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Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 1780
Experience:  Experienced lawyer
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What is the Illinois law regarding the holding of commissions

Customer Question

What is the Illinois law regarding the holding of commissions once a rep has been terminated when the broker dealer has settled the case? I understand the b/d has the right to settle, but I have been advised not settle to as the alleged charges are unfounded. I was told that the b/d may not keep my commissions in lieu of monies owed in a contested settlement. Please send me the documentation that would corroborate this issue.
Thank you,
Susan Block [email protected]
Submitted: 8 years ago.
Category: Business Law
Expert:  Karin replied 8 years ago.
This question is a real-estate question, not estate law, so I will submit it to be recharacterized so our real estate law experts can help you with an answer.

Good luck!
Customer: replied 8 years ago.
You are in error. This has to do with securities. Please return my monies.
Thanks,
Susan Block [email protected]
Expert:  Karin replied 8 years ago.
Okay, then I will reclassify it as business law. It is not an estate planning question. That much I know! Sorry I was incorrect - there are a lot of folks who confuse real estate with estate planning, and when you used the word "commission" even though I know broker-dealers are usually securities - I assumed real estate.

My apologies.
--K