Illinois § 7-60 No assignment of wages

Illinois Statutes

§ 7-60 — No assignment of wages

Illinois·Topic EDUCATION·Ch. 110 HIGHER EDUCATION·Act 110 ILCS 992/ Student Loan Servicing Rights Act.·Art. Article 7 - Educational Income Share Agreements

(a)An EISA provider may not take an assignment of earnings or wages of the consumer for payment or as security for payment of a debt arising out of an EISA. An assignment of earnings in violation of this Section is unenforceable by the assignee of the earnings and revocable by the consumer. This Section does not limit the ability of the consumer to voluntarily elect to use a revocable payroll deduction mechanism, such as one offered by an employer or payroll provider, provided that the consumer is not assigning the consumer's earnings or wages.

(b)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 the seller secured by an assignment of earnings.

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(a) An EISA provider may not take an assignment of earnings or wages of the consumer for payment or as security for payment of a debt arising out of an EISA. An assignment of earnings in violation of this Section is unenforceable by the assignee of the earnings and revocable by the consumer. This Section does not limit the ability of the consumer to voluntarily elect to use a revocable payroll deduction mechanism, such as one offered by an employer or payroll provider, provided that the consumer is not assigning the consumer's earnings or wages. (b) 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 the seller secured by an assignment of earnings.

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