Current through Register Vol. XLI, No. 50, December 13, 2024
Section 1-1-15 - Contingency Fee Contracts; Commissions; Referral Fees15.1. All contingency fee contracts shall be in writing and signed by both the licensee or substantial equivalency practitioner and the clients.15.2. Before entering into a contingency fee contract, the licensee or substantial equivalency practitioner shall disclose to the prospective client, in writing, the percentage to be retained by the licensee or substantial equivalency practitioner in the event a favorable result is attained.15.3. A licensee or substantial equivalency practitioner may utilize a contingency fee contract when representing a client before a taxing authority: Provided, That nothing in this Rule shall be construed either to limit or expand the scope of professional services. This Rule shall not be construed to promote the unauthorized practice of law.15.4. Disclosure of Permitted Commission. A licensee or substantial equivalency practitioner 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 licensee recommends or refers a product or service to which the commission relates.15.5. Referral Fees. Any licensee or substantial equivalency practitioner who accepts a referral fee for recommending or referring any service of a licensee to any person or entity or who pays a referral fee to obtain a client shall disclose the acceptance or payment to the client in writing.