TITLE 19
Financial institutions

CHAPTER 19-14.1
Lenders and Loan Brokers

SECTION 19-14.1-6


§ 19-14.1-6 Assignment of earnings.

The payment in money, credit, goods, or things in action, as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, shall for the purposes of regulation under this chapter be deemed a loan secured by the assignment, and the amount which the assigned compensation exceeds the amount of consideration actually paid shall for the purposes of regulation under this chapter be deemed interest upon the loan from the date of the payment to the date the compensation is payable. The transaction shall be governed by and subject to the provisions of this chapter.

History of Section.
(P.L. 1995, ch. 82, § 53.)