Wisconsin Statutes 628.61 – Sharing commissions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 628.61
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Prohibition. No intermediary or insurer may pay any consideration, nor reimburse out-of-pocket expenses, to any natural person for services performed within this state as an intermediary if he or she knows or should know that the payee is not licensed under s. 628.04 or 628.09. No natural person may accept compensation for service performed as an intermediary unless the natural person is licensed under s. 628.04 or 628.09.
(2) Exceptions. This section does not prohibit:
(a) The payment of deferred commissions to formerly licensed agent and broker intermediaries or their assignees; or
(b) The proper exchange of business between agent and broker intermediaries lawfully licensed in this state.