Legal Question in Business Law in Iowa

Independent Contractor Agreement

I am looking getting a job as an independent contractor for Escrow & Settlement Services Co., Inc.

The main type of escrow transactions as far as the financial part is concerned are direct bank transfers - ACH, cheques and wire transfers . There is one more way - to deal with the old-fashioned checks, but we are cautious about it and usually require upfront approval from you before proceeding with this method. So in brief, you can make money transfer of any type of listed above.

I was wondering if there any any legal issues I should be concerned about with this venture.

Thanks,


Asked on 11/08/06, 2:16 pm

2 Answers from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Independent Contractor Agreement

Your question does not specify what type of services you will be providing. I can tell you that any time you are acting as an escrow agent in any capacity there are always significant legal issues involved. Often there is also state and federal regulation involved.

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Answered on 11/08/06, 3:03 pm
Robert Luedeman solo practitioner

Re: Independent Contractor Agreement

I'm in agreement with my colleague. There are significant legal implications in state and federal law for anyone who participates in such a business.

In addition, you should investigate this company most carefully if you are going to hold money or use your own accounts to hold transfers, particularly as they seem to be averse to the normal bank check. I would seriously check these people out before you find yourself in the thick of a money laundering sheme or a fraud.

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Answered on 11/08/06, 3:46 pm


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