Non-Compete - FTC (Federal Trade Commission) Final Rule

[PCagent8]

Attention Agent and Brokers, anyone who is under a non-compete with past and present employers:

Is anyone talking about the Non-Compete Rule that goes into effect September 4, 2024. This is HUGE!

Under the final Noncompete Rule, the FTC adopts a comprehensive ban on new noncompetes with all workers, including senior executives. The final rule provides that it is an unfair method of competition—and therefore a violation of Section 5—for employers to enter into noncompetes with workers.

Here is a link to the Final Rule. Present employers and Past employers are to inform all workers associated with non-competes that non-competes are no longer valid.

Here is the Final Rule: Copy and paste to your browser. (It is too Large to attach so here it is)

Federal Register :: Request Access

Here are some clips I cut out of the rule above for your convenance. Hope this makes your day. It sure made mine! Be Well.

 

[bg774]

Woohoo! This is great news for the workforce. Probably has a few high-level executives sweating lol

 

[Tahoe Ray]

Woohoo! This is great news for the workforce. Probably has a few high-level executives sweating lol

It was struck down last month:

Experts Weigh in on Implications of Failed FTC Non-Compete Ban

In a recent discussion, legal experts James A. Paretti, Jr. and Melissa McDonagh, shareholders at Littler Mendelson P.C., provided insights into the implications of the court's rejection of the Federal Trade Commission's (FTC) proposed nationwide ban on non-compete agreements.

tax.thomsonreuters.com

 

[walthamny]

In the insurance world if you are only doing the best for the client, it is legally hard to enforce non-competes to agents. However, I have seen insurance companies threaten, bully agents and that obviously works.

 

[Markthebroker]

My understanding of non competes is that they are unenforceable, but they can tie you up in court and make your life hell.