§ 22-2-7-1 — Wage broker defined; employee direct deposit or commission payments by insurer; applicability of wage assignment provisions

(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.