ORS 725.355
Prohibition against assignment of earnings for loan security

(1)

As used in this section, “earnings” means salary, wages or other compensation for service.

(2)

No licensee shall take an assignment of earnings as payment of or as security for payment of a loan. An assignment in violation of this subsection is unenforceable by the assignee and revocable by the assignor. Nothing in this subsection is intended to prevent an employee from authorizing deductions from the earnings of the employee if the authorization is revocable.

(3)

For the purpose of this section, 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 considered a loan to the seller, secured by an assignment of earnings. [1971 c.232 §3]

Source: Section 725.355 — Prohibition against assignment of earnings for loan security, https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html.

725.010
Definitions 725.015
Construction of chapter 725.020
Short title 725.045
Prohibition on making certain consumer finance loans without license 725.050
Prohibited transactions 725.060
False advertising prohibited 725.110
Requirement that licensee be qualified to conduct business in this state 725.120
Application for license 725.140
Issuance of license 725.145
Disapproval of application for license 725.150
Notice of disapproval of application 725.160
Form of license 725.185
License fees 725.190
Report of licensee 725.210
Additional licenses to same applicant 725.220
Change of place of business 725.230
Revocation and suspension of licenses 725.235
Procedure for license denial, revocation or suspension 725.250
Surrender of license 725.260
Effect of revocation, suspension or surrender of license 725.270
Reinstatement of revoked license 725.310
Investigation and examination by director 725.312
Inspection and examination of licensees 725.315
Removal or suspension of officer of licensee 725.317
Removal of officer of licensee for reasons stated in ORS 725.145 725.319
False information in course of investigation or examination prohibited 725.320
Rulings of director 725.330
Books and records of licensee 725.340
Interest and other charges 725.345
Open-end loan plan 725.347
Open-end credit card plan authorized 725.349
Application of ORS 725.210 to certain loans and advances 725.355
Prohibition against assignment of earnings for loan security 725.360
Licensee duty toward borrowers 725.370
Lawful loans in other jurisdictions not affected by this chapter 725.385
Duty to give notice of defalcation to law enforcement officer, director 725.395
Director to give notice of suspected defalcation to law enforcement agency 725.400
Cease and desist order 725.410
Enforcement actions 725.505
Rulemaking authority 725.510
Person not liable for good faith acts or omissions 725.910
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 725.355’s source at oregon​.gov