Colorado Statutes
§ 5-3-206 — No assignment of earnings
(1)A creditor may not take an
assignment of earnings of the consumer for payment or as security for payment of
a debt arising out of a consumer credit transaction. An assignment of earnings in
violation of this section is unenforceable by the assignee of the earnings and
revocable by the consumer.
(2)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 deemed to be a loan to him or
her secured by an assignment of earnings.
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Legislative History
Source: L. 2000: Entire article R&RE, p. 1220, � 1, effective July 1.
Nearby Sections
15
§ 5-1-101
Short title§ 5-1-102
Purposes - rules of construction§ 5-1-104
Construction against implicit repeal§ 5-1-105
Severability clause§ 5-1-202
Exclusions§ 5-1-203
Jurisdiction and service of process§ 5-1-301
General definitions§ 5-1-303
Index of definitions in code§ 5-10-1001
Advertising§ 5-10-101
Short title§ 5-10-102
Legislative declaration