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24.201.709    COMMISSIONS

(1) A firm, licensee, or practice privilege holder shall not pay a commission to obtain a client, nor accept a commission for referring the products or services of others to a client. This prohibition applies during the period in which the firm, licensee, or practice privilege holder is engaged to perform any services requiring independence and the period covered by those services.

(2) A firm, licensee, or practice privilege holder who is not prohibited by this rule from performing services for or receiving a commission and who is paid or expects to be paid a commission shall disclose that fact in writing to any person or entity to whom the firm, licensee, or practice privilege holder recommends or refers a product or service to which the commission relates. Written acknowledgment of such disclosure shall be obtained.

(3) Any firm, licensee, or practice privilege holder who accepts a referral fee for recommending or referring any service of a firm or licensee to any person or entity or who pays a referral fee to obtain a client shall disclose such acceptance or payment in writing to the client and obtain written acknowledgment of such disclosure.

(4) This rule shall not prohibit payments for the purchase of an accounting practice or retirement payments to individuals formerly engaged in the practice of public accountancy, or payments to their heirs or estates.

History: 37-1-131, 37-50-203, MCA; IMP, 37-1-131, 37-50-203, 37-50-325, MCA; NEW, 1980 MAR p. 2971, Eff. 11/29/80; TRANS, from Dept. of Prof. & Occup. Lic., Ch. 274, L. 1981, Eff. 7/1/81; AMD, 1984 MAR p. 961, Eff. 6/29/84; AMD, 2000 MAR p. 3164, Eff. 11/10/00; TRANS, from Commerce, 2005 MAR p. 2668; AMD, 2009 MAR p. 9, Eff. 1/16/09; AMD, 2010 MAR p. 2574, Eff. 10/29/10; AMD, 2016 MAR p. 1016, Eff. 6/4/16.

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