§ 40-14-334 — No assignment of earnings

Wyoming § 40-14-334

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 3: LOANS

Text

(a) 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. 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.
(b) Notwithstanding the prohibition of subsection (a) of
this section, a lender may take an assignment of commissions or
accounts receivable payable to the debtor for services rendered
for payment or as security for payment of a debt arising out of
a consumer loan.
(c) 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.