as an administrative, executive, outside sales and professional employees. Section 13 a 1 and Section 13 a 17 also exempts some computer employees also. To be able to qualify for the exemption they have to meet certain examinations and evaluation and be paid not less than $455 per working week.
