Indiana § 24-4.5-3-403 No assignment of earnings

Indiana Statutes

§ 24-4.5-3-403 — No assignment of earnings

Indiana·Art. 4.5 UNIFORM CONSUMER CREDIT CODE·Ch. 3 Loans

No Assignment of Earnings —

(1)A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan or otherwise. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable and is otherwise permitted by law.

(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 secured by an assignment of earnings. Formerly: Acts 1971, P.L.366, SEC.4.

Free access — add to your briefcase to read the full text and ask questions with AI

No Assignment of Earnings — (1) A
lender may not take an assignment of earnings of the debtor for
payment or as security for payment of a debt arising out of a consumer
loan or otherwise. An assignment of earnings in violation of this
section is unenforceable by the assignee of the earnings and revocable
by the debtor. This section does not prohibit an employee from
authorizing deductions from his earnings if the authorization is
revocable and is otherwise permitted by law.
(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 secured by an assignment of earnings.
Formerly: Acts 1971, P.L.366, SEC.4.

Indiana § 24-4.5-3-403 (No assignment of earnings) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.