2021 Oregon Revised Statutes
Chapter 725 - Consumer Finance
Section 725.355 - Prohibition against assignment of earnings for loan security.


(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 ยง3]

Structure 2021 Oregon Revised Statutes

2021 Oregon Revised Statutes

Volume : 18 - Financial Institutions, Insurance

Chapter 725 - Consumer Finance

Section 725.010 - Definitions.

Section 725.045 - Prohibition on making certain consumer finance loans without license; application of license requirement.

Section 725.050 - Prohibited transactions.

Section 725.120 - Application for license; annual fee.

Section 725.140 - Issuance of license; conditions.

Section 725.145 - Disapproval of application for license.

Section 725.185 - License fees; fees for extra service.

Section 725.190 - Report of licensee; penalty for failure to report.

Section 725.220 - Change of place of business.

Section 725.230 - Revocation and suspension of licenses.

Section 725.235 - Procedure for license denial, revocation or suspension.

Section 725.250 - Surrender of license.

Section 725.310 - Investigation and examination by director.

Section 725.312 - Inspection and examination of licensees.

Section 725.340 - Interest and other charges.

Section 725.345 - Open-end loan plan; interest; security for plan; necessary disclosures.

Section 725.347 - Open-end credit card plan authorized.

Section 725.355 - Prohibition against assignment of earnings for loan security.

Section 725.360 - Licensee duty toward borrowers.

Section 725.385 - Duty to give notice of defalcation to law enforcement officer, director; audit.

Section 725.400 - Cease and desist order.

Section 725.505 - Rulemaking authority; notice.

Section 725.910 - Civil penalties.