Wage broker defined; employee direct deposit or commission
payments by insurer; applicability of wage assignment provisions
Sec. 1. (a) Any person, company, corporation, limited liability
company, or association loaning money directly or indirectly to any
employee or wage earner, except the employer of the employee, upon
the security of or in consideration of any assignment of the wages or
salary of such employee or wage earner shall be defined and held to
be a wage broker and subject to the provisions of this chapter.
(b) A direct deposit made by electronic funds transfer or other
method to an employee's account in a financial institution as agreed
to by the employer and the employee does not constitute an
assignment of wages subject to this chapter.
(c) An assignment or pledge of, or a grant of a security interest in,
a contractual right of a person to receive commissions payable
directly or indirectly by an insurer (as defined in IC 27-1-2-3) does
not constitute an assignment of wages subject to this chapter.
(Formerly: Acts 1909, c.34, s.1.) As amended by P.L.144-1986,
SEC.11; P.L.143-1988, SEC.5; P.L.216-1989, SEC.3; P.L.8-1993,
SEC.275; P.L.116-1994, SEC.1.
Last modified: May 27, 2006