No assignment of, or order for payment of, any salary, wages, commissions, or other compensation for services earned or to be earned, given to secure any loan made by any licensee under this chapter, shall be valid unless the principal amount of the loan is paid to the borrower simultaneously with its execution; nor shall any assignment or order, or any security agreement or other lien on household furniture then in the possession and use of the borrower, be valid unless it is in writing, signed in person by the borrower. If the borrower is married, an assignment, order, security agreement, or other lien is not valid without the spouse's written consent, if the spouse's consent would be necessary under applicable law to make the property offered as security available to satisfy the debt in the event of default.
Under any assignment or order for the payment of future salary, wages, commissions, or other compensation for services, given as security for a loan made by any licensee under this chapter, a sum not to exceed ten percent of the borrower's salary, wages, commissions, or other compensation for services shall be collectible from the employer of the borrower by the licensee at the time for each payment to the borrower of salary, wages, commissions, or other compensation for services, from the time that a copy of the assignment, verified by the oath of the licensee or the licensee's agent, together with a similarly verified statement of the amount unpaid upon the loan and a printed copy of this section is served upon the employer; provided, that this section shall not be construed as giving the assignee any greater rights than those under section 181.05.
This section shall control, with respect to licensees, notwithstanding anything in section 47.59, subdivision 12, paragraph (c), to the contrary.
(7774-57) 1939 c 12 s 17; 1981 c 258 s 16; 1986 c 444; 1995 c 202 art 1 s 24
Structure Minnesota Statutes
Section 56.01 — Necessity Of License.
Section 56.02 — Application Fee.
Section 56.04 — Investigation; Issuance Of License; Denial; Refunds.
Section 56.05 — License; To Be Posted.
Section 56.07 — Control Over Location.
Section 56.08 — Annual License Fee.
Section 56.09 — Suspension Or Revocation Of License.
Section 56.10 — General Oversight And Administration.
Section 56.11 — Books Of Account; Annual Report.
Section 56.12 — Advertising; Taking Of Security; Place Of Business.
Section 56.125 — Open-end Loans.
Section 56.131 — Maximum Rates And Charges.
Section 56.132 — Installment Sales Contracts.
Section 56.14 — Duties Of Licensee.
Section 56.155 — Insurance In Connection With Loan.
Section 56.16 — Overages Deemed Interest.
Section 56.17 — Limitation; Assignment Of Wages; Security Agreement.
Section 56.18 — Unlicensed Persons Not To Make Loans.
Section 56.21 — Rules Of Commissioner.
Section 56.22 — Modification Of Law Not To Affect Contracts.
Section 56.24 — Existing Contracts Valid.