Oregon Statutes - Chapter 725 - Consumer Finance; Title and Payday Loans - Section 725.355 - Prohibition against assignment of earnings for loan security.

(1) As used in this section, “earnings” means salary, wages or other compensation for service.

(2) No licensee shall take an assignment of earnings as payment of or as security for payment of a loan. An assignment in violation of this subsection is unenforceable by the assignee and revocable by the assignor. Nothing in this subsection is intended to prevent an employee from authorizing deductions from the earnings of the employee if the authorization is revocable.

(3) For the purpose of this section, a sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is considered a loan to the seller, secured by an assignment of earnings. [1971 c.232 §3]

Section:  Previous  725.330  725.340  725.342  725.345  725.347  725.349  725.350  725.355  725.360  725.370  725.380  725.385  725.390  725.395  725.400  Next

Last modified: August 7, 2008